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Introduction: in 1968, Altman developed a multivariable predictive Z-score model to assess the probability of a public manufacturing company going to bankruptcy based on financial ratios. Later, Altman (1983) re-stated a more improved Z’’-Score model designed to apply in public or private, manufacturing, or non-manufacturing firms, but also in emerging countries. Prediction of the updated model proved to be highly efficient. This research was conducted to prove the level of accuracy of the Z’’-Score model applied to firms listed in the Mexican Stock Exchange (MSE) since there is little relevant research on this subject. Method: this research was conducted under a quantitative approach as a census and its scope was situational with a non-experimental and longitudinal research design. The period covered by this research was 2012-2019 since the data was available for those years under a somehow stable economic situation without significant economic ups and downs. This research considered the integration of a large financial database and the design of a typology to classify and analyze 155 firms based on a standard deviation and average results of 837 Z’’-scores. A second analysis was conducted to prove if the predicted situation (area) by the Z’’-Score corresponded to the real situation in the marketplace for every company. Results: the results showed that the accuracy level of the Altman model decreased when applied to Mexican firms. The error of the model applied to Mexican companies related to those classified in the bankruptcy prediction area was 75 % of misclassification cases. The total error of the model included all areas, or cases, was 18 % of misclassification cases. This model is supposed to be effective within a time frame of two years before a possible bankruptcy. Even considering a longer time frame, the companies located in the bankruptcy prediction area continued having misclassifications representing 57 % of error. The error for the model considering all cases and all areas, was 14 % of misclassification cases. This represented a high level of inefficiency of the model applied to an emerging country companies, such as Mexico. Discussion or conclusion: the model is certainly effective while predicting companies in the areas of non-bankrupt sector and grey, but it was inefficient when predicting the possibility of bankruptcy. It was also demonstrated that the time frame of two years is no longer effective when applying the model to Mexican companies. As a result, more research cases are needed to update the model to perform efficiently in emerging countries including country-specific conditions and considering a different time frame to predict bankruptcy.

This paper investigates the impact of levels of central bank independence (cbi) on the relationship between foreign direct investment (fdi) and economic growth. Economic theory confirms that a higher level of central bank independence is associated with a relatively lower and stable rate of inflation. To the extent that inflation moderation contributes to macroeconomic stability, and the latter provides a favorable environment for fdi to impact growth significantly, we considered it important to examine the possible effect of cbi on the fdi-economic growth relationship. Our attempt in this direction fills an important gap in the literature by adding a new dimension to the fdi-growth nexus. We proceed by subjecting data on fdi flows and gross domestic product (gdp) to Granger causality tests within a panel cointegration framework. Our panel consists of 22 emerging countries subdivided into groups of high and low cbi countries. The empirical investigation in our framework proceeds in three different steps. We begin by testing for non-stationarity in the two variables of fdi flows and gdp in our panel of 22 countries. Prompted by the existence of unit roots in the time series of the referred variables, we use the panel cointegration technique to test for a long-run cointegrated relationship between the two variables of interest in the second step of our estimation. With evidence of cointegration in the long-run fdi-growth relationship for the full and the subdivided panels, we finally use an error correction model to uncover Granger causality in the long run relationship along with its short-run dynamics. The results of our tests indicate a strong cointegration between fdi and economic growth for both the subdivided country groups referred above; causal links between the two variables, however, vary substantially between the two groups. While the high cbi countries show a significant long run bidirectional causality between fdi and economic growth, the low cbi countries demonstrate only a unidirectional link running from economic growth to fdi; there is no evidence of a link running from fdi to economic growth for the low cbi countries. Additionally, we find that for both the country groups, fdi induced growth is a long run phenomenon only. These results seem to suggest that with associated price stability, high cbi countries serve not only as an attraction for fdi flows but, through productivity spillovers, triggers economic growth that induces additional fdi flows. [ABSTRACT FROM AUTHOR]

Purpose -- This study characterizes the scenario of emerging countries (ECs) -- "Brazil, Russia, India, China and South Africa (BRICS)" concerning digital transformation and its association with the Industry 4.0 (I4.0) value creation system. For such, the authors developed a discussion paper based on content analysis of 857 journals in business administration, describing in a proposed framework the institutionalization "BRICS" policies that nurture global competitiveness among ECs and development needs to catching up. Design/methodology/approach -- Data from 16 official documents of government, ministries and economic studies were analyzed by applying Atlas TI contrasting theory of 875 papers to develop and discuss the framework. Content analysis showed research gaps, technological needs and governance to enable firms to sustain competitive advantages applying I4.0 value creation system. Results converged into a microfoundation of the agile journey of a digital transformation to global organizations in between BRICS. Findings -- This paper's central question is to understand: How can organizations achieve a sustainable I4.0 value creation system adopting digital transformation in "BRICS"? The reduced transaction costs driven by platforms and ecosystems orchestration and the related or integrated multiple level sources of knowledge could speed benefits of domestic firms and subsidiaries of global organizations. Research gaps could be understood by a new combination of resources and knowledge, exploiting technologies and, also, the discussion of social economic relevance of I4.0. Research limitations/implications -- Because of the complexity and the novelty of the framework, further studies could be discussed by its elements. New structures and paths for alternative strategic factors may be proposed in the future with the inclusion of new relationships in the adoption of platform business models and ecosystems. Future studies should consider digital knowledge-based assets attained to economic activities across national boundaries; data analytics or data-driven technology adoption and their effects on global attractiveness. Practical implications -- The paper implicates in evaluating whether dynamic capabilities subsidize performance propitiating the catching up with a focus on the I4.0 system and digital transformation management journey. The proposed framework demonstrates the benefits of digital transformation by enabling strategic capabilities, making efforts to reduce a lack of research paths concerning the policy attributes that define the platform use strategy from an architectural standpoint and its benefits. Social implications -- The particularities of turning either an I4.0 global organization or a digital organization operate in various environments, allowing access to the activities' digital context. Social implications concerning digital resources as strategic accelerators are determined by the BRICS peculiarities, such as social behavior, consumerism or communication pattern, leadership and workforce skills. Finally, political aspects and interference in the economy are deployed in society what must be considered. Originality/value -- This paper proposes a conceptual framework to better understand whether the heterogeneity of resources could explain I4.0 and digital configurations, while new platforms have driven features in global industrial environments and ecosystems. The seizing opportunities in these countries and sense-making use of platforms and orchestration of ecosystems are found as the critical topics being the main value of this important discussion. [ABSTRACT FROM AUTHOR]

The study makes an attempt to contribute to the ongoing policy debate on whether OFDI has a complementary or substitution effect on domestic investment and hence, growth. For the purpose, the current paper uses panel data analysis to understand the impact of OFDI for 14 emerging economies in the period 1981–2019. We supplement the cross-country evidence with a time series analysis for India, given that FDI outflows from the country have been steadily increasing over the years. The results confirm the positive effect of OFDI on economic growth, but the substitution effect for domestic investment. This indicates that the OFDI positively affects growth through its effect on trade and other positive spillover effect, rather than domestic investment. However, in case of India, the findings support the complementary effect of OFDI on domestic investment. [ABSTRACT FROM AUTHOR]

This research investigates the empirical relationship of government efficiency, corruption, and inflation regarding public debt between advanced and emerging economies. Random effects estimation is used to analyse a sample of 40 countries. The analysis results show that corruption and inflation in advanced economies have a significant and positive effect on public debt. Corruption affects public debt to increase, but on the flip side, inflation affects public debt to decrease. In emerging economies, the results show a positive impact of government efficiency on public debt. Hence, government efficiency will be considered an obstacle when a policy initiated to reduce public debt. Meanwhile, policymakers should take note countries' corruption and inflation rates when formulating policies to reduce public debt in advanced economies. [ABSTRACT FROM AUTHOR]

We advance understanding of how competition from informal entrepreneurial firms influences the performance of small formal (registered) firms. We also investigate the role of tax and law related institutions in shaping differently the performance outcomes of the competition between informal and formal firms. Empirical evidence from the analysis of 11,988 observations in 110 emerging countries indicates that, on average, informal firms affect adversely the performance of small formal firms. These negative effects however are stronger in institutional environments with burdensome courts of law but tend to be weaker in environments with burdensome tax regulations. Our analysis extends the rational exit perspective of informality and shows how competition from informal firms affects the performance of small formal firms. It also specifies how contingencies associated with law- and tax-specific institutions across emerging countries influence this relationship. [ABSTRACT FROM AUTHOR]

Policymakers have shown an interest in adopting policies that promote entrepreneurial activity. Yet, one of the major questions that remain unanswered in the entrepreneurship literature is why entrepreneurial activity varies across countries. This paper takes an in-depth look at the dynamic relationship between the institutional environment in developing countries, resource availability, and EO. We propose that despite changes in economic wealth, an entrepreneur's past experience influences risk-taking, innovativeness, and proactive behavior. Additionally, the resource endowment of an individual is a better instrument for EO in the changing environment. Maßnahmen zur Förderung von Entrepreneurship und Unternehmertum stehen derzeit im Mittelpunkt aktueller Entwicklungsagenden. Dabei bleiben die Fragen, welche Faktoren geeignet sind und wie sich die regionalen Unterschiede hinsichtlich ihrer Gründungsaktivitäten erklären, bisher weiterhin ungeklärt. Der folgende Beitrag beschäftigt sich dabei eingehend mit dem dynamischen Wechselspiel zwischen Ressourcenverfügbarkeit, dem institutionellen Umfeld und der Wahrnehmung unternehmerischer Chancen in einem Entwicklungsland. Wir vermuten, dass trotz der wirtschaftlichen Entwicklung dieser Länder, vor allem die bisherige Erfahrung eines Unternehmers einen wesentlichen Einfluss auf seine Risikobereitschaft, Innovativität und Proaktivität hat. In einer dynamischen Umwelt ist zudem die individuelle Ressourcenausstattung ein wesentliches Instrument zur Wahrnehmung unternehmerischer Chancen. [ABSTRACT FROM AUTHOR]

This study analyzes the effects of corruption on economic growth for different levels of economic freedom. The effects of corruption on the economy, which can increase or decrease growth, were tested in emerging countries in Latin America and Pacific Asia, between 2000 and 2017, through one-step System-GMM estimation panel data regressions. The results showed that economic freedom works as a moderator in the relationship between corruption and economic growth. On both continents, greater economic freedom, on average, supports the growth of GDP per capita. In Latin America, it was possible to corroborate the hypothesis that corruption damages countries with greater economic freedom but favors economic growth in countries with lower economic freedom levels. Regarding the Asian countries studied, there was only a negative effect of corruption on economic growth in countries with less economic freedom. When comparing this reality with the one in Latin America, it was observed that in terms of development, the countries in this continent are in earlier stages compared to the Asian countries, even though both country groups are called "emerging." • Economic freedom works as a moderator in the relationship between corruption and economic growth. • Corruption damages countries with greater economic freedom in Latin America and Asian countries. • Corruption favors economic growth in less liberal countries in Latin America. • Latin America is in earlier stages when compared to Asia, even though both are called emerging markets. • Fighting corruption only reflects in economic growth if accompanied by greater economic freedom. [ABSTRACT FROM AUTHOR]

Purpose - This study focuses on the monetary policy transmission of the U.S. on the excess returns in emerging markets by estimating the impacts of changes in the shadow interest rate in the U.S. on the Barclays Benchmark EM FX Trend Excess Return Index (FXERI) and the Barclays Cross Asset Trend Index – EM FX ER (CRASERI). Methods - To account for the spillover effects of the macroeconomic and financial variables, this study employs a bivariate VARMA–AGARCH approach. This study employs 206 daily observations, from February 22, 2002, to July 5, 2019 sourced from The Barclays database and the Reserve Bank of New Zealand Findings - This study finds that the shocks in shadow interest rates will decrease the Barclays Benchmark EM FX Trend Excess Return Index (FXERI) and the Barclays Cross Asset Trend Index – EM FX ER (CRASERI) in the short term. The results of VARMA–BEKK–AGARCH model show that changes/shocks in shadow interest rates will reduce the excess returns in the financial markets of emerging countries in the long term. Implication - The study reveals that a high-interest rate policy could be used as a tool by the FED to prevent excessive returns on emerging countries' financial markets Originality - This study contributes to the existing literature by addressing the issue of whether the monetary policy stance of the U.S. after the Global Financial Crisis (GFC) can be recognized as the primary source of the currency excess returns and multiple-asset class excess returns for emerging countries.

The purpose of the AMPERE (Asset Mapping Platform for Emerging countRies Electrification) project is to provide a dedicated solution for electrical power network information gathering: AMPERE will support decision making actors (e.g. institutions and public/ private companies in charge to manage electrical network) to collect all needed info to plan electrical network maintenance and upgrade. AMPERE solution is based on a GIS Cloud mapping technology, collecting on field data acquired with optical/thermal cameras and LIDAR installed on board a Remote Piloted Aircraft (RPA). AMPERE project has received funding from the European GNSS Agency (grant agreement No 870227) under the European Union's Horizon 2020 research and innovation programme.

The relationship between financial development indicators and non-performing loans (NPLs) has garnered significant attention, especially in emerging countries. The puzzle of whether financial sector development increases or decreases Non-performing Loans (NPL)s has not been resolved to the satisfaction of the curious mind. This research attempts to answer the above question by studying the asymmetric and symmetric association between financial sector development and NPLs, by utilizing the novel non-linear autoregressive distribution lag (NARDL) and the linear autoregressive distribution lag (ARDL) approach. Moreover, to make the study inclusive, we have added a series of proxies to measure financial sector development and macroeconomic vulnerabilities. Our main findings confirm that financial sector development and NPLs move together in the long run, and there is significant evidence of the asymmetric relationship. We infer that NPLs react differently to the negative and positive shocks of financial development and macroeconomic variables both in the short and long run. In the long-run positive shocks in financial intermediation, banking efficiency, banking depth, banking stability index, and banking non-interest income significantly impact the NPLs in emerging countries. The positive shocks of financial sector development (financial intermediation and size of banks) increase NPLs in emerging countries and vice-versa. Furthermore, regarding the macroeconomic variables, the positive shock of inflation, unemployment, and interest rate positively affect NPLs. The empirical analysis also concludes that in the long-run foreign bank presence is an insignificant factor affecting NPLs in the selected countries. This study emphasizes that, unlike the linear model, the non-linear model provides a more realistic and robust result by highlighting hidden asymmetries, which will help policymakers make appropriate strategic decisions.

This research inquiry analyzed the association between corporate governance and firm performance through the mediating role of financial leverage based on panel data of 2568 firms during the period from 2002 to 2017. The study uses a two-step dynamic panel as well as a generalized method of moments (GMM) to estimate these relationships. The findings demonstrated financial leverage mediates the relationship between corporate governance and firm performance in the context of developed economies, and also in emerging economies. Additionally, firm performance is negatively associated with corporate governance through excessive leverage. The study suggests it is the responsibility of the board to use low financial leverage to enhance firm performance. In emerging countries, firms with a large-sized board use low leverage, whereas in developed countries, firms with a small-sized board use low leverage to enhance corporate performance.

Abstract This article’s main objective is to examine the political economy of the economic reforms implemented in the 1990s and examine the main factors which explain India’s economic rise in the 21st century. We argue that the productive investments and the country’s opening to the global economy have contributed to economic growth, but that this rise leads to the formation of a “dual economy.” Continuing reforms thereby become necessary for India in order to achieve inclusive growth and structural transformation, overcome the dual economy challenge and gain strength in the international system.

Introduction: in 1968, Altman developed a multivariable predictive Z-score model to assess the probability of a public manufacturing company going to bankruptcy based on financial ratios. Later, Altman (1983) re-stated a more improved Z"-Score model designed to apply in public or private, manufacturing, or non-manufacturing firms, but also in emerging countries. Prediction of the updated model proved to be highly efficient. This research was conducted to prove the level of accuracy of the Z"-Score model applied to firms listed in the Mexican Stock Exchange (MSE) since there is little relevant research on this subject. Method: this research was conducted under a quantitative approach as a census and its scope was situational with a non-experimental and longitudinal research design. The period covered by this research was 2012-2019 since the data was available for those years under a somehow stable economic situation without significant economic ups and downs. This research considered the integration of a large financial database and the design of a typology to classify and analyze 155 firms based on a standard deviation and average results of 837 Z"-scores. A second analysis was conducted to prove if the predicted situation (area) by the Z"-Score corresponded to the real situation in the marketplace for every company. Results: the results showed that the accuracy level of the Altman model decreased when applied to Mexican firms. The error of the model applied to Mexican companies related to those classified in the bankruptcy prediction area was 75 % of misclassification cases. The total error of the model included all areas, or cases, was 18 % of misclassification cases. This model is supposed to be effective within a time frame of two years before a possible bankruptcy. Even considering a longer time frame, the companies located in the bankruptcy prediction area continued having misclassifications representing 57 % of error. The error for the model considering all cases and all areas, was 14 % of misclassification cases. This represented a high level of inefficiency of the model applied to an emerging country companies, such as Mexico. Discussion or conclusion: the model is certainly effective while predicting companies in the areas of non-bankrupt sector and grey, but it was inefficient when predicting the possibility of bankruptcy. It was also demonstrated that the time frame of two years is no longer effective when applying the model to Mexican companies. As a result, more research cases are needed to update the model to perform efficiently in emerging countries including country-specific conditions and considering a different time frame to predict bankruptcy. [ABSTRACT FROM AUTHOR]

This article provides results on the volatility spread for stock markets in emerging economies. Empirical studies on determining or predicting volatility in national and international financial markets provide information for investors. The aim of this study is also to analyze volatility spreads from the United States of America, France, Germany, Japan Turkey, China, India, Indonesia from emerging markets within the scope of EGARCH models, which take into account the asymmetric effects using daily stock returns for the period of January 2008 - April 2020. The a symmetric effect parameter (? or µt-i/ht-1) appears to be negative and statistically significant at 1% for all countries, except the Shanghai Composite Stock Exchange, China. This result shows that the asymmetric effect, or the leverage effect in other words, is valid in stock markets other than China. The volatility spreads from the Dow Jones Industrial Average Index - USA to Borsa Istanbul and the Shanghai Stock Exchange - China. Also, the S & P 500 Index - USA is significant on the volatility spread of the Borsa Istanbul and Shanghai Stock Exchange. The volatility spread between Jakarta Stock Exchange - Indonesia and Borsa Istanbul is two-way and mutual. [ABSTRACT FROM AUTHOR]

The developments after the crisis of 2008-2009 highlighted the vulnerabilities of the International Monetary System. In this context, some countries considered reducing their dependence on the US dollar and increasing the role of their currency internationally. This paper examines whether the internationalization of emerging countries' currencies has been an alternative to protectionism. To this end, we took into account the relevance of the currencies of emerging economies internationally and the internationalization of the renminbi. As far as the internationalization of the Chinese currency is concerned, we presented the political and economic motivations, the main paths, and the main evolutions. [ABSTRACT FROM AUTHOR]

Copyright of Spanish Journal of Comparative Education / Revista Española de Educación Comparada is the property of Editorial UNED 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.)

Copyright of Revue Académique des Études Sociales et Humaines is the property of Hassif Benbouali University of Chlef 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.)

The past decade has seen an increasing number in production of newly-developed biopharmaceuticals, biosimilars and biobetters that can help contribute to improved global health. Global market growth in this industry was reported to increase and approach more than US$200 billion. As the industry matures, the growth is significantly higher in emerging markets than in developed countries. This shows a shift of biopharmaceuticals production outside of developed countries, thereby sending signals to emerging countries the opportunity to become global leaders in new industries. This literature review seeks to identify the commercial levers in biopharmaceutical development in emerging countries. The study found that biopharmaceuticals industry was promising for emerging countries to compete in global market if it were supported by strong government involvement. This involvement revealed key strategies to improve poor pipeline productivity shaped by political, economic, technological and market factors. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of monetary policy on liquidity creation of commercial banks and if the effect is conditional on bank size. The paper uses a dataset covering 23 Vietnamese commercial banks during the period 2007–2017 collected from various sources including State Bank of Vietnam, International Monetary Fund, SNL Financial database (provided by SNL Company), Vietnam General Statistic Office and banks' annual reports. Different econometric techniques are employed to analyse the data. Obtained results indicate that a contractionary monetary policy could lead to a decrease in bank liquidity creation. This result is less pronounced with larger banks. In particular, among three monetary policy instruments employed in Vietnam, an increase in the base rate is significantly associated with a contraction in bank liquidity creation; open market operations may have a marginal impact while required reserve ratio is ineffective because of its unchanged value throughout the period of the study. This paper is among the first, providing an insight into each monetary policy instrument's role in influencing bank liquidity creation in the context of an emerging economy. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of debt financing on firm performance and how this relationship is affected by the institutional framework in 14 emerging countries. The results show a negative relationship between debt financing and firm performance. However, this negative relationship is reversed in countries with better credit market regulations and more efficient legal systems. [ABSTRACT FROM AUTHOR]

The themes of Internationalization and Innovation have been widely debated in the business literature. Many studies show that there is an interdependence relationship with causality occurring in both directions, indicating the possibility of a vicious circle. In view of this, this article aims to analyze and compare the relationship between the degree of internationalization (IG) and the innovative effort through the intensity in R&D (IP&D) of multinational companies from developed countries (DP) and developing countries (PED). For the analysis, regressions were performed with data in the Pooled model panel from a sample with 445 observations from PD companies and 473 observations from PED companies. In general, the results indicated that the formation of an alliance to search for innovation in terms of R&D is negatively related to the geographical distance between companies, generating an important practical and managerial implication in the scope of the literature on internationalization and innovation. In this way, this work contributes by throwing light on a "counter-discussion" on this theme and also points out the need for research to rethink the theory of international strategy, with broad avenues of study opening up to contributions to a 'regional strategy'. [ABSTRACT FROM AUTHOR]

The purpose of the AMPERE (Asset Mapping Platform for Emerging countRies Electrification) project is to provide a dedicated solution for electrical power network information gathering: AMPERE will support decision making actors (e.g. institutions and public/private companies in charge to manage electrical network) to collect all needed info to plan electrical network maintenance and upgrade. AMPERE solution is based on a GIS Cloud mapping technology, collecting on field data acquired with optical/thermal cameras and LIDAR installed on board a Remote Piloted Aircraft (RPA). AMPERE project has received funding from the European GNSS Agency (grant agreement No 870227) under the European Union's Horizon 2020 research and innovation programme. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to propose a model that relates Corporate Social Responsibility (CSR), competitiveness, and Emerging Market Enterprises (EMNEs) in Global Value Chains (GVCs) Design/methodology/approach – Extensive literature review and analysis of issues concerning the competitiveness of EMNEs and its relationship with CSR practices, considering their participation in global trade. Findings – The refinement and integration of concepts from the literature review led us to verify that the participation of EMNEs in GVCs moderates the relationship between CSR and competitiveness. In response, we propose a theoretical model resulting in the proposition of six research hypotheses concerning three dimensions of CSR. Originality/value – The proposed model allows for a better understanding of the participation of EMNEs in global trade, considering environmental, social, and strategic dimensions of CSR. It also contributes to the GVC literature by considering global trade from the perspective of EMNEs and adding CSR dimensions in the analysis.

In this paper, we highlight and empirically analyze the spillover effect of oil and natural gas prices between emerging and developed countries over the period from December 2001 to Jun 2017. A Granger causality test and the DY spillover index are used to investigate the connectedness in energy markets of the USA, Europe, and China. Our main findings are that oil and natural gas markets have significant Granger causality. Furthermore, the emerging markets play an important influencing role on many developed markets both in returns and volatility spillover systems. The spillover index between different markets has clear time-varying characteristics and a strong correlation with specific events. These results can have good applicability in practice.

This article focuses on explaining and describing the links between foreign policy and development cooperation, based on the identification and analysis of the different rationales2 that give meaning to the economic-cultural and political-technical agendas of South-South cooperation, instruments and motivations, and how these correspond to the geographical and sectorial allocations of transfer of concessional loans, subsidies and technical assistance in the cases of China, Brazil and India in Latin America and the Caribbean during the 2005-2015 period. Methodology: The comparative research was driven by a strategy involving “multiple embedded case studies”, supported by databases on transfers at geographical and sectorial level, constructed based on secondary sources and official and nonofficial databases. Conclusions: The main finding exposes that there are singularities detailed by the article in the case analysis. Nevertheless, the economic-cultural agendas channeled through development and economic-commercial banks, share the motivational axes of economic-business internationalization, the search for mutual commercial earnings, and infrastructure development; whereas the political-technical with ministries of commerce or of External relations —through the provision of subsidies and technical assistance—, peruse goals in specific thematic niches. Originality: Studies on the motivations of foreign aid have traditionally focused on a monolithic analysis of the States and they have not paid attention to the problem of duality in the management of development cooperation agendas. However, this article focuses on explaining the different cooperation agendas that emerge with States and, at the same time, on comparing different cooperating partners.

The prime objective of this article is to examine the heterogeneous impacts of economic complexity on renewable energy demand within a panel of G7 and E7 countries. One of the important contributions of this research is to explore the role of overall structural change and economic factors for renewable and cleaner energy in developed and emerging economies. The existing literature points to scant research about the impacts of economic complexity on energy transformation and renewable energy adoption. During recent years, the G7 and E7 countries have encountered enormous competition in manufacturing and industrialization and are also experiencing global pressure from both climate change and Sustainable Development Goals (SDGs) for the promotion of renewable energy infrastructure. Taking into consideration the heterogeneity of issues, the authors apply the Westerlund cointegration and heterogeneous panel data techniques (FGLS, system GMM, FMOLS, and DOLS) for an in-depth, empirical analysis. Interestingly, empirical findings indicate that economic complexity affects renewable energy demand from G7 and E7 countries. This paper documents that economic complexity is a policy factor for overall energy transformation and greener energy demand. This study recommends that complexity and structural change policies should be observed for cleaner and greener growth and overall greener energy promotion. [ABSTRACT FROM AUTHOR]

This paper analyses the process of institutionalization of a new public sector accounting system. Taking the Cape Verdean Central Government as setting, it seeks to understand what have been the main factors interfering in the reform, how such action has led to the institutionalization of the system currently in force, and how it may determine future reforms. From the theoretical perspective of contingency, several stimuli drive the reform of public sector accounting in emerging countries. In Cape Verde, they have been: changes in the political regime, the dominating doctrine of business accounting, financial pressures, and requirement of a wider public sector reform. In the light of institutional perspectives, behaviors of seeking for legitimacy and presence of mimetic and coercive forces in the reforms, have been evident. This study makes other countries with similar contexts and under public sector accounting reforms, aware of how to promote and manage these processes successfully. [ABSTRACT FROM AUTHOR]

In emerging markets, regulating foreigners' selling of a country's local bonds has the potential to discourage them from investing in these bonds and to help the country's domestic short-term interest rates affect the size of their investment flows. This finding is based upon an analysis of the determinants of foreigners' portfolio bond investments in 20 emerging countries over the period 2001–2015. This analysis also supports a global financial cycle hypothesis stressing the dominant role played by global factors in international capital flows and examines one policy implication of that: a dilemma between international capital mobility and independent monetary policy effect. [ABSTRACT FROM AUTHOR]

Purpose: Microspheres are effective embolic agents, especially for the management of bleeding and oncologic lesions. The first FairEmbo study reported the effectiveness of embolization using suture fragments. The effectiveness and safety of arterial embolization with suture-based microparticles (SBM) were assessed in a swine model. Materials and Methods: In this ethical-approved animal study, a polar artery in each kidney was embolized in four swine: one side with hand-cut non-absorbable SBM (Flexocrin 2®) and the contralateral side with Embozene® 900 for comparison. Swine were followed for 3 months (M3) to evaluate the effectiveness and the safety of SBM. Follow-up protocol included clinical monitoring, computed tomography (CT) control and digital subtraction angiography (DSA), followed by histological analyses. The SBM confection parameters were evaluated by automatic microscopic sizer. RStudio software and Mann–Whitney test (significance at P < 0.05) were used for statistics. Results: The average size of SBM was 1002 μm (SD = 258). All targets were effectively embolized by SBM with an angiogram defect estimated at 45.6% (95% CI [35.9–55.2]), compared to 40.5% (95% CI [30.6–55.5]) for Embozene® group (P = 0.342). The average duration of SBM embolization procedure was significantly increased compared to Embozene® embolization (1202 s versus 222 s, P = 0.029). There were no statistical differences in M3 DSA and CT for SBM and Embozene®, with persistence of partial arterial occlusion and atrophic embolized area. No postoperative complications were observed on clinical and CT controls. Conclusion: This experimental study suggests that embolization with SBM is feasible, safe and effective in short- and medium-term follow-up as compared to microspheres. [ABSTRACT FROM AUTHOR]

This study investigates whether dynamic bond markets lead to more macroeconomic stability in eight East Asian countries by distinguishing between advanced and emerging economies. Contrary to previous studies, we relax the strong assumption of homogenous investors by adopting a frequency approach based on the wavelet methodology to measure the relationship between the bond market and macroeconomic stability through both the time and frequency dimensions. Our analysis reveals three main findings. First, the interaction between the bond market and macroeconomic variables is more pronounced in emerging economies than in developed economies. Second, the relationship between the bond market and macroeconomic indicators varies over time, as it is more pronounced during turmoil periods, and across frequencies, as we show that the relationship is observed in the short and medium (long) term for emerging (advanced) East Asian economies. Third, there is divergence in the relationship regarding the level and volatility of the macroeconomic indicators. Indeed, for emerging economies, the relationship is more pronounced in the first moments; however, for advanced economies, it is more pronounced in the second moments. [ABSTRACT FROM AUTHOR]

Aim: To report on the management strategies in patients with cancer of unknown primary (CUP) in middle-income countries. Methods: We conceived a survey of 20 items concerning the management of patients with CUP in daily clinical practice. Only participants from lower- and higher-middle-income countries, as per the World Bank Classification, were eligible for this study. Results: The indications for the first-line treatment did not differ between the two economic regions, whereas those for second-line treatment were more prevalent in higher-middle-income countries. The use of targeted therapy based on immunohistochemistry alone was higher in lower-middle-income countries, although the access to CUP classifiers was similar between the two regions. Conclusions: Proper recommendations must ensure that the economic burden is minimized and that other benefits outweigh the limited survival benefit achieved in patients with CUP. [ABSTRACT FROM AUTHOR]

This article's main objective is to examine the political economy of the economic reforms implemented in the 1990s and examine the main factors which explain India's economic rise in the 21st century. We argue that the productive investments and the country's opening to the global economy have contributed to economic growth, but that this rise leads to the formation of a "dual economy." Continuing reforms thereby become necessary for India in order to achieve inclusive growth and structural transformation, overcome the dual economy challenge and gain strength in the international system. [ABSTRACT FROM AUTHOR]

Purpose - This paper aims to examine the relationship between cash holdings (CH) and expected equity return in a sample of firms of Pacific alliance countries. Design/methodology/approach - This paper constructed a panel of Pacific alliance firms for the period ranging from 2010 to 2016. This paper estimated different specification models using multivariate regression, and the statistical technique used to validate the hypothesis was panel data. Findings - Results showed that there is a positive relationship between CH and expected equity return (r). The relationship between CH and systematic risk (ß) was estimated and this paper found a positive and statistically significant association. Findings suggest that corporate liquidity contains underlying information that contributes to explain the expected equity return, which, if ignored, can produce quite misleading results. Originality/value - The results of this study have both academic and practical implications. First, the findings of the research contribute to a better understanding of the asset pricing models in emerging countries. On the other hand, the results obtained in this study can serve shareholders to make better estimations of the expected equity return, so investors can improve the risk-return trade-off due to the model allow a better estimation of the risk-return relation. [ABSTRACT FROM AUTHOR]

The main objective of the research is to study the relationship between governance and economic development in emerging economies. We used MSCI countries as a sample due to their increasing importance. Our research is based on the World Bank data for Worldwide Governance Indicators (WGI) of observed countries from 2002 to 2018. The Principal Component Analysis (PCA) and Generalized Method of Moments (GMM) were applied to identify the relationship between the GDP index as a dependent variable and the WGI as an independent variable and other control variables. The experimental results showed that there was no significant relationship between governance and economic development. On the basis of these findings, it is emphasized that the countries in the sample should give more importance to governance. [ABSTRACT FROM AUTHOR]

This study examines the moderating effect of country governance on the relationship between firm governance and firm performance in emerging countries. We employ a panel regression model on 21 emerging countries over the period 2007 to 2016. We find that poor firm governance is negatively linked to Tobin's Q, but positively linked to return on assets (ROA) and return on equity (ROE), while country governance has a consistent positive moderating effect on all three performance variables. Specific country governance dimensions include voice and accountability, government effectiveness, regulatory quality, the rule of law and control of corruption also have significant positive moderating effects. We further find that only a strong legal environment can compensate for the ineffectiveness of firm governance but not in a weak legal environment and only countries with strong country governance can positively affect firm value. [ABSTRACT FROM AUTHOR]

Immigration is a controversial topic that draws much debate. From a human sustainability perspective, immigration is disadvantageous for home countries causing brain drains. Ample evidence suggests the developed host countries benefit from immigration in terms of diversification, culture, learning, and brain gains, yet less is understood for emerging countries. The purpose of this paper is to examine the presence of brain gains due to immigration for emerging countries, and explore any gaps as compared to developed countries. Using global data from 88 host and 109 home countries over the period from 1995 to 2015, we find significant brain gains due to immigration for emerging countries. However, our results show that there is still a significant brain gain gap between emerging and developed countries. A brain gain to the developed host countries is about 5.5 times greater than that of the emerging countries. The results hold after addressing endogeneity, self-selection, and large sample biases. Furthermore, brain gain is heterogenous by immigrant types. Skilled or creative immigrants tend to benefit the host countries about three times greater than the other immigrants. In addition, the Top 10 destination countries seem to attract the most creative people, thus harvest the most out of the talented immigrants. In contrast, we find countries of origin other than the Top 10 seem to send these creative people to the rest of the world. [ABSTRACT FROM AUTHOR]