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This paper aims to examine how proportional appropriation systems affect the quality of financial reporting in entities controlled by local governments.

The authors examine this issue using the setting of Italian municipally owned entities (MOEs) following the implementation of a new accounting regulation that limits the spending power of the participating municipality when the owned entity reports losses. The authors apply Benford's law on net income figures using the Chi-square and Z-tests on the adjusted version of the Mean Absolute Deviation (MAD) criterion to spot any sign of low data quality. The sample, which consists of 2,120 MOEs, covers the years 2010–2019 and is evenly divided into the periods pre- and post-policy introduction.

Widespread data anomalies were detected following the introduction of the new regulation for MOEs controlled by local governments. Evidence is stronger for entities owned entirely by municipalities. The results suggest that the extent of data manipulation grows as the municipality's ownership stake increases, consistent with the hypothesis that a decrease in spending power through the appropriation of financial resources affects earnings management practices in municipally controlled entities.

This paper sheds light on government-based accounting policies by documenting evidence of somewhat inefficient responses by those responsible for the preparation of financial statements on behalf of municipally owned entities, and, accordingly, insights are provided to help review these policies so as to forestall even indirectly detrimental repercussions on public services.

This paper extends prior research in public-sector earnings management by being the first to test whether MOEs manipulate their earnings as a consequence of participating municipalities' reduced spending capability. Understanding factors influencing earnings management practices driven by governments, other than political incentives, is still an open issue.

This article aims to address the confusion related to the meanings of interorganisational cooperation, control, coordination and collaboration in collaborative projects by developing a conceptual framework. From this, the authors aim to describe the links among these concepts in terms of development levels of stakeholder relationships. In addition, the authors aim to identify challenges and preconditions in relation to developing relationships at different levels.

The authors have adopted the directed approach of qualitative content analysis method to validate and extend the conceptual framework of this study. The context of this study is a large hospital construction project located in northern Finland.

The findings of this study suggest that collaboration is a multilevel process of active engagement of multiple stakeholders. These stakeholders must have a high degree of shared understanding in terms of cooperation, control and coordination to achieve the mutually desired outcomes. This study also identifies the challenges that project stakeholders could face in developing collaborative relationships and propose preconditions for the same.

This study provides a better understanding for project managers to manage interorganisational collaborative construction projects successfully. The outcome of this research would be beneficial to project management team to deliver dispute-free construction projects.

Existing practical research on the development of relationships at different levels in collaborative construction projects is limited. This study offers a framework for the same which is validated in a real-life project.

This paper aims to determine whether local governments (LGs) use non-consolidated municipally owned companies (MOCs), excluded from public sector entities and, consequently, from sub-national debt to avoid fiscal debt limits. This paper contributes to the literature by analysing the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units.

This paper uses difference-in-differences and the system general method of moments model with the Blundell–Bond estimator for dynamic panel data analysis of MOCs owned by 866 Polish municipalities in 2010–2018.

This paper shows that the MOCs’ revenues support limited local public debt capacity by indebtedness restrictions imposed on municipalities in 2014. As a result, less indebted municipalities have higher off-budget revenues. The tightening of fiscal rules related to sub-sovereign indebtedness increased off-budget activities, but that effect is much stronger in rural and rural–urban municipalities than in urban municipalities and big cities.

This paper contributes to the literature by exploring the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units. In this paper, the authors combine theories relating to private and public finance; this is a novel approach and one that is also necessary – as, in fact, the worlds of public and private actors intersect – as exemplified by the existence of MOC.

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.

The purpose of this study is to investigate the relationship between fiscal policy (tax revenues and government expenditure) and economic happiness. The panel data are used from 2012 to 2016 for 18 countries of the Middle East and North Africa (MENA) region.

The study adopted the Barro (1990) model of endogeneity growth to characterize the relationship between fiscal policy and economic happiness. The study estimated the model by using the pooled ordinary least squares method, the fixed effects method and the random-effects method. In addition, the study used the dynamic estimate of this relationship rather than the conventional static estimate through the generalized method of moments’ method. This leads to overcoming the endogeneity problem between the dependent variable and the independent variables.

The main findings indicated that there is a negative and statistically significant relationship between nondistortionary taxes and economic happiness. Also, there is no relationship between public expenditure and economic happiness, whether productive or nonproductive. The results confirmed a positive and significant relationship between other revenues and economic happiness. The current study recommended the diversification of other public revenue sources to increase its contribution to public expenditure financing and the restructuring of the tax system, particularly nondistortionary taxes. These taxes must be replaced by other revenues or by distortionary taxes to increase economic happiness.

The research represents a strong starting base that can help researchers to conduct more studies on economic happiness by using different measures and comparing their results to find out the determinants of happiness. The relationship between economic happiness and fiscal policy with its different aspects requires more studies, especially the relationship between taxes and economic happiness in our region. The study of the relationship between public expenditure and economic happiness according to economic activities can guide decision-makers to direct the expenditure toward economic activities that achieve the happiness of their citizens. Enriching this study requires the availability of fiscal data for the entire MENA region for longer periods, which allow us to divide the countries of the region into petroleum and nonpetroleum countries, but the scarcity of data is one of the limitations of the study.

The governments of MENA countries should diversify other public revenue sources to increase the financing public expenditure by the expense of tax revenues, especially nondistortionary taxes, which would increase the economic happiness of their citizens.

This study is one of the rare studies that investigate the relationship between fiscal policy and economic happiness at the global level. This study contributed to filling the gap of this issue in the MENA region and enriching global literature through the experience of the MENA region. Moreover, this study investigated all aspects of fiscal policy, in contrast to other studies that focused on one of its aspects. The weakness in these studies is because of the lack of correlation between the sources of revenues and the face of their spending.

This study aims to provide a case example of two partner institutions and business faculty who creatively used a collaborative online international learning (COIL) experience during the height of the COVID-19 pandemic and transition to online learning to internationalize an undergraduate business class and use existing technology to offer a case study project to further students’ global mindset.

Using open-ended qualitative comments from an American college and a Peruvian university, researchers uncovered key themes from a virtual COIL-based learning experience offered as part of an international business class.

Student end-of-course evaluation comments from both countries validated the success of the learning experience and value of working together with other students and faculty in a virtual setting.

Areas for future research are provided to extend these initial exploratory findings. However, the implications are clear that the methodology is also appropriate in nonpandemic situations and can quickly bring a global mindset to remote corners of the globe and ensure all students experience the “virtual” study abroad, even when there are travel limitations or budget restrictions for students or the institutions.

The implementation detail provided can be easily replicated by other institutions with a global mindset and internationalization goals.

The proliferation of COIL-based experiences will impact how study abroad experiences are defined and offered in the future.

While researchers have documented COIL experiences in the academic literature, their use during the COVID-19 pandemic, as often the only solution for on-going internationalization, has not been thoroughly studied or documented. In addition, the class activities further used team-based international workplace pedagogy, authentic engagement and technology.

In the first two decades of the twenty-first century, low-cost carriers grew rapidly in many low- and middle-income economies. In this chapter, we examine the geography and network structure of low-cost carriers in such economies across Asia in 2018. We use these analyses to explore the relationship between budget airlines and economic development. Levels of disposable income and infrastructure adequacy help to account for the significance of low-cost airlines in some middle-income economies. And in turn, these airlines by fostering higher levels of accessibility and personal mobility may help catalyze faster development. However, the environmental externalities associated with aviation, especially atmospheric emissions, raise concerns about the sustainability of this mode. We assess these concerns and focus in particular on the development of low-cost carriers fleets in Asia. We ask whether the acquisition of more fuel-efficient aircraft will ameliorate aviation's environmental impact.

Succession planning is an emerging area for research in higher education institutions worldwide; however, literature is scarce in the context of developing countries like Malaysia. The factors that have an influence on the execution of succession planning in public universities are the primary goal that has been set for achieving the study's goal. Moreover, the development of leadership in institutions has been taken by adopting formal succession planning. This study aims to be explore the factors that can contribute to the successful execution of the plan, particularly in higher education institutions in Malaysia.

The study employed the qualitative approach. The registrars have been selected by using purposive sampling technique for face-to-face interviews from five public research universities of Malaysia. The in-depth data can be collected at research universities as they are old and comprehensive universities of Malaysia. The data were analysed through thematic analysis.

The number of factors that have been revealed through the findings are as follows: organisational culture, the support of top-level management, the strategic plan, the reward, the champion from top-level management and the budget. Further, the public universities of Malaysia required ensuring that all employees were aware of succession plan initiatives taken by institutions, although the system was challenged by not taking these factors into account.

The primary data have been collected to provide the insight regarding opportunities and challenges encountered in the implementation of succession planning in Malaysian public universities.

The impact of COVID-19 has caused a recession in economies all over the world. In this context, the current study aims to analyze the prevailing economic scenario using a machine learning approach and suggest sustainable measures to recover the global economy taking the case of Make in India (MII) initiative of developing the economy as a base for the study.

A well-known topic modeling technique – Latent Dirichlet allocation (LDA) algorithm has been employed to extract useful information characterizing the existing state of selected sectors under the MII initiative alongside catalytic policies that have been implemented for the same. The textual data acts as the base of the study upon which suggestions are provided.

The findings obtained suggest that digital transformation will play a key role in concerned sectors to optimize the performance of manufacturing organizations. Additionally, inter-relationship between Key Performance Indicators for the economy's revival is crucial for effective utilization of foreign direct investment resources.

The novel efforts to utilize MII initiative as a case present crucial information which can be used by policy makers and various other stakeholders across the globe to enhance decision-making and draft legislation across different sectors to empower the economy.

The study presents a novel approach to utilize the MII initiative by identifying important measures for crucial sectors and associated policies that have been presented by employing a text mining approach which in itself makes it unique in its contribution to research literature.

In addition to the seminal approach of Markowitz (1952) that is based on finding the optimal budget shares for minimizing risk, the authors also make use of the approach developed by Hatemi-J and El-Khatib (2015), which is built on finding the weights as budget shares for maximizing the risk-adjusted return of the underlying portfolio. For testing the stability of the portfolio benefits, the asymmetric interaction between oil, equity and bonds is tested.

Oil is a major investment commodity. The literature shows mixed results regarding oils' ability to provide diversification benefits. This paper re-examines this issue by applying a new portfolio optimization approach.

The authors find that oil still yields portfolio diversification benefits; contrary to the traditional Markowitz portfolio approach, the asymmetric causality test results show that oil does not cause bonds for either positive or negative changes; however, oil does cause stocks but only for stocks' negative changes. Hence, oil can still make the returns of a portfolio of stocks and bonds unstable through oil's effect on stocks.

This is the first attempt to investigate the potential portfolio diversification benefits of stocks, bonds and oil by using the combination of risk and return explicitly in the optimization problem. The new insights provided by this article might be valuable to the investors, financial institutions and policy makers.