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Entering a new era of digital transformation, Industry 4.0 (I 4.0) promises to revolutionize the way business has been done, providing unprecedented opportunities and challenges. This study aims to investigate empirically and comparatively analyse the benefits, challenges and critical success factors (CSFs) of Industry 4.0 across four continents and developing and developed economies.

This study used an online survey to explore the benefits, challenges and CSFs of developed and developing economies. In order to ensure the validity of the survey, a pilot test was conducted with 10 respondents. A total of 149 participants with senior managerial, vice-presidential and directorial positions from developed and developing economies spanning four continents were invited to take part in the survey.

The study ranks benefits, challenges and CSFs across economies and continents. Further, the benefit of Industry 4.0 helping to achieve organizational efficiency and agility differed across the developing and developed economies. Furthermore, the benefit improves customer satisfaction significantly differed across continents; in terms of challenges, Employee resistance to change had a higher proportion in developing economies. The future viability of I 4.0 also differed across the continents. Regarding CSFs, there was no difference across the developing and developed economies. Finally, change management and project management vary across the continents.

This study contributes to a balanced understanding of I 4.0 by providing empirical evidence for comparative analysis. Moreover, it extends the concept of resource dependence theory to explain how organizations in developing economies and developed economies deploy resources to manage external condition uncertainties to implement I 4.0. Furthermore, this study provides a structural framework to understand the specific benefits, challenges and CSFs of implementing I 4.0, which can be utilized by policymakers to promote I 4.0 in their economies or continents.

To the best of the authors’ knowledge, no studies have empirically demonstrated the comparative analysis of benefits, challenges and CSFs across economies and continents and distinguish an original contribution of this work.

Entrepreneurial activity is a phenomenon that increases the economic growth of countries and improves their social welfare. The economic development levels of countries have significant effects on these entrepreneurial activities. This research examines which institutional and macroeconomic variables explain early-stage entrepreneurship activities in developed and developing economies.

The authors conducted panel data analysis on the data from the Global Entrepreneurship Monitor (GEM) and International Monetary Fund (IMF) surveys covering the years 2009–2018.

First, the authors' results reveal that cognitive, normative and regulatory institutions and macroeconomic factors affect early-stage entrepreneurial activity in developed and developing countries differently. Second, the authors' findings indicate that cognitive, normative and regulatory institutions affect early-stage entrepreneurship more positively in developed than developing countries. Finally, the authors' results report that macroeconomic factors are more effective in early-stage entrepreneurial activity in developing countries than in developed countries.

This study provides a better understanding of the components that help explain the differences in entrepreneurship between developed and developing countries regarding institutions and macroeconomic factors. In this way, it contributes to developing entrepreneurship literature with the theoretical achievements of combining institutional theory and macroeconomic indicators with entrepreneurship literature.

This paper aims to explore how the establishment modes used by emerging economy multinational corporations (EE-MNCs) influence their subsequent experiences of liability of origin (LOO) in developed economies based on the causal-model theory of categorization.

Taking Chinese listed firms' direct investments in developed economies as the sample, this paper utilizes Heckman (1979)'s self-selection model to examine the effect of establishment modes. Besides, when checking the robustness, subsample analyses and 2SLS regressions are used to rule out the alternative explanation associated with LOO mitigation.

EE-MNCs that enter a developed economy by greenfield investment experience heightened LOO while entries using M&A are associated with the mitigated liability. When EEMNCs enter a more institutionally distant developed country, the establishment modes will be more determinant of their subsequent experiences of this liability. Moreover, the effect of establishment modes can recede when EE-MNCs have established their presence in a developed country for a longer time.

This paper utilizes the causal-model theory of categorization to articulate the underlying mechanisms through which the country-of-origin cue is weakened by the cue transmitted by M&A. It further considers the context-saliency of the cue of M&A and clarifies boundary conditions for the effectiveness of this establishment mode to mitigate LOO.

The purpose of this study was to compare the effect of GHRM practices on employer branding among firms in developed and developing economies.

This study applied a cross-sectional survey for 234 respondents. The sample was derived from multiple databases consisting of firms in developed and developing countries.

The analysis indicates that green competence building practices and green performance management practices are positively related to environmental reputation and hence employer brand. Green employee involvement is exceptional because it has a more positive influence on environmental reputation in developed economies.

This study is cross-national in nature and compares GHRM practices in developed and developing economies.

This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.

The study utilized annual data from 432 nonfinancial firms publicly listed in six Asian countries: China, Hong Kong, Japan, Singapore, Pakistan and India. The observation period covers 14 years, from 2007 to 2020. The sample was categorized into three groups: the entire sample and one group each for developing and developed Asian economies. A generalized least squares panel regression method was employed to test the research hypotheses.

The results suggest that long-term debt has a significant negative influence on SPCR in Asian economies, indicating that firms with high long-term debt experience lower future SPCR. Moreover, firm age negatively moderates this relationship, implying that older firms may experience a more pronounced reduction in SPCR due to high long-term debt. Finally, firms in developed Asian economies with high long-term debt are more effective in mitigating the risk of a significant drop in their stock prices than firms in developing Asian economies.

This study contributes to the literature in several ways. To the best of the researcher’s knowledge, this is the first of such efforts to investigate the relationship between debt maturity structure and crash risk in Asia. Additionally, it reveals that long-term debt influences SPCR directly and indirectly in Asia through the moderating role of firm age. Lastly, it is likely one of the first studies by a research team in Asia to compare the nonfinancial markets of developed and developing Asian countries.

This paper examines the human resource (HR) strategies and practices that are considered to be particularly beneficial for aging employees in organizations in Thailand, which is an underresearched developing economy, from an employee perspective and the implications of national institutions and cultures for the adoption and implementation of those HR strategies and practices across organizations.

The results of the study, based on a cross-case analysis of seven organizations across industries, are primarily drawn from structured interviews and focus groups with aging employees, field visits and a review of archival documents and web-based resources, including newspaper reports and magazines.

This paper proposes that HR strategies that are appropriate for managing aging employees in organizations in Thailand’s developing economy can be classified into four bundles: growth, maintenance, recovery and regulation. Each bundle of HR strategies consists of several HR practices that are appropriate for managing aging employees in organizations. In particular, from the perspective of aging employees, these HR practices help aging employees upgrade their skills, prepare them to have a sufficient amount of financial savings after retirement, ensure that they are safe, secure and healthy, help them feel that their tacit knowledge and experience are still valuable, and help them perform jobs that are appropriate for their physical health conditions. Additionally, the adoption and implementation of the proposed HR strategies and practices tend to be influenced by national institutions in terms of deficiencies in the national skill formation system, healthcare institutions, regulatory institutions and welfare state regime and by the national culture in terms of reciprocity and respect for elderly people (i.e. aging employees). However, there are five important HR practices that are specifically appropriate for managing aging employees in Thailand and other developing economies where the level of household debt and/or personal debt is high, where the increasing number of aging employees leads to high demand for medical services when the medical services offered by private hospitals are expensive, and where tacit knowledge and experience are important for creating and maintaining firms’ competitive advantage: (1) the facilitation of financial planning, (2) safety and health training, (3) annual health check-ups, (4) the appointment of aging employees as advisors/mentors and (5) knowledge transfer/job enrichment.

One of the limitations of this research is its methodology. Because this research is based on case studies of seven firms located in Thailand, the findings may not be generalizable to all other firms across countries. Rather, the aim of this paper is to further the discussion regarding HR strategies and practices for managing aging employees in organizations. Another limitation of this research is that it does not include firms located in several other industries, including the agricultural and fishery industry and the financial services industry. Future research may explore HR strategies and practices for managing aging employees in organizations located in these industries. Moreover, quantitative studies using large samples of aging employees who work in firms across industries might also be useful in deepening the understanding of HR strategies and practices for managing aging/retired employees in organizations.

This paper provides practical implications for top managers and/or HR managers of firms in Thailand and other developing economies where the level of household debt and/or personal debt is high, where the increasing number of aging employees leads to high demand for medical services when the medical services offered by private hospitals are expensive, and where tacit knowledge and experience are important for creating and maintaining firms’ competitive advantage. In particular, the aging employees in this study identified the HR practices that they perceive as being appropriate for aging employees and that were already available in firms or that they expect their firms to have but are currently missing. In this regard, HR managers should take note of these good and appropriate HR practices to ensure that they become part of official, structured HR strategies and practices. This would ultimately help line managers and aging employees think more positively about the future of aging employees within the company and help retain invaluable aging employees over time.

This paper provides social/policy implications for the government and/or relevant public agencies of Thailand and several other developing economies where the majority of aging people do not have sufficient savings to support themselves after retirement, especially when these countries are becoming aging societies, where the increasing demand for medical services cannot be adequately addressed by existing public hospitals while private hospitals’ medical prices are quite expensive, and where intellectual property right (IPR) protection laws are weak. That said, such governments should encourage firms located in their countries to implement these HR strategies and practices for developing, maintaining, deploying and supporting aging employees.

This paper aims to contribute to the literature on human resource management (HRM), specifically on HR practices for aging employees, in the following ways. First, this study is different from the previous studies in that it examines HR practices for managing aging employees from an employee perspective, while most of the previous studies in this area have focused on the management of such employees from an employer perspective. In this case, it is possible that formal company policies may be different from actual HR practices as perceived by aging employees (Khilji and Wang, 2006). Second, this paper explores the implications of national institutions and cultures of Thailand’s developing economy for the adoption and implementation of HR strategies and practices that are appropriate for managing aging employees in organizations. Finally, this paper examines HR practices that are specifically appropriate for managing aging employees in Thailand and other developing economies. The literature on HR practices for aging employees has overlooked developing economies, including the underresearched country of Thailand, as most of the studies in this area have focused on developed economies. In fact, developed economies and developing economies are very different in several respects, which may influence the HR strategies and practices that are appropriate for managing aging employees in organizations.

The present research identifies a total of nine factors influencing tax avoidance under the international taxation regime of the developing countries and establishes a hierarchical relationship through modeling of the identified factors using modified-total interpretive structural modeling (M-TISM).

Due to “scale without mass” properties of the digital economy, businesses reduce their physical presence in the countries of economic activities. Aided with digital features, multinational enterprises (MNEs) avoid, abolish, or adopt flexible tax burden in the developing nations through by-passing the permanent establishment condition for company taxes or the income characterization prerequisite for royalty taxation. The present research endeavors to identify the drivers of tax avoidance in the developing countries, especially exacerbated due to digital technologies (economy). In addition, the authors also examine the hierarchical relation between the extracted drivers of tax avoidance.

This research presents a considerable driving force of elements like historical foundation of tax-treaties, dominance of the developed countries, influence of trade bodies in policy matters and finally information and communications technologies (ICTs).

Identified elements drive the actors like professional enablers, tax havens, international organizations, and intangible assets in the form of intellectual properties (IPs) which act upon tax arbitrage situations both under the domestic and treaty regulations, finally culminating into profit shifting, tax manipulations or avoidance.

The dynamic effect of globalization on socio-economic disparity measured by the income inequality is always a noteworthy issue of research interests. Globalization is mostly appreciated from the aspect of economic growth, but it has been blamed for influencing the imperfect competition, environmental degradation, economic inequality, etc. Under this backdrop, this chapter seeks to examine the impacts of international trade and informational globalization on income inequality in both developing and developed groups of nations of the world using dynamic panel Generalized Method of Moments (GMM) estimates. The results of first difference dynamic panel GMM estimates imply the analogous impacts of trade and informational globalization on income inequality in both developing and developed groups of nations. However, the financial and political measures of globalization have dissimilar effects on income inequality across developing and developed economies.

This study aims to examine the nonlinear threshold effect of shadow economy on sustainable development in Africa while providing additional evidence on how this nonlinear threshold effect play out in economies with high and low developed financial/credit markets.

This study uses 37 African economies between 2009 and 2017 in a dynamic GMM panel model that controls for country, year and technological effects to ensure consistency and reliability of results and findings.

The results reveal that there is an inverted nonlinear U-shape nexus between the size of shadow economy and sustainable development in both short run and long run in Africa and across economies with high and low developed credit/financial market. Also, the threshold points beyond which the size of shadow economies dampens sustainable development is lower for economies with high financial/credit market development and higher in the long run.

These results have policy implications and recommendations and suggest that shadow economies can be beneficial to sustainable development particularly when the size of shadow economies are restrained from increasing beyond certain thresholds/levels. Moreso, to restrict the adverse effect of shadow economies on sustainable development, policymakers can rely on developing their financial/credit markets to tame the destructive nature of shadow economies on sustainable development. These results are robust to technological, year/time and country effects.

To the best of the author’s knowledge, this study examines for the first in the context of Africa, the nonlinear effect of shadow economies on sustainable development under low and high developed financial markets.

This study examines the influence of investor protection on stock price crash risk (SPCR) in Asian economies.

This study used yearly data from 432 nonfinancial companies publicly listed firms in six countries (i.e., China, India, Pakistan, Hong Kong, Japan and Singapore) from 2007 to 2020 to investigate the relationship between investor protection and the risk of stock price crashes. The hypothesis was tested using a generalized least square panel regression.

The results suggest that investor protection significantly affects SPCR in Asian economies. Furthermore, the findings show that the stocks of firms whose investors received the best protection were less prone to crash in developed Asian economies. However, in developing Asian economies, the stocks of firms whose investors received the best protection were more prone to crashes.

It provides awareness and understanding of how the level of investor protection affects SPCR, which could be useful for decision-makers and professionals across a spectrum of financial and non-financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This knowledge enables informed decision-making and the formulation of effective policies to manage stock market volatility.

This study appears to be the first of its kind to focus on the link between investor protection and SPCR within the specific context of developed and developing Asian economies.