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The purpose of the paper is to examine the impact of infrastructure investment and development on economic growth in Brazil, Russia, India, China and South Africa (BRICS) countries. The effect is examined for each country separately and also collectively by combining each country.

Ordinary least square regression method is applied to examine the effects of infrastructure investment and development on economic growth for each country. Panel data techniques such as panel least square method, panel least square fixed-effect model and panel least square random effect model are used to examine the collective impact by combining all countries in BRICS. The dynamic panel model is also incorporated for analysis in the study.

The results of the study are mixed. The association between infrastructure investment and development and economic growth for countries within BRICS is not robust. There is an insignificant relationship between infrastructure investment and development and economic growth in Brazil and South Africa. Energy and transportation infrastructure investment and development lead to economic growth in Russia. Telecommunication infrastructure investment and development and economic growth have a negative relationship in India, whereas there is a negative association between transport infrastructure investment and development and economic growth in China. Panel data results conclude that energy infrastructure investment and development lead to economic growth, whereas telecommunication infrastructure investment and development are significant and negatively linked with economic growth.

The study is novel as time series analysis and panel data analysis are used, taking the time span for 38 years (1980–2017) to investigate the influence of infrastructure investment and development on economic growth in BRICS Countries. Time-series regression analysis is used to test the impact for individual countries separately, whereas panel data regression analysis is used to examine the impact collectively for all countries in BRICS.

Nowadays, growth is the common target of all societies. But rather than growth, it is more important to ensure the sustainability of growth. Worldwide climate changes, damages to natural capital and financial crises necessitate the transition to green growth. The purpose of this paper is to examine the contribution of socio-economic context to green growth, which represents the sum of environmental and resource productivity, natural asset base, the environmental dimension of quality of life and technology.

The paper uses grey relational analysis together with the entropy method to examine the weight of 22 green growth indicators. The green growth indicators based on the compilation of the data from 36 Organization for Economic Co-operation and Development countries in 2015.

The results point out carbon dioxide emissions and environment-related technology are the most essential indicators in achieving green growth across the world.

It provides an objective evaluation of the green growth indicators that creates awareness-raising in green growth, enables the measurement of global developments and the determines opportunities and risks.

The purpose of this paper is to reassess the relative impact of labour market regulation on economic performance. Inflexible labour markets combined with high welfare costs are often thought to be the main cause of low growth in Europe.

This paper compares the impact of labour market regulation to that of macroeconomic policies (such as fiscal policy, monetary policy, macroeconomic cost management) and to that of investment into future growth (such as research, education and the diffusion of technology). We develop for this purpose a highly stylised model explaining economic growth; we suggest a synthetic measure of performance and use data for the US and Europe for the empirical test.

The main result is that regulation impacts on growth, the impact of regulatory change is, however, less easy to demonstrate. The impact of macro economic policy can be demonstrated first by the more growth oriented monetary and fiscal policy in the US and the success of some European countries in bringing private and public costs in line with productivity and tax revenues. However, boosting investment into future growth by encouraging research, education and technology diffusion seems to be the most important determinant of performance.

As to the limits of this paper, we have to acknowledge that our analysis refers to a short time period, a small number of countries and uses a highly stylised model.

If the results can be replicated for larger data sets and by more elaborated technical methods, the findings have an important policy implication: country strategies relying only on deregulation, without complementary macroeconomic policy and without strategy to boost “growth drivers” are suboptimal. This questions the policy advice given by some economists and economic think tanks, which call for deregulation as main policy strategy and then expect market forces to boost growth quickly and without specific policy measures.

The attempt to assess the relative impact of the three policy areas is specific to this paper; most other papers focus on one policy area only.

In the early industrial age which with high intensity of machine and labor, using financial measurement index was good enough to tie in company’s mechanization and philosophy of management and been in efficiency. But being comply with “New Economic age,” a new economic environment is full of knowledge and information, the enterprise competition had changed from tangible assets, plants to intangible innovation ability of knowledge. As recognizing the new tendency by enterprise, they value gradually the growth and influence from learning. Practice of organization learning not only needs firm structure and be in coordination with both hardware and software, but also needs an affect measurement model to offer enterprise to estimate learning performance. It’s a good instrument of financial performance measure mold in the past years, But it’s for measuring the past, couldn’t formulate enterprise trend to future, hard to estimate investment for future, such as development of products, organization learning, knowledge management etc, as which intangible assets and knowledge ability just the key factors of being win around competition environment in the future. In 1992, Kaplan and Norton brought up Balance Scorecard (BSC) on Harvard Business Review, as an instrument helping enterprise to measure performance, which is being considered to be a most influence management instrument. It added non‐financial index such as customer, internal process and learning growth besides traditional financial index, as offering enterprise an index to measure and manage intangible assets and intellectual property. As being aware of organization learning is hard to be ignored in the new economic age, this research is based on learning and growth of BSC, and citing one national material company try to let the most difficult measurement performance of organization learning, to be estimate through BSC, analyze of factor and individual case, to discuss the company how to make the related strategy and vision of organization learning to develop learning and growth of the structure of BSC, subject the matter of out put factors to be discussed, and measure the outcomes as a result of research. The research affect offers (1) the base implement procedure of carrying out BSC; (2) the reference of formulating measurement index while enterprise using BSC to estimate performance of organization learning; (3) the possibility bottleneck maybe forcing while carrying out BSC, to be an improvement or preventive for enterprise.

The financial system of an economy, especially banking, facilitates efficient allocation of resources from savers to borrowers for productive investments, and thus promotes economic growth. State-wise bank credit in India shows a growing divergence, despite the aim of central planning to reach a degree of convergence in macroeconomic performance over time. This chapter analyzes how diverging bank credit affects macroeconomic performances of the Indian states, through an alternative approach of composite indicators-based rankings of states adopting the methodology of TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) that is used in operations research or more specifically MCDM (multiple criteria decision-making). A composite indicator of the states’ annual macroeconomic performances has been constructed taking indicators of output growth, per capita state domestic product, inflation, and fiscal indicators for years 2006–2018. States are ranked by both macroeconomic performance and bank credit to states, and the correlation between the two indicators, known in the literature to be interlinked,is studied here to understand how the availability of credit or lack of it has influenced State level macroeconomic development in India. The results thus show that wealthier and better performing states continue to attract the larger chunk of bank credit, while weaker states have not been able to catch up. An important policy implication would be to place even more emphasis on higher levels of credit growth for weaker states, particularly infrastructure credit, to achieve a degree of income convergence throughout the Indian economy.

The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition.

The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS.

The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS.

The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS.

As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.

The purpose of the paper is to investigate the relation between the value/growth anomaly and the external financing anomaly by considering an expanded value/growth indicator: free cash flow yield (free cash flows scaled by price).

The paper utilizes portfolio‐level tests and cross‐sectional regressions.

In line with the literature on contrarian portfolios, this paper finds that firms with low (high) free cash flow yield are experiencing low (high) returns. However, only when an investor buys (sells) stocks of firms with high (low) free cash flow yield that distribute (raise) capital, his zero‐cost portfolio is significant. These findings are robust, irrespective of the financing vehicle (equity or debt). Overall, their evidence suggests that distinctions between the value/growth anomaly and the external financing anomaly partially disappear, if one is willing to employ free cash flow yield as a proxy of the former anomaly.

The paper enhances one's understanding of the relation between asset pricing anomalies.

The purpose of this study is to empirically examine the impact of stock market development on the economic growth for a panel of 27 emerging economies using annual data over the period from 1995 to 2012.

A second-generation panel unit root test developed by Pesaran (2007) has been used to test the stationary properties of the data series. To achieve the study objectives and to mitigate the endogeneity problem that exists in the given model, the authors use a dynamic panel “system GMM” estimator. The authors also use a heterogeneous panel causality test proposed by Dumitrescu and Hurlin (2012) to examine the direction of causality among the variables.

The empirical findings indicate that stock market development significantly contributes to economic growth. Further, a unidirectional causality running from stock market development to economic growth has been found. This finding is consistent with the supply-leading hypothesis. Besides stock market development, it is also evident that macroeconomic variables, such as investment ratio, trade openness and exchange rates, have significant impact on economic growth.

The findings suggest that a well-functioning stock market, a more globalized economy and increasing aggregate investment can potentially foster the economic growth in those emerging economies.

Unlike other studies, this study constructs three alternate composite indices along with the individual indicators of stock market development and applies robust panel econometric techniques to establish more reliable results.

The purpose of this paper is to construct a robust macroeconomic performance (MEP) index of the State economies of an emerging market economy, i.e. India.

Two variants of data envelopment analysis (DEA) models – radial and non‐radial – are proposed to construct the macroeconomic policy performance of 22 Indian State economies in the post‐economic reforms era covering the period: 1994‐1995 to 2001‐2002, using three macroeconomic indicators: growth in gross state domestic product, price stability, and fiscal deficit.

The authors' three broad empirical findings are: first, the radial and non‐radial DEA models yield significantly different rankings of State economies in terms of their MEP index scores; second, as against the use of only growth in gross state domestic product and price stability for MEP measure, the inclusion of fiscal deficit as an additional indicator yields a noticeable improvement not only in the State MEP index scores, but also in their rankings, thus providing the evidence of relatively successful attempt by the Indian States in reducing fiscal deficit, in general, and legislating FRBM bill, in particular; and third, a positive significant correlation between foreign direct investment (FDI) and MEP indicates that a State's overall macroeconomic policy performance does matter to attract FDI.

Since the DEA models employed in this study ignore the possibility of asymmetric shocks, the MEP results might be questioned in this deterministic setting. However, the study period has been smooth and has not been subject to any major changes in the State economic policies. Therefore, the MEP results might not be susceptible such changes. However, further research is desired on examining the macroeconomic policy performance behavior of Indian States using bootstrapping DEA.

None of the past Indian studies were able to give a comprehensive picture concerning the MEP behavior of Indian State economies, since the methodologies adopted in those studies were not suitable to take into consideration all the macro indicators at a time. Therefore, this present study is considered the first of its kind in assessing the MEP index of the Indian State economies by simultaneously considering all the macro indicators.