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The challenge of predicting changes in aggregate income and stock prices is one that has occupied the research agendas of economists. This paper aims to use the consumption–income ratio and the dividend–price ratio to predict future income and stock prices.

To examine the stability of the consumption–income ratio and the dividend–price ratio, the authors run a two-variable, two-lag reduced-form VAR in the vein of Cochrane (1994), using a lag of each respective ratio as exogenous to the VAR. Additionally, the authors estimate an AR(4) model for income and prices.

The consumption–income ratio and the dividend–price ratio remain key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. The dividend–price ratio does not significantly predict future price growth. Consumption and dividend shocks have lasting impacts on income and prices.

The consumption–income ratio and the dividend–price ratio are still key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. However, the dividend–price ratio does not significantly predict future price growth, a change from previous research from the 1990s, despite the increasing complexity of stock markets. Consumption and dividend shocks have lasting impacts on income and prices and appear to be significant drivers in both the short- and long-run variance in income and prices.

Most emerging economies have made conscious efforts through policy initiatives to attract foreign direct investment (FDI). However, a significant obstacle to FDI inflow has been the prevalence of corruption in the host country. This study, therefore, aims to examine whether there is an optimum corruption value that results in threshold effects of corruption on FDI.

To achieve this objective, this study used Hansen’s (1999) panel threshold regression (PTR) model by using a panel data of 30 sub-Saharan African (SSA) countries from 2000 to 2021.

This study finds that the nexus between corruption and FDI has a single threshold effect, with a 5.37% optimum corruption threshold value. At this threshold value, corruption affects FDI negatively. Any corruption value that is below the threshold value also elicits a negative corruption–FDI relationship. Despite having a negative relationship when the corruption value is above the optimum corruption threshold, it is not statistically significant.

The implication of the results is that it is deleterious to use corrupt practices to draw FDI to SSA nations.

To the best of the authors’ knowledge, this study is one of the first in the corruption–FDI nexus literature to use Hansen’s PTR model to estimate an optimal corruption threshold. The authors recommend that policymakers in the selected SSA countries reconsider the use of corruption to attract FDI because there is an optimal corruption threshold that could impact FDI in the host country.

In Morocco, as in many developing countries, environmental responsibility is not well integrated into corporate management at the operational, tactical, and strategic levels. While the management literature offers a rich body of knowledge on Corporate Social Responsibility (CSR) strategies and practices, less attention has been paid to exploring the complexity of environmental responsibility through the lens of corporate culture. This research aims to address this gap by examining the influence of cultural factors on the deployment of environmental responsibility using Johnson's (2000) model of corporate culture. This model identifies seven components of corporate culture: stories or myths, symbols, power structures, organizational structures, control systems, rituals and routines, and paradigms. Through a Moroccan industrial group case study, this chapter presents the successful deployment of environmental responsibility and describes how managing cultural factors facilitated this transition. This chapter also identifies the unique aspects of the group's culture that allowed redesigning the company's management systems. These insights offer valuable implications for managers and policymakers seeking to improve the environmental performance of large enterprises in developing countries.

This study aims to examine the effect of family ownership on audit fees and whether political connections moderate the causal relationship. Indonesia, as emerging countries, arguably offers appropriate research setting for this research because most Indonesian firms are family owned and exhibit weak investor protection. The authors predict that family ownership positively affects audit fees, and political connections strengthen this influence.

This study uses 98 listed manufacturing firms on Indonesia Stock Exchange (IDX) in 2018–2020, resulting in 279 firm-year observations. Panel data regression used to test the hypothesis. Family ownership is divided into direct and indirect ownership while audit fees are measured by the natural logarithm of audit fees paid by the firms.

The results show that the greater total and direct family ownerships imply lower audit fees, while indirect family ownership does not affect audit fees. The finding is contrary to the alleged hypothesis. Further, political connections only strengthen direct family ownership's negative impact on audit fees.

This study's findings support the alignment effect hypothesis arguing that controlling shareholders, in this case, families, align their interests with non-controlling shareholders. These findings provide a different perspective from various empirical studies conducted in Asian countries where the majority of companies are also controlled.

Emerging economies have been highlighted as an important growth source of the global economy. However, this group of countries has not received enough academic attention yet. Therefore, this study aims to identify the impact of research and development (R&D) expenditure on economic growth in emerging economies.

The theoretical framework of the production function is applied to quantitatively analyse the impact of R&D expenditure on economic growth with a sample of 29 emerging economies in the period between 1996 and 2019.

The panel cointegration test confirms the existence of long-run cointegration relationships between economic growth and independent variables in these emerging economies. Besides, the estimated results show that the national R&D expenditure has positive effects on economic growth from both direct and interaction dimensions. This evidence has filled the empirical research gap in the R&D-growth nexus in the case of emerging economies. Finally, while gross capital and education have positive impacts on growth, corruption has a harmful effect on economic growth in these countries.

The results highlight that policymakers should enhance R&D expenditure and R&D activities as the key national development strategy. The investment in R&D not only helps emerging economies avoid the middle-income trap but also pushes these countries to successfully join the group of developed countries.

To the best of the authors’ knowledge, this research is among the first to examine the impact of R&D expenditure on economic growth with a homogeneous sample of emerging economies. The results are obviously helpful for policymakers to use R&D as the key development strategy for supporting economic growth in emerging economies in the future.

This chapter aims to critically analyse the implications that the national protectionist policies have on the global supply and value chains and the relocation of production. The analysis is based on the assumptions that the global economy is facing the possibility of decoupling of many trade connections, and this trend favours de-globalisation processes that have long been promoted by populism, nationalism and economic protectionism. It is concluded that global supply, production and value chains although being economically efficient are no longer any more secure under national protectionist policies, and therefore, the relocation of production processes is mainly due to the increase in the level of income and wages of the developing countries that are the destination and which reduce the advantages to relocate.

This study aims to examine the relationship between the environment and tourism flows, as well as the economic variables of the 32 states of Mexico for the period 1999–2019 based on data availability. The related literature studying tourism and environmental impacts is scarce at a national level, with most of them being local case studies. Some international studies find that if the relationship exists, it is weak or nonexistent, using CO₂ as a proxy in most cases.

The present study uses panel data and cointegration panel methodologies, while also using geographic information systems to observe the distribution of variables at a state level between tourism and environmental variables.

The findings of the study are as follows: state gross domestic product, the inertia of environmental variables (i.e. volume of water treatment and solid waste), occupied rooms (proxy variable for tourism activity) and average temperature have an impact on the contemporary evolution of environmental variables; national and international tourist variables have no impact on the environment; the panels are integrated in such a way that there is a long-term equilibrium between states and some environmental care variables; and no conclusive evidence is found regarding the impact of tourism activity on the considered environmental variables.

The main limitations and areas of opportunity of the work refer to the amount of data available over time and the precision of the measurement of the variables. The availability, temporality and frequency of the data are also limitations of the research. An example of this is the nonexistence of CO₂ emissions at the state level. Additionally, studying other countries and regions for which there are limitations of data and applied studies is also a challenge.

The results are important for economies (in growth) and societies whose economic growth depends on tourism flows and have done little to reverse the damage that tourism has on the environment.

The models can contribute to study the relation between tourism and environmental variables and could be extended to regions, states and provinces for decision-making on actions to be taken for the present and future.

The originality of the research is innovative for the region: Mexico, Central and Latin America. There are no works that have studied these problems with this methodology and these variables. In terms of originality, the classic models of panel data and cointegration of panel data are useful and easily replicable for others to use for different countries. The results are relevant because there is apparently no relationship between tourism and some environmental variables in the short run, but there exists a weak and strong long-run relation between some of them.

本研究采用面板数据和协整面板模型方法, 同时利用地理信息系统(gis)观察州一级层面旅游和环境方面的变量分布。

本研究根据数据可用性, 研究了墨西哥32个州1999–2019年期间环境与旅游流量及经济变量之间的关系。在国家层面上研究旅游与环境影响的相关文献很少, 而且大多是地方的个案研究。一些国际研究发现, 即使有这种关系, 大多数案例中使用二氧化碳作为替代变量, 这种关系也是很弱或不存在。

i)国家国内生产总值, 环境变量的惯性(即水处理量和固体废物量), 占用的房间(旅游活动的代理变量)和平均温度对环境变量的现有演化有影响。ii)国内和国际旅游变量对环境没有影响。iii)面板数据以这样一种方式集成, 即国家和一些环境变量之间存在一种长期平衡。iv)关于旅游活动对所考虑的环境变量的影响没有确凿的证据。

这项工作的主要局限和机会领域是指随着时间的推移可获得的数据量和变量测量的精度。数据的可用性、时效性和频率也是本研究的局限性。这方面的一个例子是在州一级不存在二氧化碳排放。此外, 由于数据和应用研究的局限, 研究其他国家和地区也是一个挑战。

研究结果对经济增长依赖旅游业流量的经济体和社会具有重要意义, 这些经济体和社会对扭转旅游业对环境的破坏方面做得还不够。

这些模型有助于研究旅游业与环境变量之间的关系, 并可推广到地区、州和省, 以制定当前和未来的行动决策。

这项研究的原创性对该地区(墨西哥、中美洲和拉丁美洲)来说是具有创新性的。没有人用这种方法和这些变量研究过这些问题。就原创性而言, 面板数据和面板数据协整的经典模型是有用的且易于复制, 可供其他国家使用。 研究结果具有一定的相关性, 因为旅游业与部分环境变量在短期内不存在明显的相关性, 但在它们中的一些变量在长期内存在着或强或弱的相关性。

Se examina la relación entre medio ambiente y flujos turísticos, así como variables económicas de los 32 estados de México para el período 1999-2019 basado en la disponibilidad de datos. La literatura relacionada que estudia el turismo y los impactos ambientales es escasa a nivel nacional, siendo la mayoría de ellos estudios de casos locales. Estudios internacionales encuentran que, si la relación existe, es débil o inexistente, utilizando el CO2 como un indicador en la mayoría de los casos.

Se utilizaron metodologías de datos de panel y cointegración de panel, además sistemas de información geográfica para observar la distribución de variables a nivel estatal.

i) El Producto Interno Bruto Estatal, la inercia de las variables ambientales (es decir, volumen de tratamiento de agua y residuos sólidos), habitaciones ocupadas (proxy de la actividad turística) y temperatura promedio tienen un impacto en la evolución contemporánea de las variables ambientales, ii) las variables turísticas nacionales e internacionales no tienen un impacto en el medio ambiente, iii) los paneles están integrados de tal manera que existe un equilibrio a largo plazo entre turismo, crecimiento económico y algunas variables ambientales, y iv) no se encuentra evidencia concluyente con respecto al impacto de la actividad turística en las variables ambientales consideradas.

Las principales limitaciones y áreas de oportunidad del trabajo se refieren a la cantidad de datos disponibles en el tiempo y a la precisión de la medición de las variables. La disponibilidad, temporalidad y frecuencia de los datos también son limitaciones de la investigación. Un ejemplo de ello es la inexistencia de emisiones de CO2 a nivel estatal. Además, el estudio de otros países y regiones para los que existen limitaciones de datos y estudios aplicados también es un reto.

Los resultados son importantes para las economías (en crecimiento) y las sociedades cuyo crecimiento económico depende de los flujos turísticos y que han hecho poco por invertir los daños que el turismo produce en el medio ambiente.

Los modelos pueden contribuir a estudiar la relación entre el turismo y las variables medioambientales y podrían extenderse a regiones, estados y provincias para la toma de decisiones sobre las acciones a emprender para el presente y el futuro.

El artículo proporciona un análisis innovador y exploratorio hacia una perspectiva futura que agrega valor al turismo y la planificación para la sostenibilidad. La relación entre turismo y medio ambiente se ha estudiado durante varios años. La UNTWO ha abordado las consecuencias del turismo en el medio ambiente, particularmente, más basura, mayor consumo de agua, emisiones de CO2 y otros aspectos. Pocos trabajos estudian la relación entre estas variables.

La originalidad de la investigación es innovadora para la región: México, América Central y América Latina. No existen trabajos que hayan estudiado estos problemas con esta metodología y estas variables.

En términos de originalidad, los modelos clásicos de datos de panel y cointegración de datos de panel son útiles y fácilmente replicables para que otros los utilicen en diferentes países.

Los resultados son relevantes porque aparentemente no hay una relación entre el turismo y algunas variables ambientales a corto plazo, existe una relación débil y fuerte a largo plazo entre algunas de ellas.

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes.

To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS).

Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R² of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively.

Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices.

By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.

The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage.

The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables.

The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage.

The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.