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This work analyzes, through social-environmental reports, whether banks with higher transparency in social-environmental policies better safeguard financial stability in Brazil.

The analysis is carried out through a panel database analysis of the 42 largest Brazilian banks, representing 98% of the Brazilian financial system. Seeking to avoid spurious results, we followed rigorous methodological standards. Hence, we conducted an empirical analysis using a dynamic panel data model, we used the difference generalized method of moments (D-GMM) and the system generalized method of moments (S-GMM).

The results show that the higher the transparency of social-environmental policies, the lower the chance of possible stress on the financial stability of Brazilian banks. In sum, this study builds evidence that disclosing risks related to policies about sustainability can enhance financial stability. It is essential to highlight that social-environmental transparency does not have as direct objective financial stability.

The manuscript submitted represents an original work that analyzes whether banks with higher transparency in social-environmental policies better safeguard financial stability. Some countries, such as Brazil, have their potential for sustainable policies spotlighted due to their green territory and diverse natural ecosystems. Besides having green potential, Brazil is a developing country with a well-developed financial system. These characteristics make Brazil one of the best laboratories for studying the relationship between transparency in social-environmental policies and financial stability.

We aim to analyze the capital structure heterogeneity for manufacturing and service sector firms. Additionally, we analyze the impact of the COVID-19 pandemic on the leverage adjustments of corporate firms.

This study applies the two-step system generalized method of moments (system-GMM) and panel data of 1,115 manufacturing and 482 service sector firms listed with the Bombay Stock Exchange (S&P BSE) from 2010 to 2023. We developed and analyzed three models. Model 1 analyzes the leverage determinants and speed of adjustment (SOA) for the manufacturing and service sectors. Model 2 evaluates the leverage SOA for various sub-sectors, and Model 3 analyzes the impact of the COVID-19 pandemic on the leverage SOA.

This study suggests the three following. First, the direction of leverage determinants suggests that manufacturing firms are highly tangible. In contrast, service sector firms are high-growth firms and recorded a higher SOA (12.01%) than manufacturing (9.09%). Second, analyzing the leverage heterogeneity, we found that SOA varies across the sub-sectors. For manufacturing, food and beverage sub-sector recorded the highest SOA (12.58%), while consumer durables reported the lowest (6.38%). Communication recorded the highest (24.15%) for services, while industrial services recorded the lowest (11.18%). Third, firms across sectors and sub-sectors increased their SOA during COVID-19 pandemic.

This in-depth analysis of leverage heterogeneity for different sectors and subsectors will assist policymakers, corporate managers and other stakeholders in making agile financial decisions.

The analysis of leverage heterogeneity for the manufacturing and service sector from the emerging Indian economy marks a novel contribution to existing literature.

What shapes entrepreneurs’ intention to allocate entrepreneurial effort towards different types of entrepreneurial start-ups? Grounded in a “national business systems” approach, the purpose of this paper is to examine the impacts of institutional dimensions on Schumpeterian and Kirznerian entrepreneurship.

Drawing upon a global context comprising 82 countries over the period between 2007 and 2018, this research applies a dynamic panel modelling approach, namely, the dynamic panel generalised method of moments estimator. This estimator allows to account for unobserved country-specific heterogeneity and to address endogeneity constraints that might occur between institutions and entrepreneurship.

The findings reveal that there are positive relationships between financial capital and both Schumpeterian and Kirznerian entrepreneurship. Educational capital positively affects the allocation of entrepreneurial efforts towards opportunity-based entrepreneurial activities. Moreover, institutional regulatory conditions could hinder the allocation of entrepreneurs’ resources into a Schumpeterian while facilitating the allocation of resources into a Kirznerian type of venture. Finally, a higher level of corruption promotes innovative entrepreneurial activities (i.e. a Schumpeterian type of venture) and leads to constraints on Kirznerian entrepreneurship.

The research findings demonstrate the significance of the macro environment for enacting and implementing policies to reap the benefits of different types of start-ups. It suggests different political actions are needed to motivate highly qualified individuals to engage in Schumpeterian and Kirznerian entrepreneurship, rather than focusing purely on enhancing a country’s overall start-up rates.

By acknowledging the multidimensional nature of entrepreneurship, this research provides greater theoretical exposition and empirical support for the role played by macro-level institutions in determining types of entrepreneurship. It reveals the important role played by macro institutional conditions in influencing choices about different types of start-ups and gives rise to the multidimensional nature of entrepreneurship.

The main objective of this article is to analyze the role of governance quality in influencing the economic growth of 22 selected Sub-Saharan African Countries.

The study applied the panel dynamic Generalized Method of Moments (GMM) to analyze the data obtained from the World Bank database over the period from 2002 to 2020.

The overall finding indicated that the composite governance index has a positive significant effect on the economic growth of the countries; where a unit improvement in the aggregate governance index leads to a 3.05% increase in GDP. The disaggregated result has shown that corruption control and government effectiveness have a negative significant effect on growth performance, whereas, the rule of law and regulatory quality showed a positive significant effect. Political stability and voice and accountability have an insignificant effect on economic growth.

Due to data limitations, this study could not address the whole members of Sub Sahara African Countries and could not see the causal relationship.

The study suggested a strong commitment to the implementation of policy and reform measures on all governance factors. This may add to the need to devise participatory corruption control mechanisms; to closely look at the proper implementation of policies and reforms that constitute the government effectiveness factors, and properly implement the rule of law at all levels of the government with a strong commitment to realizing it so that citizens at all levels can have full confidence in and abide by the rules of society.

Even though there are some studies conducted using conventional methods of panel data analysis such as random effect or fixed effects, this empirical study used more advanced panel dynamic generalized moment of methods to examine the role of improvement in governance quality on economic growth.

This study explores the moderating effect of board gender diversity (BGD) between a firm's Environmental, Social, and Governance (ESG) performance and Economic value added (EVA) using NSE-listed 331 companies' data from 2015 to 2020, forming 1986 firm-year observations.

Our study is based on panel data; hence, we use a system GMM panel regression model to confirm whether the BGD moderates ESG and EVA. We also address the endogeneity issues.

Overall, our study reported a positive moderating effect of BGD between ESG and EVA. Similar results were observed across the chemical and financial services industries. However, in the case of the healthcare and consumer goods industries, we did not find support for the moderating effect.

The implications of our results are considerable and relevant for regulators, governing bodies, and corporate managers. It helps them understand how BGD plays a vital role in influencing the effect of ESG on a firm's EVA.

No existing research has explored the moderating effect of BGD between ESG and EVA, to the authors' best knowledge. Therefore, our study extends the existing literature and further supports resource dependency, agency, and stakeholder theories of corporate governance.

The purpose of the study is to examine how operating efficiencies from incentive alignment compensate for rent extraction in family firms. The author asks whether ownership (1) improves operating efficiencies to increase firm value, (2) positively affects related-party transactions (RPTs), or (3) destroys firm value. Finally, the author assesses whether the incentive effect dominates the entrenchment effect.

This study employs a panel of 333 listed family firms (and 185 nonfamily firms) and handles endogeneity using a dynamic panel system GMM and panel VAR.

Ownership decreases discretionary expenses and increases asset utilization to add firm value. The efficiency gains generate more value in family firms, especially majority-held ones, than in nonmajority ones. However, ownership is also related to increased RPTs (especially dubious loans/guarantees), reducing firm value. RPTs destroy value more severely in the family (or group) firms than in nonfamily (nongroup) firms. It could be why ownership's positive impact on value is lower in family firms than in nonfamily firms. Overall, the incentive effect dominates the entrenchment effect and is robust to controlling private benefits of control in the dynamic ownership-value model.

(1) A family firm's ownership may not be optimal. (2) The firm's long-term commitment as a dynasty limits the scale of expropriation yet sustains impetus for long-term value creation. The paradox partly explains why large family holdings and firm-specific investments endure over generations. (3) This way, large ownership substitutes weak investor protection in India despite tunneling as skin in the game provides necessary investor confidence. (4) Future studies can examine whether extraction varies with family generations and how family characteristics affect the incentive effects.

(1) Concentrated ownership may not be a wrong policy choice in emerging markets to draw firm-specific investments. (2) Investors, auditors, or creditors must pay closer attention to loans/guarantees. (3) More vigorous enforcement, auditor scrutiny, and board oversight are needed.

Family firms are not necessarily a bad organization type that destroys investor wealth. They can be valuably efficient due to their ownership and wealth concentration, and frugality. They matter in the economic growth of a developing market like India.

(1) Extends ownership-performance research to family firms and shows that although ownership facilitates tunneling, the incentive effect dominates; (2) family ownership is not impacted by firm value; (3) family ownership levels reduce discretionary expenses and increase asset utilization to create added value, especially in majority-held family firms; (4) RPTs and loans/guarantees increase with ownership; (5) value erosion from RPTs is higher in family (group) firms than in other firms.

This paper aims to examine various indicators related to corruption and determine their impact on financial globalization in emerging countries. It will consider other factors that may impact financial globalization and focus on how corruption within political, executive and public sector institutions can affect this process.

This paper uses a generalized method of moments (GMM) for a data sample of emerging countries covering 2000–2020. Corruption measurements are derived from the varieties of democracy data sets and Transparency International. It also includes data on foreign direct investment, portfolio flows, foreign exchange and international debt as separate indicators of financial globalization. These measures provide more detailed information on the types of financial transactions occurring across countries.

The results reveal that foreign investors may be less likely to enter certain sectors of the economy due to concerns about unethical practices and difficulties navigating the regulatory landscape in countries with high levels of corruption. This can lead to underdevelopment in sectors that are attractive to foreign investment and a reliance on a narrow range of sectors.

This paper offers valuable insights by integrating corruption and financial globalization indicators, using the GMM for robust analysis. It highlights how corruption influences foreign investment decisions, potentially leading to sectoral underdevelopment and overreliance in emerging countries.

The current study immerses in the realm of bank mergers among prominent PSBs in India, focusing on the financial performance of six recently merged PSBs entities. Amidst the global impact of the COVID-19 pandemic on economies, the study aims to uncover the efficiency of these PSBs in navigating this unprecedented crisis.

The evaluation encompasses panel data on an annual basis spanning from 2020 to 2023. To assess the overall efficiency of merged PSBs, the advanced statistical technique like one-step system generalized method of moments has been applied to estimate its efficiency.

The study findings affirm that PSB mergers have bolstered financial metrics and efficiency. Enhanced return on equity (ROA) and net profit margin (NPM) signify improved profitability and efficiency. The consolidation also facilitates better asset management and utilization. Moreover, merged entities benefit from economies of scale, cost efficiencies, risk diversification, technological investments, and overall performance improvements.

The study's policy suggestions stress ongoing consolidation efforts to boost banking sector resilience, advocating for improved efficiency, governance, and asset quality management. These steps are crucial for successful bank mergers and fostering a robust, competitive banking landscape in India.

This study is a novel attempt to analyze Indian bank profitability and efficiency post PSB mergers amid COVID-19 pandemic. In a developing country like India, especially in PSBs has experienced significant structural changes over the previous 7 years just before pandemic, such a study necessitates a prompt empirical investigation.

This paper aims to answer the following important questions: Is public debt in Sub-Saharan African (SSA) countries sustainable? What are the determinants of public debt sustainability in these countries, and do these determinants exhibit heterogeneity due to regional, natural resource, and income differences among SSA countries?

This study analyzes the public debt sustainability in SSA countries using the theoretical model known as the Present Value Budget Constraint (PVBC) model developed by Hamilton and Flavin (1986), and adopts the econometric testing method proposed by Trehan and Walsh (1991). Moreover, to empirically investigate the determinants of public debt sustainability in SSA countries, the System-Generalized Method of Moments (System-GMM) method is applied. Furthermore, this study conducts heterogeneity analysis by categorizing the sample based on different regions, natural resource endowments, and income levels. The data of this study are sourced from the IMF and World Bank databases for 45 SSA countries from 2005 to 2021.

Findings reveal that public debt in SSA countries is not sustainable in the long run, with factors such as the previous government debt, long-term debt ratio, debt repayment capacity, economic growth rate, inflation rate, export to GDP, and government fiscal deficit rate influencing sustainability. Additionally, the factors exhibit heterogeneity attributed to regional, natural resource, and income variations among SSA countries.

The findings of our study will serve as a catalyst for policymakers in the SSA countries to embrace and sustain robust fiscal consolidation and debt stabilization measures. Moreover, countries with distinct characteristics should implement tailored approaches. Additionally, policymakers in SSA countries should implement economic measures to address public debt issues. These measures include improving the macroeconomic structure, promoting economic transformation and diversification of industries, fostering sustainable economic growth, ensuring price stability, and strengthening resilience against external shocks and debt risks. Specifically, countries endowed with indigenous species, resources, and tourism potential should adopt a well-coordinated strategy that utilizes agriculture, tourism, ecotourism, and the hospitality industry as instruments for sustainable local community and rural development.

Firstly, it assesses the sustainability of public debt and its determinants for countries in SSA, which distinguishes it from previous studies that only focus on either debt sustainability or determinants of debt separately. Secondly, by including multiple SSA countries in the analysis, this study stands out from prior research that predominantly concentrates on specific nations. Thirdly, the utilization of the System-GMM method for analyzing determinants adds a novel dimension to this study, departing from earlier literature primarily focused on debt thresholds. Lastly, the heterogeneity analysis conducted in this study provides an empirical foundation for tailoring policies to different countries, addressing a facet often overlooked in earlier literature.

Although the consequences of illicit financial outflows on the economies of the world continue to exert adverse impacts on many economies of the world, explanations regarding specific drivers of the illicit outflows remain divergent in the literature. This study aims to investigate the effect of financial liberalisation on illicit financial outflows in Africa. Furthermore, the study also examines the effect of macroeconomic stability and institutional quality on illicit outflows.

To achieve the objectives, the study uses a dynamic panel system generalised method of moments technique to analyse annual data from the period 1995 to 2015 of 22 African countries.

The results show that financial liberalisation helps to reduce illicit capital outflows. Furthermore, improved institutional quality is associated with lower levels of capital outflows, thus affirming the theoretical expectations that stable political environment boost investor confidence. Overall, the study show that financial liberalisation reduces illicit outflows. However, liberalisation without sound macroeconomic stability and institutional quality may avail opportunities for illicit outflows.

The main limitation of the study was lack of data that spans periods beyond 2015 for most of the variables on financial illicit flows. The available data sources could not test the objectives beyond 2015.

Current literature on the relationship between financial liberalisation and illicit fund outflows are generally conducted in the context implications on economic growth. However, beyond economic growth, financial liberalisation may impact on illicit financial outflows. Furthermore, other institutional and macroeconomic dynamics may influence illicit financial outflow, especially for developing economies in Africa.