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The purpose of this article is to challenge the balanced budget practices of U.S. state governments and offer alternatives that may lead to better fiscal, economic and policy outcomes. We contend that the norm of balance may be leading U.S. states to make fiscal decisions that result in less-than-ideal outcomes, especially during economic downturns.

This is a normative article. We examine the scholarly evidence regarding balanced budget practices to assess the appropriateness of balanced budget norms. We also examine the fiscal rules followed by Eurozone countries to draw potential lessons for U.S. states.

We conclude that state governments should move away from strict norms of budget balance and seek more flexible approaches. We suggest that instead of following strict rules and norms of balance, U.S. states should consider implementing escape clauses, debt and deficit ceilings, and fiscal councils. We also suggest that the Federal Reserve be open to lending directly to states during fiscal crises to ensure that states have access to affordable credit.

The balanced budget norm has become ingrained in U.S. state budgeting practices, so much so that public officials and scholars alike rarely question it. The novel contribution of our article is to question this practice in a systematic way and propose alternative approaches.

This study aims to deal with the evaluation of institutional development and effectiveness of regional parliaments; it provides a scientific contribution to the development of the field of parliamentary studies by developing a set of indicators to present a parameter for evaluating regional parliaments with application to the Arab Parliament. The study concluded with the development of a parameter of 35 indicators to measure institutionally, efficiency and effectiveness of the institution, with application to the Arab Parliament, as well as developing an integrated assessment of the strengths and weaknesses in the institutional aspects and organizational efficiency.

The study is predicated on the principle of institutional approach and the systems analysis. The curriculum is applied to the Arab Parliament as an institution to quantify efficiency and efficacy according to the implementation of a set of proposed practical indicators. The study additionally applies both Huntington’s institutional standards such as Adaptability, Involution, Autonomy and Coherence, as well as the indicators of institutions efficiency according to PrePanti such as Openness, Reception (R), Autonomy (A), Balance (B), Congruence (C), Internal Efficacy (I), Reformulation (R) and Roles (R), which refer to the first seven Latin letters “First RABCIRR”.

The researcher endeavored to answer the main questions; How to quantify the degree of institutionalization, its impact on the efficiency and efficacy of regional parliaments. The researcher’s approaches and the standards of efficiency and efficacy figured a comprehensive set of indicators that composed an integrated parliamentary standard to assess the degree of institutionalization, efficacy and efficiency of regional parliaments as a scientific contribution based on the Arab Parliament that can be applied to all regional parliaments.

This research is an attempt to create a Parliamentary Index to complement the previous scientific initiatives and efforts in developing such an index, which consists of 35 indicators and its application to the Arab Parliament. This research uses the principles of institutional approach, system analysis methodology and efficiency. The approach is applied to the Arab Parliament as a regional parliament to measure efficiency and effectiveness by applying a set of the proposed indicators.

It is documented that companies and government agencies in the USA invest more in the fourth fiscal quarter without having higher investment opportunities. While previous studies focus on the agency conflicts and information asymmetry within organizations, this study is motivated by Scharfstein and Stein's (2000) two-tiered agency model and aims to examine how firms' external business environment affects the “fourth quarter effect.”

The authors implement this study in a sample of 41 countries and observe similar seasonality in firm investment as documented in the US market.

More importantly, using country characteristics, this study finds that firms from countries with better investor rights and protection, and more developed financial markets show less severe over-investment in the fourth fiscal quarter.

This paper contributes to the literature of law and finance, and the internal capital market, by investigating the quarterly investment patterns of firms from 41 countries. The authors find that similar to the results in earlier studies on the US market, firms in the global market increase their capital expenditure in the fourth fiscal quarter, indicating that the internal agency conflicts between the headquarters and divisional managers are widespread across the world. The authors also find that firms that operate in countries with higher investor rights and protection, and more developed financial markets, tend to show less severe “fourth quarter effect”.

Central theme: The present chapter discusses the integration of data science methods in devising economic policies in different countries with special reference to India.

Purpose: It explains how the policy-making process in countries can be transformed from estimate-based policies to evidence-based policies with the help of techniques such as artificial intelligence (AI), big data, and data analytics. It answers the research question of whether the data science techniques can make the economic policy process efficient or not in developing countries like India.

Research methodology: Data are collected from secondary sources such as government websites, journals, corporate reports, and research databases to conduct this descriptive analysis. Research papers from Scopus/Web of Science (WoS) database are extracted, and exclusion/inclusion criteria are applied for extracting papers relevant to this research.

Findings: The chapter found out various opportunities which India can tap by gaining new insights on critical macroeconomic issues such as unemployment, labour markets, and water crises and would be able to resolve the problems with the help of predictive modelling. The findings exhibit the possibility of building models that could explain how to integrate data science techniques into the policy-making process. It also highlights the challenges that Indian economy is facing in incorporating these techniques in its policy-making process. It states the need to design different evaluation schemes based on information and communication technology (ICT) and data science for different policies, since one methodology does not suit all.

The purpose of this study is to analyze the affordability and sustainability of residential water consumption in Ecuador, a developing country.

To determine affordability, the authors assess water consumption and its distribution across different income levels of the population in the three main cities: Cuenca, Guayaquil and Quito. The authors then simulate the effects of a pricing policy on sustainability by deriving demand elasticities through a quadratic almost ideal demand system (QUAIDS).

Results show that Ecuador has low water tariffs with respect to other cities in Latin America, which points to its affordability. However, sustainability might not be guaranteed since consumption is overall higher than the level suggested by the World Health Organization. From an economic point of view, this could be motivated by the low tariffs. Indeed, the simulation of a pricing policy shows that higher prices can significantly reduce demand for most of the sample. However, in low-income households this reduction may compromise vital consumption.

This research has important implications in terms of stimulating the discussion of how water affordability and sustainability can be achieved. For the case study, Ecuador, the results indicate that sustainability may not be guaranteed and that policies need to be designed to encourage it. Another implication is that population income levels should be considered to avoid negative effects for the most vulnerable groups. The main limitations of this study are methodological. First, the QUAIDS model is based on a conditional demand model (Zhen et al., 2013), which does not take into account spending on other goods. Second, data availability is limited and prevents a deeper analysis.

To the best of the authors' knowledge, this is the first study to analyze these issues in Ecuador, a country that recognizes the human right to water at the constitutional level.

Infrastructure forms a basis for the operations and sustainability of the modern society. This paper aims to recognize value creation from the infrastructure procurement ecosystem perspective to achieve those goals. The pursuit of enhancing value creation involves an examination of infrastructure procurement challenges, boundaries as well as boundary spanners that facilitate effective knowledge transfer and interaction.

The qualitative study is based on content analysis of 25 thematic interviews. Data was transcribed and coded via Atlas.ti software.

Infrastructure procurement value creation challenges appear complex and related to boundaries that hamper collaboration, coordination and knowledge sharing. Our results show that these boundaries locate within and between different levels of procurement ecosystem. Therefore, value creation in infrastructure procurement requires boundary spanners for leveraging knowledge sharing and interaction. Artifacts, discussion, processes and brokers as identified boundary spanners are strongly nested and interrelated in the industry. Special attention should be given to supporting individuals to act as brokers, since they play the key roles in trust building, culture steering and usage of other boundary spanners.

Promoting value creation in infrastructure procurement helps to achieve socio-economic development goals.

This study offers a unique perspective on value creation in the context of infrastructure by adopting an ecosystem lens and examining boundary crossing mechanisms. The results support future development of collaboration and knowledge sharing practices fostering procurement productivity.

This study aims to investigate the claim that there is no coherent and homogeneous body of concepts and practices that can be classified as “Islamic accounting”.

The study focuses specifically on Islamic accounting and uses a qualitative historical documentary analysis methodology to study an original manuscript from the 14th century.

The analysis of the manuscript argues that religious accounting can be seen as a value-based system for achieving social good and that in the context of Islamic accounting, it can be conceptualised as a coherent body of ideas and practices.

Firstly, the study conceptualises Islamic accounting as a homogeneous discipline with its own knowledge, concepts and practices. Secondly, it contributes to current accounting literature by examining an ancient manuscript from the 14th century, which serves as a foundation for understanding the Islamic accounting system within the context of accounting, religion and spirituality. The paper further contributes by arguing that this conceptualisation of religious accounting as a value-based approach enables its practitioners to evaluate their own accountabilities in delivering on socioeconomic objectives related to inter-human/environmental, social and financial transactions within the context of religious accounting practices.

This study proposes marketing strategies for global fast-moving consumer good (FMCG) brands to survive and thrive in the turbulent economic environment created by COVID-19. The authors investigate the indirect effects of consumer ethnocentrism (CET) and consumer confidence (CC) on customer equity drivers (CEDs)’ effectiveness in influencing repurchase intention (RI) for global FMCG brands.

This study uses the mall-intercept technique. Respondents were randomly approached at popular retail and shopping destinations in Athens, Greece, and 228 customer participants completed the survey.

CET and CC weaken the positive relationship between certain CEDs and RI of FMCG brands. Particularly, the effects of relationship equity (RE) and value equity (VE) on strengthening repeated purchases are higher for low-confidence or low-ethnocentric consumers. Thus, marketing strategies for enhancing value and creating stronger consumer–brand relationships are more effective in boosting repeated purchases during economic turbulence.

Practitioners and academicians can use the insights obtained from this study to determine how to allocate resources and adopt the most effective marketing strategies in local environments based on consumer preference for domestic or global products and consumer morale and expectations for future financial status.

This research unveils the mechanism behind the moderating effects of CET and CC on the effectiveness of CEDs in global FMCG settings using social identity and system justification theory. Turbulence in international and local markets due to the pandemic has revealed that marketing function needs to redesign strategies and coordinate practices to boost repeat purchases.

This article introduces the Special Issue on Sustainable Management of Heritage Buildings in long-term perspective.

It starts by reviewing the gaps in knowledge and practice which led to the creation and implementation of the research project SyMBoL—Sustainable Management of Heritage Buildings in long-term perspective funded by the Norwegian Research Council over the 2018–2022 period. The SyMBoL project is the motivation at the base of this special issue.

The editorial paper briefly presents the main outcomes of SyMBoL. It then reviews the contributions to the Special Issue, focussing on the connection or differentiation with SyMBoL and on multidisciplinary findings that address some of the initial referred gaps.

The article shortly summarizes topics related to sustainable preservation of heritage buildings in time of reduced resources, energy crisis and impacts of natural hazards and global warming. Finally, it highlights future research directions targeted to overcome, or partially mitigate, the above-mentioned challenges, for example, taking advantage of no sestructive techniques interoperability, heritage building information modelling and digital twin models, and machine learning and risk assessment algorithms.