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The development of lignin-based admixtures (LBAs) for cement-based composites is an alternative to valorizing residual lignins generated in biorefineries and pulp and paper mills. Consequently, LBAs have become an emerging research domain in the past decade. This study examined the bibliographic data on LBAs through a scientometric analysis and in-depth qualitative discussion. For this purpose, 161 articles were selected for the scientometric approach. After analyzing the articles' abstracts, 37 papers on developing new LBAs were selected and critically reviewed. Significant publication sources, frequent keywords, influential scholars, and contributing countries in LBAs research were identified during the science mapping. The LBAs developed so far were classified as plasticizers, superplasticizers, set retarders, grinding aids, and air-entraining admixtures. The qualitative discussion revealed that most studies have focused on developing LBAs using Kraft lignins from pulp and paper mills. Thus, residual lignins from biorefineries need more attention since their valorization is a relevant strategy for emerging economies with high biomass availability. Most studies focused on production processes, chemical characterizations, and primary fresh-state analyses of LBA-containing cement-based composites. However, to better assess the feasibility of using different LBAs and encompass the multidisciplinarity of this subject, it is mandatory that future studies also evaluate hardened-sate properties. This holistic review offers a helpful reference point to early-stage researchers, industry professionals, and funding authorities on the research progress in LBAs. It also contributes to understanding the role of lignin in sustainable construction. [ABSTRACT FROM AUTHOR]

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

The paper computes Balassa's index of revealed comparative advantage for machinery and equipment (a rough proxy for high-tech goods) for a number of emerging areas (East Asia, South-East Asia, South Asia, Eastern Europe, Latin America, Africa, and the Middle East) and for selected individual countries over some 50 years, from the early 1970s to the early 2020s. The focus is on why some economies were successful in promoting high-tech sectors. As could be expected, experience differs hugely. In some countries, interventionist trade or industrial policies were crucial in fostering comparative advantage. In others, however, the role of policies appears to have been minor and successes were achieved thanks to the free play of market forces (including an important contribution, at least in some countries, coming from foreign direct investment). [ABSTRACT FROM AUTHOR]

This research paper aims to investigate the interdependent influences of barriers to implementing reverse logistics in the broad spectrum of processing activities in the conditions of an emerging economy. An effort was made to approach these barriers (i.e., organizational and management barriers, technical and technological barriers, and economic, financial, and market barriers) based on the relevant literature, predominant attitudes, and experts' opinions, thus contributing to the body of knowledge in this domain. Determining the intensity of interdependent influences and the importance of barriers for implementing reverse logistics was performed to determine the most important (key) barriers that can be practically applied as guidelines for decision making. The Fuzzy DEMATEL method was used to determine the intensity of these influences on a sample of manufacturing companies in the Republic of Serbia. The results indicate that the most critical barriers to the successful implementation of reverse logistics are a lack of management support and cooperation with scientific institutions and professional associations to acquire knowledge and follow trends in the field. [ABSTRACT FROM AUTHOR]

This article examines the impact of ownership structure and dividend payouts on idiosyncratic risk and market liquidity using agency, signaling, and bankruptcy theories from an emerging market perspective. The evidence shows that family firms dominate and have concentrated ownership, and dividend payouts are lower among family firms than their counterparts. The idiosyncratic risk is high among firms with higher family ownership concentration. The family ownership concentration and control positively influence the (firm) risk, dividends positively affect the market liquidity, and risk relates negatively to the market liquidity, supporting the entrenchment of the minority shareholders' proposition that a significant payout leads to a decrease in information asymmetry and a lower level of risk. The study further supports the proposition that information asymmetries are central to elucidating the dynamics of dividend payouts and their effects on firm risk and market liquidity. The evidence confirms that family ownership concentration affects policy decisions, especially ownership control. The paper's originality lies in factoring ownership concentration when analyzing how payouts affect firm risk and market liquidity from an emerging markets perspective where controlling shareholders enjoy substantial private benefits, whereas minority shareholders have limited protection. [ABSTRACT FROM AUTHOR]

Rural e-commerce is rapidly expanding in rural China, profoundly affecting the agricultural and rural development of China. This paper focuses on the impact of farmers' e-commerce adoption on land transfer, aiming to reveal the role of farmers' e-commerce adoption in promoting rural transformation. Based on the 2020 Comprehensive Survey of Rural Revitalization in China conducted by the Chinese Academy of Social Sciences, this study employs the method of least squares and propensity score matching to evaluate the impact of farmers' e-commerce adoption on land-transfer behaviors in China. The results indicate that farmers' e-commerce adoption promotes farmers' participation in land transfer, significantly facilitating farmers' land transfer in and increasing the area of land acquired. Additionally, farmers' e-commerce adoption also promotes the trend of standardization and contractualization in land transfer, significantly increasing the probability of farmers signing formal agreements, clarifying lease terms, and renting land to strangers when acquiring land. This study can provide some theoretical inputs for policies to promote the development of agricultural land markets in developing countries and for policy formulation to promote e-commerce development. [ABSTRACT FROM AUTHOR]

Using the volatility spillover index method based on the quantile vector autoregression (QVAR) model, this paper systematically examines structural changes and corresponding spillover effects within 20 major stock markets under both extreme and normal market conditions, using data spanning from January 2005 to January 2023. The results show that, compared to the traditional volatility spillover index method, which focuses mainly on average spillover effects, the QVAR model-based spillover index better captures spillover effects under extreme and various market conditions among global stock markets. The connections between stock markets are closer in extreme market conditions. The total spillover index of major global stock markets significantly increases in extreme conditions compared to normal conditions. In extreme market conditions, inflow indices show varying degrees of increase, with emerging economy stock markets displaying more significant increases. The outflow indices exhibit heterogeneity; emerging economies show consistent increases, while developed economies show mixed changes. [ABSTRACT FROM AUTHOR]

This study aims to analyze the changes in the agrifood supply chain (AFSC) configurations in Latin America (LATAM) imposed by the markets as an effect of the COVID-19 pandemic. This paper analyzes the results of mobility trends, production rates, logistics performance, and the strategies developed by managers and decision makers of the organizations of the agro-industrial sector for supply chain configurations during the early stages of the pandemic in a food-exporting region that contributes 14% of the world's production of agricultural and fishery products. Through a literature review of reports and scientific articles on the behavior of the pandemic published by international organizations, research centers, and researchers around the AFSC in LATAM, the impacts on logistical disruptions, configuration strategies, and disruptive technologies applied in Latin American agrifood supply chains during the lockdown are identified. As a result of this reconfiguration of the AFSC, the development of short supply chains and the digitalization of supply based on electronic commerce were the most used strategies during COVID-19 in LATAM. The results of this study show that Mexico, Chile, and Brazil maintained a prominent position as leaders in the different logistics indicators for the AFSC by developing strategies that include short supply chains and the digitalization of supplies based on electronic commerce. Finally, this study also highlights the imminent need to address new research and theories on the reconfiguration of the AFSC, which allows expanding analytical capabilities in organizations to face future risks and challenges that will enable the reconfiguration of the supply chain in the face of catastrophic scenarios such as COVID-19. [ABSTRACT FROM AUTHOR]

Diversification into horticulture has become the primary source of livelihood for smallholders. The study analyses trends, theories, settings, constructions, research methods, and findings based on Keynes' "confidence theory", the absolute income hypothesis, and the human development index. Using the Theory, Constructs, Characteristics, and Methodology (TCCM) framework, the paper offers a Systematic Literature Review of 67 scholarly research papers with fifty or more citations published between 2000 and 2021 in EBSCO, Scopus, Web of Science, and Google Scholar databases. The study advocates that a Cold Chain must be considered with the intervention of contract farming, government, cooperative or farmer-producer organisations to reap maximum benefits from horticultural production during the off-and-on seasons rather than selling to opportunistic intermediaries. The study also has important implications for future researchers and policy-makers but, most importantly, offers motivation to the investors for safe investment decisions in the cold chain infrastructure development for higher returns to producers cutting across their geographical, sociological, or economic contexts. [ABSTRACT FROM AUTHOR]

Despite economic progress, government efforts, and increased healthcare investments, health deprivation continues to persist in the countries of Brazil, Russia, India, China, and South Africa (BRICS). Hence, addressing the growing demand for health financing in a sustainable way and adopting unique approaches to healthcare provision is essential. This paper aims to review publications on the existing health financing systems in the BRICS countries, analyze the core challenges associated with health financing, and explore potential solutions for establishing a sustainable health financing system. This paper adhered to the PRISMA guidelines when conducting the keyword search and determining the criteria for article inclusion and exclusion. Relevant records were obtained from PubMed Central using nine keyword combinations. Bibliometrics analysis was carried out using R software (version 4.1.3), followed by a comprehensive manual narrative review of the records. BRICS countries experienced increased health expenditure due to aging populations, noncommunicable diseases, and medical advancements. The majority of this increased spending has come from out-of-pocket payments, which often lead to impoverishment. Due to limited fiscal capabilities, administrative difficulties, and inefficiency, providing comprehensive healthcare through public funding alone has become exceedingly difficult for these countries. Public-private partnerships are essential for achieving sustainable health financing and addressing challenges in healthcare provision. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the volatility spillovers among selected emerging economies' sovereign credit default swaps (SCDSs), including those of Saudi Arabia, Russia, China, Indonesia, South Africa, Brazil, Mexico, and Turkey. Using data from January 2010 to July 2023, we apply the time-domain and the frequency-domain connectedness approaches.Empirical results show that (i) Indonesia, followed by China and Mexico, are the main transmitters of sovereign credit risk volatility. (ii) Among global factors, the volatility index (VIX), economic policy uncertainty (EPU), and global political risk (GPR) positively impacted spillover on lower and higher quantiles. The results offer critical insights for international investors, policymakers, and researchers, emphasizing the importance of risk-aware investment strategies and cautious policy formulation in the context of financial crises and political events. [ABSTRACT FROM AUTHOR]

This study employs the panel vector autoregressive (PVAR) model to examine the spillover effect of US unconventional monetary policy on inflation and non-inflation targeting emerging markets post credit crunch and during COVID-19 from 2000Q1 to 2020Q4. Unlike other analyses, this paper adds to the existing body of knowledge by employing a dummy variable to represent the United States' quantitative easing. Other included control variables are equity prices, the federal reserve rate, the exchange rate, central bank assets and the short-term interest rate. This paper estimated two-panel VARs, Model one and Model two, for inflation and non-inflation targeting emerging markets, respectively. Model one consists of eight inflation-targeting markets, and Model two consists of four non-inflation-targeting countries. Other included control variables are equity prices, the federal reserve rate, the nominal effective exchange rate, and the central bank policy rate. According to the empirical results, the US unconventional monetary policy induces a surge in the exchange rate and a decrease in the central bank policy rate for both inflation and non-inflation targeting emerging markets. However, there was no significant impact on the equity prices. The empirical results are statistically significant, robust, and consistent with previous studies except for the response of equity prices. Unconventional monetary policy is effective in steering macroeconomic variables in developed economies. The monetary policymakers in emerging markets must also use the currency reserve to stabilise the macroeconomic variables in response to US unconventional monetary policy shocks. [ABSTRACT FROM AUTHOR]

The paper aims to analyze the contagion effect coming from the developed stock markets of the US and Germany to the emerging CEE stock markets of Romania, Czech Republic, Hungary, and Poland using daily data for the period April 2005–April 2021. The paper also captures the level of integration of these emerging stock markets by analyzing the volatility spillover phenomenon. The quantification of the contagion effect coming from the developed to the emerging stock markets consisted of an empirical analysis based on the DCC-GARCH (Dynamic Conditional Correlation) model. Through this multivariate model, the time-varying conditional correlations were analyzed, both in periods of normal economic development and in times of economic instability, when there was a significant increase in the correlation coefficients between developed and emerging stock market indices. Furthermore, the level of connectedness between these markets has been analyzed using the volatility spillover index developed by Diebold and Yilmaz. The empirical results surprised the high level of integration of the analyzed stock markets in Central and Eastern Europe, with the intensity of volatility transmission between these markets increasing significantly during times of crisis. All stock market indices analyzed show periods during which they transmit net volatility and periods during which they receive net volatility, indicating a bidirectional volatility spillover phenomenon. Mostly, the BET, PX, and WIG indices are net transmitters of volatilities, whereas the BUX index is net recipient, except during the COVID-19 crisis, when it transmitted net volatility to the other three indices. Finally, using a Markov switching-regime VAR approach with two regimes, we explored the contagion effect between emerging CEE and developed stock markets during the COVID-19 pandemic. The empirical results proved a shift around the outbreak of the health crisis, after which the high volatility regime dominates the CEE markets. The contagion effects from developed stock markets to emerging CEE markets significantly increased during the first stage of the health crisis. [ABSTRACT FROM AUTHOR]

The impact of entrepreneurship on the development of emerging economies is widely recognized. Research has focused on studying factors that increase entrepreneurship in societies, including the role of education in increasing entrepreneurial intentions among students. In this paper, we contribute to the entrepreneurship and education literature by examining the impact of entrepreneurial college programs on entrepreneurial intentions. Further, we study the mediating roles of perceived benefits and individual creativity. Using a sample of 438 students from a public university in Saudi Arabia, our findings reveal that students enrolled in entrepreneurial programs have higher levels of entrepreneurial intentions that those enrolled in non-entrepreneurial programs, and that perceived benefits and individual creativity partially mediate the aforementioned relationship. The paper opens the door for future research in the entrepreneurship and education literature and provides several managerial implications. [ABSTRACT FROM AUTHOR]

This paper extends the literature on the relationship between oil price shocks and financial markets by examining the effect of supply and demand oil shocks on emerging energy markets, stocks of emerging markets, and gold and exploring the impact of unpredictable oil events on the degree of connectedness among these markets. We show that the effect of supply oil price disturbances drives volatility spillovers in emerging markets with prominent medium- and long-term effects, unlike demand oil price unanticipated changes, particularly during turbulent periods such as the 2008 subprime crisis, the COVID-19 pandemic, and the 2015 oil price crash. These volatility spillover effects are influenced by a marked relationship between supply oil disturbances and emerging energy markets. We also expose that the COVID-19 pandemic volatility spillover consequences in emerging markets are unprecedented compared to the 2008 financial crisis. This can be attributed to the different nature of the related oil price disturbances and financial crises. Overall, the findings highlight the role of crude oil supply shocks as drivers not only of volatility dynamics in energy and equity emerging markets but also of financial connectedness patterns in these economies. [ABSTRACT FROM AUTHOR]

New technologies like modular construction are expected to increase the market share in developing countries with a high annual growth rate such as in Egypt. Modular construction solutions that have content depending on the process of off-site construction and on-site transportation gained prominence over recent years due to several benefits, especially their positive impact on the environment. Off-site manufacturing (OSM) and traditional technologies like on-site ones differ in many aspects of design, requirements, logistics, engineering, and others. Many researchers studied modular construction and they fall short of investigating modular construction processes comprehensively and completely. In this paper, the barriers and benefits of using off-site manufacturing (OSM) are collected from the previous studies (that focused on mega projects, high quality, and fast-track projects) to be analyzed using a social network analysis (SNA) to promote the implementation of this new technology mainly in high-annual-growth-rate countries. A survey was used to solicit the opinions of construction practitioners to identify the most significant barriers and obstacles, as well as the benefits of using OSM. Also, due to the capabilities of Building Information Modeling (BIM) to manage shared information and increase the cooperation among project parties, the integration of OSM and BIM is investigated as a promising approach to overcome OSM barriers and enhance its utilization. Analyzing the main barriers' density and finding out the main solution are involved. Applying this case to a real project in Egypt to study the impact of using (OSM) on-site and exporting the data are also involved. With some results related to the other results and disadvantages that were deduced, the most important advantages and most disadvantages emerged, as well as finding ways to solve them and practical application on the ground. [ABSTRACT FROM AUTHOR]

Urban agglomeration is an essential spatial support for the urbanization strategies of emerging economies, including China, especially in the era of mediatization. From a hybrid space perspective, this paper invites TikTok cross-city check-in records to empirically investigate the vertical and flattened distribution characteristics of check-in networks of China's three major urban agglomerations by the hierarchical property, community scale, and node centrality. The result shows that (1) average check-in flow in the Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta network decreases in descending order, forming a Z-shaped, single-point radial, and N-shaped structure, respectively. (2) All three urban agglomerations exhibit a nexus community structure with the regional high-flow cities as the core and the surrounding cities as the coordinator. (3) Geographically proximate or recreation-resource cities have a high degree of hybrid spatial accessibility, highlighting their nexus role. Finally, the article further discusses the flattened evolutionary structure of the check-in network and proposes policy recommendations for optimizing check-in networks at both the digital and geospatial levels. The study gains from the lack of network relationship perspective in the study of location-based social media and provides a novel research method and theoretical support for urban agglomeration integration in the context of urban mediatization. [ABSTRACT FROM AUTHOR]

This paper analyzes the potential spillovers of a slowdown in Chinese growth to the United States and the rest of the world. Through a combination of structural VAR and DSGE analyses, we find that (1) spillovers from China to the rest of the world have grown significantly in the past decade; (2) the negative growth spillovers to the United States are more modest than to emerging market economies—particularly for commodity exporters—or other advanced economies, primarily because the latter group has larger direct exposure in trade to China; and (3) although the United States has limited direct financial exposure to China, the negative spillovers to the U.S. economy are amplified significantly if the negative Chinese growth shock leads to adverse global risk sentiment and monetary policy in the United States is constrained in its reaction. [ABSTRACT FROM AUTHOR]

Global trade determines how we live. Technology determines the extent of the market and the ease of trade. The transportation revolution reduced costs and cut travel times. The communication revolution (ICT) improved the quality and quantity of information in the global market and cut the cost of global trade in goods and services, including labor. Global trade has become a B2B market wherein multinational enterprises (MNEs) are major players. While MNEs began as major companies in developed countries, their success in importing labor from the emerging market through production of consumer goods in the developed countries led to emerging MNE markets. In an earlier paper on MNEs in emerging markets, Agmon suggested that blockchains reduce the cost of using the global price mechanism, and both production and consumption decisions can be made by individuals in a global market. In this paper, we discuss the case of the multinational industry of venture capital-supported small start-ups, wherein individuals with ideas for better goods, production processes, and services approach capital markets in major countries for financing their ideas. The accompanying distributed ledger technology (DLT) takes global trade a step further by opening up the possibility of global trade among individuals and loosely organized, task-oriented groups of individuals located in both developed and emerging economies. In a DLT world with decentralized markets, no transaction costs, and perfect information, the key to global trade will lie in the capabilities of the individual, or a specific task-oriented, loosely organized group of individuals. Small countries are finding it increasingly difficult to compete in international markets. We seek to examine whether the conceptual framework of DLT, when implemented in a small country that chooses to export ideas rather than products, thereby eliminating the need for a complex supply chain, can be the first empirical example of the DLT concept as a "game changer". The experience of the Israeli VC industry points to exciting potential through the application of the mindset and the unique legal and financial structures of the "start-up nation", wherein an economy was created that relies on small and frequently changing high-tech firms. In a country where VC investment capital is entirely imported, there is more room for investment in DLT technologies. Such an economy is compatible with the DLT concept and provides a unique empirical example of the DLT technological change's effect on the economy of a small country. [ABSTRACT FROM AUTHOR]

The present study aims to evaluate the relationship between social capital and cash holdings in firms. The population under study comprises all listed companies on the Tehran Stock Exchange. A total of 175 firms (1050 year-firm) were selected from 2014 to 2020 to evaluate the relationship between variables using the systematic elimination method. Moreover, the moderating role of financial reporting quality in the relationship between social capital and cash holdings was also studied. This paper used multivariable linear regression (panel data) and the EViews software to implement the study's objectives. The present study results show a negative relationship between the social capital of firms and cash holdings and a positive association between social capital and financial reporting quality. In other words, cash holdings drop with the increase in social capital. Further, financial reporting quality improves with the increase in social capital. The financial reporting quality moderates the relationship between the social capital of firms and cash holdings. This paper indicates that the region's social capital, where the firm is located, has a significant role in contributing to its cash value. The current study is the first to assess social capital structure in the cash holdings literature. The impacts of social capital contribute to financial outputs. Social capital has a positive economic result against strong cooperation norms and dense social networks. Few studies analyzed the effect of social capital on firms' decision making. In this area, the present study contributes to the literature development and the impact of social capital on firms' results. [ABSTRACT FROM AUTHOR]

This study used the panel data from 15 emerging markets to examine the impact of restrictive macroprudential policies on income inequality from 2000–2019 using Bayesian panel vector autoregression and Bayesian panel dynamics generalised method of moments models. The chosen models are suitable for addressing multiple entity dynamics, accommodating a wide range of variables, handling dense parameterisation, and optimising formativeness and heterogeneous individual-specific factors. The empirical analysis utilised various macroprudential policy proxies and income inequality measures. The results show that when the central banks tighten systems using macroprudential policy instruments to sticker debt-to-income and financial instruments for lower-income borrowers (the bottom 40% of the income distribution), they promote income inequality in these countries while reducing income inequality for high-income borrowers (the high 1 percent of the income distribution). The impact of loan-to-value ratios was found to be insignificant in these countries. Fiscal policy through government expenditure and economic development reduces income inequality, while money supply and oil-price shocks exacerbate it. The study suggests implementing a progressive debt-to-income (DTI) ratio system in emerging markets to address income inequality among lower-income borrowers. This would adjust DTI thresholds based on income brackets, allowing lenient credit access for lower-income borrowers while maintaining stricter limits for higher-income borrowers. This would improve financial stability and reduce income disparities. Additionally, targeted financial literacy programs and a petroleum-linked basic income program could be implemented to distribute oil revenue to lower-income households. A monetary supply stabilisation fund could also be established to maintain financial stability and prevent excessive inflation. [ABSTRACT FROM AUTHOR]

Despite the anecdotal evidence that suggests that SMEs adopt inadequate and ineffective risk management practices, only a few studies have been conducted on the topic in the emerging market context. Besides, the existing studies on factors inhibiting effective risk management in emerging market SMEs are devoid of any theoretical grounding. This situation implies that there is still a knowledge gap on this area, and this gap is what the current paper seeks to close. In closing out the gap, this paper used the Resource Based View theory to interpret the results obtained, in order to help clarify the factors inhibiting effective risk management in emerging market SMEs, with a case of South Africa being used. In a first step, questionnaires were distributed to a sample of 320 FMCG SMEs in the Cape Metropolitan area. The results revealed the significance of both intangible and tangible resources in positively impacting the effectiveness of risk management within SMEs. This led to the conclusion that owner-managers must pay particular attention to their intangible and tangible resource structure, which will impact the positive response towards superior performance and competitive advantage by focusing more on coalescing resources that lead to effective risk management. [ABSTRACT FROM AUTHOR]

To alleviate farmer poverty, this paper investigates the effect of a retailer's different socially responsible practices on a two-echelon supply chain consisting of one rural (poor) farmer, one suburban farmer, and one common retailer. Different from a commercial supply chain (whose members' objectives are to maximize their profits) and a humanitarian supply chain (whose objective is to save more people, rather than to prioritize profits), the paper aims to study a development supply chain where the CSR-conscious retailer aims to lift the poor farmer out of poverty through cost sharing, altruistic practices, or fairness practices. Can the CSR-conscious retailer (and the development supply chain) do well by doing good? To answer the above question, four models of potential CSR investment are established and analyzed. Considering the different influences of the retailer's CSR practices, this paper uses a Stackelberg game to analyze the decisions and profits of the farmers and the retailer in these four models. Our study finds that, first, the retailer's CSR practices can improve the whole supply chain's performance, which means that the supply chain has the potential to achieve the Pareto improvement for both the farmers and the retailer. Second, the retailer's CSR practices yield benefits while implementing cost-sharing or fairness practices. Third, the rural farmer always benefits from the retailer's CSR practices and may prefer the altruistic practice from which they can benefit the most. In addition, to benefit their profit more, the rural farmer should grow high- or low-value-added crops rather than medium-value-added ones. Fourth, from the suburban farmer's perspective, the retailer's CSR practices are not beneficial for their performance. However, the extent to which the suburban farmer's performance decreases is much lower than the extent to which the rural farmer's performance improves. The results of this paper might be used by stakeholders to alleviate poverty. [ABSTRACT FROM AUTHOR]

This paper investigated the effects of carbon emissions and board gender diversity on firm performance using quantile regression. This approach explores the heterogeneity of the effect of carbon emissions on the performance of firms and overcomes some of the drawbacks of OLS regression. This research aimed to identify whether carbon emissions significantly impact firm performance using accounting- and market-based performance measures and how this impact varies according to a company's size. Another objective was to determine how females on a board of directors could impact such a relationship. The data used were a sample of 1382 companies in emerging markets from 2008 to 2021. The findings show that carbon emissions negatively affect small-size companies consisting of both high-performing and low-performing companies; however, as the size of the companies increases, the effect of carbon emissions becomes positive regardless of whether they are high- or low-performing companies. The presence of females on a board has a minimally significant negative effect on a firm's performance, irrespective of whether it is conditioned on size. This research contributes to the literature on the impact of carbon emissions on company performance, both conditional and unconditional on size. Furthermore, the results show that the relationship between carbon emissions and performance depends on size, as revealed using the novel econometrics model developed in this study. This study also shows the importance of the presence of females on a board of directors. [ABSTRACT FROM AUTHOR]

The paper aims at describing two dimensions of acquirers' behaviour when purchasing minority shares in Romanian listed target companies, based on a sample of 710 Romanian minority acquisitions. The first dimension regards the acquirer's decision to invest a certain amount, being influenced by the profitability of the target company The relationship was found to be positive and significant. To test the model further, a sample of 308 transactions was used, after excluding the transactions involving primary sector and blue-chip target companies. The second dimension focuses on the amount of purchased stake, which leads to either financial gains or the takeover intention, under the influence of the target company's operational profit. The results show a positive and significant relationship for the small stakes and a non-significant one for the high stakes. [ABSTRACT FROM AUTHOR]

This study investigates the returns spillovers across the equity markets of Asian emerging economies (China, India, Indonesia, Malaysia, Pakistan, Philippines, South Korea, Taiwan, and Thailand). To achieve this objective, we used two different spillover methodologies (DY 2012 and BK 2018). Moreover, this study used the daily closing prices of equity indices ranging from 5 January 2005 to 13 November 2021. The empirical findings revealed that the total spillover index using DY 2012, and the short-term frequency index using BK 2018, are close to each other, with values of 46.92% and 43.04%, respectively. However, the spillover index value is high, with a value of 56.25% in the long run. Furthermore, the results showed that the stock markets of South Korea and Taiwan are the major spillover transmitters in the Asian emerging markets. Also, the financial association among all emerging Asian equities is at its peak, subject to the mobility of cash flows across the global economies. The results of this study provide meaningful insight for policymakers and investors to implement an effective strategy to overcome the possible influence of any financial crisis in the future. Our paper provides a potential contribution to the financial literature by examining the transmission of spillovers across the Asian emerging stock markets. Furthermore, it provides in-depth information regarding stock market interdependence. [ABSTRACT FROM AUTHOR]

Against the backdrop of global energy transition and the imperative for sustainable development, the trade dynamics of solar photovoltaic (PV) products among "Belt and Road Initiative (BRI)" countries gained momentum. This study investigates the evolving trade patterns of PV products within BRI nations, alongside the underlying determinants. The paper constructs and analyzes a solar PV product trade network, elucidating evolutionary trends, structural complexities, and clusters. A novel centrality influence model explores influencing factors across five dimensions. Methodologically, trade data, the "Five Connectivity" framework, and socio-economic indicators from 2001 to 2022 across 65 BRI countries underpin the study. Empirical insights reveal a robust PV product trade network with density exceeding 0.4 and reciprocity surpassing 0.38. China's rising centrality, reflected in a weighted degree surge from 14.38 to 79.37 since 2011, signifies its consolidation within the network. Results show sustained high density and reciprocity in the PV trade network, signaling robust communication among BRI countries. China's centrality in the network has consistently grown since 2011. Trade cluster analysis reveals isolated segments predominant, depicting emerging economies with limited photovoltaic exchanges, mainly export-focused. The study highlights the pivotal role of "Five Connectivity" dimensions in promoting PV trade, while financial connectivity's impact remains modest. The emergence of PV product centers challenges traditional energy hubs, prompting the need for new energy trading paradigms and robust financial hubs. [ABSTRACT FROM AUTHOR]

Financial development has been considered an efficient and effective mechanism for the sustainable economic growth and development of emerging markets in past decades. However, various concerns have emerged in relation to the influences of financial sector development on income inequality. It is the claim of this paper that findings from the current literature are incomplete. This is because various proxies have been utilized inconsistently for both financial development and income inequality in previous empirical studies. This study extends the current literature on this important finance--inequality nexus by examining a sample of 21 emerging countries for the period of 1961-2017. Various estimation techniques were employed with the aim of ensuring robust findings. Findings from this paper confirm the existence of an inverted U-curve relationship between financial development and income inequality, implying that income inequality may rise at the early stage of financial development and fall after a certain level is achieved. Policy implications have emerged from the findings of this study. [ABSTRACT FROM AUTHOR]

In recent years, a number of countries with emerging economies have proceeded to use market-oriented strategies, deregulation and reforms in order to attract more foreign investors and attract foreign direct investment (FDI) inflows. The present paper aims to empirically investigate the role of governance in attracting FDI using panel data and comparing two groups of fast-growing emerging countries, namely BRIC (Brazil, Russia, India, China) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa). The study includes a panel data analysis using the latest available secondary data ranging from 2002 to 2019. Empirical models are extended and presented. The findings suggest that FDI inflows in BRICS are attracted by rule of law, regulatory quality, political stability and absence of violence, while CIVETS absorb FDI inflows due to control of corruption, political stability, absence of violence, regulatory quality and government effectiveness. The paper contributes to the existing literature since it is the first attempt to investigate the role of governance in attracting FDI in BRIC and CIVETS economies, taking into consideration other FDI determinants. To our knowledge, it is the first paper to study and compare FDI and institutional determinants in the specific groups of emerging countries. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) play an increasingly important role in global economic development, and they have encountered many unique problems (such as resources and strategic choice). Strategic management accounting (SMA) techniques can help SMEs allocate limited resources rationally and integrate internal and external information to help managers make strategic decisions. However, how and what is the SMA applied in the reality of SMEs, especially in developing countries today. This paper aims to explore the extent to which SMEs of developing countries use SMA. This article used the qualitative research method and the data were collected by interviewing five managers and two employees in M company. The findings indicated that: (1) The senior managers of SMEs do not have an understanding of accounting nor pay enough attention to it, and the role of SMA is even worse; (2) Although the chief financial officers obtain the knowledge of SMA, they cannot fully involve it in their strategic decision making. (3) SMEs have realized that enterprise culture is very important for a company to achieve strategic goals, but it is far from enough to attach importance to and create it. (4) The general managers of SMEs believe that the operating department is the core of the company and all resources should be prioritized to meet their needs. [ABSTRACT FROM AUTHOR]

The paper explores the relationship between education, digitalization, and financial development between 1996 and 2019 with the aim of showcasing the differences between developed and emerging economies in Europe. We use a Bayesian VAR framework that includes variables related to education, digitalization, and financial development, as well as several endogenous variables to control for differences between countries in terms of nominal GDP growth, unemployment rate, and trade openness. Our findings clearly demonstrate the dynamic interdependence between financial development—including its two main components, financial institutions, and financial markets, digitalization, and education. Furthermore, we find that education is a leading variable in the financial development–education–digitalization nexus, whereas financial development and digitalization are laggard variables. These findings open possibilities for influencing joint policies on digitalization, education, and financial development, particularly in emerging European countries. [ABSTRACT FROM AUTHOR]

This paper examines the effect of CSR perceptions on online recruitment practices and outcomes in the Vietnamese food and beverage sector. Semi-structured interviews were conducted with seventeen participants, including CEOs, HR (human resource) staff and store managers. The results show that CSR perception varies and is exemplified through employee-related activities, ethical products, environment, philanthropy, and international standards. The study is novel in establishing that, despite high unemployment in developing economies, CSR communication in online recruitment sites impacts job applicants' choice of company. While the strategic potency of CSR has been established, this study brings to light its critical significance for human resources processes, particularly online recruitment, in an emerging economy context. The study has considerable implications for practitioners and researchers, suggesting the necessity to strategically manage the interface between CSR and online recruitment. [ABSTRACT FROM AUTHOR]

This paper examines the customer value creation framework and discusses the design of the key elements for product development in emerging markets. A scientometric/bibliometric scoping literature review identifies a clear gap in the current research in studying prerequisites for customer value creation in emerging market contexts. Observing experiences of Daikin and Renault in the context of India, the purpose of this paper is to identify value creation strategic choices following which comprehensive customer value offerings in products and services can be successfully created by firms across the four facets of the framework in emerging markets. Value creation strategies include having a nuanced understanding of the latent contextual needs to offer localized high-quality products that embody distinct functional attributes that provide a functional value and being responsive to specific emotional needs and epistemic experiences of the target customers in product and service offerings to deliver a greater experiential value. Furthermore, the products should adopt a localized operational excellence strategy throughout the value chain to reduce costs for competitive price offerings in order to deliver superior cost value and develop brand image and equity strategy, thereby allowing for the provision of a greater symbolic value. Experiences of successful firms demonstrate the need for extensive local research into the emerging market followed by localization of production and development of a distribution network to be able to offer customized products at competitive prices whilst maintaining the brand value. We thus extend the customer value creation framework by introducing localization as a necessary condition for successful organizational performance in emerging markets. [ABSTRACT FROM AUTHOR]

In a default event, several obligors simultaneously experience financial difficulty in servicing their debt to the point where the entire market can experience a sudden yet significant jump to a credit default. To help protect lenders against a jump-to-default event, regulators require banks to hold capital equivalent to the default risk charge as a buffer against the losses they may incur. The Basel regulatory committee has articulated and set default risk modelling guidelines to improve comparability amongst banks and enable a consistent bank-wide default risk charge estimation. Emerging markets are unique because they usually have illiquid markets and sparse data. Thus, implementing an emerging market default risk model and, at the same time, complying with the regulatory guidelines can be non-trivial. This research presents a framework for modelling the default risk charge in emerging markets in line with the regulatory requirements. The default correlation model inputs are derived and empirically calibrated using emerging market data. The paper ends with some considerations that regulators, supervisors, and banks can use to get financial institutions to adopt an emerging markets default risk charge model. [ABSTRACT FROM AUTHOR]

This research paper aims to evaluate the effectiveness of internal audit standards as a foundation for carrying out and promoting a wide variety of value-added tasks in emerging markets. Three Jordanian telecommunications firms were the subject of the study. In each firm, the non-executive directors, who serve on the Audit Committee, also received a questionnaire that was designed for this objective. In total 85 questionnaires were accepted and analyzed using traditional statistical methods such as descriptive statistics, arithmetic means, standard deviations, and percentages, and resolution data were examined using the statistical application SPSS. According to the annual report for the year 2021, telecommunication businesses generally followed IIA International Internal Audit Standards. Application Standards were employed to a high degree in second place, after Attribute Standards, which were used primarily in the first place. In those firms, performance standards were not used. The study also found that this form of application is moderately constrained by a few challenges and barriers. The study recommended that these organizations broaden the scope and scale of internal auditing standards, particularly performance requirements. Finally, the generalization of research findings is limited because the study is limited to three Jordanian telecommunication companies. [ABSTRACT FROM AUTHOR]

This paper examines the systematic contagion effects of the global financial crisis of 2007–2009 on the world's largest advanced and emerging equity markets, using the conditional factor model of Dungey and Renault (2018) and and the adjusted correlation coefficient approach of Forbes and Rigobon (2002). Our findings indicate that when applying the Forbes and Rigobon approach, no evidence of contagion is found, while using the conditional factor model, we observe significant evidence of contagion in the aggregate equity markets of both advanced and emerging markets. Furthermore, the results from the conditional factor model suggest that the structural relationship across the financial sectors of advanced and emerging markets was significantly disrupted during the crisis period. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to explore the main profiles of tourist segments in the agave-tequila industry in Mexico. The blue agave landscape and the ancient tequila facilities are part of the UNESCO's World Cultural Heritage. Heritage sites may operate as a brand and generate tourism externalities. Investigations combining heritage and sustainable tourism are a promising research field, still underexplored, particularly in emerging destinations. This study contributes to the debate on heritage and sustainable tourism through the identification of different tourist profiles visiting the Tequila region. The study applies a market segmentation approach grounded in the concept of 'involvement'. Involvement is a good predictor of tourist behavior. Therefore, our investigation identifies distinctive homogenous segments with different levels of tourist involvement. The data in the empirical study was collected through a questionnaire applied to a sample of 700 domestic and international visitors to the city of Tequila. The questionnaire was directly administered to collect data during a 6-month period in order to avoid seasonal issues. Cluster analysis was performed to identify three distinct segments on the basis of the degree of tourists' 'involvement'. Findings suggest that the agave landscape and knowledge about tequila are the most salient attributes for high- and low-involved visitors. As those factors are closely related to cultural heritage, the study provides guidance for policy makers and marketers protecting and/or promoting the agave-tequila industry. This research project is an initial attempt to segment agave-tequila tourists and creates a pathway for further investigations into this area. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the impact of blockchain on the quality of the information in listed and non-listed companies in Iraq; the temporal scope of this study is 2022. The statistical population of this research is divided into two parts: one part is related to the level of familiarity with blockchain technology of accountants, independent auditors, managers, etc., and the other part is related to the effect of blockchain technology on the quality of accounting information. The sample size is determined based on Cochran's formula, among which 1528 respondents were selected as a sample size. The results of the hypothesis testing showed that in both listed and non-listed companies, familiarity with blockchain technology had increased the quality of information. In this way, blockchain technology has positively and significantly impacted the quality of accounting information. This means that the impact of IT (Blockchain) on the quality of accounting information is the same for Iraqi listed and non-listed companies. Since the current research has been investigated in an emerging market such as Iraq, it can bring helpful information to readers in this field. [ABSTRACT FROM AUTHOR]

The beneficial relationship of entrepreneurial orientation with performance has been extensively acknowledged in the literature. However, empirical evidence is not straightforward and requires consideration of the interplay of different variables, context, and rationales through which this causal complexity of the performance-enhancing mechanism of entrepreneurial orientation influences firm performance. In this paper we examine the way the entrepreneurial behavior of the organization unfolds and affects performance through specific configurations resulting from the simultaneous interaction of strategic networking and dynamic environment in the setting of Southeast European SMEs. We apply hierarchical regression to a sample of 963 small and medium-sized enterprises. Empirical findings provide support for applying the configurational approach and show that companies of high entrepreneurial orientation and high strategic networking operating in a dynamic environment achieve the highest effect on a business performance. Research results further indicate that strategic networking is a mechanism that achieves the greatest efficiency in a dynamic environment and with the presence of a firm's entrepreneurial orientation. According to the research results, implications for research and practice are suggested. [ABSTRACT FROM AUTHOR]

This study explores the role of digital financial inclusion in mitigating poverty and bolstering economic growth, with a special focus on developing nations during the COVID-19 era. Centering on Jordan, it seeks to identify key influencers of financial access by analyzing data from 260 participants using a non-linear probit regression model. The research uncovers a significant disparity in financial inclusion between Jordanian adult males and females, attributable to differences in education, wealth, employment, and income levels. These findings point to the necessity of prioritizing financial accessibility for marginalized groups such as women, the elderly, and those with lower income to effectively combat poverty and facilitate economic advancement and sustainable development in emerging markets. [ABSTRACT FROM AUTHOR]

This study uses daily COVID-19 news series to determine their impact on financial market volatility. This paper assesses whether U.S. financial markets react differently to COVID-19 news than emerging markets and if such markets are impacted differently by country-specific and global news. To detect the spillover effects from news on market volatility, a time-varying DCC-GARCH model was applied. The results suggest that the U.S. and emerging markets are affected differently by pandemic news, global series have a stronger impact on emerging markets than country-specific ones, and misleading information plays a significant role in financial market volatility, especially for the U.S. [ABSTRACT FROM AUTHOR]

An increase in consumption and inefficiency, fluctuating trends in demand and supply, and a lack of critical analytics for successful management are just some of the problems that the energy business throughout the world is currently facing. This study set out to assess the potential contributions that AI and ML technologies could make to the expansion of energy production in developing countries, where these issues are more pronounced because of the prevalence of numerous unauthorized connections to the electricity grid, where a large amount of energy is not being measured or paid for. This study primarily aims to address issues that arise due to frequent power outages and widespread lack of access to energy in a wide range of developing countries. Findings suggest that AI and ML have the potential to make major contributions to the fields of predictive turbine maintenance, energy consumption optimization, grid management, energy price prediction, and residential building energy demand and efficiency assessment. A discussion of what has to be done so that developing nations may reap the benefits of artificial intelligence and machine learning in the energy sector concluded the paper. [ABSTRACT FROM AUTHOR]

This paper introduces an alternate measure of idiosyncratic risk leveraged from the decomposition method to further eliminate the residual systematic risk inherent in the factor asset pricing model. Combining both complementary techniques contributes to a more comprehensive firm-level idiosyncratic risk that is crucial in both portfolio diversification and alpha investing. We focus our result on the idiosyncratic risk estimations and their behaviour on 36 emerging markets covering 39 industries. We show that the new measure exhibits a declining trend across time, consistent with the fact that emerging markets are becoming more integrated with the increased level of common effect across time. [ABSTRACT FROM AUTHOR]

Scholars and practitioners are torn between diverging viewpoints on the contribution of foreign assistance and foreign direct investment to the economic development, economic growth, and prosperity of Africa. This paper aims to examine the long-term and causal relationship between foreign direct investment, official development assistance, and economic growth for 20 selected African countries from 2000–2018. Autoregressive distributed lags and the error correction model were used as the primary estimation techniques. The results indicated a notable positive long-term cointegrating relationship between official development assistance and economic growth, and between economic growth and foreign direct investment, as well as a cointegrating link between foreign direct investment and official development assistance. Economic growth was found to promote official development assistance, while foreign direct investment was found to encourage economic growth and official development assistance was found to promote economic growth in the long run. Since foreign direct investment and official development assistance are important to economic growth in a spiral effect, African countries are encouraged to put in place policies that attract foreign direct investment and official development assistance. Thus, African countries should align their foreign and domestic investment and official development aid policies with their national developmental goals to attract foreign donations and investments. [ABSTRACT FROM AUTHOR]

In this study, we examine the association between interim financing and firm performance in an emerging economy. Prior research shows that firms utilize trade credit to boost their operating performance or market valuation. However, recent research on the relation between trade credit as alternative financing and firm performance provides mixed evidence. Nevertheless, limited research has been conducted in developing economies; hence, we attempt to fill this gap in the present paper. We argue that trade credit may not be attractive to external debt financing as trade credit may not contribute to business growth while external debt financing does. To test our conjecture, we employed ordinary least squares (OLS), firm fixed effects, and random effects regressions. By utilizing 1002 firm-year observations, our findings suggest a negative relationship between trade credit and firm performance. To check and control endogeneity and reverse causality issues we use instrumental variable approach (i.e., Heckman two-stage least squares regression). Our results remain robust through different measures of firm performance and trade credit. Our study provides policy implications and contributions to trade credit and firm performance literature. [ABSTRACT FROM AUTHOR]

The purpose of this study was to investigate the differences in farmland rent prices between land transferors and different transferees when considering the quality supervision cost of the transferred farmland. Moreover, the impact of the intervention of township governments, village committees, and other intermediary organizations on the rent price differences is also taken into consideration. The treatment effect model (TEM) and grouping regression model were used. The results showed that: (1) Owing to the different transaction costs, when leasing to village transferees, the land rent was significantly lower than when leasing to non-village transferees. (2) With the intervention of intermediary organizations, such as township governments and village committees, the constraints of the reputation mechanism between acquaintances were weakened, and the cost of information identification when land transferors searched for out-of-town transferees was reduced. As a result, the differences in land rent when transferring to the village and non-village transferees were narrowed. This study presents a different view to explain the transaction characteristics of the rural land transfer market in China. Further, it is of paramount importance to implement an effective public intervention, including strengthening the intermediary role of township governments and village committees, which is conducive to improving the rural land transfer market of most developing countries, including China. [ABSTRACT FROM AUTHOR]

This paper seeks to identify the most important global drivers of credit-to-GDP gaps for 35 countries. The analysis is performed on a country-by-country basis for the sub-periods 2000Q1:2007Q2, 2007Q3:2013Q4, and 2014Q1:2021Q1 and is based on two state-of-the-art methods for variable selection in the time series framework: the one covariate at a time multiple testing (OCMT) and adaptive least absolute shrinkage and selection operator (LASSO). We find that the number of salient global factors tends to increase over time, reaching its maximum during the post-crisis period. This period is also marked by a pronounced role of the global factors capturing the stance of the US monetary policy, while in the preceding sub-periods, the most significant factors are global credit conditions (the TED spread) and world industrial production, respectively. Regardless of the sub-periods, advanced economies' credit-to-GDP gaps appear more dependent on the global factors than the gaps in emerging markets. In addition, we identify country-specific variables which shape the susceptibility of the national credit-to-GDP gaps to the global factors. [ABSTRACT FROM AUTHOR]

This paper proposes a novel disruptive innovation-like algorithm (DILA) for the problem of scheduling a single machine with sequence-dependent family setup times to minimize the total tardiness. The proposed algorithm is derived from Christensen's (1997) theory of disruptive innovation. Based on this theory, a DILA is proposed, which first generates two initial populations: the mainstream market population and the emerging market population. Then, to improve the quality of solutions in the populations, three phases are created within a generation. Finally, the DILA allows the populations to evolve for several generations until the termination condition is met. Two populations constructed in DILA are to overcome the weakness of premature. In addition, two functions—the member-added function and member-removed function—implemented in DILA are added to increase the diversity. The DILA was tested on a dataset of 1440 observations from the literature. The computational results confirm that DILA is very effective. [ABSTRACT FROM AUTHOR]

The outburst of the COVID-19 pandemic and its rapid spread throughout the world in 2020 shed a new light on mathematic models describing the nature of epidemics. However, as the pandemic shocked economies to a much greater extent than earlier epidemics, the recovery potential of economies was emphasized and its inclusion in epidemic models is becoming more important. The present paper deals with the issues of modeling the recovery of economic systems that have undergone severe medical shocks, such as COVID-19. The proposed mathematical model considers the close relationship between the dynamics of pandemics and economic development. This distinguishes it from purely "medical" models, which are used exclusively to study the dynamics of the spread of the COVID-19 pandemic. Unlike standard SIR models, the present approach involves the introduction of the "vaccine" equation to the SIR model and introduces correction components that include the possibility of re-infection and other nuances such as the number of people at risk of infection (not sick with COVID but not vaccinated); sick with COVID; recovered; fully vaccinated (two doses) citizens; the rate of COVID infection; the rate of recovery of infected individuals; the vaccination coefficients, respectively, for those who have not been ill and recovered from COVID; the coefficient of revaccination; the COVID re-infection rate; and the population fluctuation coefficient, which takes into account the effect of population change as a result of births and deaths and due to the departure and return of citizens. The present model contains governance so that it not only generates scenario projections but also models specific governance measures as well to include the pandemic and restore economic growth. The model also adds management issues, so that it not only generates scenario forecasts but simultaneously models specific management measures as well, aiming to suppress the pandemic and restoring economic growth. The model was implemented on specific data on the dynamics of the spread of the COVID-19 pandemic in selected developing economies. [ABSTRACT FROM AUTHOR]