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This study examines the cross‐autocorrelation of size‐based portfolio returns in a sample of 15 major European markets using daily data from January 1990 through December 1999. Previous studies have primarily used U.S. data. This study extends previous research by considering results in multiple European exchanges. We examine whether a difference in size‐based portfolios exists by testing cross‐autocorrelation, granger‐causality, and asymmetric responses in the European markets. The results confirm that large stock portfolio returns lead small stock portfolio returns in most European countries, and that cross‐autocorrelation is present both within and between European financial markets.

This paper examines the effects of foreign debts on the economic performance of small countries. Forty‐eight small countries, each with a population of approximately five million, have been desegregated according to their per capita income and geographical location. The groups in question include Africa, the Caribbean region, Latin America, the Middle East, and Europe. Using correlation analysis, analysis of variance, and multiple comparison procedure, the collected data on fourteen economic indicators for each group of countries were analyzed. It was found that the economic effects of external debt varied among countries not only on the basis of their income level, but also on the basis of their geographical locations. Middle Eastern and European countries, being more prosperous, were able to maintain a relatively lower external debt to export ratio and thus were able to attain better economic accomplishments as compared to the poorer nations such as those in Africa, Latin America, and the Caribbean region. Within this latter group, those countries which were able to borrow more in relation to their GDP were able to perform better as far as their export, import, and government expenditures are concerned.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Foreign direct investment (FDI) from developing economies has increased sharply since the beginning of the 2000s. While most investment flows correspond to firms from large economies, small developing economies have also witnessed the increase of outward investment flows from their domestic companies. The literature on outward FDI (OFDI) from developing economies has focused mainly on large emerging countries, such as China and India. In the case of small developing economies, for which there is scant empirical evidence, firms willing to invest abroad face a different business environment with several barriers such as a small domestic market to achieve economies of scale and a limited supply of specialised resources. In this setting, the purpose of this paper is to examine firm-level strategies and the home-country effects in a small developing economy.

A research case study is conducted through a representative sample of Costa-Rican firms investing abroad. Costa Rica makes a strong case since it stands out among small developing economies investing abroad in terms of both the number of operations and the amount of OFDI.

The main findings are: outward investment is not only for large and mature firms, as medium and small-sized firms are actively investing abroad; most firms pursue a market-seeking strategy; the benefits for the firm and the home country are stronger when companies follow a clear outward investment strategy; and there is a positive relationship between international trade and OFDI.

This paper provides novel empirical evidence to better understand an emerging trend in OFDI: in an increasingly integrated world economy, even SMEs from small developing economies are compelled to internationalise their operations in order to compete successfully.

This paper aims to examine the hypotheses of main international theories (realism, liberalism and constructivism) and the development of these theories toward the behavior of foreign policy of small states in the developing world. The theories of international relations, especially the realistic theory, face a theoretical debate and a fundamental criticism. The hypotheses of these theories are not able to explain the external behavior of some small states, especially those in the developing world such as Qatar. In particular, these small states do not have the elements of physical power through which they can play this role. However, they are based on the internal determinants (such as political leadership and the variable of perception) and non-physical dimensions of power to play an effective and influential external role.

This topic sheds light on the hypotheses of theories of main international relations, which explain the behavior of foreign policy of small states. This is due to the increased number of such states after the disintegration of Soviet Union, the practice of some countries an effective foreign role and the transformation of the concept of power from the hard power to soft power, and then to smart power

The theories of international relations, especially the realistic theory, face a theoretical debate and a fundamental criticism. The hypotheses of these theories are not able to explain the external behavior of some small states, especially those in the developing world such as Qatar. In particular, these small states do not have the elements of physical power through which they can play this role. However, they are based on the internal determinants (such as political leadership and the variable of perception) and non-physical dimensions of power to play an effective and influential external role.

The importance of the study comes from its interest in small countries in general and the Qatar situation in particular. The small country emerged as a player independent of the Gulf Cooperation Council, unlike what prevailed before, which led to the discussion of a regional role for Qatar despite its small power compared to the strength and size of other factions in the region such as Turkey, Israel and Iran.

The purpose of this paper is to investigate the impact of information and communication technology (ICT) development and terrestrial and marine protection on the economic and environmental sustainability of small-island tourism countries. The current study expands the smart specialisation literature in the context of small-island tourism nations. It also proposes sustainable future growth strategies for these countries.

This paper adopted structural equation modelling using the data of 14 island nations between 1995 and 2014. The selection of countries was based on a set of criteria borrowed from literature.

The results indicate that the development of ICT infrastructure was not only associated with a higher inflow of tourists and a higher GDP per capita but also with a higher carbon dioxide (CO₂) emission. Results also suggest that higher protection of terrestrial and marine areas has no impact on tourist inflows in tourism countries. Also, higher protection decreases the dependence of the total output on the tourism sector.

A limitation of this study is the lack of available macro data on some other relevant variables for the countries studied.

Following the findings of this study, the governments of these countries should make stringent environmental regulations and relax the telecom regulations for sustainable smart specialisation.

This study presents a novel insight into the sustainability challenge of island nations through the lens of smart specialisation. It also contributes to the literature on ICT and development.

Many studies have dealt with internationalization of business firms in the past years, few, however, have explored the pattern and process of internationalization in small, commodity based economies. In this study, the situation in New Zealand is considered, in part because it is a small, export and commodity based economy, unlike most countries previously studied. Five different clusters of New Zealand companies were found as related to the stages of internationalization. These include “Worried Beginners”, “Half‐hearted Domestics”, “Maturing Adapters”, “Conservative Exporters”, and “Experienced Succeeders”. Variables which appear to reflect stages of internationalization are also explored and presented in this study.

This study aims to investigate growth differentials among small islands and the impact of tourism specialization on the growth and the economic performance of small islands.

The study is based on trade theory and uses data from a panel of small islands for 1995-2007. It applies panel regression and standard time series methods combined with a qualitative approach.

Small islands experienced stronger basic patterns of growth than many developed countries, especially where economies of scale are not an issue. The findings further suggest that tourism specialization is not harmful to growth, and, in lieu of technological gaps and resource limitations, tourism specialization is a sound option. Size, a lack of complete sovereignty or independence and export orientation do not seem to affect the variance in the real per capita GDP at a greater degree. Finally, small islands may leverage returns to scale in global markets.

While tourism specialization is assumed to enhance growth, in the case of small island destinations, the study did not formally test whether increased terms-of-trade may be perpetually improved.

The study prompted four policy suggestions: small island economies should engage in tourism specialization; small island economies should allocate more resources to the tourism industry than other economic sectors; the success of tourism specialization does not depend exclusively on comparative advantage; and institutional realities and path dependence may play a role in economic performance.

The originality of this study lies in the detection of a paradox in mainstream economics that indicates that small islands may not enjoy sustained economic growth. The detection led to a surprising discovery that tourism specialization may propel growth. The value of the study is twofold: theoretical value is added by suggesting a reconceptualization of the construct capital; and, practical value is strengthened in the sense that tourism specialization may only work under a condition where upon tourism offerings command higher prices than other commodities.

This study aims to analyze the effect of female top management and female dominant owner on whether firms experience obstacles to obtaining external finance in 136 medium- and low-income countries during 2006–2019. The analysis controls for the role of corporate governance and other firm-specific characteristics, as well as for the impact of national institutions.

The analysis elucidates the economic and non-economic factors driving female corporate leadership. Further, in order to capture the causal effect, the analysis uses univariate tests, multivariate regression analysis, disaggregation testing, sensitivity and endogeneity analysis to confirm the quality of the estimates. The analysis controls for various additional country-level factors.

The results show that female top management and female ownership are broadly significant determinants of firms' access to external finance, especially in relatively larger and more developed countries. The role of controlling shareholders is significant and mediates the gender effect. The latter appears more pronounced in smaller and medium-size firms, operating in the manufacturing and services sectors as well as in the countries with higher levels of development. This also varies with the countries' macroeconomic conditions and institutions governing gender development and equality as well as institutional governance effectiveness.

The results suggest that firms wishing to improve the firms' access to external finance should consider the role of gender in both top management and corporate ownership coupled with the effect of the specific characteristics of firms and the conditioning role of national institutions.

The study examines the gender effects of top management and dominant ownership for the external financing decisions of firms in low- and middle-income countries, which are underresearched. These gender effects are mitigated in various ways by the specific characteristics of firms and especially on national institutions.

The Greehouse Gas (GHG) in the shipping industry has attracted increasing attention. One potential method to reduce the GHG mitigation cost is the Clean Development Mechanism (CDM). The purpose of this paper is to identify factors that may increase or hinder the CDM in the shipping industry and provide policy implications.

The paper is an extension and application of the methodology first published by Wang and Firestone in Energy for Sustainable Development. The gravity model in international trade theory is used. The econometric model is employed for the analysis.

Larger project endowment, higher government efficiency, high‐quality expertise and infrastructure may play roles in increasing CDM in the shipping industry. The promotion of small‐scale projects, upgrade of the infrastructure, assistance of technologies and knowledge overseas can help the shipping industry and small countries to attract more CDM.

The paper is among the first work to describe and analyze potential barriers for the international shipping industry to use the CDM. It also suggests a set of measures to address the policy options to promote CDM in the shipping industry and small developing countries.