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The Covid-19 pandemic has rekindled interest in sovereign debt crises amidst calls for debt relief for developing and emerging countries. But has debt relief lessened the debt burdens of emerging and developing economies? The purpose of this paper is to empirically address this question. In particular, the focus is on the implications of debt relief and institutional qualities for sovereign debt in emerging and developing economies.

The model extends the framework on the probability of default by incorporating the receipt of debt relief by a debtor country. Doing so allows to better explain movements of sovereign defaults relating to debt relief. The model is estimated via the regular probit regression.

The analysis shows that the debt relief provided, thus, far, failed to ease the debt overhang problems of developing and emerging countries and reduced investment. The current debt relief schemes may underscore the prospects of self-enforcing and self-fulfilling sovereign debt crises rather than eliminating the dilemma completely. Regarding the forms of debt relief, the analysis shows that debt forgiveness offers favourable prospects in terms of debt sustainability and economic outcomes than debt rescheduling. Perhaps, the sovereign debt crises, particularly in low-income countries, hinge on insolvency problems rather than transitory illiquidity issues.

Any debt relief mechanism should consider seriously the potential incentive effect that reinforces expectations of future debt-relief initiatives. Importantly, solving the sovereign debt problem requires a programme for sustained investment and economic growth, while not discounting the critical role of prudent debt management policies and institutions.

This study contributes a different angle to the debate on sovereign debt distress. Aside from the structural and economic factors, this study investigates the role of debt management policy in the debtor nation and the implications of debt relief benefits for sovereign risk. The framework also focuses on whether the different forms of debt relief exert distinctive impacts.

This study examines the roles of poverty reduction and social inclusion as socioeconomic factors in achieving sustainable development (SD) in Nigeria from 1970 to 2019.

Vector error correction model (VECM) is adopted as the analytical technique. Three groups of factors are employed when determining SD: economic (per capital gross domestic product [GDP] and the inflow of foreign direct investment [FDI]), social (life expectancy, school enrollment, poverty and the proportion of women in parliament) and environmental (CO₂ emission and natural resource endowment).

The findings reveal that the economic factors (GDP per capita and the inflow of FDI to the GDP ratio) and two of the social determinants (life expectancy and school enrollment) have a positive effect on SD while the remaining two social determinants (poverty gap and the proportion of women in parliament) and the environmental determinants (CO₂ emission and natural resource endowment) have a negative influence on SD in Nigeria during the period under study.

First, this study integrates social inclusion into the poverty–SD nexus in the same study framework for a thorough analysis given that social inclusion has been identified as one of the leading variables affecting sustainability. Second, this study fills a gap in the literature by accounting for economic, social and environmental factors that influence SD, as opposed to the majority of existing studies that only employed environmental variables when examining the relationship between poverty and sustainability.

Based on the theory of planned behavior (TPB) and stakeholder theory, the model proposes that responsible leadership (RL) is mediated by affective commitment (AC) on both outcome variables (organizational citizenship behavior [OCB] and patient satisfaction [PS]) while distributive justice (DJ) moderates the relationship among RL, OCB and PS through the mediator of AC.

Overall, data collected from 275 employees and patients in India’s healthcare sector support this model both in online and offline mode. SPSS 25, AMOS 22 and PROCESS macro were used to analyze the data.

The influence of RL, OCB and PS was seen insignificant in the Indian healthcare sector. This study examines the role of AC as a mediator which does not affect extra-role behavior and PS. The findings also show that the moderation-mediation effect of DJ through AC strengthened the link between RL and OCB, but not PS. Commitment does not affect extra-role behavior and PS.

Until now, there has been no research in the Indian context that has tested the effect of RL on extra-role behaviors and PS, as mediated by AC, according to researchers’ knowledge. Since RL and outcome variables are related through AC, the current study aims to understand how DJ acts as a moderator to that relationship.