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Sub-Saharan Africa is a region that is highly vulnerable to the effects of climate change. Renewable energy consumption could play a major role in mitigating the effects of climate change by improving environmental quality in the region. The purpose of this paper is to examine the effect of renewable energy consumption on environmental quality in sub-Saharan African countries.

The empirical investigation is based on the estimation of an augmented Green Solow model through the defactored instrumental variables approach on a sample of 34 countries over the period 1996 to 2018.

The results of two-stage defactored instrumental variables estimator show that renewable energy consumption improves environmental quality. Indeed, renewable energies have a significant negative influence on CO₂ emissions. This result is robust when using the ecological footprint as an indicator of environmental quality.

In terms of implications, governments in Sub-Saharan Africa need to pursue policies to encourage investment in the renewable energy sector. This will promote renewable energy consumption, change the structure of the energy mix in favour of renewable energy, improve environmental quality and effectively combat climate change.

The originality of this research in relation to the existing literature lies at several levels. Firstly, the analysis is carried out using a unified framework combining the environmental Kuznets curve and the environmental convergence hypotheses. Secondly, this research uses a very recent econometric method. Finally, environmental quality is measured using two indicators.

The purpose of this paper is to investigate the correlation and mechanism between international students and inbound tourism.

Taking 269 prefecture-level cities in China as a sample, bringing international students and inbound tourism into the same analytical framework, the paper applies the fixed-effects model, instrumental variables model and mediating effects model to investigate the impact of international students on inbound tourism.

International students significantly contribute to the increase in inbound tourists and tourism revenue in China, which remain valid after a series of robustness tests. When the relocation data of Chinese urban universities and faculties in the 1950s are used as an instrumental variable for the potential endogenous problems of international students, the results are still valid. Heterogeneity research shows that the impact of international students on inbound tourism has heterogeneous effects in different regions. In addition, the mechanism analysis shows that international students promote China’s inbound tourism mainly through two channels: the economic growth effect and the human capital effect.

This paper provides evidence of the correlation between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper provides evidence on the causal relationship between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper creatively finds out the instrumental variables of international students with academic education to deal with the potential endogenous problems, and then identifies the causal relationship between international students and inbound tourism.

This paper creatively finds out the instrumental variables of international students to deal with the potential endogenous problems and then identifies the correlation between international students and inbound tourism.

本文将研究样本扩大到中国266个地级市, 将留学生和入境旅游纳入同一分析框架, 从游客规模和旅游收入两个方面衡量入境旅游规模, 并调查留学生对入境旅游规模的影响及其机制。

本文通过使用面板数据的固定效应模型、工具变量和的中介效应, 考察国际学生与入境旅游之间的因果关系。

留学生显著促进了中国入境旅游收入和游客数量的增长, 经过一系列稳健测试后, 上述结果仍然成立; 以20世纪50年代中国城市高校和院系的搬迁数据作为国际学生应对潜在内生性问题的工具变量, 结果仍然有效; 异质性研究表明, 留学生入境旅游效应在不同的时间和地区具有异质性; 在机制分析中, 留学生促进中国入境旅游主要通过三个渠道：经济增长效应、人力资本效应和外商投资效应。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

Tomando como muestra 266 ciudades de China a nivel de prefectura, e integrando a los estudiantes internacionales y el turismo receptor en el mismo marco analítico, el documento aplica el modelo de efectos fijos, el modelo de variables instrumentales y el modelo de efectos mediadores para investigar el impacto de los estudiantes internacionales en el turismo receptor.

El propósito de este documento es investigar la relación causal y el mecanismo entre los estudiantes internacionales y el turismo receptor.

Los estudiantes internacionales contribuyen significativamente al aumento de los turistas entrantes y de los ingresos por turismo en China, que siguen siendo válidos tras una serie de pruebas de solidez. Cuando utilizamos los datos de reubicación de las universidades y facultades urbanas chinas en la década de 1950 como variable instrumental para los posibles problemas endógenos de los estudiantes internacionales, los resultados siguen siendo válidos. La investigación de la heterogeneidad muestra que el impacto de los estudiantes internacionales en el turismo receptor tiene efectos heterogéneos en las distintas regiones. Además, el análisis del mecanismo muestra que los estudiantes internacionales promueven el turismo receptor de China principalmente a través de tres canales: el efecto del crecimiento económico, el efecto del capital humano y el efecto de la inversión extranjera.

Este trabajo aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, como todos los datos del estudio proceden de China, hay que ser prudentes a la hora de aplicar los resultados de este trabajo a otras regiones.

Este documento aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, dado que todos los datos del estudio proceden de China, debe tenerse precaución a la hora de aplicar los resultados de este documento a otras regiones.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales con formación académica para hacer frente a los posibles problemas endógenos y, a continuación, identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales para tratar los posibles problemas endógenos, y luego identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

The authors empirically examined the theoretically recognized industrial linkages between manufacturing and services from the trade perspective. In particular, they confirmed the trade effect of manufacturing on services, given that global value chain fragmentation pervades and splits manufacturing and services segments separately in developed and developing countries.

Based on observations of 47 countries with manufacturing and service trade data from 1990 to 2020 and with gravity model specification, the authors primarily used the Poisson pseudo-maximum likelihood (PPML) estimation with multiple levels of fixed effects. Considering that many zero values are included in the dependent variable and potential endogeneity, other methods such as Tobit regression, Heckman estimation and two-stage least squares estimation (2SLS) are used. Subsample estimation also supplemented the empirical research.

The results showed that manufacturing trade is a stepping-stone rather than an obstacle to service trade. This finding exhibited significant robustness under different model specifications, instrumental variable estimation and subsample checks. Moreover, in contrast to the north–north country ties, manufacturing trade between northern and southern countries has played a prominent stepping-stone role; meanwhile, manufacturing trade among core–peripheral countries has a considerably more significant impact than the outcomes of core–core and peripheral–peripheral countries.

The authors provided direct clarification and revealed that trade in manufacturing remains the demand basis for service trade. As trade in manufacturing and services are typical phenomena of transnational production linkages, the authors suggested exploring the underlying role of global value chain (GVC) fragmentation and the offset and even barrier effect of biased institutional arrangements on GVC fragmentation.

This study aims to analyze the impact of corporate governance on firms’ external financing decisions in the Middle East and North Africa (MENA) region.

The authors analyzed a unique set of panel data comprising 2,425 nonfinancial firms whose shares are traded on stock exchanges in countries in the MENA region. The authors fitted an ordinary least squares model to estimate the regression coefficients. The authors performed a sensitivity analysis using alternative measures of the critical variables and an endogeneity analysis using instrumental variable methods with plausible external instruments.

The results revealed that corporate governance characteristics of firms are strongly associated with their degree of leverage. They also showed that macrofinancial conditions, financial regulations, corporate governance enforcement and social conditions mitigate the impact of corporate governance on firms’ financing decisions.

A larger sample size will further improve the results; however, this is difficult and depends on the extent to which increasing disclosure practices allow more corporate information to reach international databases.

This study provides new evidence on the role of corporate governance on firms’ financing decisions and documents the essential mitigating role of institutions, alerting managers to consider them.

This study is a novel attempt. Based on information from different data sources, this study explored the predictive power of corporate governance, ownership structures and other firm-specific characteristics in explaining corporate leverage in MENA countries. Overall, the analysis provides new evidence of the association between corporate governance and capital structure in the MENA region, highlighting the critical role of institutions.

The purpose of the study is to investigate micro determinants for dynamic wine pricing in Argentina. We test whether attributes and time affect the price rate of change. The rate of change is selected given the inflationary context of the country. The analysis provides valuable information for wine marketing decisions.

The modeling approach relies on panel data analysis for exploiting the data cross-section and time dimension. The contribution explores a massive price dataset at a weekly frequency. The dependent variable is the weekly price variation rate for product/wine and covariates are attributes, time and nominal variables. Given that endogeneity issues arose, the estimations rely on a two-stage least squares and instrumental variables with cluster-robust errors.

Estimations show that attributes, time and cost variables are statistically significant, with clear seasonal patterns and quality segmentation affecting pricing: wines made out of specific grapes such as Chenin, Merlot and Seedling or composing a broad category such as red wine, exhibit price undershooting (price rate of change below average). On the other hand, wines out of grapes such as Bonarda, Margaux, Mistela, Moscatel, Oporto, Tannat and Sauvignon Blanc show price overshooting (rate of change above average). In summary, wine made from determined grapes and specific wineries show divergent pricing.

Covariates such as alcohol content, label descriptor information, winery history, substitute competition and vintage, among others, have not been considered given that the research analyzes more than 750 wine products. Another limitation is that the work does not explore many time-series covariates, such as promotions and idiosyncratic shocks.

The contribution presents new information on wine pricing patterns affected by weeks, months and years, including the effect of the prolonged 2020 Argentine lockdown. It also analyzes estimations on pricing at the level of grape/blend and wineries previously unknown in this market. The information can influence inventory decisions on the side of the sellers and purchase decisions on the side of consumers.

The analysis includes fine but also low-cost wines that form part of the diet of low-income families in the country. The work detects a divergent pattern in pricing divided by the quality/price of the wine. It also presents information on price timing that may help consumers in the best moment to buy.

The contribution analyzes unprecedented information on weekly wine prices and presents evidence of pricing tactics from a point-of-sale perspective: It identifies different adjustment speeds related to product features and time effects.

Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social responsibility (CSR). However, empirical validation of this assumption has rarely been attempted. This study aims to provide empirical evidence that the adoption of multi-stakeholder initiatives, which are globally recognized as signals of CSR, helps MNEs increase profits from internationalization.

Fixed effect models, which address model misspecification problems, and instrumental variable estimation, which controls for the endogeneity in firms’ choice of internationalization, offer empirical evidence supporting the moderating effects of global multi-stakeholder initiatives on the relationship between internationalization and firm performance.

This study examines the moderating role of multi-stakeholder initiatives in the relationship between internationalization and firm performance, drawing on signaling and stakeholder theories. The results suggest that the signaling effect of multi-stakeholder initiatives can help MNEs overcome the liability of foreignness and, therefore, profit from overseas markets.

Although the internationalization–firm performance relationship has been a subject of debate in the field of international business, the role of firms’ stakeholder engagement in this relationship has been largely overlooked in previous studies. In this study, the authors explore the impact of multi-stakeholder initiatives on the internationalization–firm performance relationship. Our primary contention is that multi-stakeholder initiatives have moderating effects on this relationship by reducing the liability of foreignness experienced by MNEs in host countries. Furthermore, the findings suggest that active engagement in multi-stakeholder initiatives significantly contributes to the financial success of MNEs as they internationalize.

Education researchers have been urged to utilize causal inference methods to estimate the policy effect more rigorously. While randomized controlled trials (RCTs) are the gold standard for assessing causality, RCTs are infeasible in some educational settings, particularly when ethical concerns or high cost are involved. Quasi-experimental research designs are the best alternative approach to study educational topics not amenable to RCTs, as they mimic experimental conditions and use statistical techniques to reduce bias from variables omitted in the empirical models. In this chapter, we introduce and discuss the core concepts, applicability, and limitations of three quasi-experimental methods in higher education research (i.e., difference-in-differences, instrumental variables, and regression discontinuity). By introducing each of these techniques, we aim to expand the higher education researcher's toolbox and encourage the use of these quasi-experimental methods to evaluate educational interventions.

This article aims to examine the role of capital assets in rural household poverty transitions of poverty escape and poverty descent over periods of 2014–2016 and 2016–2018.

Based on the sustainable livelihood approach, this paper uses binary logit model to explore the influence of multidimensional capital assets on poverty transitions and use instrumental variable estimation to solve the endogeneity between total net asset and poverty transitions.

Capital assets have significant impacts on household poverty transitions. The role of capital assets in households' poverty escape and poverty descent are not symmetrical. The authors verify that rural households with rich total net asset are more likely to escape poverty and less likely to descend into poverty by using instrumental variable estimation. The authors verify that there is a mediation effect that total net asset can help households' escaping poverty and prevent them from falling into poverty through promoting rural households to engage in business activities.

This paper is the first to explore how capital assets affect poverty transitions in rural China based on the sustainable livelihood approach. The findings of this research can provide valuable policy implications for the pursuit of common prosperity in China and references for other developing countries.

This study aims to examine the impact of financial inclusion and financial innovation on corruption, considering the moderating role of education, as well as identify the specific modality of digital inclusion and payments that contribute to corruption reduction.

The study uses a representative sample consisting of 46 African countries in three different years 2011, 2014 and 2017. On the data, feasible generalized least squares (FGLS), instrumental variables – two stages least squares (IV-2SLS) and two-stage generalized method of moments (IV-2GMM) model estimation methods were employed.

The results suggest that financial inclusion and education significantly reduce corruption. As well, the interaction between financial inclusion and education reduces corruption. Additionally, the authors find that the expansion of bank credit and the use of credit and debit cards are the specific modes of financial inclusion and digital payments that can contribute to corruption reduction.

This study awakens policymakers in African countries about the need to consider education as an alternative measure to support financial inclusion and reduce the use of physical cash in transactions for an effective fight against corruption.

Regarding practical implications, the study shows that financial inclusion besides reducing poverty for households can contribute to macroeconomic stability in Africa.

The study uses a representative sample composed of 46 African countries and considers the role of education in moderating the relationship between financial inclusion and financial innovation on corruption. Furthermore, the study identifies the specific modality of financial inclusion and digital payments that contribute to corruption reduction.

Within the two-tier bargaining system, the role of complementary collective bargaining is somewhat controversial. In this paper, the authors analyse collective agreements from a triple perspective: scanning the contents of firm-level complementary collective agreements (CCAs); identifying the factors that determine the probability of signing a CCA and analysing the relationship between the latter and firm performance with a focus on the role of different negotiated topics.

The empirical procedure is based on 2 main linked sources: longitudinal balance sheet data and a cross-sectional dataset of a representative sample of Italian firms with at least 15 employees, including some retrospective information. The innovative dataset derives from integrating multiple sources. The main empirical approaches include Generalized Method of Moments (GMM) estimations, multivariate regressions, as well as instrumental variable (IV) estimations to overcome simultaneity issues.

With respect to the probability of signing a CCA, on the firms' side, the authors find a positive role of the degree of firm capitalisation and affiliation with an employers' association and a negative role of family firms compared to non-family firms; on the workers' side, a positive role of the workers' unionisation rate and a positive but differentiated weight of workers' union representations and industrial conflicts. With regard to firm performance, the authors' estimates suggest that signing a CCA is associated with an average increase of 3% in total factor productivity (TFP) and 7.8% in labour productivity. By investigating the contents of the complementarity agreements, the authors show that bargaining a wider range of topics implies advantages that are not homogenous, benefitting more efficient firms. Moreover, the authors find a specific positive and significant role for three main interacting issues: economic incentives, organisation and employment.

The cross-sectional structure of the data on bargaining practices prevents detecting causal relationships due to either potential common driver(s) of both the target variables (firm performance) and bargaining practices (simultaneity bias) and unobservable time-invariant firm-level characteristics (heterogeneity bias).

According to the authors' results, policymakers should operate along four fiscal channels to spur the efficiency of firms, via CCA. First, tax incentives stimulate higher firm capitalisation, as this seems to be a CCA-favouring factor. Second, deduction in taxable income for union members, which should led to higher membership rates, hence raising the likelihood of obtaining a CCA. Third, incentives aimed at directly promoting the greater diffusion of CCAs as a source of improved performance. Fourth, fiscal tools aimed at favouring the negotiation of either specific contents or “bundles” of contents, which the authors' estimates show as an additional performance-enhancing tool of CCA practices.

The conceptualisation of the contents of CCA as organisational investments and the whole probability function of signing a CCA are quite innovative. Moreover, the econometric strategy takes account of several potential sources of bias when estimating the relevant coefficients at each stage, which is currently not fully considered in the literature. Finally, this is the first study to shed light on both the diverse outcomes associated with different negotiated topics (in terms of quantity and quality) and the distinction between short and medium-long term effects.