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There have been major reforms of the financial system within Europe over the past two decades. These reforms were initiated to enhance the competitiveness and sustainable economic growth of economies in this region. This paper investigates the inter-relationships between the reforms undertaken in the financial sector (banking sector, stock market, and insurance industries) and economic growth in Europe. More specifically, this study examines whether there are Granger causal relationships between banking competition, stock-market development, insurance market development, and economic growth, using a panel dataset covering European countries over the period from 1996 to 2016. Utilizing a multivariate framework, the study's results show that all the variables are cointegrated. The findings reveal a network of Granger causal associates between the variables, including short-run bidirectional causality between stock market development and insurance market development. In the long run, there is compelling evidence of Granger causality from banking competition, insurance market development, and stock market development to economic growth. The results provide valuable insights into the types of financial sector reforms that will enhance sustainable economic growth in Europe.

This study examines key factors in the economic growth of middle-income countries over the period 1970–2017. The variables considered are ICT infrastructure development, taxation revenue, government expenditure, gross capital formation, foreign direct investment, and inflation. This study considers interlinkages between the macroeconomic variables noted above. The purpose of this study is to determine: (1) if there is causality between the variables and (2) the direction of any causality. Using a panel vector error-correction model, we find both short-run and long-run relationships between the variables. In each specification, we find that ICT infrastructure development, taxation revenue and the four macroeconomic variables all stimulate economic growth in the long run. This suggests that policymakers should curate an integrated and holistic policy framework pertaining to taxation, ICT infrastructure development and other macroeconomic policies to create a vibrant national economic ecosystem that would ensure the sustained economic growth of middle-income countries.

Economic growth in the Eurozone has been lacklustre over the last two decades due to increased global competition from economic players in other regions, economic and financial crisis, and political uncertainties within the zone. To increase the global competitiveness of the region, the European Union launched the Europe 2020 Strategy to raise the level of entrepreneurship and innovation, which are purported to be key drivers of economic growth. The main purpose of this paper is to investigate whether this assertion is true. Thus, the paper investigates the Granger causal relationships among entrepreneurship development, innovation, and economic growth for a sample of the Eurozone countries for the period 2001–2016. Using a vector error-correction model, the study finds that in the long run, both entrepreneurship and innovation stimulate economic growth. In the short run, strong causal links exist but are not always uniform. The results reveal that Eurozone countries should indeed base their growth strategies on policies that promote innovation and policies that create incentives for entrepreneurship.

Over the past 30 years, the economies in Europe have undergone major transformations that have been powered by diffusion of information and communication technology (ICT), intensification of innovation, and reforms in the financial sector to support innovative endeavors. The primary objective of this study was to examine the causal relationships among ICT diffusion, innovation diffusion, venture capital investment, and economic growth for 25 countries in Europe for the period from 1989 to 2016. Using a vector error‐correction model, the study examines the underlying short‐run and long‐run relationships for the above variables. The empirical analysis shows that in the long run, venture capital investment, ICT diffusion, and innovation diffusion have significant impacts on economic growth in Europe. However, in the short run, the direction of the causality varies depending on the specific measures of ICT diffusion and innovation diffusion that are utilized. Results from this study provide valuable insights into the types of policies that will contribute to sustainable economic growth in Europe.

There has been a significant transformation in the diffusion of information and communication technology (ICT), development of the venture capital industry, and economic growth in European countries over the past three decades. Using vector error-correction modelling, we examine the possible interrelations between venture capital investment, ICT infrastructure, and economic growth, based on annual data from 25 European countries between 1989 and 2016. Specifically, we examine the direction of Granger causality between these variables. We find that the variables are cointegrated. Our empirical results also illustrate that both economic growth and the development of ICT infrastructure impact all stages of venture capital investment (early, late, and overall VC investment) in the long run. The study also shows that economic growth and late-stage venture capital investment impact internet usage; and internet usage and late-stage venture capital impact economic growth in the long run. The results also reveal strong inter-linkages between the variables in the short run. Overall, empirical results suggest that policy-makers should give special attention to an integrated policy approach for the co-development of the ICT infrastructure, venture capital, and economic growth in Europe.

The banking sector and the stock market in Europe have been adversely impacted by a series of global financial crises over the last two decades. Major financial reforms were implemented to enhance ...

Over the last 5 decades, the economic landscape in Europe has been transformed rapidly due to innovation, digitisation of the economy, and emergence of new sources of growth. However, the complex dynamics among diffusion of innovation, penetration of information and communication technology (ICT), and economic growth have not been adequately studied. This paper investigates the relationships among these three variables for European countries over 1961–2016. The goal is to determine whether the direction of causality among the variables runs both ways, one way, or not at all. Using a vector error-correction model, we find that in the long run, both innovation diffusion and ICT penetration stimulate economic growth. In the short run, however, the causal links are not always uniform and depend on proxies that are used for innovation diffusion and ICT penetration. The results provide valuable insights on the types of policies and strategies that would sustain economic growth in European economies.

The energy and financial sectors have undergone rapid transformations over the last five decades and these changes have had a major impact on economic growth rates across the globe. In this paper, using a panel vector error-correction model, we study the interactions between energy consumption patterns, financial sector development, and economic growth in 35 Financial Action Task Force (FATF) countries over 1961–2015. We focus on the direction of Granger causality between the variables. Our empirical results show that both energy consumption patterns and financial sector development are significant long-term drivers of economic growth in the FATF countries. Thus, the sophistication of the financial sector and resources to develop the energy sector will contribute to enhancing the economic prosperity of the FATF countries in the long run.

Much of the literature on venture capital (VC) investment focuses on the impact of such investment on firm performance. Although some studies consider the link between VC investment, innovation, and economic growth (usually in a pair), the role of financial development in these relationships is often considered only in the periphery, if it is considered at all. The present study uses a panel vector error-correction model to study the Granger causality among VC investment, innovation, per capita economic growth, and financial development. We study 23 European countries over the period of 1989–2015 and consider several different measures of innovation based on indicators such as patenting, trademarks, research and development, and researcher activities. The empirical results indicate that all three variables (VC investment, financial development, and innovation) contribute to long-term economic growth. The results also show strong endogenous relationships among the four variables in the short run based on the types of innovation indicators and venture capital measures used in the empirical model. The short-run and long-run analysis between the variables provides important policy implications for securing sustained economic growth in Europe.

The roles played by the financial sector and of information and communication technology (ICT) in economic growth are well established in the literature. With increasing development and the convergence between the financial and ICT platforms, digital financial systems emerged which have opened new opportunities to close the wealth gaps between the “haves” and “have-nots” in the developing world. In this paper, we examine the short-run and long-run dynamics between economic growth, financial inclusion initiatives, and ICT infrastructure development in 20 Indian states over the period from 1991 to 2018. Using the Granger-causality technique, we show evidence of strong temporal causality between these variables in the short and long term. Our empirical results demonstrate that careful co-curation of ICT infrastructure development, financial inclusion initiatives, and economic growth strategies is essential for these Indian states to achieve sustainable economic development.

We study the interactions between the diffusion of mobile phones, foreign direct investment, financial development, ICT goods imports, and economic growth using a panel dataset covering the G-20 countries for the period 1990–2014. Using our multivariate framework, we find that all of the variables are cointegrated. Our findings also reveal a network of short-run and long-run causal relationships between the variables, including long-run unidirectional causality from foreign direct investment and financial development to the diffusion of mobile phones and economic growth.

This study investigates the Granger causal relationships between innovation, economic growth, information and communication technology (ICT) infrastructure, government consumption expenditure, gross capital formation, foreign direct investment, and trade openness. Using panel data from 32 high-income OECD countries from 1970 to 2016 and panel cointegration techniques, results show that these variables are cointegrated. The Granger causality tests further confirm that, taking other variables into account, there is bi-directional causality between innovation and economic growth in the long run. Moreover, both economic growth and innovation are generally impacted in the long run by the other variables that we consider. The short-run causality results reveal a diverse pattern of short-run adjustment dynamics among the variables including the possibility of feedback among some of them. Important policy implications for sustainable economic growth and higher innovation suggest elevating government consumption expenditure, increasing capital formation, further opening of countries' economies to trade, as well as improving ICT infrastructure.

Venture capital (VC) is a key catalyst for nurturing start-up firms with high-growth potential to undertake innovative endeavors that contribute to national wealth. Existing literature concentrates on the impact of venture capital on firm-level performance. Unlike much of the earlier work, we conduct a macro study examining short-term and long-term relationships between VC investment, the state of the financial sector, and economic growth in 20 European single market countries between 1989 and 2015. We show that major transformations (political, economic, financial and institutional) over the sample period in the Eurozone region have resulted in the data series used in the study (economic growth, financial sector development, and VC investment) to be non-stationary. As such, the vector error-correction model (VECM) and Granger-Causality test are used to examine short-term and long-term relationships between VC investment, financial development, and economic growth for the sample countries. The fin...

Purpose The purpose of this paper is to shed light on the age-old trade-and-economic-growth controversy. The authors do so by utilizing the data relating to the G-20 countries between 1988 and 2013. Design/methodology/approach The authors seek to establish the formal statistical links between openness to trade and economic growth in the context of interactions with financial depth, gross capital formation, and foreign direct investment. The authors use a panel vector autoregressive model to obtain the estimates. The authors check for the robustness of the results. Findings The authors find that all the variables are cointegrated. That is, there is a long-run equilibrium relationship between the variables. Moreover, trade openness, financial depth, gross capital formation, and foreign direct investment are all causative factors for the economic growth of the G-20 countries in the long run. At the same time, the short-run results demonstrate that there is a myriad of causal links between these variables. Practical implications The decision makers in the G-20 countries wishing to encourage economic growth in the long run should pay close attention to trade openness, financial depth, gross capital formation, and foreign direct investment inflows to their countries. Originality/value The authors study an important group of countries over a long span of time, using advanced panel data techniques. The results demonstrate that future studies on economic growth that do not simultaneously consider trade openness, financial depth, foreign direct investment, and gross capital formation will offer biased or misguided results.

This paper examines the mutual relationship between broadband penetration, financial development, and economic growth in the 22 Arab League countries for the period between 2001 and 2013. Financial development (represented by broad money supply, claims on the private sector, domestic credit to the private sector, domestic credit provided by the banking sector, market capitalization, turnover ratio, and traded stocks) is assessed both individually, and by a composite index. Our results reveal that there is a long-run equilibrium relationship between broadband penetration, financial development, and economic growth. Additionally, we use a panel vector autoregression model to reveal the nature of Granger causality between the covariates. The most important insight of this study is the presence of bidirectional causality from economic growth to broadband penetration in the long run. In addition, we find that financial development together with broadband penetration Granger-cause economic growth in the...

This paper examines the causal relationships between insurance market activities, economic growth, financial depth, and government consumption expenditure. We utilize a panel vector autoregressive model to test Granger causality for 18 middle-income countries over 1980–2012—a group that has not been previously studied in this literature. The results show a robust long-run economic relationship between insurance market activities, economic growth, financial depth, and government consumption expenditure. Moreover, in the short run, we find bidirectional causality between financial depth and economic growth, between financial depth and government consumption expenditure, and between insurance market activities and government consumption expenditure. Unidirectional causality exists from insurance market activities to economic growth, from financial depth to insurance market activities, and from government consumption expenditure to economic growth.

Statistical early warning systems (EWS) to identify problematic banks have grown in sophistication, complexity, and accuracy, but can they inform markets? We utilize five “archetypical” EWS using a unique dataset which accumulates data from 1986 through 2009. An arbitrage portfolio is formed by shorting problematic banks and going long the remaining banks. We find accumulating data allows the models to function during long periods with few or no bank failures and that the factors used are stable. While all models studied do a good job predicting bank failure, we find that EWS are unable to inform markets.

There is increasing evidence that large-bodied primates play important roles as seed dispersers and in the maintenance of tree diversity in forest ecosystems. In this study we compared forest regeneration at two sites with differing primate abundances in the Ecuadorian Chocoan rainforest. We predicted: (1) significant differences in primate abundance between the two sites; (2) higher understory tree species richness and density at the site with greater primate abundance; (3) the site with lower primate abundance characterized by tree species dispersed by non-primate biotic agents and/or abiotic factors. We compared two sites, Tesoro Escondido (TE) a campesino cooperative, and the El Pambilar (EP) wildlife refuge that both maintain populations of mantled howler monkey (Alouatta palliata), the brown-headed spider monkey (Ateles fusciceps fusciceps) and the capuchin monkey (Cebus capucinus). We characterized canopy structure by point-quadrant sampling, determined primate abundance and sampled seedlings/saplings in 1 m2 plots, classifying tree species based on three dispersal syndromes: adapted for primate dispersal, dispersed by other biological agents, and abiotic dispersal. We compared sites in terms of primate abundance (groups and individuals observed per day) and regeneration characteristics (overall density, species richness, and dispersal syndrome). We carried out within site comparisons and constructed understory tree species accumulation curves. Overall the forests were structurally similar - with significantly higher densities of A. f. fusciceps at TE. Encounter rates for the other two primate species were similar at both sites. Understory tree density and species richness was significantly higher in TE with no stabilization of tree species accumulation curves. The species accumulation curve for understory trees at EP stabilized. Higher densities and species richness of primate dispersed tree species were observed at TE, with non-primate biotically dispersed tree species the dominant dispersal syndrome at both sites. Our observations are consistent with those from other studies investigating the role of large-bodied frugivorous primates in forest regeneration, and point to a general pattern: future lowland tropical forest tree diversity depends on maintaining robust populations of large primate species in these systems. It is highly probable that the maintenance of high levels of tree diversity in Chocoan rainforests is dependent on the conservation of its largest resident primate, the critically endangered brown-headed spider monkey (A. f. fusciceps). Rev. Biol. Trop. 64 (2): 493-506. Epub 2016 June 01. ResumenHa habido un incremento de la evidencia sobre el importante papel ecológico de los primates grandes como dispersores de semillas para el mantenimiento de la diversidad del bosque. Este estudio compara la regeneración del bosque en dos sitios con diferente abundancia de primates en el Chocó ecuatoriano. Las predicciones son: (1) la abundancia de primates será significativamente diferente en los dos sitios; (2) la riqueza de especies y la densidad de plantas del sotobosque será mayor en la localidad con mayor abundancia de primates y, (3) la localidad con menos primates tendrá mayor riqueza de especies y densidad de plantas que aquellas especies dispersadas por otros mecanismos bióticos. Se compararon dos sitios: una cooperativa campesina (TE) y un Refugio de Vida Silvestre (EP). Allí habitan tres especies de primates: el aullador negro (Alouatta palliata), el mono araña de cabeza café (Ateles fusciceps fusciceps) y el mono capuchino (Cebus capucinus). Se caracterizó la estructura del dosel usando muestreos en punto-cuadrante, se determinó la abundancia de primates y se muestrearon plántulas en parcelas de 1 m2, clasificando las especies de acuerdo con tres síndromes de dispersión: dispersadas por primates, dispersadas por otros agentes bióticos y dispersadas por agentes abióticos. Se compararon ambos sitios en términos de abundancia de primates (grupos e individuos por día) y características de la regeneración (densidad de plantas, riqueza de especies, y síndrome de dispersión). Se hicieron comparaciones en cada sitio y se construyeron curvas de acumulación de especies. El bosque fue estructuralmente similar, con una abundancia mayor de A. f. fusciceps en TE. Los encuentros para las otras dos especies de primates fueron similares en ambos sitios. La densidad y riqueza de plántulas del sotobosque fue significativamente mayor en TE y la curva de acumulación de especies no se estabilizó pero sí lo hizo en EP. Se observó mayor densidad y riqueza de plántulas dispersadas por primates en TE con dominancia del grupo de plántulas expuestas a otros agentes bióticos y abióticos en ambos sitios. Los resultados son consistentes con los de otros estudios que investigan el papel de los grandes primates frugívoros en la regeneración del bosque y puntualizan un patrón general: la diversidad futura de los bosques tropicales de tierras bajas podría depender del mantenimiento de poblaciones robustas de primates grandes. Es probable que la alta diversidad de árboles en los bosques lluviosos del Chocó dependa de la conservación de sus primates, entre ellos el mono araña de cabeza café, una especie críticamente amenazada.

The article investigates causal relationships between internet penetration rates, financial depth and per capita economic growth in the Next-11 countries. Using panel vector autoregressive (VAR) approaches, our empirical results show that these variables are cointegrated. Moreover, we find bidirectional causality between internet penetration rates and economic growth, and between financial depth and economic growth in the short run.

Purpose – The purpose of this paper is to empirically examine the value of Masters of Business Administration (MBA) degree. The authors aim to bridge the gap between the theory and individual understanding of the value of an MBA program. Design/methodology/approach – This empirical paper used a non-experimental design to test a proposed model based on a review of relevant literature. MBA alumni completed surveys capturing the constructs researched. Findings – The findings of this research suggest that an MBA adds value to both MBA alumni as well as the organizations who hire them. The main source of this value is the knowledge and skills acquired while taking academic courses in the MBA program. Research limitations/implications – The implication of this research is that an MBA does add value to students that is not necessarily obtained through work experience alone. Practical implications – The MBA degree qualifies an individual to manage an organization. An MBA does provide high potential for return on investment to both individuals well as the organization who hires them. Social implications – Economic growth requires entrepreneurs, professionals, business specialists, and managers. The research findings provide evidence that MBA program graduates do make a significant contribution toward improving the organization employing them. These profitable organizations in turn invest back in the community they operate in and help to improve the overall socio-economic fabric of the local economy. The results of this study also suggest that investment in MBA programs by local governments could bring back significant returns to the community in terms of job growth and availability of quality workforce. Originality/value – Although a considerable amount has been written about the value of an MBA education, there is still a lack of research in the area linking human capital with organizational performance for MBA graduates. This contribution is also of special importance amid the recent criticism of the MBA by prominent management scholars.

Woolly monkeys (Lagothrix lagothricha), one of the largest primates in the neotropics, play important roles as seed dispersers in neotropical forests. All subspecies hold some kind of threatened status (VU, vulnerable, and CR, critically endangered) according to International Union for Conservation of Nature, mainly due to deforestation, subsistence hunting, and illegal wildlife trade. Therefore, a high number of animals are kept in rescue centers and zoos, where conditions tend to be poor and their survival is low. This study’s main purpose was to compare the activity budget of free-ranging woolly monkeys, captive animals at a rescue center, and a group of rehabilitated and released monkeys. Results showed an important difference between the time budget of captive and wild monkeys, while showing an intermediate pattern for the released group. Our results suggest that rehabilitation and release imply high mortality rates, but may be an effective strategy for woolly monkey conservation.

The purpose of this paper is to empirically examine the relationship between sense of belonging and job satisfaction in hospital-based nurses. By discovering what contributes to job satisfaction, organizations will be able to better retain their nurses. This empirical paper used a non-experimental design to test a proposed model based on a review of relevant literature. Working nurses in a hospital setting completed surveys capturing the constructs researched. The findings of this research suggest that sense of belonging leads to positive outcomes and higher job satisfaction. Older employees tend to be less satisfied than their younger counterparts. While this study offers some insight into the factors affecting the job satisfaction of nurses, the sample was limited to respondents who were working at local hospitals in Southeastern United States. Thus these results may not represent the views of all nurses in the health care sector. To retain high-valued nurses it is important that an organization has a work environment that enhances their commitment to their occupation. These research findings provide evidence that nurses who feel as though they are part of an organization will be more motivated to better their respective organizations. In turn, these profitable organizations invest back in the community they operate in, improving the overall socio-economic fabric of local economy. Although a considerable amount of research has been done evaluating the value of a sense of belonging, none of these studies link it to job satisfaction based on gender. This contribution is also of special importance amid the recent criticism of the healthcare costs by prominent management scholars. Keywords – Sense of Belonging, Job Satisfaction, Healthcare, Age, Work Experience