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The debate over the impacts of shareholder value orientation on corporate management has been more intense with the increasing participation of institutional investors in companies' ownership structures. In this context, the purpose of this study is to evaluate the influence of institutional investors' shareholding on the payment of dividends in the oil industry. A regression model was used, estimated with the Generalized Method of Moments. The results indicated that the distribution of dividends is related to the profitability and the leverage of the companies, in addition to the history of distribution to shareholders. In general, the presence of institutional investors did not influence the dividend distribution. However, we observed a large participation of these investors in the ownership structure of companies in the oil and gas sector—the average control of these agents was around 25% in the companies of the sample. This study contributes to the literature regarding the influence of institutional investors on the corporate decisions of nonfinancial companies, being original in the context of the oil industry. [ABSTRACT FROM AUTHOR]

This study examined the impact of financial expansion, natural resources, gross domestic savings, and foreign direct investment on economic development in Pakistan, using annual data spanning from 1970 to 2020. We utilized the three regression techniques including Generalized Method of Moments (GMM), Cointegrating Regression analysis (FMOLS, DOLS, and CCR), and dynamic Autoregressive Distributed Lag (ARDL) to uncover the determinants influence on economic progress. The GMM technique findings reveal that natural resources and foreign direct investment have positively influenced the economic progress. Financial expansion and gross domestic savings both have a detrimental effect on Pakistan's economic growth. Moving on to the effects of FMOLS, DOLS, and CCR, the natural resources and foreign direct investment favourably affected the Pakistan's economic growth, whereas financial expansion and gross domestic savings adversely influenced the economic growth. Furthermore, the outcomes of dynamic symmetric (ARDL) approach in the short-run and long-run show that FDI and financial expansion have a negative impact on economic development, whereas natural resources and gross domestic savings have a favourable impact. In order to attain long-lasting and sustainable economic growth, it is crucial for the government to implement inventive policies and regulations that promote financial supply-side reform and enable various financial development initiatives. [ABSTRACT FROM AUTHOR]

This study investigates the influence of corporate governance mechanisms on debt service obligations within the context of 34 automobile companies listed on the Tokyo Stock Exchange from 2006 to 2021, utilizing a purposive sampling approach. Employing a range of statistical models including the random effect model, fixed effect model, and the generalized method of moments (GMM), the study yields several key findings. Firstly, it reveals a significant and positive correlation between the presence of independent board members and the debt service obligations of Japanese automobile firms. Secondly, a noteworthy negative association is uncovered when the CEO holds a dual role, impacting debt service obligations negatively. Thirdly, the inclusion of non-executive board members on corporate boards is found to be linked to a significant and adverse effect on debt service obligations among these firms. Finally, the study underscores the positive impact of board members' knowledge, skills, and the frequency of meetings on the debt service obligations of automobile companies in Japan. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to assess the interplay between financial globalization, effective governance and economic growth in sub-Saharan African (SSA) economies. Design/methodology/approach: This study uses the Generalized Method of Moment Estimation and the Panel Quantile Regression techniques to analyze how financial globalization and governance impact sub-Saharan African economies. Findings: The results show that governance is vital to the region's economic development. In order to achieve significant growth, sub-Saharan African economies must prioritize actions that promote good governance. Research limitations/implications: The study is limited to sub-Saharan African economies. Practical implications: It is crucial for the sub-Saharan Africa economies to concentrate on strengthening governance frameworks in order to realize its full economic potential because improvements in governance quality would have a favorable effect on economic growth. Social implications: The findings indicate that both capital inflows and governance dynamics are essential for fostering economic growth in SSA economies. Also, balancing globalization's benefits with effective governance is crucial for promoting sustainable growth in SSA. Originality/value: This paper fills a gap in literature by using the KOF financial globalization index to assess the impact of financial globalization and governance on economic growth in sub-Saharan African economies. [ABSTRACT FROM AUTHOR]

Purpose: This study addresses the empirical results of the spillover effect with export as the primary economic activity that enhances local businesses' total factor productivity (TFP). A learning mechanism is expected to be generated and used as the basis for the policy implication. Design/methodology/approach: This study adopted the Cobb–Douglas function and multiple estimation approaches, including the generalized method of moments, the Olley–Pakes and the Levinsohn–Petrin estimation techniques. The findings were estimated based on the panel data of a Vietnamese local businesses survey conducted by the General Statistics Office of Vietnam (GSO) from 2010 to 2019. Findings: The results showed that the highest TFP belongs to the businesses in the Southeast region, the Mekong Delta region, the mining industry and the foreign-invested enterprises. The lowest impacted TFP are businesses in the Northwest region and agricultural, forestry and fishery sectors. In addition, the estimated results also show that the positive spillover effect on TFP is shown through forward and backward linkage. The negative spillover effect is expressed through the backward and horizontal channels. Research limitations/implications: This study offers original empirical evidence on the learning mechanisms via which exports contribute to productivity improvement in a developing Asian economy, so making a valuable contribution to the existing academic literature in this domain. The findings of this research make a valuable contribution to the advancement of understanding on the many ways via which spillover effects manifest such as horizontal, forward, backward and supplied-backward linkage. Practical implications: The study's findings indicate that it is advisable for governments to give priority to the development and improvement of forward and supply chain linkages between exporters and local suppliers. This approach is recommended in order to optimize the advantages derived from export spillovers. At the organizational level, it is imperative for enterprises to strengthen their technological and managerial skills in order to efficiently incorporate knowledge spillovers that originate from overseas partners and trade counterparts. Originality/value: This study sheds new evidence on the export spillover effect on productivity in emerging economies, with Vietnam as the case study. The paper contributes to the research's originality by adopting novel methodological aspects to estimate local businesses' impact on total factor productivity. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0373 [ABSTRACT FROM AUTHOR]

Purpose: This study aims to determine the effect of board gender diversity on cyber security disclosure (CSD) in the banking sector of Indonesia as a developing country that adheres to a two-tier system. Design/methodology/approach: This study uses a panel data of 47 banks listed on the Indonesia Stock Exchange from 2014 to 2021. The board gender diversity is measured by three proxies, the proportion of women on the board, BLAU Index value and the critical mass of women. The authors used generalized method of moments estimation to eliminate the simultaneous equation bias. Findings: The results show that the women board of commissioners increases CSD, and the women of board of directors/top management team were significantly negative for CSD. Research limitations/implications: First, this research was only conducted in the banking sector. The results cannot be generalized to non-financial companies. Second, there is no measurement of the quality of the board from the level of education, experience, expertise and other characteristics of diversity such as age, nationality and religion. Practical implications: The study has revealed the need for the government's role in providing oversight of the presence of women on the board so that banks fully comply with Indonesia Financial Services Authority regulations. Banks should also actively launch policies regarding the presence of women on the board to give a positive effect to stakeholders that women play an important role in decision making. Banks must also adjust the composition of female commissioners with a threshold of two people to maximize their function as supervisors. Originality/value: This is the first research conducted on the banking sector in Indonesia as a developing country that adheres to a two-tier system. The results of this study provide evidence that patriarchal culture is still dominant in Indonesia. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the association between chief executive officers' (CEOs) characteristics and sell-side analysts' recommendations. Design/methodology/approach: This study uses a sample of firms listed on the London Stock Exchange and uses two databases, Capital IQ and BoardEx to study the above relationship. A variety of regression analyses are used in the empirical models, including ordinary least squares, fixed effect, random effect, Tobit, Logit and generalized method of moments. Findings: The authors find that firms with CEOs who had a wider network size and firms with foreign CEOs receive favorable investment recommendations. Further, firms with CEOs who have more time to retire are more likely to receive favorable investment recommendations. However, the authors find that firms with CEOs with more qualifications receive unfavorable recommendations and female CEOs are not affecting investment recommendations. Originality/value: Ultimately, this study demonstrates the importance of CEO characteristics for sell-side analysts who play an important role in the stock markets. [ABSTRACT FROM AUTHOR]

This study investigates the influence of corporate board attributes, such as board size, board independence, board meeting frequency, female representation on board, and audit committee size, on tax avoidance. Moreover, the study also explores the moderating role of institutional ownership on these relationships. We use sample of non‐financial firms listed on Pakistan Stock Exchange over the period 2013–2020. Using the framework of agency theory, we report that board size, board independence, board meetings, gender diversity, and audit committees are associated with lower tax avoidance, and the presence of institutional ownership further strengthens these relationship. To test the hypotheses, ordinary least squares regression analysis is applied and robustness is ensured through by employing Generalized method of moments estimation. Overall, our study offers novel insights into the positive implication of board attributes on tax avoidance, particularly within the framework of institutional ownership settings. [ABSTRACT FROM AUTHOR]

The disclosure quality (DQ) of financial statements in Southeast Asian firms remains poorly understood, with its impact on performance yet to be empirically determined. Our study thus investigates the influence of DQ on corporate performance (CP) among listed firms, examining the moderating effects of managerial myopia (MM) and corporate governance (CG). Employing quantitative methods and data from Thomson Reuters DataStream, we analyze a ten-year dataset of firms listed on stock exchanges in six developing Southeast Asian nations during the period 2012– 2021 using the generalized method of moments (GMM) estimation. Our findings support a positive effect of DQ on CP, consistent with agency theory, while also highlighting the moderating roles of MM and CG. We advocate for constraints on MM and strengthened CG mechanisms to enhance the effect of DQ on CP. Our study contributes new insights rooted in agency theory, providing comprehensive explanations for the effects of MM and CG on the DQ-CP nexus. Investors can leverage these insights by utilizing DQ and CG as forecasting indicators for future CP. Furthermore, future research could broaden the scope by including additional developing nations to yield more comprehensive findings. [ABSTRACT FROM AUTHOR]

The self‐sustainability of microfinance institutions (MFIs) is a growing concern as they work as non‐profit organizations to achieve global poverty reduction goals. This study aims to examine the MFIs' self‐sustainability using an efficiency measurement technique based on Data Envelopment Analysis (DEA). It also determines the influence of different financing sources on MFIs' self‐sustainability as well as the moderating impact of external governance on this relationship. It uses the Generalized Method of Moments (GMM) estimator to analyze the panel data from 661 MFIs in 86 countries during the 2010–2018 period. The DEA analysis reveals that MFIs are still in the intermediate stage of self‐sustainability in terms of technical and cost efficiency. The second‐stage regression results reveal that financing sources such as retained earnings and equity have a robust positive and statistically significant effect on the MFIs' self‐sustainability, implying that MFIs that rely more on these two sources are more likely to be self‐sustainable. The moderation analysis reveals that good governance accelerates the positive effect of financing sources on MFIs' efficiency. Given these empirical findings, MFIs' decision‐makers can benefit from considering their own funding and equity. Quality governance can be ensured by government agencies and regulatory bodies to support the MFIs' sustainability. [ABSTRACT FROM AUTHOR]

It is becoming increasingly common for researchers to consider leveraging information from external sources to enhance the analysis of small‐scale studies. While much attention has focused on univariate survival data, correlated survival data are prevalent in epidemiological investigations. In this article, we propose a unified framework to improve the estimation of the marginal accelerated failure time model with correlated survival data by integrating additional information given in the form of covariate effects evaluated in a reduced accelerated failure time model. Such auxiliary information can be summarized by using valid estimating equations and hence can then be combined with the internal linear rank‐estimating equations via the generalized method of moments. We investigate the asymptotic properties of the proposed estimator and show that it is more efficient than the conventional estimator using internal data only. When population heterogeneity exists, we revise the proposed estimation procedure and present a shrinkage estimator to protect against bias and loss of efficiency. Moreover, the proposed estimation procedure can be further refined to accommodate the non‐negligible uncertainty in the auxiliary information, leading to more trustable inference conclusions. Simulation results demonstrate the finite sample performance of the proposed methods, and empirical application on the Prostate, Lung, Colorectal, and Ovarian Cancer Screening Trial substantiates its practical relevance. [ABSTRACT FROM AUTHOR]

As the critical work of future economic reform in China, the "dual carbon goal" would significantly impact China's participation in international trade and commodity structure in the future and it will bring considerable challenges to the import and export industries and foreign trade enterprises. This study applies the generalized method of moments (GMM) to empirically assess the effects of export sophistication and digital development on ecological efficiency using 2006–2016 panel data from 30 provinces in China. The empirical findings reveal that there has been a yearly increase in the provincial green total factor productivity (GTFP), which is mainly driven by the promotion of technological level and has a significant regional heterogeneity. Both export sophistication and digital development have a positive impact on promoting ecological efficiency. In general, one unit increase of export sophistication would lead to an increase in GTFP by approximately 0.02–0.03. However, digital development has a negative moderating effect on the influence of sophistication on green total factor productivity, which indicates that the positive impact of export sophistication demonstrates a tendency for the marginal effect to diminish when digital development is sufficient. The reason is that digital development strongly impacts the regional economic pattern in China, and economically developed coastal areas often have a higher level of digital construction and export structure. After clustering, it indicates that while digital development has a stronger favorable influence on increasing GTFP in the western area, export sophistication has a substantial positive impact on GTFP in the eastern region. [ABSTRACT FROM AUTHOR]

The aid effectiveness is continually debated in development economics; there is no consensus among scholars on the impact of aid in developing countries, even though characterized by good institutions. An emerging issue in this discussion is the role of natural resources in determining the nature of the agricultural ODA (Official Development Assistance) and democracy nexus. Consequently, this study examines the effect of democracy on the agricultural ODA in Africa and how the country's natural resource rents mitigate this relationship using panel data of 50 countries over the 1995–2019 period. A set of econometric tools is used to estimate the time‐series cross‐sectional models, which include country fixed‐effects model and system generalized method of moments (system GMM), both to account for potential endogeneity and confoundedness issues. Regression results show a long‐run positive effect of democracy on agricultural ODA. However, this relationship is nonlinear. The interaction between democracy and resources indicates that natural resource wealth mitigates the positive gains from democracy on agricultural ODA. The study concludes that, while democratic reforms enhance the effectiveness of foreign aid directed to the agricultural sector, this positive effect depends on the natural‐resource wealth status of the country. [ABSTRACT FROM AUTHOR]

Estimating the long-run variance (LRV) is crucial for several econometric issues. Constructing reliable heteroskedasticity autocorrelation consistent (HAC) variance-covariance matrices and implementing efficient generalized method of moments (GMM) estimation procedures require a consistent LRV estimate. A good VARHAC estimator (HAC matrix with the spectral density at frequency zero constructed using a VAR spectral estimation) requires accurately estimating the sum of autoregressive (AR) coefficients; however, a criterion that minimizes the innovation variance does not necessarily yield the best spectral estimate. This article implements an optimal VARHAC estimator using an alternative information criterion, considering the bias in the sum of the parameters for the AR estimator of the spectral density at frequency zero. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore how institutional quality links digital financial inclusion to inclusive development in lower-middle-income countries, considering heterogeneities. Design/methodology/approach: The study uses dynamic generalized method of moments to analyze a balanced panel data set of 48 lower-middle- income countries (LMICs) from 2004 to 2022, sourced from various databases. It assesses four variables and conducts checks for study robustness. Findings: The study reveals a positive link between digital financial inclusion and inclusive development in LMICs, confirming theoretical predictions. Empirically, nations with quality institutions exhibit greater financial and developmental inclusion than those with weak institutions, emphasizing the substantial positive impact of institutional quality on the connection between digital financial inclusion and inclusive development in LMICs. For instance, the interaction effect reveals a substantial increase of 0.123 in inclusive development for every unit increase in digital financial inclusion in the presence of strong institutions. The findings provide robust empirical evidence that the presence of quality institutions is a key catalyst for the benefits of digital finance in inclusive development. Originality/value: This study offers significant insights into digital financial inclusion and inclusive development in LMICs. It confirms a positive relationship between digital financial inclusion and inclusive development, highlighting the pivotal role of institutional quality in amplifying these benefits. Strong institutions benefit deprived individuals, families, communities and businesses, enabling full access to digital financial inclusion benefits. This facilitates engagement in development processes, aiding LMICs in achieving Sustainable Development Goals. [ABSTRACT FROM AUTHOR]

The paper examines the role of the absorptive capacity of Vietnamese manufacturing firms in facilitating the link from Japanese spillovers to the productivity of local firms in the manufacturing sector. By using the Generalized Method of Moments (GMM) and threshold regression model with dynamic panel data from 2005 to 2018, the paper finds the following points. Firstly, the appearance and operation of Japanese firms can bring the positive horizontal labour effect and backward competition effect but it also brings the negative backward labour effect. Secondly, the absorptive capacity of domestic firms can help reduce the negative spillover effects and increase the positive spillover effects. Finally, if domestic firms cannot reach a threshold of absorptive capacity, they will suffer from Japanese spillovers while if they meet the threshold of absorptive capacity, they can enjoy the externalities from the operation and cooperation with Japanese firms. [ABSTRACT FROM AUTHOR]

Purpose: We investigated the association of COVID-19 indicators and economic uncertainty indices on payment-based system cryptocurrency (i.e. Bitcoin, Ripple and Dogecoin) returns. Design/methodology/approach: We used an autoregressive distributed lag (ARDL) model for panel data and performed robustness checks by utilizing a random effect model (REM) and generalized method of moments (GMM). There are 25 most adopted cryptocurrency's countries and the data spans from 22 March 2021 to 6 May 2022. Findings: This research discovered four findings: (1) the index of COVID-19 vaccine confidence (VCI) recovers the economic and Bitcoin has become more attractive, causing investors to shift their investment from Dogecoin to Bitcoin. However, the VCI was revealed to be insignificant to Ripple; (2) during uncertain times, Bitcoin could perform as a diversifier, while Ripple could behave as a diversifier, safe haven or hedge. Meanwhile, the movement of Dogecoin prices tended to be influenced by public figures' actions; (3) public opinion on Twitter and government policy changes regarding COVID-19 and economy had a crucial role in investment decision making; and (4) the COVID-19 variants revealed insignificant results to payment-based system cryptocurrency returns. Originality/value: This study contributed to verifying the vaccine confidence index effect on payment-based system cryptocurrency returns. Also, we further investigated the uncertainty indicators impacting on cryptocurrency returns during the COVID-19 pandemic. Lastly, we utilized the COVID-19 variants as a cryptocurrency returns' new determinant. [ABSTRACT FROM AUTHOR]

Purpose: Our aim in this study is to investigate the relative importance of the economic policy uncertainty and of the geopolitical risk on U.S. REITs (Real Estate Investment Trusts) returns with a special focus on the different real estate sectors. Design/methodology/approach: We use an augmented Fama-French (1993)'s asset pricing model, including economic policy uncertainty indices (EPU), introduced by Baker et al. (2016), and geopolitical risk indices (GPR) recently developed by Caldara and Iacoviello (2022), to price the potential risk factors for U.S. Nareit indices returns. To obtain robust economic results, we correct for the problems of errors-in-variables in linear asset pricing models; we advocate the use of higher moments estimators as instruments in a generalized method of moments (GMM) framework. Findings: Our results report that economic policy uncertainty (EPU), and geopolitical risk (GPR) are priced for the different Nareit sectors for the last three decades. The GPR index stands as a relevant risk factor. The coefficient estimates are low compared to Fama-French risk factors. They are higher for Shopping Centers, Retail and Region Malls and lower for Health Care and Lodging/Resorts. EPU indices are also priced and less statistically significant. Health Care sector, followed by Shopping Centers and Retail are the most policy-sensitive sectors. Practical implications: In their "2023–2024 Top Ten Issues Affecting Real Estate" "political unrest and global economic health" is ranked 1 issue by the Counselors of Real Estate. Our results report that economic policy uncertainty and geopolitical risk are priced for the different Nareit sectors. They suggest implications for investors, insurers, bankers, policymakers and other stakeholders. The geopolitical risk index (GPR) stands as a relevant and significant risk factor for REITs returns. Originality/value: Based on parsimonious robust asset pricing models, the results shed a new light on the relative importance of geopolitical risk and economic policy uncertainty in the real estate sector, with a special focus on the different U.S. REITs sectors. They suggest possible implications for investors, insurers, bankers, policymakers and other stakeholders in a context marked by higher uncertainty shocks and geopolitical risks. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine how the diversity of educational levels within bank boards influences the efficiency and stability of banks operating in the Middle East and North Africa (MENA) region. Unlike previous studies, this analysis also investigates the role of board gender diversity in moderating the relationship between board educational level diversity and bank efficiency and financial stability in MENA. Design/methodology/approach: In this study, a sample of 77 banks in the MENA region spanning the years 2011 to 2018 is used. The relationship between the presence of highly educated directors on the board, bank efficiency and stability is assessed using the ordinary least squares method. Additionally, the authors use the Generalized Method of Moments technique to correct endogeneity problem. Findings: This study establishes a positive association between the presence of directors with advanced educational backgrounds on bank boards and bank efficiency and stability. Furthermore, the inclusion of women on the board strengthens this relationship. Practical implications: These findings have important implications for policymakers and regulators in the MENA region, suggesting that promoting diversity policies that encourage the participation of highly educated directors on bank boards can contribute to enhanced efficiency and financial stability. Policymakers may also consider implementing quotas or guidelines to improve gender diversity in board appointments, thereby fostering bank performance in the region. Originality/value: This study stands out for its innovation and distinctiveness, as it delves into the connection between board educational level diversity and bank efficiency in the MENA region. Notably, it surpasses previous research by investigating the moderating role of board gender diversity, thus offering valuable insights into the complex interplay between these two facets of board diversity. This contribution enriches the existing literature by providing novel perspectives on board composition dynamics and its influence on bank efficiency and stability. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the moderating role of uncertainty in the impact of monetary policy on bank liquidity creation. Design/methodology/approach: Utilizing data from Vietnam spanning 2007–2022, the paper measures uncertainty in the banking industry through the dispersion of shocks to crucial bank-level variables and considers both interest rate- and quantity-based tools of the monetary policy regime. The study regresses economic models using different econometric methods, including the generalized method of moments (GMM) estimator in the main section and the least squares dummy variable corrected (LSDVC) estimator for the robustness check. Findings: Monetary expansion enhances banks' ability to create liquidity, affirming the existence of the bank liquidity creation channel. Further analyses suggest that monetary policy adjustments aimed at regulating bank liquidity creation may be less effective in the presence of higher uncertainty in the banking system. This observation holds for both interest rate- and quantitative-based monetary policy tools, emphasizing the functioning of the monetary policy transmission mechanism through bank liquidity creation and the mitigating effect of uncertainty. Originality/value: This study contributes novel insights to the existing literature by presenting the first attempt to explore the dynamics of monetary policy transmission through the bank liquidity creation channel in the context of banking sector uncertainty. Moreover, our contribution extends to examining a multi-tool environment, incorporating both interest rate- and quantitative-based indicators. [ABSTRACT FROM AUTHOR]

This study investigates the influence of boardroom gender diversity (BGD) on the adoption of Environmental, Social, and Governance (ESG) metrics in executive compensation, a concept emerging from the stakeholderism debate. Prior research has focused on the impact of BGD on traditional compensation metrics, but the role of BGD in ESG‐linked compensation remains underexplored. Our research fills this gap by examining whether BGD contributes to the incorporation of ESG considerations in executive pay structures. Additionally, we analyze how board members' external affiliations might moderate this relationship, considering that these affiliations can provide diverse perspectives and insights into ESG issues. Using data from 14 countries, our findings reveal a positive and significant association between BGD and ESG metrics in executive compensation, suggesting that women directors significantly influence the integration of sustainability and ethical considerations in corporate strategic planning. Moreover, the impact of BGD on ESG‐linked compensation is found to be more pronounced with higher levels of board members' affiliations. Our results are robust to alternate estimation techniques such as propensity score matching (PSM) and generalized methods of moments (GMM). Our study contributes to the existing literature on gender diversity, corporate governance, and sustainability, offering insights for policymakers and corporate boards on aligning corporate strategies with ESG goals. [ABSTRACT FROM AUTHOR]

With the increasing pressures to commit to social and environmental issues, banks align with stakeholders' expectations via corporate social responsibility (CSR), and sustainable development goals (SDGs) initiatives. Understanding how these initiatives affect credit risk and performance of banks is crucial for the economy. Relying on the dynamic generalized method of moments and data on Thai listed commercial banks from 2015 to 2020, we find commitments to good governance, CSR and SDGs largely have an opposite effect on bank credit risk and performance. Consistent with stewardship or resource dependency hypothesis, together with stakeholder and good management hypothesis, banks with more female directors, higher levels of anti‐corruption and SDGs commitments are associated with a reduction in credit risk. However, consistent with queen bee hypothesis and agency and trade‐off hypothesis, banks with larger board size, more female directors and higher levels of CSR and SDGs commitments underperform. This apparent contradiction between negative impacts on bank performance and positive impacts on credit risk can be reconciled by understanding the trade‐offs involved, the long‐term focus of sustainability initiatives, leading to a decline in short‐term performance but enhancing their resilience to adverse events, ultimately reducing credit risk. Our findings enable stakeholders to make informed decisions, improve sustainable business practices, and contribute to the long‐term success of banks and the broader society. [ABSTRACT FROM AUTHOR]

This paper examines the impact of informal economy and ecological footprint on environmental regulation for a sample of 25 Sub-Saharan Africa economies (SSA) countries from 1991 to 2017. The results obtained from the techniques of static panel (Pooled ordinary least squares (POLS), random effects (RE), fixed effects (FE), and panel corrected standard error (PCSE)) as well as from dynamic panel (generalized method of moments in differences (D-GMM), and generalized method of moments in system (S-GMM)) were all consistent. They showed that the environmental regulation has a significant positive impact for both informal economy and ecological footprint in the selected economies. Regarding the relation between ecological footprint and per capita gross domestic product (GDP), an inverted U-shaped environmental Kuznets curve is verified. The study concludes that weak environmental regulation in the region reinforces informal economy and environmental pollution. Hence, findings from this study can help policymakers in the region to have a better understanding of the role of environmental regulation in reducing informal economy and environmental degradation. [ABSTRACT FROM AUTHOR]

AbstractThis study extends the analytical framework of the generalized moment method for the Smoluchowski coagulation equation (SCE) to consider a wider range of kernels that can be associated with coagulation models, including those exhibiting complex growth behaviors. A key result of this work is the derivation of conditions under which the total mass of the system is conserved over time, even when the coagulation kernel is non-homogeneous. We provide two theorems along with their corresponding proofs to formalize the mentioned conditions. [ABSTRACT FROM AUTHOR]

We examine the nexus between financial inclusion and energy poverty. Analysing data for 27 energy-poor countries in the Sub-Saharan Africa region over 2004–2021, we employ sequential (two-stage), panel-corrected standard error (PCSE) and two-step dynamic system GMM (generalized method of moments) regression models, and control for endogeneity, CSD, slope heterogeneity as well as stationarity and cointegration patterns of the variables. Our empirical results show that financial inclusion significantly reduces energy poverty in the selected energy-poor countries. The study also finds a positive significant association between energy access and GDP per capita, while oil price and energy intensity are inversely associated with energy access. The results are robust to different control variables, estimation methods and subsamples. These findings have strong policy implications for energy-poor countries and point to the need for appropriate policies to promote financial inclusion for reducing energy poverty. [ABSTRACT FROM AUTHOR]

Pursuing sustainable development has emerged as a paramount global objective, with the United Nations' Sustainable Development Goals (SDGs) serving as a guiding framework. Increasing environmental degradation is associated with increased greenhouse gas emissions, deforestation, industrial waste, fossil fuel depletion, and loss of biodiversity. This study has analyzed the effect of financial inclusion on ecological sustainability while controlling the effect of financial development, energy consumption, economic growth, urbanization, and trade openness in the Next‐11 economies from 1995 to 2019. The study develops the financial inclusion index through principal components analysis by inculcating three demand‐side and three supply‐side factors of financial inclusion. To analyze the developed model, various first‐generation and second‐generation techniques are applied. The results of Westerlund co‐integration reveal significant long‐run co‐integration among the series. The long‐run elasticities are estimated through dynamic common correlated effect estimation and generalized method of moments where results reveal that FI helps to secure environmental sustainability by reducing the ecological footprint, hence it works on the SDG framework. Economic growth and financial development are found to be the root causes of increasing ecological footprint. So, it is the penetration of excessive credit, not the financial inclusivity which needs to be directed toward sustainability. It is suggested that the governments of Next‐11 countries should steer the capital toward sustainable usage and should continue facilitating financial services to curtail environmental degradation. Our findings have significant repercussions for Next‐11 countries, giving decision makers fresh perceptions of financial inclusion and development implications. [ABSTRACT FROM AUTHOR]

As economies increasingly rely on digitalization, information and communication technologies (ICT) have become critical in shaping global economic transformations. This study explores the impact of ICT on export concentration and diversification in emerging markets and developing countries. Using a panel data set of 110 countries from 2000 to 2019, the Generalized Method of Moments (GMM) estimator has been employed to assess the short- and long-term effects of ICT on these economies. To summarize information on various ICT channels, an ICT index has been constructed through principal component analysis (PCA). Additionally, the study examines the combined influence of ICT and human capital on export concentration. Findings indicate that ICT development significantly accelerates export diversification in developing countries, aligning their export structures with global standards. The interaction between ICT and human capital positively impacts export concentration, suggesting that higher levels of human capital enhance ICT's effects. Overall, ICT not only boosts human capital but also equips developing countries with the skills needed to enter new markets, develop high-value products, and compete globally. Consequently, governments in developing countries should prioritize investments in ICT infrastructure to lower trade costs, diversify exports, and promote sustainable economic growth. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between cybercrime and economic growth across China's 28 provinces from 2005 to 2022, utilizing a comprehensive empirical model that integrates both provincial and annual fixed effects. Our findings reveal a significant negative impact of cybercrime on economic growth, underscoring the pressing challenge that cybercriminal activities pose to economic development. Through the application of the generalized method of moments methodology, we validate these findings, enhancing the credibility of our conclusions. An additional layer of analysis through a heterogeneity test reveals varied impacts across regions, with the eastern region most adversely affected, followed by the central and western regions. This regional disparity highlights the necessity for cybersecurity policies that are specifically tailored to the unique economic and digital landscapes of each region. Our research contributes valuable insights into the economic consequences of cybercrime in China, underscoring the critical need for targeted policy interventions to counteract these negative effects and foster economic resilience. [ABSTRACT FROM AUTHOR]

Abstract.To facilitate semiparametric estimation of general discrete-choice, censored, sample selection, and other complex panel data models, we study identification and estimation of nonseparable multiple-index models in panel data with correlated random effects and a fixed number of time periods. The parameter vectors of interest are shown to be identified up to multiplicative constants and the average marginal effects are identified under the assumption that the distribution of individual effects depends on the explanatory variables only through their averages across time. Under this assumption, we propose to estimate the unknown parameters by the generalized method of moments based on the average and outer product of the difference of derivatives of the regression function. The rate of convergence and asymptotic distribution is established both for the proposed parameter estimates and the average marginal effects. We conduct Monte Carlo simulation studies to assess finite-sample performance of the proposed estimator. We also use it to model dynamic earnings of women, and using our general identification results, we find a negative effect of the number of children not only on the selection into employment as usual, but also on the average earnings. [ABSTRACT FROM AUTHOR]

The significance of democratic commitment is highlighted on a global scale by the importance placed on offering a multitude of chances to establish enduring ecosystems and foster economic progress. Social finance, capital formation, and green finance have recently received a lot of attention from this perspective. Past studies mainly examined social finance and green finance in isolation. When investigating the individual impact of these important variables on economic growth in the occurrence of important events like the COVID-19 pandemic and other environmental pollution issues, most studies have mainly focused on developed countries, ultimately ignoring the different dynamics in emerging economies. The purpose of the research is to investigate the joint interaction between social finance (Social Impact Bonds), capital formation, and green finance (green loans, green investments, and green security) on economic development in BRICS economies. This research employed a longitudinal dataset from 2013 to 2023. The generalized method of moments (GMM) and fixed effect model (FEM) were employed in this research as statistical techniques for estimating parameters. The findings of this study revealed a positive joint relationship between green finance, capital formation, and social financing on economic development of BRICS economies. Therefore, measures that jointly promote social and green finance amidst environmental challenges or economic risks could present opportunities to mitigate the vulnerability of a country's economic prosperity. This research will surely guide policymakers in developing economies on how to give considerable attention to sustainable aspects while formulating policies and strategies aimed at economic development. [ABSTRACT FROM AUTHOR]

Over the past three decades, there has been a significant increase in information and communication technology (ICT) investments around the world, resulting in a rise in the use of modern ICT packages. Sub‐Saharan African (SSA) countries, however, face different challenges. This study examines the relationship between ICT diffusion, foreign direct investment (FDI), trade openness, and economic globalization on inclusive growth for 48 SSA countries during 2005–2020. We use the modified generalized method of moments method for estimation. Empirical results reveal that ICT has a positive and significant influence on inclusive growth, while trade and economic globalization have a negative impact. FDI, on the other hand, has a favorable and considerable effect on inclusive growth. Inflation and vulnerable employment have negative impacts on inclusive growth, whereas social protection has a positive impact. From a policy standpoint, it is recommended that policymakers focus on enhancing ICT penetration in the region, particularly integrating ICT into the educational system to improve learning effectiveness and reduce research costs. Additionally, the interaction between economic globalization and ICT diffusion can enhance inclusive growth. Therefore, macroeconomic policies should promote ICT development, implement sound trade agreements, and attract capital inflows for inclusive economic growth. ICT diffusion is deemed both necessary and sufficient for SSA's advancement. [ABSTRACT FROM AUTHOR]

The purpose of this study is to test whether the accrual-based variable or the cash-based variable is more effective in determining firm value by using accrual and cash-based variables. For this purpose, data obtained from the financialstatements of 36 manufacturing firms operating in Borsa Istanbul (BIST) between 2010 and 2020 are used. Generalized Method of Moments (GMM) Dynamic Panel method was applied in the study. As a result of the analysis, it is found that net profit quality, sales quality and cash return on fixed assets have a positive and significant effect on firm value. However, cash debt coverage and working capital cash return have a negative and significant effect on firm value. However, operating cash flow (operating), operating cash flow (financing), cash interest coverage and equity cash flow ratios have no significant effect on firm value. In addition, according to the results of the analysis of the relationship between accrual-based financial ratios and firm value, asset turnover, inventory turnover, earnings per share and asset growth ratios were found to have a significant effect on firm value. In addition, asset turnover and inventory turnover ratios have the largest effect on firm value, respectively. When the relationship between accrual-based and cash-based ratios used in this study and firm value is compared, it is seen that cash-based ratios are more effective in explaining firm value. In addition, it has been determined that the use of accrual and cash-based ratios together in determining firm value is more successful than using them individually. [ABSTRACT FROM AUTHOR]

This paper introduces an innovative approach to identifying and estimating the parameters of interest in the widely recognized linear-in-means regression model under conditions where the initial randomization of peers determines the observed network. We assert that peers who are initially randomized do not produce social effects. However, after randomization, agents can endogenously develop significant connections that potentially generate peer influences. We present a moment condition that compiles local heterogeneous identifying information for all agents within the population. Under the assumption of ψ-dependence in the endogenous network space, we propose a Generalized Method of Moments (GMM) estimator, which is proven to be consistent, asymptotically normally distributed, and straightforward to implement using commonly available statistical software due to its closed-form expression. Monte Carlo simulations demonstrate the GMM estimator's strong small-sample performance. An empirical analysis utilizing data from Hong Kong high school students reveals substantial positive spillover effects on math test scores among study partners in our sample, provided that their seatmates were exogenously assigned by their teachers. [ABSTRACT FROM AUTHOR]

The importance of energy security is emphasized in Goal 7 of the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda to guarantee that everyone has affordable, dependable, and contemporary energy access. In addition to transforming human life, whole economies, and even the planet, sustainable energy offers a chance for a better future. The absence of energy security impacts serious health problems, education, and household difficulties. Research on energy security has emphasized various angles worldwide. However, investigations of the impact of energy security on women's empowerment are still scant. This study thus investigates the relationship between energy security and women's empowerment (WE) in 167 countries from 2002 to 2021, as well as the influence of urbanization development levels on this nexus. Moreover, this study explores the variation in women's empowerment between geographical regions by referencing the MENA, OECD, and SAARC countries. A two-step system GMM was used to achieve the objectives of this research. The findings show first that renewable energy availability has a significant effect on WE worldwide. Secondly, in terms of energy security, the variables total availability of natural resource rents and renewable energy both have a positive impact on women's empowerment in the MENA, while in the OECD and SAARC countries, they have an indirect link with WE. Third, the integrating effect of total natural resource rents with urbanization significantly affects WE in all five models. Fourth, we used access to electricity to represent resource affordability. Unexpectedly, the results show its negative and significant association with WE. Fifth, in terms of energy security, both energy availability and affordability favor WE in OECD countries. Finally, the coefficient of integration of access to electricity and urbanization shows a positive and significant association with WE in the OECD, MENA, and SAARC regions. However, it is noteworthy to mention that access to electricity alone does not influence WE worldwide. Additionally, a series of tests confirm the robustness of the results. This research provides insight into the development and implications of energy security-related women's empowerment policies. [ABSTRACT FROM AUTHOR]

Mendelian randomization (MR) analysis is increasingly popular for testing the causal effect of exposures on disease outcomes using data from genome-wide association studies. In some settings, the underlying exposure, such as systematic inflammation, may not be directly observable, but measurements can be available on multiple biomarkers or other types of traits that are co-regulated by the exposure. We propose a method for MR analysis on latent exposures (MRLE), which tests the significance for, and the direction of, the effect of a latent exposure by leveraging information from multiple related traits. The method is developed by constructing a set of estimating functions based on the second-order moments of GWAS summary association statistics for the observable traits, under a structural equation model where genetic variants are assumed to have indirect effects through the latent exposure and potentially direct effects on the traits. Simulation studies show that MRLE has well-controlled type I error rates and enhanced power compared to single-trait MR tests under various types of pleiotropy. Applications of MRLE using genetic association statistics across five inflammatory biomarkers (CRP, IL-6, IL-8, TNF- α ⁠ , and MCP-1) provide evidence for potential causal effects of inflammation on increasing the risk of coronary artery disease, colorectal cancer, and rheumatoid arthritis, while standard MR analysis for individual biomarkers fails to detect consistent evidence for such effects. [ABSTRACT FROM AUTHOR]

The nexus between democracy and peace in Africa is examined by applying data to 42 sub‐Saharan African (SSA) countries between 2008 and 2020. The study used panel regression techniques that include Ordinary Least Squares, the Tobit regression to account for the limited range of the dependent variable, and the System Generalized Method of Moments to account for endogeneity bias. Using seven indicators of democracy, which include electoral democracy, liberal democracy, participatory democracy, deliberative democracy, egalitarian democracy, a total democracy index derived from principal component analysis, and the Polity2 score, and using the global peace index as a proxy for peace, our findings show that all the indicators of democracy, irrespective of the model, have a positive and significant influence on peace in SSA. The result has underscored the importance of advancing democratic practices and values to promote sustainable peace and stability in the region. Related Articles: Antwi‐Boateng, Osman. 2015. "No Spring in Africa: How Sub‐Saharan Africa Has Avoided the Arab Spring Phenomenon." Politics & Policy 43(5): 754–84. https://doi.org/10.1111/polp.12129. Asongu, Simplice A., Cheikh T. Ndour, and Judith C. M. Ngoungou. 2024. "The Effects of Gender Political Inclusion and Democracy on Environmental Performance: Evidence from the Method of Moments by Quantile Regression." Politics & Policy, 52(1), 118–39. https://doi.org/10.1111/polp.12576. Ryan, Susannah. 2015. "White Gold and Troubled Waters in Southern Africa: Hydropolitical Policy's Effect on Peace in Lesotho and South Africa." Politics & Policy 4(2): 239–55. https://doi.org/10.1111/polp.12114. [ABSTRACT FROM AUTHOR]

This study investigates how governance and infrastructure moderate the effect of natural resource rents on economic growth using a sample of 110 countries from 2000 to 2018. The empirical evidence is based on panel smooth transition regressions (PSTR). The nexus between economic growth and natural resources is not linear and the underlying non‐linearity is contingent on existing infrastructural and governance levels. Evidence of a "natural resource curse" is apparent in countries with extremely low levels of governance and infrastructural development. The favorable effect of natural resources on economic growth requires a governance threshold of −1.210 and an infrastructure threshold of 2.583, indicating that countries with governance and infrastructure levels higher than these values tend to benefit much more from the wealth of natural resources. Countries identified below the established thresholds are mainly from Africa. Policy implications are discussed with specific emphasis on African countries. Related Articles: Ali, Hamid E., and Shahjahan Bhuiyan. 2022. "Governance, Natural Resources Rent, and Infrastructure Development: Evidence from the Middle East and North Africa." Politics & Policy 50(2): 408–40. https://doi.org/10.1111/polp.12451. Asiegbu, Martin F., Okey Marcellus Ikeanyibe, Pius Otu Abang, Okwudili Chukwuma Nwosu, and Chuka Eugene Ugwu. 2024. "Natural Resource Fund Governance and the Institutionalization of Rent Seeking in Nigeria's Oil Sector." Politics & Policy 52(1): 169–95. https://doi.org/10.1111/polp.12579. Ikeanyibe, Okechukwu M. 2018. "Bureaucratic Politics and the Implementation of Liberalization Reforms in Nigeria: A Study of the Unbundling and Reorganization of the Nigerian National Petroleum Corporation." Politics & Policy 46(2): 263–94. https://doi.org/10.1111/polp.12249. [ABSTRACT FROM AUTHOR]

This study investigates the role of foreign direct investment (FDI) and its country-of-origin in technology transfer. Using data of 95 countries from 2008 to 2019, results indicate that net inflows of the FDI are positively related to technological transfer especially in developing countries. This is consistent with the findings that show fewer resources endowed countries benefited from advanced technologies and management know-how. Furthermore, results suggest different country-of-origin affects the technology transfer of the host economy differently. These results are consistent with studies that suggest the FDI origins are crucial to expose firms with variety of technologies and management practices. Results from quantile analysis prove that there is an existence of a threshold for the developed and developing countries to gain from the country-of-origin of the FDI. Therefore, we need to relook at the investment policies of the host countries to maximize the benefits from different sources of FDI. [ABSTRACT FROM AUTHOR]

The agricultural sector is regarded as a fertile ground for achieving the African Continental Free Trade Area ambitions. However, agricultural productivity in Africa is low and falling. It is argued that intra-Africa trade and good governance can help increase agricultural productivity. Nonetheless, both are low, casting doubt on their ability to enhance agricultural productivity. This study attempts for the first time to examine the causal relationship between the intra-Africa agricultural trade, governance quality, and the agricultural total factor productivity (ATFP) for 47 countries over the period 1995–2018. We extend the analysis to regional economic communities (RECs) to understand the diversity in this relationship within the continent. Using the panel VAR model in the generalized method of moment (GMM) estimation approach, our results suggest a long-run equilibrium relationship between the three variables. Specifically, the results indicate that at the African level, intra-Africa agricultural trade has a statistically positive effect on governance quality and ATFP. In contrast, good governance has positive and negative impacts on ATFP and trade, respectively. We also find that ATFP positively influences intra-African agricultural trade and governance. At the RECs level, our estimations show significant heterogeneity in the three variables' impacts. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

When modelling unbounded counts, their marginals are often assumed to follow either Poisson (Poi) or negative binomial (NB) distributions. To test such null hypotheses, we propose goodness-of-fit (GoF) tests based on statistics relying on certain moment properties. By contrast to most approaches proposed in the count-data literature so far, we do not restrict ourselves to specific low-order moments, but consider a flexible class of functions of generalized moments to construct model-diagnostic tests. These cover GoF-tests based on higher-order factorial moments, which are particularly suitable for the Poi- or NB-distribution where simple closed-form expressions for factorial moments of any order exist, but also GoF-tests relying on the respective Stein's identity for the Poi- or NB-distribution. In the time-dependent case, under mild mixing conditions, we derive the asymptotic theory for GoF tests based on higher-order factorial moments for a wide family of stationary processes having Poi- or NB-marginals, respectively. This family also includes a type of NB-autoregressive model, where we provide clarification of some confusion caused in the literature. Additionally, for the case of independent and identically distributed counts, we prove asymptotic normality results for GoF-tests relying on a Stein identity, and we briefly discuss how its statistic might be used to define an omnibus GoF-test. The performance of the tests is investigated with simulations for both asymptotic and bootstrap implementations, also considering various alternative scenarios for power analyses. A data example of daily counts of downloads of a TeX editor is used to illustrate the application of the proposed GoF-tests. [ABSTRACT FROM AUTHOR]

Concerns regarding current energy patterns are increasing over the period. The debate over the converging or diverging impact on energy transition for SDGs-2030 needs comprehensive empirical analysis. This study attempted to fill this research gap by considering a dataset of 82 economies of selected income levels (Low-Middle-Income & High-income countries) between 2000 and 2019. This study initiated two-stage analyses; TOPSIS is a very useful technique to rank countries as per their current level of lack in the sustainable energy transition. In this view, outcomes indicate that the overall world is converging regarding the sustainable energy gap, especially in high-income economies. However, fluctuations have been observed in low-middle-income economies. Secondly, this study empirically analyzes this lacking position in this transition on economic development. In this way, the study applied the panel's two-step system Generalized Methods of Moment (System GMM) techniques to find the regression relation between sustainable energy transition and economic development. The regression outcomes confirm the Environmental Kuznets Curve (EKC) theory regarding sustainable energy transitions and economic development. In addition, the panel quantile regression technique has been used to verify the earlier results of the model. Based on the empirical outcomes, this study suggested that low-middle-income economies need more effort to achieve sustainable energy convergence. In contrast, high-income economies need to be more consistent. [ABSTRACT FROM AUTHOR]

The study examined the impact of Sustainable Tax Revenue and Expenditure on the achievement of Sustainable Development Goals in African countries using secondary data. The dataset was extracted from the World Development Indicators database. The large gap between developed and developing countries when comparing the probability of them achieving the SDGs was the main motivation behind this study. Data retrieved from 45 countries comprised of both African and developed countries for the period 2010–2020 was analyzed using the Generalized Method of Moments technique. The results revealed that the coefficients of grants received, various forms of taxes, and other revenue have a positive effect on economic growth but a negative effect on poverty and unemployment for African and developed countries. This finding suggests that improvements in tax revenue generation, grants and other revenue accumulation across different sources boost economic performance and the welfare of individuals in the analyzed countries. The outcome is an indication that accumulating more grants from different sources will help to achieve sustainable development, improve financial stability, contributes to the economic growth and development in these countries. This study can guide policymakers, governments, international institutions, revenue bodies such as SARS and other stakeholders in their various planning and other decision-making endeavors. Governments and other policymakers must ensure the efficient generation and sustainable utilization of revenue generated from taxes and other revenues to spur the growth and development of their countries. They should have Growth-Sustainability-Oriented Fiscal Adjustment Programs and Sustainable Government Expenditure that can help push and redirect governments to achieve the SDGs in Africa. [ABSTRACT FROM AUTHOR]

This study conducts a detailed investigation into the interplay between major sporting events, specifically the ICC Cricket World Cups and FIFA Football World Cups, and their potential impact on the relationship between dividend announcements and stock market returns. Beyond the customary exploration of investor sentiment and its connection to stock market returns, our research thoroughly examines the effects of these significant sports events on the stock market's reaction to dividend announcements. Drawing on extensive FTSE 350 index data spanning January 1990 to December 2021, we employ event study methodology as the primary analytical framework. To bolster the reliability of our findings, we apply the Generalized Method of Moments (GMM) estimation method, addressing potential endogeneity concerns. Our results uncover a distinct pattern—the stock market exhibits a less favourable response to dividend increases announced following England's victories in major sporting events, such as the FIFA Football World Cup and ICC Cricket World Cup, compared to instances where they faced defeat. Additionally, we observe a more negative market response to dividend decreases announced following England's losses in these pivotal sporting events, as opposed to England emerging victorious in these key contests. This research contributes valuable insights into the intricate relationship between sports passion and market dynamics, offering implications for both scholarly discourse and investment strategy formulation. [ABSTRACT FROM AUTHOR]

Purpose: The aim of the article is to analyze the responses of selected central banks to macroeconomic shocks occurring between 2019 and 2023. The analysis focuses on the use of benchmark interest rates by the central banks of seven countries/groups of countries: Poland, the Eurozone, the USA, Japan, China, Brazil, and India in response to rising inflation triggered by the COVID-19 pandemic and the energy crisis caused by the war in Ukraine. Design/methodology/approach: The article uses desk research, referencing data published by the central banks of selected countries regarding monetary policy conducted between 2019 and 2023. To analyze the impact of inflation rates and other economic indicators, such as unemployment rates, Lombard rates, deposit rates on benchmark interest rates levels during the study period, a Generalized Method of Moments (GMM) model was applied. This technique was chosen to effectively control for the heterogeneity of unobserved units given the dynamic nature of the dependent variables. Findings: The article confirms the predictability and caution in the approach to monetary policy, which is crucial for economic stability. The results of the econometric model show strong inertia in the benchmark interest rate, which is typical for the cautious and wellconsidered decisions of central banks. Originality/value: The article brings a new perspective to the analysis of monetary policy responses to exogenous shocks in the context of different economies. The results are relevant to both economic theorists and monetary policy practitioners. [ABSTRACT FROM AUTHOR]

Purpose: This paper employs data from the World Bank to examine the effect of traditional banks on FinTech and financial development in the Southern African Development Community (SADC) region. Design/methodology/approach: The study employs the Generalized Method of Moments (GMM) as the primary data analysis method. Findings: The findings of the study demonstrate a bi-directional relationship between traditional financial institutions and FinTech. Traditional financial institutions are observed to facilitate the adoption of FinTech solutions, whilst the disruptive effects of FinTech incentivize traditional banks to adapt to the changing financial landscape and tailor their service and product offerings to reflect recent technological advancements. Consequently, there exists a positive relationship between traditional financial institutions and financial development in the SADC region. Practical implications: Our findings suggest the need for market liberalization and enhanced institutional quality controls for policymakers. Traditional banks must adapt their business models and incorporate FinTech solutions to remain competitive and relevant. Collaborative partnerships between traditional banks and FinTech firms have emerged as a practical approach to leverage the strengths of both sectors. Originality/value: This is one of the first studies to examine the role of traditional financial institutions in FinTech and financial development using GMM in the SADC region. [ABSTRACT FROM AUTHOR]

Organizational studies have long built a 'business case' for diversity, which today includes innovation capacity among the benefits of diverse workforces. Diversity's impact on innovation has been tested in private firms, yet few systematic studies exist in public management. We address this challenge using a two-step dynamic panel data analysis via generalized methods of moment estimation in 36 European countries. The findings confirm that higher public workforce diversity leads to higher public service innovation. This effect, however, is mediated by the administrative ecosystem, where greater uniformity in managerial practices makes diversity more salient, an obstacle to unleash its innovative potential. [ABSTRACT FROM AUTHOR]

This study examines the relationship among corporate social and environmental disclosures, firm risk, and board gender diversity. This paper offers fresh insights into the relationship between corporate social and environmental disclosures and gender diversity and firm risk., Using panel data of Chinese nonfinancial A‐share‐listed companies from 2008 to 2020, we discover that the correlation between gender diversity on the board and corporate social and environmental disclosures has a significant negative influence on firm risk. The findings also revealed that the impact of gender diversity and corporate social and environmental disclosures is more pronounced to mitigate firm risk in nonstate‐owned enterprises than in state‐owned enterprises. For robustness, we used the generalized method of moments to control for reverse causality and endogenous variables' existence; the findings are similar to the main results. The study contributes to the literature by offering a contingency approach to examine the relationship between corporate social and environmental disclosures and firm risk and sheds light on the relationship in the context of a developing economy. [ABSTRACT FROM AUTHOR]

Despite commendable efforts to end hunger and achieve Sustainable Development Goal 2, the prevalence of undernourishment is still inadmissibly high, especially in Africa. Though important determinants of undernourishment have been documented, little is known about the role of globalization. This paper aims to fill this gap using a sample of 48 African countries over 2000–2020 period and data from the KOF globalization index and the World Bank dataset. The results from Driscoll and Kraay's Standard Errors and Instrumental Variable Generalized Method of Moments (IVGMM) methods show that globalization reduces both the prevalence of undernourishment and child stunting in African countries. Accounting for the dimensions of globalization, the results show that while economic globalization is negatively associated with food security, social and political globalization enhances it. Moreover, income growth, government size and access to electricity are identified as channels through which globalization reduces hunger in Africa. African governments should develop evidence‐based policies and interventions that leverage the opportunities presented by globalization to ensure food security. [ABSTRACT FROM AUTHOR]

This article addresses a portfolio selection problem with trading costs on stock market. More precisely, we develop a simple generalized method of moments (GMM)-based test procedure to test the significance of trading costs effect in the economy with a flexible form of transaction costs. We also propose a two-step procedure to test overidentifying restrictions in our GMM estimation. In an empirical analysis, we apply our test procedures to the class of anomalies used in Novy-Marx and Velikov (2016). We show that transaction costs have a significant effect on investors' behavior for many anomalies. In that case, investors significantly improve the out-of-sample performance of their portfolios by accounting for trading costs. [ABSTRACT FROM AUTHOR]

The purpose of the study is to investigate the effects of corporate earnings and dividend payments on the stock price behaviour of manufacturing firms in Nigeria between 2013 and 2022. The study adopted an ex-post facto research design, and deployed Generalised Method of Moments (sys-GMM) and Granger causality tests for the data analysis. The two-step system GMM is used to control for omitted variables such as bias, unobserved panel heterogeneity or heteroscedasticity, autocorrelation within panels or groups, endogeneity issues, and measurement errors in the data. Findings show that share price (SP) and its predictors yield valuable insights into the factors influencing stock valuation. Dividend per share (DPS) emerges as a significant positive predictor, suggesting a notable impact on share price. Firm size (FSZ) proves to be a statistically significant predictor, indicating that the size of a firm plays a role in influencing stock prices, with larger firms associated with a decrease in share price. Conversely, Earnings per Share (EPS) and Dividend Yield (DY3) do not exhibit statistical significance, suggesting limited predictive power in the model. By way of conclusion, the study provides an understanding of the factors influencing share price behavior within the Nigerian manufacturing sector and the positive impact of past performance, particularly lagged share prices, confirming the persistence of stock market trends. The practical implications of this study are that it underscores the understanding of financial dynamics in emerging economies, particularly in the context of manufacturing firms in Nigeria. [ABSTRACT FROM AUTHOR]