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The opening of equity markets to foreign investment by developing countries appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad (2005), Journal of Financial Economics 77, 3–55) in spite of a relatively small role of such markets for financing investment in most economies. We propose a spillover channel from equity market opening to lower costs of bank loans, which helps to explain this puzzle. From analyzing bank loan data associated with China's introduction of the Qualified Foreign Institutional Investors program, we find significant support for this channel. Furthermore, we show that a reduction in the risk premium in loans is an important mechanism. [ABSTRACT FROM AUTHOR]

This article investigates the impact of heterogeneous foreign investment on home market stock price informativeness. Evidence from China's nascent A-share market shows non-segmented foreign investment reduces firms' stock return synchronicity, while segmented foreign investment does not. Using the Shanghai (Shenzhen)–Hong Kong Stock Connect program as a natural experiment that exogenously increases non-segmented foreign ownership, we find that synchronicity drops significantly for program stocks relative to the control stocks. Our results are most consistent with an "informed trading" explanation, rather than a "learning" or "governance" explanation. These results have policy implications for stock market liberalization programs. [ABSTRACT FROM AUTHOR]

While the causal impact of limited attention to macroeconomic news is difficult to detect, this article proposes one solution: exploiting when foreign investors are "distracted" by risk factors in their home markets. I demonstrate that financial activity in the average foreign investor's home market decreases foreign attention paid to 21 emerging economies, measured using Google search volume for economy-specific financial terms that emanate from outside each economy's border. Exploiting this effect using an instrumental variables approach, I find that an exogenous increase in foreign attention preceding a scheduled monetary policy rate announcement raises preannouncement stock returns and announcement day turnover. [ABSTRACT FROM AUTHOR]

Using data on international equity portfolio allocations by U.S. mutual funds, we estimate a portfolio expression derived from a standard mean-variance portfolio model extended with portfolio frictions. The optimal portfolio depends on the previous month and the buy-and-hold portfolio shares, and a present discounted value of expected excess returns. We estimate expected return differentials and use them in the portfolio regressions. The estimates imply significant portfolio frictions and a modest rate of risk aversion. While mutual fund portfolios significantly respond to expected returns, portfolio frictions lead to a weaker and a more gradual portfolio response to changes in expected returns. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

I examine whether competition from domestic industry rivals affects firms' proclivity to undertake foreign direct investment (FDI) and their country location choices. I find that competition affects foreign production decisions and the geography of international investments. While firms enduring stiffer competition are significantly less likely to undertake FDI, this effect is heterogeneous across firms. Competition deters FDI more strongly when costs are heavier, whereas it has weaker effects when efficiency is higher, growth opportunities are valuable, and cash reserves are higher. FDI location models suggest that when going abroad, firms facing stronger competition are more likely to pursue economies of productivity and taxation. [ABSTRACT FROM AUTHOR]

The puzzling relationship between foreign private capital flows and productivity remains unresolved. We attempt to resolve the puzzle by extending the literature to investigate the effects of the flows across heterogeneous recipient sectors, using a unique hand-collected database of 18 African countries for 2006–2015. We uncover a new interesting finding that the effects of the flows on productivity growth depend on recipient sectors. The results suggest that the negative relationship between foreign private capital flows and economic growth documented in the existing literature, particularly in developing countries, is related to the fact that most of the flows went into sectors, such as extractives and infrastructure, which have less potential for productivity growth. Overall, our findings suggest that the capital allocation puzzle is a sectoral capital allocation puzzle. [ABSTRACT FROM AUTHOR]

Against the backdrop of the dismal performance of BRICS nations in terms of governance, this study examines the relationship between governance indicators and carbon emissions. By employing DOLS and FMOLS cointegration techniques from 1996 to 2022, we find that effective governance helps in reducing environmental pollution. Specifically, indicators namely government effectiveness, political stability, the rule of law, voice and accountability, regulatory quality, and control of corruption show a favourable impact in mitigating carbon emissions. Additionally, our findings reveal that both foreign direct investments and trade openness contribute positively in lowering carbon emissions by introducing advanced technologies and sustainable practices. Conversely, rapid industrialization and population growth exacerbate carbon emissions due to increased reliance on fossil fuels and higher energy demand. Our study underscores the need for enhanced governance, green investments, and stringent environmental regulations to balance economic growth with environmental sustainability in BRICS nations. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of capital flight on economic growth in Africa using 54 African countries from 2000 to 2021. The study employed the GMM and the dynamic panel threshold regression estimation techniques. GMM results revealed that capital flight negatively and significantly affects economic growth in Africa. The study also revealed that external debt repayment and outward foreign direct investment, proxies of capital flight, have a negative and significant effect on economic growth in Africa, except foreign portfolio investment outflow, which positively and insignificantly influences economic growth. Again, the dynamic panel threshold estimation results also revealed that capital flight negatively affects economic growth at all levels of capital flight in Africa. The study also revealed that all the proxies of capital flight, external debt repayments, foreign portfolio investment outflows, and outward foreign direct investment negatively and significantly affect economic growth above a certain threshold. However, external debt repayment has an insignificant negative effect on economic growth below the threshold in Africa. Based on the findings, African countries should implement stringent policies to curb capital flight and regulate external debt repayments and outward foreign direct investment to enhance economic growth. [ABSTRACT FROM AUTHOR]

How did the COVID-19 pandemic impact foreign direct investment (FDI)? Following the outbreak of COVID-19, the overall volume of FDI inflows plummeted. However, COVID-19’s adverse effects on FDI in host countries exhibited discernible variability contingent upon the characteristics of domestic institutions, particularly the robustness of property rights within these countries. While host countries with strong property rights experienced a mitigated negative impact on FDI, contrary to general expectations, our analysis suggests that host countries with weak property rights may have also evaded a significant reduction in FDI inflows during the pandemic. This was primarily because both strong and weak property rights institutions in host countries conveyed positive signals to investors, which may have incentivized them to continue their investments even amidst the pandemic-induced crisis. Analyzing a time-series cross-sectional dataset of 126 developing countries covering the period 2009–2021, our findings reveal a U-shaped relationship between FDI and property rights. This implies that COVID-19’s impact manifested as a weak negative force on FDI inflows in host countries with weak property rights as well as those with strong property rights. Conversely, host countries with moderately strong property rights tended to suffer a substantial reduction in FDI. [ABSTRACT FROM AUTHOR]

This article provides the first comprehensive empirical analysis of global profit repatriation as a mechanism of uneven development, thereby challenging the development model of Foreign Direct Investment. Between 2005 and 2020, transnational corporations repatriated an annual average of one trillion USD, corresponding each year to 4.2% of the global FDI stock. Net profit flows take on a centripetal form: the biggest net losers are middle‐income countries such as the Russian Federation, Brazil, and Nigeria; the winners are a few high‐income countries, above all the United States. By analysing the impact of profit repatriation on accumulation dynamics in net profit exporting and importing countries, and by examining the exploitative conditions under which profits are generated in the former, we situate our findings in current theoretical debates on uneven development and geographical transfer of value, as well as on the intertwining of capitalism's class and geographical antagonisms. [ABSTRACT FROM AUTHOR]

Our paper explores the impact of energy consumption, foreign direct investment, and economic expansion on greenhouse gas emissions in OPECmember states. A panel data of 12 out of 13 OPEC nations over the period 1983 to 2022 obtained from the World Development Indicators is used. The autoregressive distributed lag simulation was adopted to determine the correlation among the series. Our estimations unveil that economic growth in the member states contributes 7.47 per cent to greenhouse gas emissions for every 1 percent increase, trade flow tends to reduce greenhouse gas emissions by 0.37 per cent for every 1 percent rise. Though the impact of foreign direct investment on greenhouse gas emissions in the OPEC member states is negative, it is statistically insignificant. The positive association between energy consumption and greenhouse gas emissions emphasizes the need for OPEC countries to move to cleaner energy sources in order to reduce environmental damage. A proactive approach to investing in clean technology is critical for governments and companies in OPEC countries. This includes supporting research and development of renewable energy sources, encouraging the adoption of environmentally-safe practices in industry and fostering innovation to promote sustainable development. Strict environmental standards for industries that contribute significantly to greenhouse gas emissions should be adopted and enforced. This includes: Setting caps on emissions, advocating for cleaner production processes, and imposing penalties for non-compliance with environmental regulations. Sustainable practices should be encouraged through tax incentives, subsidies, and other financial mechanisms designed to incentivized companies to adopt environmentally friendly processes. The implications of these findings for policymakers and future studies are discussed. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to present the results of a comparative study on the most key reasons for the failure of sustaining activities of operational improvement (OI) methodologies from the different types of manufacturing enterprises that located in Vietnam. Design/methodology/approach: This study presents survey results from 30 local manufacturing enterprises and 21 foreign direct investment (FDI) enterprises located in Vietnam – a developing country. The authors utilize a combination method to collect data, including online and direct survey. The targeted interviewees selected to answer the questionnaire are manufacturing managers and top managers working in productivity, quality, engineering and other departments in respective firms. The developed questionnaire is verified by five experts to ensure the validity and soundness. Findings: The study uncover that 21 local enterprises (70%) have not issued standard forms for OI deployment and supervision, while 17 foreign enterprises (81%) have adopted a systematic management and clearly indicators for evaluation of OI outputs. In addition, the top three reasons for OI failure are differences between local and foreign enterprises. In term of OI methodologies, most of participated enterprises implemented Lean tools and principles while only 7.8% of the participated enterprises applied Six Sigma. Three vital findings are uncovered, including, first, 30% of local enterprises standardize and supervise forms of OI. Research limitations/implications: There is a limitation in sample size, with the number of participants of 51 enterprises. Among the participants, 27% of local enterprises are small and medium-sized enterprises (SMEs) while 60% of FDI enterprises from large-sized group. This was limited to making a generated conclusion in the comparison of failure factors between two types of enterprises. This partly affects the radical comparison of failure factors between local and FDI enterprises. Originality/value: To the best of the authors' view, this is the first empirical study that compares the reasons for the failure for sustaining OI between local and foreign enterprises in a developing country. The result from this study will make contributions for further research in considering OI failure factors and then enhance effectiveness of OI methodologies in manufacturing companies. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Based on panel data from 2000 to 2021 covering African 52 countries under the Belt and Road Initiative (BRI), and utilizing a system generalized method of moments with instrumental variables, the study finds that China's financing has played a positive role in both export and import intensities of African countries with China. However, the impacts of different financing types on trade intensities vary by different country groups and periods. First, Chinese outward foreign direct investment (OFDI) has a much bigger impact on both export intensity and import intensity, and aid has a much bigger impact on export intensity in resource-rich African countries than other countries. Second, Chinese OFDI has a much bigger impact on export intensity and aid has a much bigger impact on both export and import intensities in low-income African countries than other countries. Third, the regression results from different periods indicate that Chinese financing has enhanced the bidirectional trade relations between China and Africa since BRI launch. The study is conducive to the exploration of multinational corporations and foreign aid's role in trade relations and will help African countries use Chinese capital to promote bilateral cooperation and get rid of poverty. [ABSTRACT FROM AUTHOR]

This study examines the impact of female labour participation and life expectancy on economic growth in Southeast Asia economies using non-stationary panel data techniques. The study utilizes balanced panel data spanning from 1992 to 2020, encompassing ten countries in Southeast Asia. The results reveal that economic growth, female labour participation, and other factors are cointegrated. The findings indicate that trade openness has a negative impact on economic growth. However, we find that female labour participation, female longevity, female education, domestic investment, and foreign direct investment have a positive long-term effect on economic growth. Our study also highlights that the effect of female labour participation on growth varies depending on female longevity. We find that female labour participation positively impacts economic growth but changes negatively when countries exhibit a high level of female life expectancy. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of migration on the export and production techniques of agri-industrial firms in the proximity of clusters of migrants. The analysis draws on an original dataset built through interviews conducted with agri-food firms in the Foggia province (southern Italy). Over the past two decades, this area has experienced a strong influx of migrants, who have concentrated in ghettos. The results do not support a pro-trade effect, but provide evidence for both a substitution and a complementarity effect of migrants on capital endowment, depending on the type of machinery used by the firm. [ABSTRACT FROM AUTHOR]

Economic welfare is essential in the modern economy since it directly reflects the standard of living, distribution of resources, and general social satisfaction, which influences individual and social well-being. This study aims to explore the relationship between national income accounting different attributes and the economic welfare in Pakistan. However, this study used data from 1950 to 2022, and data was downloaded from the World Bank data portal. Regression analysis is used to investigate the relationship between them and is very effective in measuring the relationship between endogenous and exogenous variables. Moreover, generalized methods of movement (GMM) are used as the robustness of the regression. Our results show that foreign direct investment outflow, Gross domestic product growth rate, GDP per capita, higher Interest, market capitalization, and population growth have a significant negative on the unemployment rate, indicating the rise in these factors leads to a decrease in the employment rate in Pakistan. Trade and savings have a significant positive impact on the unemployment rate, indicating the rise in these factors leads to an increase in the unemployment rate for various reasons. Moreover, all the factors of national income accounting have a significant positive relationship with life expectancy, indicating that an increase in these factors leads to an increase in economic welfare and life expectancy due to better health facilities, many resources, and correct economic policies. However, foreign direct investment, inflation rate, lending interest rate, and population growth have significant positive effects on age dependency, indicating these factors increase the age dependency. Moreover, GDP growth and GDP per capita negatively impact age dependency. Similarly, all the national income accounting factors have a significant negative relationship with legal rights that leads to decreased legal rights. Moreover, due to better health facilities and health planning, there is a negative significant relationship between national income accounting attributes and motility rate among children. Our study advocated the implications for the policymakers and the government to make policies for the welfare and increase the social factors. [ABSTRACT FROM AUTHOR]

The impact of exports on productivity is a central theme in macroeconomics, explored in both the ‘learning by exporting’ and ‘Kaldor-Verdoorn law’ literature. We utilize a novel dataset of Italian firm microdata to build an empirical model examining the effect of persistent exporting on firm productivity. The model endogenizes a firm's export propensity using a probit specification that enables us to derive consistent estimates of the impact of exporting on productivity. In addition, we use the share of highly educated workers as a proxy of human capital to test the ability of persistently exporting firms to learn. This impact is derived using a biprobit specification, which enables us to endogenize the joint probability of being a continuously exporting firm while highly endowed with a skilled workforce. The results strongly support the hypothesis that persistent exporters show a significant productivity premium compared to occasional exporters. Moreover, the workforce's education level further increases productivity, with results supporting the hypothesis that highly educated shares of a firm's workforce enhance the ability to learn. [ABSTRACT FROM AUTHOR]

In line with Africa's commitment to keeping up with the United Nations Framework Convention on Climate Change, achieving a sustainable future requires balancing economic growth with environmental sustainability. This study investigates the long-term impacts of foreign direct investment, economic growth, agricultural production, and energy consumption on CO2 emissions across 43 African nations from 1990 to 2021. Despite significant research on the individual effects of these factors, the combined influence on CO2 emissions remains underexplored. Addressing this gap, this study employs cross-sectional augmented distributed lag estimators (CS-DL and AMG) and updated estimation packages to effectively examine the relationships between variables. Our findings are as follows: firstly, economic growth and energy use was shown to have a significant positive influence on CO2 in the long term. Also, foreign direct investment significantly promotes CO2 emissions. Secondly, the causality test shows a unidirectional causal relationship between CO2 emissions and foreign direct investment. The test also revealed a bidirectional relationship between GDP and CO2 emissions, as well as between energy consumption and CO2 emissions. Again, a bidirectional causation was observed between agricultural production and CO2 emissions. Thirdly, the impulse response analysis shows that GDP will contribute more to emissions over the 10-year forecast period. This study also proposes policy implications to lessen CO2 across the continent and advocates for the judicious adoption of existing policy frameworks like the 2030 Agenda for environmental Sustainability. [ABSTRACT FROM AUTHOR]

This study aims to identify the factors most likely to affect renewable energy consumption (REC) across mostly homogenous country groups worldwide. Classifying countries into a relatively homogenous group is taken from their economic and social development level measured with the Human Development Index. We delimited highly, medium-, and low-developed countries and checked whether the sets of determinants for using renewable energy sources are the same. We constructed a panel dataset as a basis for the panel Bayesian model averaging (panel BMA) as a factor selection method. The most likely factors were found and compared between the groups of countries. Then, the panel fixed-effects models for each country group were estimated. The results allowed us to confirm that CO2 per capita emissions, terms of trade, GDP, foreign direct investment, crude oil price, and energy consumption from alternative sources are the most critical drivers of REC in group I. The most important factors in group II are CO2 per capita, labor force, forest area, and gas and coal consumption. In the third group, REC consumption differs from that of the more advanced groups and strongly depends on foreign direct investment inflow. The results allow the formulation of policy recommendations on a global scale. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to unravel the impact of post-pandemic COVID-19 on foreign direct investment (FDI) and its determinants in the South Asian Association for Regional Cooperation (SAARC) Countries. Design/methodology/approach: The study utilized four macroeconomic variables includes growth domestic product growth rate (GDPG), inflation rate (IR), exchange rate (ER), and unemployment rate (UR) to assess their impact on post-pandemic FDI, along with two variables control of corruption (CC) and political stability (PS) to measure the influence of good governance. Random effects, fixed effects, cluster random effects, cluster fixed effects and generalized method of moments (GMM) models were applied to a balanced panel dataset comprising eight SAARC countries over the period 2010–2021. To identify the random trend component in each variable, three renowned unit root tests (Levin, Lin and Chu LLC, Im-Pesaran-Shin IPS and Augmented Dickey-Fuller ADF) were used, and co-integration associations between variables were verified through the Pedroni and Kao approaches. Data analysis was performed using STATA 17 software. Findings: The major findings revealed that the variables have an order of integration at the first difference I (1). Nonetheless, this situation suggests the possibility of a long-term link between the series. And the main results of the findings show that the coefficients of GDPG, CC and PS are positive and significant in the long run, showing that these variables boosted FDI inflows in the SAARC region as they are significantly positively linked to FDI inflows. Similarly, the coefficients of UR, IR, ER and COVID-19 are negative and significant. Practical implications: By identifying the specific impacts of the post-pandemic FDI and its determinants, governments and policymakers can formulate targeted policies and measures to mitigate the adverse effects and enhance investment attractiveness. Additionally, investors can gain a deeper understanding of the risk factors and adapt their strategies accordingly, ensuring resilience and sustainable growth. Finally, this paper adds value to the literature on the post-pandemic impact on FDI inflows in the SAARC region. Originality/value: This paper is the first attempt to trace the impact of COVID-19 on Foreign Direct Investment and its determinants in the SAARC Countries. Most of the previous studies were analytical in nature and, if empirical, excluded some countries due to the unviability of the data set. This study includes all the SAARC member countries, and all variables' data are completely available. There is still a lack of empirical studies related to the SAARC region; this study attempts to fill the gap. [ABSTRACT FROM AUTHOR]

Natural resources have become the centerpiece of global discussion recently in an effort to achieving sustainable development. There are arguments that as much as natural resources are inevitable for development; they are disastrous to factors that promote sustainability of the global environment of which the transition to sustainable energy stands out. That notwithstanding, studies have been largely engrossed in verifying the roles natural resources on economic growth and the environment. Consequently, this research provides the first empirical evidence on the impacts of natural resources on sustainable environment in a global dataset for 73 countries from 1997 to 2019. To extend the frontier of knowledge, the roles of technological advancement, structural change, regulatory quality, and foreign direct investment are considered in the empirical model. The empirical evidence relies on cross‐sectional autoregressive distributed lag, augmented mean group; common correlated effects mean group and method of moment quantile regression. The preliminary analyses show that the world is presently in a renewable energy deficit while recording a gradual shift from relying on natural resources. Feedbacks from the model evaluated expose that natural resource dependence curses sustainable energy through its militating impacts. Besides, technological advancement, structural change, regulatory quality, and foreign direct investment significantly and positively drive sustainable energy. Besides, the quantile regression analysis provides diverging magnitudes. Policies that promote sustainable energy are suggested. [ABSTRACT FROM AUTHOR]

This study examines the effects of foreign direct investment (FDI), corruption mitigation, stock market, e-commerce and energy consumption on environmental quality in 54 countries along the Belt and Road Initiative (BRI) from 1996 to 2016. Using various econometric techniques, the study finds that anti-corruption efforts and financial development have positive impacts on environmental quality, while economic growth, FDI and urbanization have negative impacts. This study also reveals that FDI and corruption control have a significant interaction effect on CO2 emissions. This study provides important insights and policy implications for achieving sustainable development in BRI countries. [ABSTRACT FROM AUTHOR]

China has frequently been accused of having negative institutional impacts on host countries through outward foreign direct investment (OFDI). This study argues that Chinese OFDI does not have the ability nor the wiliness to impact the host country's institutions. It examines the hypotheses using panel data covering 161 countries over the period 2005–2020 and applies difference GMM regression techniques. The findings show that, first, Chinese OFDI has no significant institutional effects; second, there is no clear evidence shows the BRI has an impact on the institutional effects of Chinese OFDI. Further heterogeneity analysis supports these findings. [ABSTRACT FROM AUTHOR]

Industrial convergence refers to the dynamic process in which different industries gradually form new industries through mutual penetration and cross. As an advanced form of industrial synergy, industrial convergence is crucial in building a modern economic system. Using a panel data set covering China's 30 provinces during 2006–2018, this study explores the impact of industrial convergence on regional high-quality development. The findings suggest that: (1) Industrial convergence is conducive to high-quality development, and this conclusion remains robust after a series of tests. (2) For heterogeneity, the positive impact of industrial convergence on high-quality development is greater in regions with optimized energy structure and high investment outward, as does the regions with reasonable financial structure and moderate economic agglomeration. (3) Productivity improvement and industrial upgrading are the mediating paths by which industrial convergence promotes high-quality development, and the former plays a greater role. [ABSTRACT FROM AUTHOR]

Although Outward Foreign Direct Investment (OFDI) from India into Least Developed Countries (LDCs) has been increasing amid various initiatives and policy reforms undertaken by the Government of India viz., Duty-Free Tariff Preference Scheme, Asia Africa Growth Corridor etc., India still does not feature amongst the top ten investor economies in LDCs. This makes it imperative to understand what causes OFDI from India into LDCs? Do the host country (LDCs) market-seeking and resource-seeking factors help in pushing OFDI from India into LDCs? For this purpose, the study employs Tobit regression model to empirically test the panel data of 13 LDCs during the period 2008–2018. The results indicate that OFDI from India in LDCs is both market-seeking as well as resource-seeking. It is also observed that OFDI in Asian LDCs is more than African LDCs. However, Bilateral Investment Treaties (BITs) between India and LDCs do not play a significant role in attracting FDI from India into LDCs. Finally, the study proposes important implications for policy makers in India viz. boosting its investment in African LDCs, encouraging private sector enterprises and capturing the untapped potential in the infrastructural projects in LDCs. The study lays down several implications for policy makers in LDCs also, viz. focusing on skill development of human resources, boosting its FDI in sectors like real estate, telecommunications, etc. and ensuring appropriate enforcement of BITs. [ABSTRACT FROM AUTHOR]

Location choice for outward foreign direct investment (OFDI) is key to companies' strategic decision-making on internationalization. We provide a comprehensive framework for Chinese companies selecting OFDI locations based on an eclectic (OLI) paradigm and neo-institutional economics. We reveal that investment motivation and host country's quality of institutions and bilateral institutional distance play interactive, complex roles in China's location choice for direct investment in ASEAN. Chinese companies prefer investing in ASEAN countries with better institutional quality, especially higher political stability, absence of violence/terrorism, government regulatory quality, and rule of law. Institutional quality significantly promotes market-seeking, efficiency-seeking, and resource-seeking investments; among institutional quality factors, rule of law and corruption control significantly promote market-seeking, resource-seeking, and efficiency-seeking investments, while regulatory quality and government effectiveness significantly promote market-seeking and efficiency-seeking investment. The better the host country's institutional quality, the more attractive it is for market-seeking and efficiency-seeking investments, but less for resource-seeking investments. [ABSTRACT FROM AUTHOR]

This paper examines the national saving behaviour in the process of economic growth through a comparative analysis of countries in developing Asia from a historical perspective. Developing Asia provides an ideal laboratory for the study with considerable differences in the saving behaviour among countries and over time within individual countries, notwithstanding the 'model saver' image of the region that is based mainly on the experience of high-performing East Asian economies. The empirical analysis distinguishes between private and government saving rates, with specific emphasis on the former. The results of the empirical analysis are consistent with the view of a 'virtuous circle' between growth and saving, with growth initiating the saving transition. No evidence to suggest that a prior phase of promoting saving through specific policy initiatives is needed to initiate the process of growth and structural transformation. The private saving rate is also associated positively with export orientation of the economy, and net foreign capital inflows and negatively with the young dependency ratio of the population and domestic credit availability. [ABSTRACT FROM AUTHOR]

This article reassesses the role of foreign investments in China's rural industrialization in the 1980s and the early 1990s. It draws upon the power disputes between agribusiness transnational corporations (TNCs) and central domestic players in the country's soybean complex. I follow Chris Bramall's argument that food processing infrastructure grew progressively since the Maoist era in the 1960s and 1970s, instead of springing from foreign investments or pro-business local state officials during the reform and opening up. However, I go beyond this assumption by suggesting that foreign investments often had a detrimental role in rural industrialization, depending on their political action. I show through in-depth empirical analyses that due to the Maoist industrial legacy, soybean processors from Northeast China consolidated an endogenous form of accumulation based on local circuits of production and consumption under state protectionism. This specific industrialization trajectory has put them on opposite sides from agribusiness TNCs. The liberalization agenda pushed by the TNCs through bilateral and multilateral levels of influence culminated in the opening of China's soybean imports in the late 1990s, allowing the consolidation of their global trade monopoly to the detriment of domestic players. [ABSTRACT FROM AUTHOR]

This article examines how national 'long-term strategies' (LTS) narrate energy transitions to low carbon futures. It focuses on the case studies of South Africa and Nigeria as two early LTS submissions to the UNFCCC by prominent fossil fuel producing emerging economies. Given the relative lack of research on both the LTS specifically and the role of narrative futures in the IPE of energy transitions more generally, the article develops an analytical framework based around four key features of LTS narratives: their plots, actors, discourses, and silences. The article argues that there are important similarities in the narratives, especially concerning the leading role of state institutions and national planners. However, there are key differences in terms of narratives of the just transition in South Africa compared to economic growth and innovation in Nigeria, as well as in the cases made for international investment. Finally, there are silences in both LTS narratives in relation to issues of politics, democracy, subjectivity and ecology. This suggests some important limitations on the potential of LTS to advance a just global transition to a decarbonised global economy. [ABSTRACT FROM AUTHOR]

This study investigates the impact of corruption, corruption distance, and corruption direction on bilateral foreign direct investment (FDI) outflows using reporting OECD Global North and Global South countries. We first posit that corruption and the absolute difference in corruption levels across a pair of countries are negatively related to a host country's level of FDI. Then we investigate the moderating effect of direction when investing in a more corrupt host country. A PPML gravity model for a panel of 5733 different North and South country pairs over the years 1998–2018 indicates both the presence of corruption and a high corruption distance between country pairs has negative effects on FDI outflows, but investing in the direction of a more corrupt host country has a positive moderating effect. Our results contribute to expand and complement the theories on corruption in FDI. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of AOS: ESTRATEGIA & INOVACAO and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article contends that North Korea should accede to the New York Convention and the ICSID Convention to provide more robust legal protections and dispute settlement mechanisms for foreign investors. While North Korea has enacted various domestic laws and established special economic zones to attract foreign investment, these measures have proved insufficient to fully assuage investor concerns, particularly regarding the enforcement of arbitral awards and protections against expropriation. Joining the New York Convention would mitigate uncertainties surrounding the enforcement of foreign arbitral awards by obligating North Korean courts to recognize and enforce such awards, subject only to limited, internationally accepted grounds for refusal. Accession to the ICSID Convention would enable aggrieved foreign investors to bring claims against North Korea before a neutral, depoliticized arbitral tribunal, providing an additional layer of protection against discriminatory or expropriatory state conduct. Membership in these conventions would significantly enhance North Korea's credibility in the eyes of foreign investors, demonstrating a commitment to upholding the rule of law and aligning its investment framework with global norms. While accession alone is not a panacea, it represents a crucial step toward building investor confidence, facilitating greater FDI inflows, and fostering North Korea's economic development and international engagement. [ABSTRACT FROM AUTHOR]

We examine the impact of foreign direct investment (FDI) on financial inclusion. To identify the causal effect of FDI on financial inclusion, we use plausibly exogenous source of variations in bilateral investment treaties (BITs) as a novel instrumental variable (IV) for net FDI inflows. Using annual data for a broad panel of 90 countries over the period 2004 to 2017, our results show that FDI improves financial inclusion for both "access to finance" and "use of financial services". This impact is more pronounced for relatively poor countries and developing countries compared to rich and developed countries. We also find that higher financial market development and quality institutions improve financial inclusion directly. Moreover, financial market development and institutional quality can serve as potential channels and moderating variables through which FDI affects financial inclusion. Our results are robust to various estimations and sample splitting and have important implications for policy on financial inclusion. [ABSTRACT FROM AUTHOR]

Modern Regional Trade Agreements (RTAs) include, among other chapters, ones concerning sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT). Drawing on recent literature highlighting the relationship between "deep" RTAs and the global organisation of production, this paper empirically investigates whether these SPS and TBT provisions affect multinational production in the food, beverages and tobacco industry. To this end, we combine two different databases to estimate, in a panel gravity framework, both the intensive and extensive margins of multinational production. Because the extensive margin of multinational production may be persistent, a dynamic probit specification is used. Our results show that legally enforceable SPS sections in RTAs, in particular, influence multinational production, though with a rather differentiated pattern in terms of intensive and extensive margins; further, the impact changes depending on the country of origin and destination. [ABSTRACT FROM AUTHOR]

The Environmental Kuznets Curve (EKC) hypothesis has become an important topic in the literature on the effects of growth on the environment, albeit surrounded by some controversy and nuance. Although this hypothesis has been analyzed in the literature in multiple ways and using different variables, there is still a gap in the consideration of global value chains (GVCs), which delve into the international division of production. This is particularly important in the intermediate stages of production, as they include tasks with a greater environmental impact. This research aims to analyze the environmental effects of economic growth and foreign trade linked to GVCs in a sample of 12 countries of East and Southeast Asia, given their strong insertion in GVCs. Based on the EKC, variables such as GDP per capita, environmental impact, and renewable energy consumption are incorporated. As a novelty, the research also includes GVCs participation and position indexes, and different measures of CO2 emissions. Our results confirm the existence of a nonlinear relationship between economic activity and its environmental effects, although with important nuances depending on the mode of insertion of each country in GVCs. In this sense, although all the selected countries increased their total emissions, substantial disparities are observed depending on the perspective considered (producer, consumer, and exports). Ultimately, it is concluded that, for an effective reduction of the environmental impact in these countries, it is essential to design policy measures, targeting new technologies, consumption and production patterns, and attracting green foreign direct investment. [ABSTRACT FROM AUTHOR]

The growth of the China‐African economic relationship has received much attention among the scholars. Africa and China have experienced cooperation in the areas of foreign direct investment, cross‐border trade, and foreign aids. While this economic relationship has been viewed to contribute to the development of African nations, some scholars are of the opinion that it is a new practice in imperialism. Surprisingly, none of these scholars has examined the environmental effect of Chinese foreign direct investment (CFDI) in African regions. On this note, this study investigates how Chinese foreign direct investment (CFDI) has altered environmental conditions in sub‐Saharan Africa (SSA). The study uses the pooled mean group panel estimation procedure to control for short‐run heterogeneity and long‐run homogeneity in the absence of cross‐sectional dependence for the period 2003–2020, focusing on 22 countries in the region that have seen a substantial increase in foreign investment from China. CFDI is shown to decrease CO2 emissions in the long term, lending credence to the pollution halo hypothesis. Furthermore, short‐term averages show that CFDI increases CO2 emissions, lending credence to the pollution haven hypothesis. However, the short‐term results showed substantial variation on how CFDI affects CO2 emissions. The research shows that short‐term CFDI is associated with reduction in CO2 emissions in Burundi and Rwanda but increases them in the Congo Republic, Gabon, and South Africa. Some policy suggestions based on the results are offered. [ABSTRACT FROM AUTHOR]

Improving green productivity (GP) is critical for achieving global sustainable green development. Yet, past efficiency studies on the African continent have ignored Africa's GP, estimation, and driving factors. Specifically, the role of sovereign debt vulnerability, environmental entrepreneurship, and institutional quality in ensuring Africa's green productivity development is lacking. Therefore, this study built a meta‐frontier biennial weighted modified data envelopment analysis (DEA) model to evaluate green productivity across resource‐intensive and non‐resource‐intensive African countries from 2010 to 2019. Further, the study adopted the global Malmquist‐Luenberger productivity index (GML) to investigate the dynamic changes in African green productivity growth. The results suggest that only a few African countries are efficient, implying more room for improvement for the other countries. The heterogeneity of green productivity across the resource's classification exhibits significant disparity. The technology gap also prevails among the two resource classifications of African countries. The GML index indicates that Africa's green productivity is mainly explained by technical change instead of efficiency change. The bootstrap truncation regression suggests an inverted U‐shaped nexus between growth and green productivity in Africa and resource‐intensive countries (RIC). Green environmental entrepreneurship positively affects green productivity in Africa. On the components of institutional quality, we observed that the rule of law positively influences green productivity in non‐resource‐intensive countries (NRIC) and the whole of Africa. In contrast, political stability, government effectiveness, voice and corruption negatively affected green productivity in NRIC. Also, foreign direct investment (FDI) and sovereign debt vulnerability negatively correlate to green productivity in Africa as a whole and NRIC, respectively. The findings of this study aid in raising awareness of green productivity in developing countries, which is crucial in boosting global green development. [ABSTRACT FROM AUTHOR]

The logistics sector plays a crucial role in supporting various aspects of the economy, making it an essential part of a nation's development. However, this sector also contributes to environmental pollution through various emissions. The adoption of environmentally friendly logistics practices presents a promising solution to mitigate adverse environmental impacts. This study aims to investigate the influence of economic growth, green innovation, foreign direct investment, transport emissions, renewable energy, and trade openness on green logistics in both Brazil, Russia, India, China, and South Africa (BRICS) and Gulf countries from 1992 to 2020. This study used an advanced panel approach to obtain robust results, considering cross‐sectional dependency and slope heterogeneity. The cross‐sectionally augmented autoregressive distributed lag method was employed to analyze long and short‐run estimations. Our findings reveal that in Gulf countries, both transport emissions and foreign direct investment have a negative impact on green logistics. In the BRICS countries, economic growth, transport emissions, trade openness, renewable energy, and green innovation have a positive impact on green logistics. The study proposes several recommendations to improve logistics development in both groups of nations and promote sustainability. To achieve carbon neutrality, it is important to adopt green logistics, promote green investments, and support renewable energy, innovation, and sustainable growth. [ABSTRACT FROM AUTHOR]

Despite the economic success, the G7 nations have not adequately prioritized environmental welfare. However, these nations must recognize that economic prosperity cannot be sustained without safeguarding environmental sustainability. In short, environmental protection is a necessary component of achieving sustainable development goals. For this matter, this study aims to analyze the effects of accumulative infrastructure development, economic growth, foreign direct investment, technological innovation, and institutional quality on the CO2 emissions of the G7 countries. Using annual panel data from 1996 to 2020, this study employs cross‐sectional autoregressive distributed lags (CS‐ARDL) to determine the environmental impacts of the variables under investigation. The findings show that foreign direct investment and institutional quality have a favorable effect and improve environmental quality. In contrast, the accumulative (transport, energy, financial, and information and communication [ICT]) infrastructure development, economic growth, and technological innovation stimulate environmental degradation by increasing CO2 emissions. These results are found robust, as validated by the Common Correlated Effect Mean Group (CCEMG). In line with these crucial findings, governments have suggested that specific measures supporting innovation in environmental‐related technologies, infrastructure development, and economic growth must be implemented to mitigate CO2 emissions in the G7 countries. [ABSTRACT FROM AUTHOR]

This research delves into whether access to natural resources is a blessing or a curse, a matter of contention within contemporary literature. Lacking conclusive evidence, particularly within the G‐20 countries, this study endeavors to establish the intricate linkages between economic development, natural resources, and economic complexity. A subset of G‐20 economies from 1990 to 2021 was used to analyze the results of the second‐generation CS‐ARDL model. After accounting for variables like corruption, total labor force, gross capital formation, trade openness, and inflow of foreign direct investment, we find that natural resources, economic complexity, corruption and gross capital formation are significant and adverse predictors of economic growth. Natural resource dependence is susceptible to price fluctuations and sustainability concerns, economic complexity may introduce market volatility challenges, corruption erodes trust and transparency, and excessive gross capital formation can lead to economic imbalances. On the other hand, economic growth is positively impacted by the additional effects of the control variables, including foreign direct investment, trade openness and labor force. In crafting its policy recommendations, this study artfully weaves a tapestry that resonates with the core principles of the Sustainable Development Goals (SDGs). These strategic imperatives include the adept stewardship of resources, the cultivation of economic diversity, the seamless facilitation of trade, the fortification against corruption, and a harmonious symphony that underscores financial stability and the nurturing of human capital, ultimately painting a vivid portrait of sustainable economic growth. [ABSTRACT FROM AUTHOR]