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The authors investigate the impact of the US stock market on the economies of the BRICS and major industrialized economies (G7).

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. Global vector autoregressive (GVAR) empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.

The authors summarize the results in four points: (1) financial integration variables increase the effect of the US stock market on the BRICS and G7, (2) the US shock produces similar responses in these groups regarding industrial production, stock markets and confidence but different responses regarding domestic currencies: in the BRICS, the authors detect appreciation of the currencies, while in the G7, the authors find depreciation, (3) G7 stock markets and policy rates are more sensitive to the US shock than the BRICS and (4) the estimates point out to heterogeneities such as the importance of industrial production to the transmission shock in Japan and China, the exchange rate to India, Japan and the UK, the interest rates to the Eurozone and the UK and confidence to Brazil, South Africa and Canada.

The results reinforce the importance of taking into account different levels of economic development.

The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. GVAR empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows.

This paper aims to conduct a qualitative assessment of synergies between information flows of a multifamily product platform used for industrialized housing and materials passports that can promote a circular economy in the construction industry.

Using a single case study method, the research assesses the availability and accessibility of materials passport-relevant information generated by a leading Swedish industrialized housing construction firm. Data is collected using semistructured interviews, document analysis and an extended research visit.

The research findings identify the functional layers of the product platform, map the information flow using a process diagram, assess the availability and accessibility of material passport relevant information by lifecycle stage and actor, and summarize the key points using a SWOT (strengths, weaknesses, opportunities and threats) analysis.

The three main implications are: the technical and process platforms used in industrialized construction allow for generating standardized, digital and reusable information; the vertical integration of trades and long-term relationships with suppliers improve transparency and reduce fragmentation in information flows; and the design-build-operate business model strategy incentivizes actors to manage information flows in the use phase.

Industrialized construction firms can use this paper as an approach to understand and map their information flows to identify suitable approaches to generate and manage materials passports.

The specific characteristics of product platforms and industrialized construction provide a unique opportunity for circular information flow across the building lifecycle, which can support material passport adoption to a degree not often found in the traditional construction industry.

This study aims to study the moderating effects of private ownership and government support on the relationship between outsourcing and product innovation in entrepreneurial ventures in a transition economy.

The data of 10,296 Vietnamese entrepreneurial ventures from the four rounds of the survey conducted by the General Statistics Office (GSO) of Vietnam to investigate the moderating effects of private ownership and government support on the association between outsourcing and entrepreneurial ventures’ product innovation performance. The Probit regression model is employed to estimate such associations.

Our research uncovered that the impact of outsourcing on the likelihood of product innovation is more significant for entrepreneurial operations characterized by a substantial degree of private ownership and government backing as opposed to those without.

The results of our research indicated that the resource-based perspective and extended resource-based view (ERBV) are essential in examining the impact of gaining resources or skills from external sources on the growth of entrepreneurial enterprises. These ideas have significance and importance not just in industrialized economies but also in countries undergoing transition. Our findings suggest that entrepreneurial enterprises should have the ability to manage a wide range of resources and make decisions about which activities should be handled internally and which should be delegated to other parties.

Our findings also imply that entrepreneurial ventures should be able to control many resources and choose which tasks should be performed in-house and which should be outsourced to third parties.

By adopting and leveraging the resource-based view (RBV) and extended resource-based views (ERBV), our study developed a theoretical model about private ownership and government support for moderate outsourcing’s impact on entrepreneurial innovation in a transition economy.

This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

The primary objective of this study is to determine how concentrated ownership affects stock returns by country and scale (by market capitalization), like large, medium, and small-cap firms in selected developed economies of the world.

Using a dataset comprising 12,751 annual observations from 850 listed companies from developed economies from 2004 to 2018, the study employs panel data models and instrumental variable estimation to mitigate endogeneity bias.

The findings reveal a significant and positive correlation between ownership concentration and expected returns on corporate equities in developed economies. Furthermore, the study categorizes firms into distinct size categories and finds nuanced differences in the relationship between ownership concentration and stock returns across large, medium, and small-cap enterprises. The results of the study reveal that ownership concentration (by country) and scale (Large, medium, and small) have a significant and positive impact on the stock returns of firms in developed economies.

the practical implications of this study extend to investors, firms, policymakers, regulators, and other stakeholders involved in the financial markets. By considering these implications, stakeholders can make informed decisions to enhance market efficiency, investor protection, and overall market integrity.

To the authors' understanding, this study is the first to examine the impact of concentrated ownership on excessive stock returns across countries and scales, with an explicit focus on large, medium, and small companies in select developed economies worldwide.

The manufacturing investment shift from developed countries to emerging and developing regions creates further needs for identifying appropriate green certification strategies. This study proposes that alignments between green certification practices (GCRs) and process innovation (PIN) could help identify appropriate strategies that national economic development can influence.

Drawing on the diffusion of innovation theories, this study proposed a taxonomy to examine whether sustainable performance differs depending on the levels of alignment and the role of national economic development. The study uses an empirical survey approach to highlight alignments between GCRs and PIN among developed, developing and emerging economic nations, addressing resource allocation for the world's sustainable development goals (SDGs).

Manufacturers need to align PIN practices with the level of green certification to achieve sustainable performance. Manufacturers experiencing higher payoffs from various improvements successfully align in GCR and PIN. The alignment between these two concepts can derive different taxonomies, which highlight performance and managerial implications for manufacturers. The manufacturers followed three distinct typologies: minimalist, process active and proactive. Besides, building on the theory of performance frontiers, the findings indicated that manufacturers in developing and emerging economies placed the most substantial GCR effort compared to their counterparts in developed nations. Manufacturers in developed countries are increasingly reaching the “diminishing points” and investing limited resources in GCR just enough to keep their competitive positioning as order qualifiers rather than order winners. Developing economies are catching up very quickly in attaining GCRs and business performance.

This insight is essential for managers to adapt to nations' economic development conditions and appropriately and effectively align resources.

The findings offer a decision-making process and provide straightforward guidelines for supply chain managers' green certification adoption.

In including both PIN and green certification, this paper adds greater comprehensiveness and richness to the supply chain literature.

The present study aims to identify significant barriers to adopting prefabricated construction (PFC) in developing economies using a study in Sri Lanka and develop an integrated strategy framework to mitigate and overcome the obstacles.

The research process included a comprehensive literature review, a pilot study, a questionnaire survey for data collection, statistical analysis and a qualitative content analysis.

Ranking method revealed that all 23 barriers were significant. Top significant barriers include challenges in prefabricated component transportation, high capital investment costs and lack of awareness of the benefits of PFC among owners/developers. Factor analysis clustered six barrier categories (BCs) that fit the barrier factors, explaining 71.22% of the cumulative variance. Fuzzy synthetic evaluation revealed that all BCs significantly influence PFC adoption in Sri Lanka. Finally, the proposed mitigation strategies were mapped with barriers to complete the integrated framework.

The study outcomes are relevant to construction industry stakeholders of Sri Lanka, who are keen to enhance construction efficiencies. The implications can also benefit construction industry stakeholders and policymakers to formulate policies and regulations and identify mitigation solutions.

The study provides deeper insights into the challenges to adopting prefabrication in South Asian countries such as Sri Lanka. Furthermore, the integrated framework is a novel contribution that can be used to derive actions to mitigate barriers in developing economies.

Our understanding of the strategies that lead to the success of start-ups when they scale-up is limited when it occurs at the regional periphery. The main purpose of this study is to explore the specific strategies that start-ups employ to scale-up, specifically in contexts with high resource constraints at the regional periphery.

Analyzing the data from personal in-depth interviews with engineering and science start-up founders in peripheral regions of upstate New York USA bordering the Canadian Ontario, we explored a combination of internal and external strategies that start-ups employed to scale-up.

The study found that start-ups prioritize building internal scaling capacity in their human capital, organizational structure, scalable business model, finance and business ownership. To foster the scaling process further, start-ups develop new effective external strategies that target the business environment.

Policymakers and regional governments can use our research to develop more effective industrial policies for supporting start-ups’ growth and subsiding strategic industry clusters for rebooting new competition policy, which is a current debate in many industrialized economies including the US. This targeted regional industrial policy is specially needed when scaling-up at the regional periphery.

Our study is specially need it when scaling-up at the regional periphery and with limited resources.

This study enriches our understanding of the growth of start-ups and small ventures by providing context-based insights into how firms build the capacity to scale-up in highly challenging and uncertain business environments in a peripheral bordering region between the USA and Canada. It also offers useful managerial and policy implications.

The Quadrilateral Group for Security Dialogues (QUAD), comprising Japan, Australia, India, and the USA, has experienced a noteworthy escalation in both environmental depletion and economic performance over the preceding 2 decades. Consequently, it becomes crucial to outline strategies through which the QUAD can attain a harmonious equilibrium between sustainable economic growth and ecological well-being. This research endeavors to dissect the intricate relationships among trade globalization, regulatory quality, and environmental sustainability within the QUAD for the period 1990–2021. The study checks for the Pollution Haven Hypothesis (PHH), and Pollution Halo Effect Hypothesis (PHEH).

The long-run association is based on the autoregressive distributed lag (ARDL) model and bounds test approach to cointegration while divergence or convergence is studied with the help of decoupling index (DI). Results have been verified by applying serial correlation LM test, autoregressive conditional heteroskedasticity (ARCH), and cumulative sum of recursive residuals (CUSUM) tests to ensure the robustness and stability of the model.

The empirical results of this study affirm the applicability of the PHEH in the contexts of India, Japan, and the USA, whereas the PHH is validated in the case of Australia. Furthermore, the analysis reveals the existence of relative decoupling solely in the case of India. This testifies that the rate of growth of the Indian economy surpasses the rate of growth in ecological footprint (EF), indicating a relative reduction in the intensity of environmental impact per unit of economic growth.

The empirical findings of our study suggest that countries with effective regulatory systems are better positioned to control and mitigate the potential adverse environmental effects resulting from increased global trade. Thus, policymakers are prompted to reassess the development policies for sustainable economic growth that will minimize adverse environmental repercussions. The implication of the negative relation between urbanization and EF is paramount for policymakers in developing countries seeking strategies for balanced urban development that aligns with environmental sustainability.

The present study is a unique exploration of the impact of trade globalization and regulatory quality on EF, specifically on PHH/PHEH in the context of QUAD.

This paper examines the dynamics of structural transformation in Morocco since 1970 by analyzing input-output tables expressed in terms of employment and output levels across 24 sectors.

This study employs a twofold methodological approach. Firstly, it examines the evolution of sectoral employment shares over time using World Bank data. Secondly, it utilizes Input-Output analysis to examine structural shifts in Morocco's economy, focusing on sector-specific output and employment data. The primary data source is the Eora Global Supply Chain Database, covering the years 1970, 1980, 1990, 2000, and 2015. Additionally, to transition from production-based to employment-based input-output tables, the study leverages employment and output data from the Penn World Tables to calculate the diagonal labor coefficient matrix.

First, our analysis reveals that Morocco's economic transformation has been slower compared to high-income countries. Structural changes, as evidenced by the evolution of employment shares by sector, show a gradual decline in agricultural employment share over the period 1991-2019, accompanied by a shift towards the services sector. This shift, driven by favorable conditions in the services sector and increased capital use in agriculture, has resulted in premature deindustrialization. The industrial sector's employment share has remained stable due to its capital-intensive nature. Second, Input-Output analysis reveals a pronounced premature tertiarization of the Moroccan economy. Between 1990 and 2000, the tertiary sector saw a dramatic rise in both backward (167%) and forward (68%) linkages, while the primary sector's backward linkages fell by 33% during the same period. Although the primary sector’s linkages increased by 10% from 2000 to 2015, the secondary sector experienced a consistent decline in backward linkages, dropping 12% from 1990 to 2000 and an additional 10% from 2000 to 2015. Employment linkage analysis further underscores this shift, with a 12% increase in the tertiary sector’s backward linkages from 1990 to 2000, contrasted by significant declines in the primary (51%) and secondary (7%) sectors. These trends highlight an unsustainable move towards services without concurrent industrial development, challenging balanced economic development.

As it is unanimous, the structural transformation of Morocco remains relatively slow and characterized by a shift of the labor factor from the primary sector to the tertiary sector, with a limited job creation by the secondary sector considered as the pillar of any structural transformation. This paper advances the field of research on structural transformation by elucidating the premature tertiarization of the Moroccan economy and the slowness pace at which the transformation of its economic fabric is occurring, thereby filling the empirical gap.