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Existing literature has expressed significant pessimism about the outcomes of foreign aid received by developing nations. Foreign aid can lead to negative outcomes by generating greater rent-seeking opportunities and creating aid dependence. While aid’s negative impact has been explored in the context of growth, political institutions, and economic institutions, the literature has not investigated the effect of aid on business climate of recipient nations. The purpose of this paper is to explore foreign aid’s impact on government regulations on the business climate in Sub-Saharan African (SSA) and Middle East and North American countries.

The authors consider a panel of 64 countries over six years. Since foreign aid is most likely to be endogenous, as identified in most studies, the identification strategy follows two methodologies – system GMM estimator, that creates its own instruments via moment generating conditions and instrumental variable approach that relies on an external instrument.

The authors find that aid worsens the business climate by increasing government restrictions. Foreign aid provides the recipient governments and the political elite resources to strengthen their power and reinforce predatory policies that are harmful for the business climate. The results further show that in the presence of long-lasting and sustainable democratic regimes, the negative impact of foreign aid on business climate mitigates to a certain extent.

While aid’s negative impact has been explored in the context of growth, political institutions, and economic institutions, the literature has not investigated the effect of aid on business climate of recipient nations. The authors explore the impact of foreign aid on government regulations on the business climate in SSA and Middle East and North American countries.

Previous literature has clearly demonstrated the need for sound government policies or “institutions” to promote and support entrepreneurship in a country. The purpose of this paper is to explore the role of one such institution – political stability – in boosting entrepreneurial endeavors. A politically stable nation will have lower risk and transaction/contracting costs, and higher levels of government transparency, predictability, and accountability. Thus, the paper should expect that with greater political stability there should be a greater degree of entrepreneurial activity.

Using dynamic panel estimators (System GMM estimators) and considering multiple proxies of political risk, our results confirm this hypothesis. Such estimators handle challenges associated with panel data efficiently.

The paper's results show that greater political stability for a country does indeed lead to an increased rate of entrepreneurship and wealth creation.

Entrepreneurship is critical to the process of economic growth and development. To prosper, countries must unleash the creative talents of their citizens through the decentralized process of formal private sector entrepreneurship. New legal businesses create jobs, opportunities, wealth, and goods and services that make a nation grow. Sadly in many nations, this process is stifled and poverty is the result. While previous research has examined which types of specific policies matter for promoting entrepreneurship, the paper considers the different question of how the stability of political institutions impacts the rate of entrepreneurship.

The paper aims to apply the ideas found in the paper of Adam Smith, the pre‐eminent eighteenth century economist, to the field of management.

The paper provides a brief biography of Smith, summarizes his main contributions, and then applies them to contemporary management practices.

Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity. He also conceptualized the “invisible hand principle” which explains how, under the proper set of incentives, self‐interested individuals are directed to pursue activities that benefit the whole of society. Both ideas are of utmost importance in the field of management. Specifically, successful managers are those who are able to create good “rules of the game” which align the incentives of labor with the goals of the firm.

Smith's contributions provide a foundation for the division of labor and demonstrate the importance of establishing the right “institutions” within a firm.

The paper arrives at practical implications for managers from the paper of an eighteenth century economist.

National systems of entrepreneurship (NSE) broadly act as a means of allocating resources driven by the constant search for opportunities at the individual level through the launching of new businesses and firms with such activities, and their results are governed by the specific institutional characteristics of each country. In contrast to the institutional emphasis on innovation systems, in which such institutions establish and regulate actions, institutions are only able to regulate those who act with the results stemming from such individual actions, the core driver of national entrepreneurship systems.

Given the challenges faced by companies and societies in general over mitigating climate change, support for sustainable entrepreneurship is fundamental. However, there has to be any study of the impact of national entrepreneurship systems on sustainability. This research therefore analyses the impact of national entrepreneurship systems on the sustainability of countries.

The authors conclude that those countries deploying higher level national entrepreneurship systems return better results in terms of their sustainability.

The authors, thus, seek to contribute towards the academic throughout deepening the knowledge prevailing on the relationship between entrepreneurship and sustainability. The authors also seek to enable managers, entrepreneurs and politicians to grasp how entrepreneurship is a systemic factor, and it is at this level that it may make its greatest contribution to bringing about sustainability.

This paper aims to examine diners’ luxury restaurant consumption behavior by incorporating diner expectations into a modified Mehrabian–Russell model. Consumers dine at luxury restaurants for reasons beyond fulfilling basic needs. However, little is known about the factors that contribute to diners’ emotions and loyalty toward luxury restaurants.

To examine the proposed six hypotheses, qualitative and quantitative studies were performed. Following exploratory qualitative research, 310 consumers who dined at Taiwan’s five-star hotel restaurants were recruited for the main study. Data were analyzed using structural equation modeling.

The results show that restaurants’ stimuli influence diners’ positive and negative emotions (organisms), which, in turn, affect their loyalty toward luxury restaurants (responses). Furthermore, customers with different levels of expectation react differently to stimuli.

This study offers new empirical support for the proposition that diner expectation plays a role in building customer loyalty and, thereby, shades both theoretical and managerial understanding of the luxury restaurant consumption process.

This study conceptualizes diners’ loyalty toward luxury restaurants (e.g. revisiting and recommending luxury restaurants) by examining the influence of restaurants’ stimuli, diners’ emotions and customers’ expectations toward luxury restaurants. Additionally, this study offers some managerial implications for practitioners.

Consumers dine at luxury restaurants for reasons beyond fulfilling basic needs; however, little is known about the factors that contribute to diners’ loyalty. The purpose of this paper is to examine diners’ luxury restaurant consumption behavior by incorporating product knowledge into a modified Mehrabian-Russell model.

Following exploratory qualitative research, 238 consumers who have dined at Hong Kong’s Michelin-starred luxury restaurants were recruited for the main study. The data were analyzed through structural equation modeling.

The results show that luxury restaurants’ stimuli (i.e. food quality, service quality, and atmospherics) influence diners’ emotions, which in turn affect their brand loyalty. Furthermore, food quality can directly influence diners’ loyalty toward the restaurant. Third, diners’ product knowledge can moderate the relationships between restaurant stimuli and diners’ emotion.

This study offers new empirical support for the proposition that product knowledge has a role in building brand loyalty and thereby shades both theoretical and managerial understanding of the luxury restaurant consumption process.

This study is one of the first to conceptualize diners’ loyalty toward luxury restaurants by examining the influences of restaurants’ stimuli and diners’ knowledge toward luxury restaurants. In addition, this study puts forth some managerial implications for practitioners.