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This study makes a valuable contribution to the existing literature by examining the impact of structural transformation on poverty reduction in 13 emerging economies during the period 2008-2018. The research utilizes a generalized method of moments (GMM) dynamic panel regression technique to identify the key drivers of poverty and inequality reduction. The findings reveal that structural change significantly contributes to poverty and income inequality reduction in the emerging economies under consideration. Specifically, the service sector and industry sector play pivotal roles in eradicating poverty and income inequality in these countries. However, the results suggest also that the agricultural sector may not be the most efficient means of reducing poverty and inequality in emerging economies. To increase its impact on poverty reduction, it is crucial to modernize and transform the agricultural sector into an agribusiness.

The purpose of the paper is to study the impact of corporate sustainability practices on the financial performance of companies included in the BIST Sustainability 25 Index. To assess the efficiency and quality of corporate sustainability, general (ESG Disclosure Index) and partial (Environmental Disclosure Index, Social Disclosure Index, and Corporate Governance Disclosure Index) indices were used, calculated based on content analysis of sustainability reports. Based on the two given types of indices and four types of financial performance indicators (return on assets, return on equity, assets turnover ratio, and Tobin’s Q), two types of regression models (GEN models and PART models) were built, and eight analytical models were examined. Company size and leverage were included as control variables in each model. The regression analysis results were contradictory, partially confirming the conclusions of some scientists and refuting the findings of others. A study of GEN models revealed that companies implementing more effective general corporate sustainability practices have a significant positive impact only on return on equity; as for other measures (return on assets, assets turnover ratio, and Tobin’s Q), an insignificant relationship between them and ESG Disclosure Index was found. Results of the PART models analysis revealed a significant positive effect of the Social Disclosure Index on return on equity and assets turnover ratio and a negative relationship between the Corporate Governance Disclosure Index and assets turnover ratio. Using control variables for the two types of models showed a significant negative effect of company size on Tobin’s Q. AcknowledgmentThis study was supported by the Ministry of Education and Culture of Ukraine within the project “Development of a mechanism for the sustainable development of economic systems in the conditions of military operations and post-war recovery of the economy” (Registration number of the project: 0124U000463).

Despite numerous studies in the domain of green bonds, a paucity of literature concentrates on emerging countries’ green bonds. To fill this void, this study aims to examine the factors influencing green bond yield in the Asian and Latin American contexts. The data are compiled from the Bloomberg and Fred databases between 2017 and 2022. The panel regression with the Generalized Least Square method was employed. The results reveal that Asian green bonds provide higher yields with less risk to their investors than Latin American green bonds. The regression results of Asian green bonds show negligible effects of all factors, except coupon rate with a positive effect (β = 0.844), indicating its remarkable influence on green bond yield. However, the findings of Latin American green bonds uncover that coupon (β = 0.780), maturity (β = 0.025), and bond rate (β = 2.472) surpass the green bonds yield due to their positive effects, whereas issue size (β = –1.215) causes a reduction in the green bonds yield with their negative effect. Further, Environmental, Social, and Governance disclosure shows a positive (β = 1.611) effect, indicating better yield for investors due to their potential power to vanish greenwashing in these markets. Moreover, interest rate and GDP exert significant positive (β = 0.141) and negative (β = –0.030) effects on green bond yield, respectively. This observation implies that higher lending rates increase bond yield, whereas GDP-led growth provides lower yield due to better economic prospects and high investor demand for the bonds. AcknowledgmentThe authors are grateful to Manipal Academy of Higher Education (MAHE), Manipal, for providing financial assistance in the form of a “JRF Contingency Grant” for this research article.

The environmental impact of trade openness has been a subject of extensive research, but gaps exist in understanding how green financing interact with trade openness on carbon emissions in emerging economies. Thus, this research aims to investigate the moderating effect of green financing on the relationship between trade openness and carbon emissions in emerging countries. The study uses a balanced panel dataset comprising BRIC and CIVETS countries spanning 1998 to 2022 years. Employing threshold effect model, we uncover involved patterns and critical thresholds that influence the environmental outcomes of trade dynamics. Finally, this paper employs different econometric models fortifying the methodological underpinning of the study. We find that green financing and trade openness lead to a reduction in carbon emissions as they are negatively associated with emissions. Further, our study finds that green financing interacted with trade openness to reduce carbon emissions because interaction of trade openness makes stronger the relationship to reduce emissions. When these two factors interact, their combined effect is even more potent. Additionally, this study identifies a threshold effect in the role of green financing, where its inhibitory impact on carbon emissions intensifies as the level of green financing increases, lead to greater reductions in emissions. This research contributes in identifying the moderating effects of green financing and the threshold effects on carbon emissions at different levels of green financing. Thus, this article implies that increasing both green financing and trade openness, along with understanding their interactive and threshold effects, is crucial for achieving substantial carbon emissions reductions. [ABSTRACT FROM AUTHOR]

The objective of this research paper is to investigate the association between internal Corporate Governance (CG) mechanisms and stock price volatility in Egypt as an emerging market. The paper investigates the impact of ownership structure and board structure as internal CG mechanisms on stock price volatility. Data are analyzed using a two-way fixed effects model, a one-step dynamic panel data model, and a panel weighted least squares model. The study concluded that ownership concentration has a negative influence on volatility. Interestingly, an inverted U-shaped relationship between the percentage of ownership by the greatest shareholder and volatility is evidenced. Managerial ownership also showed a negative influence on volatility. As for board structure mechanisms, the findings show that both board size and frequency of board meetings negatively influence volatility, whereas board independence has a positive impact. [ABSTRACT FROM AUTHOR]

Abstract Background Comprehensive data on patients at high risk of sudden cardiac death (SCD) in emerging countries are lacking. The aim was to deepen our understanding of the SCD phenotype and identify risk factors for death among patients at high risk of SCD in emerging countries. Methods Patients who met the class I indication for implantable cardioverter-defibrillator (ICD) implantation according to guideline recommendations in 17 countries and regions underrepresented in previous trials were enrolled. Countries were stratified by the WHO regional classification. Patients were or were not implanted with an ICD at their discretion. The outcomes were all-cause mortality and SCD. Results We enrolled 4222 patients, and 3889 patients were included in the analysis. The mean follow-up period was 21.6 ± 10.2 months. There were 433 (11.1%) instances of all-cause mortality and 117 (3.0%) cases of SCD. All-cause mortality was highest in primary prevention (PP) patients from Southeast Asia and secondary prevention (SP) patients from the Middle East and Africa. The SCD rates among PP and SP patients were both highest in South Asia. Multivariate Cox regression modelling demonstrated that in addition to the independent predictors identified in previous studies, both geographic region and ICD use were associated with all-cause mortality in patients with high SCD risk. Primary prophylactic ICD implantation was associated with a 36% (HR = 0.64, 95% CI 0.531–0.802, p

This study empirically investigates the impact of external debt on economic growth, and assesses whether institutional quality matters for this influence, using data from 18 emerging countries during 1996 to 2020. The findings indicate that although an upsurge in external debt negatively affects economic growth, this impact is mitigated when there is an improvement in institutional quality, as reflected by three governance indicators: anti-corruption perception, voice and accountability, and perceptions of the rule of law. However, other three governance indicators (political stability, government effectiveness, and regulatory quality) failed to affect the economic growth favorably. These results have important implications for policymakers in emerging countries who are currently facing major fiscal and external imbalances due to high expenditure on military goods/thigh cost of war, decrease in trade, and financial loss due to the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

The adoption of Artificial Intelligence (AI) is a growing topic, particularly in the context of decision-making processes. However, there is a limited focus on this subject, especially in developing and emerging countries, which present unique challenges distinct from those in developed nations. Small and Medium Enterprises (SMEs) in these regions have received insufficient empirical attention, and existing literature suggests that variables influencing AI adoption may vary based on the configurations of these companies. This study addresses two critical research gaps by examining AI adoption in the specific context of Colombian organizations, particularly focusing on SME managers. Replicating scales and a structured model from a previous study in the United Kingdom, the research involves 83 companies from the Caribbean region of Colombia. The findings reveal partial differences from the UK study, emphasizing the impact of facilitating conditions on behavioral intentions to adopt AI in decision-making, while peer influence lacks significance. While 10 out of 17 hypotheses replicate UK results, the study raises questions about how SMEs in Latin America perceive threat, severity, effort, personal concerns, and external support differently. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal 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.)

Background: Comprehensive data on patients at high risk of sudden cardiac death (SCD) in emerging countries are lacking. The aim was to deepen our understanding of the SCD phenotype and identify risk factors for death among patients at high risk of SCD in emerging countries. Methods: Patients who met the class I indication for implantable cardioverter-defibrillator (ICD) implantation according to guideline recommendations in 17 countries and regions underrepresented in previous trials were enrolled. Countries were stratified by the WHO regional classification. Patients were or were not implanted with an ICD at their discretion. The outcomes were all-cause mortality and SCD. Results: We enrolled 4222 patients, and 3889 patients were included in the analysis. The mean follow-up period was 21.6 ± 10.2 months. There were 433 (11.1%) instances of all-cause mortality and 117 (3.0%) cases of SCD. All-cause mortality was highest in primary prevention (PP) patients from Southeast Asia and secondary prevention (SP) patients from the Middle East and Africa. The SCD rates among PP and SP patients were both highest in South Asia. Multivariate Cox regression modelling demonstrated that in addition to the independent predictors identified in previous studies, both geographic region and ICD use were associated with all-cause mortality in patients with high SCD risk. Primary prophylactic ICD implantation was associated with a 36% (HR = 0.64, 95% CI 0.531–0.802, p < 0.0001) lower all-cause mortality risk and an 80% (HR = 0.20, 95% CI = 0.116–0.343, p < 0.0001) lower SCD risk. Conclusions: There was significant heterogeneity among patients with high SCD risk in emerging countries. The influences of geographic regions on patient characteristics and outcomes were significant. Improvement in increasing ICD utilization and uptake of guideline-directed medical therapy in emerging countries is urgent. Trial registration: ClinicalTrials.gov, NCT02099721. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine the impact of corporate characteristics on voluntary disclosures of management discussion and analysis (MD&A) reports in India. Using a formal tone, the data was extracted from the annual reports of the top 100 listed firms available on the CMIE Prowess database for seven years (2016–2022). After excluding 23 companies from the financial and insurance sector, a panel regression method with the assistance of Gretl software was employed to investigate the relationship between the Management Discussion and Analysis Disclosure Index (MDADI) for voluntary aspects and various corporate attributes, with a total of 490 firm years of balanced observations. In India, firms follow the mandatory compliance of the MD&A reports, but voluntary disclosures are somehow those which are not much emphasized but are a good indication of firm performance and their accountability towards their stakeholders (Mayew et al., 2015). Our empirical findings reveal that profitability as a proxy to firm performance has a significant positive relationship with MD&A voluntary disclosures. Further, an insignificant association between VDS (Voluntary Disclosure Score) and the board size, presence of independent directors and firm size was found. This indicates that firm performance plays a significant role in adding more voluntary disclosures in MD&A reports. The possible reason for this could be the use of “Management Impression Strategy” in the MD&A reports, which means managers disclose more only when the firm has earned more and use impressive language to attract stakeholders. The outcomes of this research offer valuable insights for regulators, policymakers, and listed companies in India, aiding in the enhancement of MD&A reporting quality. Additionally, this study provides a roadmap for future research on MD&A reporting quality and corporate attributes in other emerging countries that have similar regulatory frameworks. This paper makes a timely and pertinent contribution to the scholarly discourse by shedding light on the relationship between MD&A disclosures and firm attributes. Its findings provide valuable insights for both academia and industry.

Purpose: This study examines the relationship between financial development, corruption, and entrepreneurship in a sample of 21 emerging economies from 2008 to 2020. Methodology: Utilizing the Generalized Method of Moments (GMM) econometric approach, we explore the interactive dynamics between these variables. Results: Our findings indicate that higher levels of corruption are associated with increased entrepreneurial activity in these economies. This can be attributed to the prevalence of corrupt practices, such as bribery, which serve as a means for entrepreneurs to overcome barriers and initiate businesses. Conversely, while financial development has a positive influence on entrepreneurship, its impact is not statistically significant. However, when considering a combined effect of financial development and corruption, a positive net impact is observed. This suggests that corruption can facilitate access to financial resources for entrepreneurs in these emerging economies. These findings support the notion of the “grease the wheels effect”. Conclusion: This study provides valuable insights into the complex interplay between financial accessibility, corruption, and entrepreneurship in emerging economies, informing policymakers and stakeholders on strategies to foster entrepreneurship and drive sustainable economic growth.

Globalization in Automobile industry is one of the significant discussions nowadays in emerging countries. Conventional car manufacturing in emerging countries has got a great share of global market for many years. Global environmental concerns, climate change due to negative effects of carbon emissions and greenhouse gases lead to increasing the importance of overview the non-renewable fuels consumption patterns to achieve sustainability. Consequently, most countries attempted to raise consciousness about the usage of Electric Vehicles (EVs). However, poor infrastructure technology and high cost of establishing charging stations make the industry capital-intensive. The governments set various strategies such as tax reduction and credit offerings. Moreover, investing in establishing production and manufacturing units causes opportunities to commence EVs productions in many emerging countries as a developed countries. The main aim of this paper is to explain the significance of EV production in emerging countries and review of validity of Environmental Kuznets Curve Model. In the second part, the emphasis is on describing the competitive advantage of Türkiye as an emerging country in EV market globally. Porter's Diamond model and the Country-of-Origin effect are the main discussed theories.

The study aims to investigate the corporate dividend policy decisions in emerging countries during the COVID-19 pandemic. Our sample consists of 5,869 publicly listed firms from 29 emerging countries to explicate the observed trends in dividend policy during the pandemic. Logistic regressions are used to investigate the main factors that drive the propensity to change dividend payouts. Our analysis reveals that most firms opted to either increase or decrease their dividends, with a minority proportion deciding to maintain dividends. Notably, our findings demonstrate that firm profitability is the main driver of all types of dividend changes, except when firms opt to maintain or decrease dividends. Moreover, we find that when firms reduce dividends by over 70%, profitability emerges as a crucial determinant, thus bolstering the signaling hypothesis. The results are robust to sample size sensitivity and different levels of dividend changes. The findings of the study might have practical implications for corporate managers and policymakers in designing dividend decisions and policies under uncertain conditions. This research underscores the impact of the COVID-19 pandemic on corporate dividend policy in emerging countries and emphasizes the need to consider the level of dividend changes in exploring the dividend puzzle.

Industrial revolutions provide great opportunities for emerging countries concerning their aims of playing in the leagues of developed countries. Yet, accomplishing such an aim is up to their firms' adaptation to the new era. Human resources seem particularly important because Industry 4.0 is transforming job definitions. Although prior studies highlight this importance, they do not sufficiently amplify the gap between current and ideal human resources qualifications. This study aims to contribute by giving insights into the amount of this gap in emerging countries. We conduct qualitative research on domestic logistics firms in Türkiye for a better understanding of whether or not current human resources qualifications are sufficient and, if not, what kind of qualifications are needed and how they should be attained. Findings show that current human resource qualifications are insufficient for Industry 4.0. For the employees to adapt to this new era, firms should be first aware of these qualifications. Moreover, their processes should make these qualifications functional and useful. Besides, there is a need for training the current employees to equip them with the respective skills/competencies required in the new era. However, our findings reveal that training the existing human resources due to their poor educational background would be extremely costly for firms. Therefore, they expect government incentives and support. They also emphasize the significant role of universities that should be able to foresee new skills/qualifications in the future and update their curricula. Our results suggest that only governmental bodies' leadership in incentivizing firms to train employees and coordinating university programs to align them with new industry needs could enable firms' successful transition to Industry 4.0 by continuously supplying qualified human resources to the labor market. [ABSTRACT FROM AUTHOR]

Purpose: Are men more inclined to assume risks than women? The answer to this question is immediately relevant to various economic issues, including human behavior concerning medical remedies and procedures consumption. This paper aims to identify the perceived benefits of the consumption of medications centered on pharmaceutical risk assessment. Originality/value: The literature documents that risks and benefits can be considered the main trade-offs in consumer decision-making, including the pharmaceutical industry. It is a current theme with a high potential for social impact due to the many identified cases of Covid-19. In developing countries, most medication is used by self-medicating individuals, as access to health care can be insufficient. Self-medication is a potentially greater problem, as in this case, medication usage often follows advice from friends, relatives, and neighbors. Yet, there is little empirical evidence regarding this problem in the context of emerging countries. Design/methodology/approach: A survey of over 1,000 subjects using an extended regression model (ERM) in one of the biggest countries in the world, Brazil. Findings: The results reported that women perceive more risks and benefits from medication usage and medical procedures. The perception of the benefits of medications can be explained by the following dimensions: risk (personal injury, risk alertness, and risk awareness), gender, regular usage, and the benefits of medical procedures. Regarding risk dimensions, the lower the perceptions of personal injury and the higher the perceptions of risk alertness and risk awareness, the greater the perceived benefits of medication usage. [ABSTRACT FROM AUTHOR]

Purpose: This study examines the relationship between financial development, corruption, and entrepreneurship in a sample of 21 emerging economies from 2008 to 2020. Methodology: Utilizing the Generalized Method of Moments (GMM) econometric approach, we explore the interactive dynamics between these variables. Results: Our findings indicate that higher levels of corruption are associated with increased entrepreneurial activity in these economies. This can be attributed to the prevalence of corrupt practices, such as bribery, which serve as a means for entrepreneurs to overcome barriers and initiate businesses. Conversely, while financial development has a positive influence on entrepreneurship, its impact is not statistically significant. However, when considering a combined effect of financial development and corruption, a positive net impact is observed. This suggests that corruption can facilitate access to financial resources for entrepreneurs in these emerging economies. These findings support the notion of the "grease the wheels effect". Conclusion: This study provides valuable insights into the complex interplay between financial accessibility, corruption, and entrepreneurship in emerging economies, informing policymakers and stakeholders on strategies to foster entrepreneurship and drive sustainable economic growth. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine the impact of corporate characteristics on voluntary disclosures of management discussion and analysis (MD&A) reports in India. Using a formal tone, the data was extracted from the annual reports of the top 100 listed firms available on the CMIE Prowess database for seven years (2016-2022). After excluding 23 companies from the financial and insurance sector, a panel regression method with the assistance of Gretl software was employed to investigate the relationship between the Management Discussion and Analysis Disclosure Index (MDADI) for voluntary aspects and various corporate attributes, with a total of 490 firm years of balanced observations. In India, firms follow the mandatory compliance of the MD&A reports, but voluntary disclosures are somehow those which are not much emphasized but are a good indication of firm performance and their accountability towards their stakeholders (Mayew et al., 2015). Our empirical findings reveal that profitability as a proxy to firm performance has a significant positive relationship with MD&A voluntary disclosures. Further, an insignificant association between VDS (Voluntary Disclosure Score) and the board size, presence of independent directors and firm size was found. This indicates that firm performance plays a significant role in adding more voluntary disclosures in MD&A reports. The possible reason for this could be the use of "Management Impression Strategy" in the MD&A reports, which means managers disclose more only when the firm has earned more and use impressive language to attract stakeholders. The outcomes of this research offer valuable insights for regulators, policymakers, and listed companies in India, aiding in the enhancement of MD&A reporting quality. Additionally, this study provides a roadmap for future research on MD&A reporting quality and corporate attributes in other emerging countries that have similar regulatory frameworks. This paper makes a timely and pertinent contribution to the scholarly discourse by shedding light on the relationship between MD&A disclosures and firm attributes. Its findings provide valuable insights for both academia and industry. [ABSTRACT FROM AUTHOR]

The study aims to investigate the corporate dividend policy decisions in emerging countries during the COVID-19 pandemic. Our sample consists of 5,869 publicly listed firms from 29 emerging countries to explicate the observed trends in dividend policy during the pandemic. Logistic regressions are used to investigate the main factors that drive the propensity to change dividend payouts. Our analysis reveals that most firms opted to either increase or decrease their dividends, with a minority proportion deciding to maintain dividends. Notably, our findings demonstrate that firm profitability is the main driver of all types of dividend changes, except when firms opt to maintain or decrease dividends. Moreover, we find that when firms reduce dividends by over 70%, profitability emerges as a crucial determinant, thus bolstering the signaling hypothesis. The results are robust to sample size sensitivity and different levels of dividend changes. The findings of the study might have practical implications for corporate managers and policymakers in designing dividend decisions and policies under uncertain conditions. This research underscores the impact of the COVID-19 pandemic on corporate dividend policy in emerging countries and emphasizes the need to consider the level of dividend changes in exploring the dividend puzzle. [ABSTRACT FROM AUTHOR]

Globalization in Automobile industry is one of the significant discussions nowadays in emerging countries. Conventional cars manufacturing in emerging countries has got a great share in global market for many years. Global environmental concerns, climate change due to negative effect of carbon emissions and greenhouse gases lead in increasing the importance of overview the non-renewable fuels consumption patterns to achieve the sustainability. Consequently, most of countries attempted to rise a consciousness about the usage of Electric Vehicles (EVs). However, poor infrastructure technology and high cost of establishing charging stations make the industry capital intensive. The governments set various strategies such as tax reduction and credit offerings. Moreover, investing in establishing production and manufacture units causes opportunities to commence EVs productions in many emerging countries as a developed country. The main aim of this paper is to explain the significance of EVs production in emerging countries and review of validity of Environmental Kuznets Curve Model. In the second part, the emphasizing is on describing the competitive advantage of Türkiye as an emerging country in VEs market globally. The Porters Diamond model and Country of Origin effect are the main discussed the theories. [ABSTRACT FROM AUTHOR]

In the context of global concern for the environment and considering the observation that very few manufacturing companies have taken a more proactive position on sustainability, it has been suggested that the stakeholder approach can contribute to the study of sustainability management. Hence, this paper analyzes the relationship between a set of individual stakeholders pressures (STP) from different groups and the adoption and implementation of some specific sets of sustainability practices (SP) in manufacturing: internal and external monitoring and external collaborative. It also contributes to the open debate around the "monolithic" versus differentiated reaction to perceived STP, showing that companies respond selectively to the different stakeholder groups. Finally, this research also considers the possible influence of different country development contexts (developed vs. emerging countries), which may be very informative in the context of the growing globalization of operations. Using a large, worldwide, multicountry, and multi‐informant sample of manufacturing plants from three industry sectors located in 15 emerging and developed countries, this study shows that the different stakeholders play different roles in the adoption and implementation of different sustainability practices, thus contributing to the open debate around a suitable balance of stakeholder pressures. This research further contributes to the debate around the convergence and divergence perspectives by supporting the "universal" adoption of sustainability practices (convergence perspective) as no statistical differences are found in stakeholder pressures in different country development contexts. [ABSTRACT FROM AUTHOR]

Introduction:Despite the significant advancements in renewable energy technologies, the current energy system remains heavily reliant on fossil fuels. However, an increasing number of studies have demonstrated that the proliferation of “green” patents is contributing to the transition towards a more sustainable energy future, with important implications for both environmental sustainability and corporate financial performance.Methods:Utilizing panel data sourced from 63 of the most prominent energy sector companies within the BRICS countries during the period between 2011 and 2020, we conducted a comprehensive analysis with the objective of uncovering the distinct impacts of various types of patents in renewable energy technologies on the firm’s financial performance indicators (ROA, ROIC, and market capitalization) by using multiple regression modeling.Results:The feasible generalized least squares estimations reveal that higher CO2 emissions correlate with lower return on assets, ROIC, and market capitalization of energy companies, significant at the 5% level. Additionally, while renewable energy technologies (Y02E10) did not impact ROA, they contributed significantly to ROIC at the 1% level. Combustion technologies with mitigation potential (Y02E20) positively influence all financial performance indicators, and nuclear energy technologies (Y02E30) significantly contribute to both ROA and ROIC at the 10% level.Discussion:Our research demonstrates that technological advancements in national economies are not consistent and that disparities exist in specific data segments. Advancements are observed in certain areas, highlighting the significance of national legislation in promoting green finance and renewable energy development. This emphasizes the need for BRICS countries to prioritize renewable energy technologies and adopt legislative initiatives from developed nations as a model for achieving clean technological growth and renewable energy targets.

The current research aims to explore the effects of entrepreneurship on economic growth in a sample of 35 emerging countries from 2006 to 2020, considering that these effects might not follow a simple linear and predictable pattern. In other words, this study strives not only to assess the positive or negative impact of entrepreneurship on economic growth but also to analyze the nonlinear and more intricate variations of these effects. This research utilizes entrepreneurship density data provided by the World Bank and employs the innovative dynamic threshold panel approach proposed by Seo and Shin (2016) and Seo et al. (2019) to investigate the threshold effect of entrepreneurship on economic growth. The results of this study indicate that achieving a meaningful and positive impact of entrepreneurship on economic growth in developing countries requires a minimum density of approximately 3.25 entrepreneurs per 1000 people. This finding suggests that policymakers should create an environment that not only promotes entrepreneurship but also strengthens it to reach this crucial threshold for economic growth. Additionally, when variables such as per capita income, trade openness, financial development, and income from natural resources exceed a certain threshold level, the significant effect of entrepreneurship on economic growth becomes evident. These findings are of great importance for policymakers, particularly in developing countries interested in enhancing entrepreneurship and economic growth, as they can utilize this information to design effective policies and initiatives. The identification of the threshold level of entrepreneurial activity and the consideration of contextual factors provides policymakers with practical insights for policy and initiative design.

Resumo Objetivo: Os homens estão mais inclinados a assumir riscos do que as mulheres? A resposta a essa pergunta é de relevância imediata para várias questões econômicas, incluindo o comportamento humano em relação ao consumo de medicamentos e procedimentos médicos. Este trabalho tem como objetivo identificar os benefícios percebidos do consumo de medicamentos, centrado na avaliação do risco farmacêutico. Originalidade/valor: A literatura documenta que riscos e benefícios podem ser considerados os principais trade-offs na tomada de decisão do consumidor, inclusive na indústria farmacêutica. É um tema atual com alto potencial de impacto social por causa dos muitos casos identificados de Covid-19. Nos países em desenvolvimento, a maioria dos medicamentos é utilizada por indivíduos que se automedicam, pois o acesso aos cuidados de saúde pode ser insuficiente. A automedicação é um problema potencialmente maior, pois nesse caso o uso de medicamentos geralmente segue o conselho de amigos, parentes e vizinhos. No entanto, há pouca evidência empírica sobre esse problema no contexto dos países emergentes. Design/metodologia/abordagem: Trata-se de uma pesquisa com mais de mil indivíduos em que se utilizou um modelo de regressão estendido (MRE) em um dos maiores países do mundo, o Brasil. Resultados: De acordo com os resultados obtidos, as mulheres percebem mais riscos e benefícios do uso de medicamentos e procedimentos médicos. A percepção dos benefícios dos medicamentos pode ser explicada pelas seguintes dimensões: risco (danos pessoais, alerta de risco e conhecimento do risco), gênero, uso regular e benefícios dos procedimentos médicos. Em relação às dimensões de risco, quanto menor a percepção de danos pessoais e quanto maior a percepção de alerta e conhecimento de risco, maiores os benefícios percebidos do uso de medicamentos./ Abstract Purpose: Are men more inclined to assume risks than women? The answer to this question is immediately relevant to various economic issues, including human behavior concerning medical remedies and procedures consumption. This paper aims to identify the perceived benefits of the consumption of medications centered on pharmaceutical risk assessment. Originality/value: The literature documents that risks and benefits can be considered the main trade-offs in consumer decision-making, including the pharmaceutical industry. It is a current theme with a high potential for social impact due to the many identified cases of Covid-19. In developing countries, most medication is used by self-medicating individuals, as access to health care can be insufficient. Self-medication is a potentially greater problem, as in this case, medication usage often follows advice from friends, relatives, and neighbors. Yet, there is little empirical evidence regarding this problem in the context of emerging countries. Design/methodology/approach: A survey of over 1,000 subjects using an extended regression model (ERM) in one of the biggest countries in the world, Brazil. Findings: The results reported that women perceive more risks and benefits from medication usage and medical procedures. The perception of the benefits of medications can be explained by the following dimensions: risk (personal injury, risk alertness, and risk awareness), gender, regular usage, and the benefits of medical procedures. Regarding risk dimensions, the lower the perceptions of personal injury and the higher the perceptions of risk alertness and risk awareness, the greater the perceived benefits of medication usage.

This study aims to comprehensively analyze the impact of financial development on greenhouse gas emissions in Indonesia during the period from 2000 to 2019. Using ordinary least squares with robust standard errors, the study revealed a positive and significant relationship between financial development and total greenhouse gas emissions. The study revealed a positive and significant relationship between financial development and total greenhouse gas emissions by employing utilizing a comprehensive financial development index. The findings indicate that higher levels of financial development by employing utilizing a comprehensive financial development index led to increased greenhouse gas emissions. Moreover, sector-specific analyses demonstrated that financial development significantly and positively influences emissions across various sectors, including the energy sector, agriculture, forest, and other land uses, peatland fires, and waste. However, intriguingly, financial development was found to have a significant and negative impact on greenhouse gas emissions in the industrial processes and product use sector, suggesting its role in promoting sustainable practices and contributing to emissions reduction in this specific domain.

Objective: The objective of this paper was to analyze the bidirectional relationship between financial development and economic growth for a dataset of Latin American and Asian developing countries between 2001 and 2019. Method: This research employed an empirical approach to analyze the statistical relationship between financial development and economic growth, by presenting an estimation of a system of simultaneous equations for a panel of Asian and Latin American countries using 3SLS. Main Results: The results presented in this research provided evidence that financial development does not appear to have a significant impact on economic growth, although growth appears to have a significant and positive influence on financial development. Moreover, the results also suggested that regulatory quality and domestic credit directed to the private sector have a positive effect on economic growth, while urbanization and education showed a negative influence on growth. The estimated model also indicated that urbanization has a positive influence on financial development while foreign direct investment presented a negative effect on the development of the financial sector. Relevance / Originality: Most of the research agenda on the topic of finance and growth has focused on identifying correlation or causality between these variables, with little attention given to the simultaneous relationship between them. This is still a clear gap in economic literature. Following this premise, the objective of this paper was to analyze the bidirectional relationship between financial development and growth by estimating a system of simultaneous equations using the Zellner and Theil’s (1962) 3SLS methodology. In this sense, the main contribution will be given empirically, based on data and analysis from emerging countries in Latin America and Asia. The fact that financial development has an influence on growth and growth plays a role on the development of the financial sector indicates a simultaneous relationship between these variables. Another relevant contribution is to update the debate on financial systems and economic development for emerging countries, highlighting institutional aspects and financial cycles. Theoretical / Methodological Contributions: The main contribution of this study is in the empirical strategy, whose results dialogue with part of the literature on the financial system and development presented along the text. That is, this research explored the statistical relationship between economic development and financial development for a sample composed by twenty-two Asian and Latin American emerging countries, using a simultaneous equations model. [ABSTRACT FROM AUTHOR]

Considering the negative effect of anthropological activities on climate in recent decades, all countries entailed a universal commitment to fight against climate change by boosting innovation and introducing new technologies. In this context, our paper aimed to investigate the impact of innovation input in terms of research and development (R&D) costs and technology expressed as technical equipment and machinery (TEM) on the reported greenhouse gas (GHG) emissions in chemical industry companies in five Central and Eastern European countries. This study employed a panel regression model with fixed effects and covered data from 2015 to 2020. The empirical results emphasize a negative relationship between R&D costs and GHG emissions, indicating the companies' commitment to developing innovative solutions that contribute to lower destructive emissions. Additionally, the findings related to the influence of TEM on GHG emissions reveal a positive impact, highlighting the need to improve manufacturing technologies. The practical implications of our findings can be meaningful for both policymakers and businesses operating in the chemical industry in developing countries. Policymakers should offer financial incentives to support research and investments in clean technologies, while businesses should prioritise such investments to mitigate GHG emissions. [ABSTRACT FROM AUTHOR]

Objective: This article provides an understanding of the knowledge structure based on the publications on women's entrepreneurship in developing and emerging countries based on bibliometric analysis. Women entrepreneurs play a pivotal role in economic and social development. Research Design & Methods: By analysing citations, co-citations, and co-words, this study unveiled the most significant publications in the study context, link their knowledge structure, and map future research direction based on the two analyses, respectively. From the Web of Science (WoS), 208 journal publications were obtained. Findings: Four themes were discovered in the co-citation analysis: 1) differences between men and women entrepreneurs, 2) the development of women's entrepreneurship, 3) challenges among women entrepreneurs in developing countries, and 4) progress in women's entrepreneurship studies. Subsequently, four themes were discovered in the co-word analysis: 1) innovation in women's entrepreneurship, 2) women's entrepreneurship performance, 3) empowerment of women entrepreneurs, and 4) self-employment and assistance to women entrepreneurs. Implications & Recommendations: Theoretical and practical implications are presented by enhancing and developing women's entrepreneurship participation in developing countries. Contribution & Value Added: This review provides a comprehensive knowledge structure based on the past, present, and future trends in women's entrepreneurship in developing countries. [ABSTRACT FROM AUTHOR]

Purpose – The study compares the impacts of mixed syndication venture capital (VC) investment and private VC (PVC) investment on the transitional performance indicators of intangible assets, fixed assets, liabilities and number of employees in Estonia. It also examines the impact of mixed syndication on investees' sales and profit. Design/methodology/approach – This study conducted panel data regression analyses based on the dataset consists of yearly data from 2006 to 2015 for more than 187,000 unlisted firms in Estonia. Findings – Results showed that mixed syndication had a significant positive effect on the number of employees of investees but not on investees' sales and profit. PVC investment had a significant positive effect on investee sales but not on the transitional performance indicators of investees. Originality/value – The study has two unique research contributions. First, it investigates the impact of syndicated investment on investees' transitional performance indicators in addition to performance indicators. Second, it focuses on Estonia, an emerging country that has somewhat achieved success in fostering information and communications technology startups and is one of the earliest emerging countries to implement a mixed syndication VC investment policy.

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Purpose: Through a review of the literature on digitalization in emerging countries, we analyzed how companies operating in these regions develop and implement strategies to navigate the digital era. Originality/value: The emergence of new technologies has reconfigured businesses' survival and competitiveness worldwide, however, little is known about the digital strategies employed by companies in emerging markets. By reviewing the literature, scarce in this context, we contributed by presenting examples of digital strategies that businesses have implemented. In line with our findings, we propose a research agenda to guide future studies. Design/methodology/approach: We performed a semi-systematic review of business and management journals, comprising a total sample of 30 articles from different fields of knowledge. We present our findings in three thematic categories and other subcategories. Findings: Our findings suggest the institutional voids that limit firms' innovation (e.g., lack of clear regulations, skilled workforce, access to data, and financial resources) are the main challenges keeping them from digitalizing themselves. Nevertheless, firms develop capabilities to scout opportunities, despite the challenges, and implement digital strategies that support their digitalization process. [ABSTRACT FROM AUTHOR]

Traditionally, innovation system literature favors studies of well-functioning economies and innovation in high-technology sectors. In emerging economies, such as Latin America, a significant number of gaps is still found, especially in terms of understanding behaviors towards innovation and how these attitudes might impact the innovation outputs. Based on this scenario, the present study aims to measure how entrepreneurial innovation - a multidimensional construct formed by innovativeness, proactiveness and risk taking - impacts on innovation performance. This study adapts the model of Sheppard (2023), originally applied to a Canadian multi-sectoral sample, to an also multi-sector group located in the Caribbean region of Colombia. A translated questionnaire was applied to 154 companies. A total of 123 micro, small and medium-sized enterprises (MSMEs) valid cases was considered for analysis. Results show significant impact of entrepreneurial orientation on innovation performance, confirming initial hypothesis. The impact of environmental dynamism presents diverse data that needs to be further analyzed and 'slack resources' were found as a statistically significant antecedent to innovation performance. The limitation to measure growth due to restrictions in data access is an important future opportunity to expand the analysis, allowing full comparison to the original model. [ABSTRACT FROM AUTHOR]

This paper evaluates the effect of intellectual capital (IC) on firm financial performance in the service sector in an emerging country, Vietnam. This research is dissimilar from earlier ones for the following reasons: (i) this is the first study of IC's impact on service firms at different knowledge intensity levels, sizes, and ownerships in an emerging country, Vietnam; (ii) it expresses empirical evidence in details of service activities, particularly the research and development, financial, and technology services that play significant roles for the development of emerging countries; (iii) it examines the effects of the gender issue, firms' responsiveness to the government and employees, and market concentration. Applying the two-step system GMM model for the period 2005–2014, the results express that IC components generally had significant impacts on firm performance. Human capital efficiency had the strongest positive impact while capital employed efficiency had the second strongest impact. The impact of structural capital efficiency was inconsistent, depending on the knowledge intensity levels and the types of service activities. IC is more efficient for knowledge-intensive sub-sectors than the less knowledge-intensive ones. IC efficiencies differ among knowledge intensity levels, sizes, and ownerships, suggesting that policy makers and firm leaders should implement corresponding solutions. [ABSTRACT FROM AUTHOR]

PURPOSE: Entrepreneurship seen as an engine for economic development is especially desirable for emerging countries to support rapid growth. Moreover, entrepreneurs can support social transformation in favor of more sustainable products and services. Sustainable orientation of entrepreneurship contributes to sustainable development goals and prevents environmental deprivation. However, the sustainable development agenda can also influence entrepreneurship. METHODOLOGY: The conducted bibliometric analysis confirmed the growing interest among scholars in the correlation of entrepreneurship to sustainability in the last years. Furthermore, panel regression (static model) was used to explore the variables on entrepreneurship influencing the sustainable development goal (SDG) index in emerging countries, and Levin, Lin and Chu (LLC), W-Stat – IPS, ADF-Fisher Chi-Square, and PP-Fisher Chi-Square tests were applied to analyze the variables stationarity. In order to examine the existence of structural breaks, the robustness was checked on single cross-section units and on the whole panel dataset. In addition, the Hausmann test was used to select between random and fixed effects, and heteroskedasticity of residues, autocorrelation of residues and dependence of residues between the panels were conducted. Data was analyzed through Eviews 13. FINDINGS: This paper investigates the relationship between sustainability and entrepreneurship in emerging countries. It discusses the impact of sustainable development on entrepreneurship and the influence of entrepreneurship on sustainable development. IMPLICATIONS: The study results can be used by governments and policymakers to plan their strategies and policies concerning entrepreneurship and implementation of sustainable development goals. They should promote entrepreneurial activity and control the negative environmental impact of enterprises simultaneously. ORIGINALITY AND VALUE: The research addresses the gap in the literature concerning the relationship between sustainable development and sustainable entrepreneurship. The paper examines the reciprocal relationship between sustainable development and entrepreneurship with an emphasis on emerging countries.

Purpose – This study aims to analyze the contribution of business angels (BAs), defined as wealthy individuals who provide risk capital to entrepreneurial firms without family connections, in Estonia, an emerging country in Eastern Europe. Design/methodology/approach – This study compared the data of the financial and non-financial performance of BA-backed firms with that of “twin” non-BA-backed firms, extracted from all Estonian unlisted firms using propensity score matching. Findings – The results of the comparative analysis showed that BAs were patient enough to allow their investees to spend for future growth rather than squeezing profit from increased sales. This is not patience without options for a BA in a situation in which the investee's sales are deteriorating, but rather deliberate patience in the presence of options for a BA where the investee's sales growth is increasing, contrary to conventional investor behavioral principles. It also showed that BAs' post-investment involvement did not make a direct contribution to their investees' sales, although BAs contributed to the sales increase through BA funding itself. Originality/value – This study has two unique research contributions. First, it shows that the patience of BAs was not a by-product but was intentional, and adds to the debate on whether BAs are patient investors. Second, there are only a few studies on the contribution of BAs to their investees in emerging countries; this study aims to help fill this research gap using the case of Estonia.

This paper includes an analysis of the economic and financial markets of the emerging countries of the European Union. The evolution of these markets is captured primarily in the context of the phenomena of globalization and deglobalization, but also in view of the economic, social and political conjunctures that these countries have experienced during the twenty years of transition from border markets to economies integrated with the European market. The study includes a descriptive analysis applied to the selected markets over a period of twenty years, based on the selected methodology. Analyzing on a long-term the evolution of the markets of Romania, Hungary, Poland and Greece through a comparative approach, the paper highlights similarities and differences in the developments of the Emerging European markets, as well as the degree of reaction to the major events that had an impact on the economic and financial environment of the European Union.

This study analyzes the effects of the macroeconomic indicators on the lending interest rates in the leading emerging countries by considering the significance of the interest rates for economic growth since high-level interest rates decrease economic growth and volatile interest rates deteriorate economic stability. In this context, the lending interest rate is considered as the dependent variable; foreign exchange (FX) rates, gross domestic product (GDP), and inflation are included as the independent variables that are the main macroeconomic indicators; annual data from 1990 to 2019 are used, and the panel data analysis is applied. The empirical analysis results reveal that (i) FX rates, GDP, and inflation have a significant effect on the lending interest rates at the panel level; (ii) the significance of these macroeconomic indicators vary at the country level; (iii) GDP is the most influential factor on the lending interest rates at both panel and the country level. The analysis results underline the effects of macroeconomic factors on the lending interest rates. Therefore, countries should apply appropriate policies to lessen the adverse effects of the macroeconomic indicators on the interest rates so that economic growth can be supported by low-level lending interest rates. Hence, emerging countries can benefit from low-level lending interest rates.

The purpose of this paper is to build a systematic framework of the spatial spillover effects of host country heterogeneity, and to illustrate the impact of the third country effect of reverse cross-border mergers and acquisitions in emerging countries on the division position in the global value chain. We develop a composite index to measure the gap in the global value chain position, and use the ADB-MRIO database in UIBE GVC from 2010 to 2019 to conduct an empirical test, which includes 27 sample countries. The spatial modeling results suggest that both the third country effect of reverse cross-border mergers and acquisitions and the direct effect of forward cross-border mergers and acquisitions are conducive to narrowing the gap in the division position in the global value chain of China, as well as the host country. Therefore, reverse cross-border mergers and acquisitions should develop the export platform based cross-border mergers and acquisitions, while forward cross-border mergers and acquisitions are suitable for choosing the destination countries directly. An interesting insight shown by the spatial and temporal heterogeneity test is that the narrowing effect of cross-border mergers and acquisitions on the gap in the division position varies with time and space. There is also a trend of increasing convergence and spatial differentiation, and the change of this spatial spillover effect may be closely related to the bilateral relations between countries. The model of the third country effect with spatial heterogeneity affirms the spatial impact of host country heterogeneity, and provides empirical evidence for cross-border mergers and acquisitions based on export platforms. [ABSTRACT FROM AUTHOR]

Free economic zones are one of the many ways for governments to alleviate a national crisis situation, by helping increase trade, enhance production, and create provisions of foreign direct investment. That can help in improving the economic condition of the country and enhance the quality of life of the country’s population. Free economic zones, or free zones, in Morocco have also been established for similar reasons, and due to its perfect geographical location, has become one of the top priority destinations for regions across the globe for logistic purposes. To meet this objective, the reflection carried out at the level of this study turned towards the development of free zones in connection with the business environment in emerging countries, taking into consideration the case of Morocco, then it has a very strong logistical evolution as well as an exceptional geographical position for the improvement of its positioning in international competitiveness. This article presents the results of a quantitative study on the business environment of free zones in Morocco as well as on their economic impact aimed at improving the country's logistics level. This study aims to understand the theoretical and practical purpose of establishment of free zones in Morocco, their significance in the logistics industry, and their key advantages and challenges. This study provides a research background for industry practitioners and academicians of different regions alike to understand the use of Moroccan free zones to effectively strategize logistics decisions from a corporate standpoint, leading to better economic performance. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) play an important role in economic and development growth, particularly in developing countries. Their success depends on the expansion of their markets across borders, based on the strategies adopted, in which differentiation strategies and positional advantages play an important role. As an emerging country, Mozambican SMEs face a lack of resources and business environmental challenges in deploying their unique advantages when competing abroad. As such, the objective of this paper is to study the impact of differentiation strategies on the export performance of Mozambican SMEs, and the mediating effect of positional advantage on the relationship between the differentiation strategy and export performance of SMEs. To achieve this objective, an empirical study was conducted, based on a sample of 250 Mozambican firms, to test a theoretical model that applied Structural Equation Modeling using the Partial Least Squares (PLS-SEM) algorithm, based on SmartPLS software version 3.3.6 (SmartPLS GmbH, Oststeinbek, Germany). The results show that differentiation strategies positively impact the export performance of SMEs and that positional advantage mildly mediates the relationship between the differentiation strategy and export performance. This suggests that Mozambican SMEs may not be properly taking advantage of the positional advantage of the differentiation strategies, as the added value generated by the positional advantage is relatively modest. As such, Mozambican SMEs still need to support their positional advantages to overcome fierce international competition. This study contributes to the knowledge about the consequences of adopting differentiation strategies and positional advantages on the export performance of SMEs, particularly in the context of emerging countries. [ABSTRACT FROM AUTHOR]

Objective: The objective of this paper was to analyze the bidirectional relationship between financial development and economic growth for a dataset of Latin American and Asian developing countries between 2001 and 2019. Method: This research employed an empirical approach to analyze the statistical relationship between financial development and economic growth, by presenting an estimation of a system of simultaneous equations for a panel of Asian and Latin American countries using 3SLS. Main Results: The results presented in this research provided evidence that financial development does not appear to have a significant impact on economic growth, although growth appears to have a significant and positive influence on financial development. Moreover, the results also suggested that regulatory quality and domestic credit directed to the private sector have a positive effect on economic growth, while urbanization and education showed a negative influence on growth. The estimated model also indicated that urbanization has a positive influence on financial development while foreign direct investment presented a negative effect on the development of the financial sector. Relevance / Originality: Most of the research agenda on the topic of finance and growth has focused on identifying correlation or causality between these variables, with little attention given to the simultaneous relationship between them. This is still a clear gap in economic literature. Following this premise, the objective of this paper was to analyze the bidirectional relationship between financial development and growth by estimating a system of simultaneous equations using the Zellner and Theil’s (1962) 3SLS methodology. In this sense, the main contribution will be given empirically, based on data and analysis from emerging countries in Latin America and Asia. The fact that financial development has an influence on growth and growth plays a role on the development of the financial sector indicates a simultaneous relationship between these variables. Another relevant contribution is to update the debate on financial systems and economic development for emerging countries, highlighting institutional aspects and financial cycles. Theoretical / Methodological Contributions: The main contribution of this study is in the empirical strategy, whose results dialogue with part of the literature on the financial system and development presented along the text. That is, this research explored the statistical relationship between economic development and financial development for a sample composed by twenty-two Asian and Latin American emerging countries, using a simultaneous equations model.