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Article
Publication date: 4 March 2024

Shnehal Soni and Manogna RL

This study aims to examine the impact of renewable energy consumption on agricultural productivity while accounting for the effect of financial inclusion and foreign direct…

Abstract

Purpose

This study aims to examine the impact of renewable energy consumption on agricultural productivity while accounting for the effect of financial inclusion and foreign direct investment in Brazil, Russia, India, China and South Africa (BRICS) countries during 2000–2020.

Design/methodology/approach

The study has used the latest data from World Bank and International Monetary Fund databases. The dependent variable in the study is agricultural productivity. Renewable energy consumption, carbon emissions, financial inclusion and foreign direct investment are independent variables. Autoregressive distributed lag (ARDL) approach was used to examine the short-run and long-run impact of renewable energy consumption, carbon emissions, foreign direct investment and financial inclusion on agricultural productivity.

Findings

The findings imply that consumption of renewable energy, carbon emissions and foreign direct investment have a positive impact on agricultural productivity while financial inclusion in terms of access does not seem to have any significant impact on agricultural productivity. Providing farmers, access to financial services can be beneficial, but its usage holds more importance in impacting rural outcomes. The problem lies in the fact that there is still a gap between access and usage of financial services.

Research limitations/implications

Policymakers should encourage the increase in the usage of renewable energy and become less reliant on non-renewable energy sources which will eventually help in tackling the problems associated with climate change as well as enhance agricultural productivity.

Originality/value

Most of the earlier studies were based on tabular analysis without any empirical base to establish the causal relationship between determinants of agricultural productivity and renewable energy consumption. These studies were also limited to a few regions. The study is one of its kind in exploring the severity of various factors that determine agricultural productivity in the context of emerging economies like BRICS while accounting for the effect of financial inclusion and foreign direct investment.

Details

International Journal of Energy Sector Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-6220

Keywords

Book part
Publication date: 4 April 2024

Yong H. Kim, Bochen Li, Miyoun Paek and Tong Yu

We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the…

Abstract

We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the United States, Australia, and eight Asian countries) at heterogeneous economic development stages and different regulatory environments. We document that corporate pensions are significantly underfunded in most countries of our sample in the period of 2001–2017, when interest rates were ultralow in most countries. In addition, firms from countries with stronger employee protection and more generous retirement benefits tend to show higher levels of underfunding in their defined benefit (DB) pension plans. To the extent of pension underfunding imposing constraints on corporate investment, we find that firms in these countries can face more constraints on investment when their pension is underfunded.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83753-865-2

Keywords

Abstract

Details

Understanding Intercultural Interaction: An Analysis of Key Concepts, 2nd Edition
Type: Book
ISBN: 978-1-83753-438-8

Article
Publication date: 30 October 2023

Badreddine Berrahlia

This paper explores the experience of “Shari’a” as non-state law in the English courts through a historical analysis of past Islamic finance dispute resolutions (IFDRs). This…

Abstract

Purpose

This paper explores the experience of “Shari’a” as non-state law in the English courts through a historical analysis of past Islamic finance dispute resolutions (IFDRs). This paper aims to propose a conceivable scenario relating to the law applicable in international commercial contracts in the English courts with the emergence of the Hague Principles 2015.

Design/methodology/approach

This paper addresses several issues that have been raised in English case law: doubts about the legal nature of “Shari’a” as non-state law; the limits placed on freedom of choice of “Shari’a” law by the application of a single legal system; and the distinction between application of law and incorporation by reference of “Shari’a” in IFDRs. The paper then analyses the conformity of “Shari’a” with the provisions now used to resolve Islamic finance disputes (trade and investment) in the English courts, using an empirical analysis of The Accounting and Auditing Organization for Islamic Financial Institutions standards.

Findings

The paper provides that, in theory, “Shari’a” standards could play a significant role in IFDRs after Brexit, even though a gap persists in practice because the Hague Principles 2015 have not yet been adopted by the English legal system.

Research limitations/implications

The study focuses on the English courts and shows how the IFDRs could be resolved with the emergence of Hague Principles 2015 in the post-Brexit era.

Originality/value

To the best of the author’s knowledge, this paper appears to be the first paper to provide a conceivable scenario relating to the future of the IFDRs in the English courts.

Details

Journal of International Trade Law and Policy, vol. 23 no. 1
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 26 January 2024

Faris ALshubiri and Mawih Kareem Al Ani

This study aims to analyse the intellectual property rights (INPR), foreign direct investment (FDI) inflows and technological exports of 32 developing and developed countries for…

Abstract

Purpose

This study aims to analyse the intellectual property rights (INPR), foreign direct investment (FDI) inflows and technological exports of 32 developing and developed countries for the period of 2006–2020.

Design/methodology/approach

Diagnostic tests were used to confirm the panel least squares, fixed effect, random effect, feasible general least squares, dynamic ordinary least squares and fully modified ordinary least squares estimator results as well as to increase the robustness.

Findings

According to the findings for the developing countries, trademark, patent and industrial design applications, each had a significant positive long-run effect on FDI inflows. In addition, there was a significant positive long-run relationship between patent applications and medium- and high-technology exports. Meanwhile, trademark and industrial design applications had a significant negative long-term effect on medium- and high-technology exports. In developed countries, patent and industrial design applications each have a significant negative long-term on medium- and high-technology exports. Furthermore, patent and trademark applications each had a significant negative long-run effect on FDI inflows.

Originality/value

This study contributes significantly to the focus that host countries evaluate the technology gaps between domestic and foreign investors at different industry levels to select the best INPR rules and innovation process by increasing international cooperation. Furthermore, the host countries should follow the structure–conduct–performance paradigm based on analysis of the market structure, strategic firms and industrial dynamics systems.

Open Access
Article
Publication date: 30 August 2022

Elyas Abdulahi Mohamued, Muhammad Asif Khan, Natanya Meyer, József Popp and Judit Oláh

This study aims to analyse the efficiency effects of institutional distance on Chinese outward foreign direct investment (FDI) in Africa.

1097

Abstract

Purpose

This study aims to analyse the efficiency effects of institutional distance on Chinese outward foreign direct investment (FDI) in Africa.

Design/methodology/approach

The study utilised the true fixed-effect stochastic frontier analysis (SFA) model. Data from 2003 to 2016 (14 years) were acquired from 42 targeted African countries, which are included in the analysis.

Findings

The results reveal that FDI flow efficiency can be maximised with a high institutional distance between China and African countries. Contrariwise, comparable institutional distance, measured by the rule of law, regulatory quality and government effectiveness between the host and home countries, reflected a significant positive impact for Chinese outward foreign direct investment (OFDIs), indicating Chinese MNEs can invest directly in a country with comparable institutional characteristics.

Originality/value

There have been limited exceptional studies that assessed the effect of institutional distance between emerging countries. However, none of these studies investigated the effect of institutional distance between China and Africa at a national level. Using the advantage of the SFA model, this study assesses the efficiency effects of institutional distance between the host and home country.

Details

International Journal of Emerging Markets, vol. 19 no. 3
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 26 March 2024

Jaspreet Kaur

This study aims to determine experimentally factors affecting the satisfaction of retail stock investors with various investor protection regulatory measures implemented by the…

Abstract

Purpose

This study aims to determine experimentally factors affecting the satisfaction of retail stock investors with various investor protection regulatory measures implemented by the Government of India and Securities and Exchange Board of India (SEBI). Also, an effort has been made to gauge the level of satisfaction of retail equities investors with the laws and guidelines developed by the Indian Government and SEBI for their invested funds.

Design/methodology/approach

To accomplish the study’s goals, a well-structured questionnaire was created with the help of a literature review, and copies of it were filled by Punjabi retail equities investors with the aid of stockbrokers, i.e. intermediaries. Amritsar, Jalandhar, Ludhiana and Mohali-area intermediaries were chosen using a random selection procedure. Xerox copies of the questionnaire were given to the intermediaries, who were then asked to collect responses from their clients. Some intermediaries requested the researcher to sit in their offices to collect responses from their clients. Only 373 questionnaires out of 1,000 questionnaires that were provided had been received back. Only 328 copies were correctly filled by the equity investors. To conduct the analysis, 328 copies, which were fully completed, were used as data. The appropriate approaches, such as descriptives, factor analysis and ordinal regression analysis, were used to study the data.

Findings

With the aid of factor analysis, four factors have been identified that influence investors’ satisfaction with various investor protection regulatory measures implemented by government and SEBI regulations, including regulations addressing primary and secondary market dealings, rules for investor awareness and protection, rules to prevent company malpractices and laws for corporate governance and investor protection. The impact of these four components on investor satisfaction has been investigated using ordinal regression analysis. The pseudo-R-square statistics for the ordinal regression model demonstrated the model’s capacity for the explanation. The findings suggested that a significant amount of the overall satisfaction score about the various investor protection measures implemented by the government/SEBI has been explained by the regression model.

Research limitations/implications

A study could be conducted to analyse the perspective of various stakeholders towards the disclosures made and norms followed by corporate houses. The current study may be expanded to cover the entire nation because it is only at the state level currently. It might be conceivable to examine how investments made in the retail capital market affect investors in rural areas. The influence of reforms on the functioning of stock markets could potentially be examined through another study. It could be possible to undertake a study on female investors’ knowledge about retail investment trends. The effect of digital stock trading could be examined in India. The effect of technological innovations on capital markets can be studied.

Practical implications

This research would be extremely useful to regulators in developing policies to protect retail equities investors. Investors are required to be safeguarded and protected to deal freely in the securities market, so they should be given more freedom in terms of investor protection measures. Stock exchanges should have the potential to bring about technological advancements in trading to protect investors from any kind of financial loss. Since the government has the power to create rules and regulations to strengthen investor protection. So, this research will be extremely useful to the government.

Social implications

This work has societal ramifications. Because when adequate rules and regulations are in place to safeguard investors, they will be able to invest freely. Companies will use capital wisely and profitably. Companies should undertake tasks towards corporate social responsibility out of profits because corporate houses are part and parcel of society only.

Originality/value

Many investors may lack the necessary expertise to make sound financial judgments. They might not be aware of the entire risk-reward profile of various investment options. However, they must know various investor protection measures taken by the Government of India & Securities and Exchange Board of India (SEBI) to safeguard their interests. Investors must be well-informed on the precautions to take while dealing with market intermediaries, as well as in the stock market.

Details

International Journal of Law and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 19 March 2024

Benny Hutahayan, Mohamad Fadli, Satria Amiputra Amimakmur and Reka Dewantara

This study aims to analyze the causes and implications of legal uncertainty in the issuance of conventional municipal bonds in Indonesia and to draw lessons from Vietnam’s…

Abstract

Purpose

This study aims to analyze the causes and implications of legal uncertainty in the issuance of conventional municipal bonds in Indonesia and to draw lessons from Vietnam’s approach in providing better legal certainty.

Design/methodology/approach

This study adopts a normative legal method with a legislative approach and applies a comparative approach. Data sources involve primary and secondary legal materials from both Indonesia and Vietnam.

Findings

The legal uncertainty is caused by a lack of coherence and consistency in legislation. Based on Vietnam’s experience, Indonesia can gain valuable insights related to providing strong legal certainty for parties involved in issuing or investing through conventional municipal bonds.

Research limitations/implications

This study focuses on the comparative legal analysis of conventional municipal bonds in Indonesia with Vietnam.

Practical implications

This research provides recommendations for the refinement of legislation regarding conventional municipal bonds to the government.

Social implications

This study is related to legal certainty as a strategy to attract investment through municipal bonds and to ensure the municipal bond issuance process is transparent and efficient.

Originality/value

This study provides a comparative perspective on the issuance of municipal bonds in Indonesia, with a special focus on Vietnam, emphasizing the urgency of harmonization in legal regulation and the sustainability of legal certainty.

Details

International Journal of Law and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 12 January 2024

Lipeng Pan, Yongqing Li, Xiao Fu and Chyi Lin Lee

This paper aims to explore the pathways of carbon transfer in 200 US corporations along with the motivations that drive such transfers. The particular focus is on each firm’s…

Abstract

Purpose

This paper aims to explore the pathways of carbon transfer in 200 US corporations along with the motivations that drive such transfers. The particular focus is on each firm’s embeddedness in the global value chain (GVC) and the influence of environmental law, operational costs and corporate social responsibility (CSR). The insights gleaned bridge a gap in the literature surrounding GVCs and corporate carbon transfer.

Design/methodology/approach

The methodology comprised a two-step research approach. First, the authors used a two-sided fixed regression to analyse the relationship between each firm’s embeddedness in the GVC and its carbon transfers. The sample consisted of 217 US firms. Next, the authors examined the influence of environmental law, operational costs and CSR on carbon transfers using a quantitative comparison analysis. These results were interpreted through the theoretical frameworks of the GVC and legitimacy theory.

Findings

The empirical results indicate positive relationships between carbon transfers and GVC embeddedness in terms of both a firm’s position and its degree. From the quantitative comparison, the authors find that the pressure of environmental law and operational costs motivate these transfers through the value chain. Furthermore, CSR does not help to mitigate transfers.

Practical implications

The findings offer insights for policymakers, industry and academia to understand that, with globalised production and greater value creation, transferring carbon to different parts of the GVC – largely to developing countries – will only become more common. The underdeveloped nature of environmental technology in these countries means that global emissions will likely rise instead of fall, further exacerbating global warming. Transferring carbon is not conducive to a sustainable global economy. Hence, firms should be closely regulated and given economic incentives to reduce emissions, not simply shunt them off to the developing world.

Social implications

Carbon transfer is a major obstacle to effectively reducing carbon emissions. The responsibilities of carbon transfer via GVCs are difficult to define despite firms being a major consideration in such transfers. Understanding how and why corporations engage in carbon transfers can facilitate global cooperation among communities. This knowledge could pave the way to establishing a global carbon transfer monitoring network aimed at preventing corporate carbon transfer and, instead, encouraging emissions reduction.

Originality/value

This study extends the literature by investigating carbon transfers and the GVC at the firm level. The authors used two-step research approach including panel data and quantitative comparison analysis to address this important question. The authors are the primary study to explore the motivation and pathways by which firms transfer carbon through the GVC.

Details

Sustainability Accounting, Management and Policy Journal, vol. 15 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Expert briefing
Publication date: 11 March 2024

Measures include a new civil code, the Civil Transactions Law, which came into effect in December 2023 and aims to provide comprehensive coverage of all aspects of contracts…

Details

DOI: 10.1108/OXAN-DB285763

ISSN: 2633-304X

Keywords

Geographic
Topical
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