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Article
Publication date: 19 March 2024

Giacomo Morri, Fan Yang and Federico Colantoni

The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar…

Abstract

Purpose

The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators.

Design/methodology/approach

With data sourced from over 680 publicly listed real estate companies, the research employs a fixed effects regression model to analyze the findings. By utilizing this method, the study can assess the impact of governance, environmental and social factors on both the accounting and market performance of real estate companies.

Findings

The outcomes of this study underscore a link between sustainability, particularly environmental aspects and financial performance. However, the study also reveals a contrasting result: governance factors are associated with adverse financial outcomes. Nevertheless, it is important to highlight the limitations as the results present a mixed picture with limited significant findings.

Practical implications

Companies should prioritize improvements in environment to boost profitability, while they should carefully consider the costs and benefits associated with enhancing their governance structure.

Originality/value

By focusing on this industry and adopting a global perspective, the study addresses a gap in the literature. The research’s innovative approach to utilizing ESG ratings and pillar scores as proxies for ESG performance enhances its originality. Furthermore, the research’s identification of the differing impacts of environmental and governance factors on financial outcomes add novel perspectives to the discourse.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 13 June 2023

Umme Humayara Manni and Datuk. Dr. Kasim Hj. Md. Mansur

Energy security has been talked about by governments and policymakers because the global energy market is unstable and greenhouse gas emissions threaten the long-term health of…

Abstract

Purpose

Energy security has been talked about by governments and policymakers because the global energy market is unstable and greenhouse gas emissions threaten the long-term health of the global environment. One of the most potent ways to cut CO2 emissions is through the production and consumption of renewable energy. Thus, the purpose of this paper is to highlight the drivers that, if ambitious environmental policies are implemented, might improve energy security or prevent its deterioration.

Design/methodology/approach

The study uses a balanced panel data set for Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam that covers a period of 30 years (1990–2020). The pooled panel dynamic least squares is used in this study.

Findings

The findings show that renewable energy consumption is positively related to gross domestic product per capita, energy intensity per capita and renewable energy installed capacity. Wherein renewable energy use is inversely related to per capita electricity consumption, CO2 emissions and the use of fossil fuel electricity.

Originality/value

There is a lack of research identifying the factors influencing energy security in the ASEAN region. Therefore, this study focuses on the drivers that influence energy security, which are explained by the proportion of renewable energy in final energy consumption. Without identifying the demand and supply sources of energy, especially electricity production based on renewable energy techniques, it is hard for policymakers to achieve the desired renewable energy-based outcome.

Details

International Journal of Energy Sector Management, vol. 18 no. 3
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 17 February 2023

Jiangnan Qiu, Wenjing Gu, Zhongming Ma, Yue You, Chengjie Cai and Meihui Zhang

In the extant research on online knowledge communities (OKCs), little attention has been paid to the influence of membership fluidity on the coevolution of the social and…

Abstract

Purpose

In the extant research on online knowledge communities (OKCs), little attention has been paid to the influence of membership fluidity on the coevolution of the social and knowledge systems. This article aims to fill this gap.

Design/methodology/approach

Based on the attraction-selection-attrition (ASA) framework, this paper constructs a simulation model to study the coevolution of these two systems under different levels of membership fluidity.

Findings

By analyzing the evolution of these systems with the vector autoregression (VAR) method, we find that social and knowledge systems become more orderly as the coevolution progresses. Furthermore, in communities with low membership fluidity, the microlevel of the social system (i.e. users) drives the coevolution, whereas in communities with high membership fluidity, the microlevel of the knowledge system (i.e. users' views) drives the coevolution.

Originality/value

This paper extends the application of the ASA framework and enriches the literature on membership fluidity of online communities and the literature on driving factors for coevolution of the social and knowledge systems in OKCs. On a practical level, our work suggests that community administrators should adopt different strategies for different membership fluidity to efficiently promote the coevolution of the social and knowledge systems in OKCs.

Details

Information Technology & People, vol. 37 no. 2
Type: Research Article
ISSN: 0959-3845

Keywords

Article
Publication date: 5 October 2022

Fredrick Otieno Okuta, Titus Kivaa, Raphael Kieti and James Ouma Okaka

This paper studies the dynamic effects of selected macroeconomic factors on the performance of the housing market in Kenya using Autoregressive Distributed Lag (ARDL) Models. This…

Abstract

Purpose

This paper studies the dynamic effects of selected macroeconomic factors on the performance of the housing market in Kenya using Autoregressive Distributed Lag (ARDL) Models. This study aims to explain the dynamic effects of the macroeconomic factors on the three indicators of the housing market performance: housing prices growth, sales index and rent index.

Design/methodology/approach

This study used ARDL Models on time series data from 1975 to 2020 of the selected macroeconomic factors sourced from Kenya National Bureau of Statistics, Central Bank of Kenya and Hass Consult Limited.

Findings

The results indicate that household income, gross domestic product (GDP), inflation rates and exchange rates have both short-run and long-run effects on housing prices while interest rates, diaspora remittance, construction output and urban population have no significant effects on housing prices both in the short and long run. However, only household income, interest rates, private capital inflows and exchange rates have a significant effect on housing sales both in the short and long run. Furthermore, household income, GDP, interest rates and exchange rates significantly affect housing rental growth in the short and long run. The findings are key for policymaking, especially at the appraisal stages of real estate investments by the developers.

Practical implications

The authors recommend the use of both the traditional hedonic models in conjunction with the dynamic models during real estate project appraisals as this would ensure that developers only invest in the right projects in the right economic situations.

Originality/value

The imbalance between housing demand and supply has prompted an investigation into the role of macroeconomic variables on the housing market in Kenya. Although the effects of the variables have been documented, there is a need to document the short-run and long-term effects of the factors to precisely understand the behavior of the housing market as a way of shielding developers from economic losses.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 22 July 2022

Canh Thi Nguyen, Thanh Quang Ngo and Quan Hong Nguyen

The paper aims to assess the impact of weather-induced shocks on household food consumption in the rural Vietnamese Mekong Delta (VMD) through the case of Long An province and…

Abstract

Purpose

The paper aims to assess the impact of weather-induced shocks on household food consumption in the rural Vietnamese Mekong Delta (VMD) through the case of Long An province and evaluate the effectiveness of widely used coping strategies in mitigating weather-related shock impacts.

Design/methodology/approach

The system generalized method of moments (GMM) estimation method is applied to explore information on shock incidence, recovery, and time occurrences. The paper uses a sample of 272 repeated farming households from 5-wave survey data from 2008 to 2016, resulting in 1,360 observations.

Findings

The paper confirms the robust negative effect of a natural shock on food consumption. Additionally, using savings proves to be the most potent measure to smooth food consumption. Other favorable coping strategies are “getting assistance from relatives, friends” or “getting assistance from the Government, and non-government organizations (NGOs).” The mitigating effects are also traced in the current analysis.

Research limitations/implications

Using caution when generalizing the results from Long An to the whole VMD is reasonable. The rather limited observations of coping strategies do not allow the authors to analyze any specific strategy.

Originality/value

The proposed approach employs the GMM technique and controls for endogenous coping strategies and thus provides accurate estimates of the effects of weather-related shocks and the mitigation effectiveness in the rural VMD.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 14 no. 2
Type: Research Article
ISSN: 2044-0839

Keywords

Article
Publication date: 4 April 2023

Jie Sun and Hao Jiao

This study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In…

Abstract

Purpose

This study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In particular, it analyses the performance impacts of investments in five emerging technologies of IT or non-IT firms.

Design/methodology/approach

Secondary data are collected from Chinese A-share listed companies from 2010 to 2018. The authors propose an econometric model focusing on the impact of ITIs on a firm’s market value and profit. A propensity score matching model is applied to control endogeneity.

Findings

The ITIs’ effect on FP is found to be completely mediated by digital options, and the reach of digital options plays a more positive role in the relationship between ITIs and Tobin’s Q, whereas the richness of digital options is stronger between ITIs and return on net assets (ROE). The group study shows that the impact of process technologies such as cloud computing and the Internet of Things has a more profound impact on Tobin’s Q, and the knowledge technologies represented by artificial intelligence, blockchain and big data strongly affect ROE. In addition, the positive relationship between ITIs and FP is unrelated to IT/non-IT firms.

Research limitations/implications

First, the data are based on 219 publicly announced emerging ITIs in China and thus may not be generalizable to other cultural/national contexts. Second, there is a lack of a large sample data set of emerging ITI information in China, and the duration of this study is constrained to the relatively short rise of emerging technologies.

Practical implications

This study provides firm decision-makers with practical implications. The results imply that the effect of ITIs on FP depends on digital options, so both IT firms (e.g., Big Tech giants) and non-IT firms (e.g., incumbents) should discover how to balance firm value and profit in their management of emerging technology investment projects with digital options thinking.

Originality/value

To the best of the authors’ knowledge, this is the first empirical study to investigate the relationship between ITIs and FP from the perspective of digital options, exploring five emerging technologies and considering firm life, size, and state ownership in a sample of Chinese listed firms.

Details

Chinese Management Studies, vol. 18 no. 2
Type: Research Article
ISSN: 1750-614X

Keywords

Article
Publication date: 15 March 2024

Takayuki Sakamoto

This study aims to investigate whether social investment (SI) policies improve employment among single mothers.

Abstract

Purpose

This study aims to investigate whether social investment (SI) policies improve employment among single mothers.

Design/methodology/approach

This paper analyzes the potential effects of SI policies on vulnerable individuals and workers at the macro level by using the employment position of single mothers as a dependent variable. Time-series cross-national data from 18 OECD countries between 1998 and 2017 are analyzed. Multilevel model analysis is also used for robustness check.

Findings

I find that public spending on education and family support is positively associated with the employment rates of single mothers. In contrast, active labor market policy (ALMP) spending is negatively associated. ALMP’s negative effects stand out particularly with public spending on job training. Of all family support policies, family allowances are positively associated with single mothers’ employment, which runs counter to the conventional argument that family allowances are a disincentive for women’s or mothers’ employment. Paid leave (length and generosity) is also associated with higher employment for single mothers. There is also some tentative evidence that public spending on maternity leave benefits (spending level) may raise the odds of single mothers being employed, when individual-level factors are controlled for in multilevel analysis we implement for robustness check.

Research limitations/implications

This paper does not analyze the effects of the qualitative properties of SI policies. Future research is necessary in this respect.

Originality/value

The effects of SI policies on employment among single mothers have not yet been examined in the literature. This paper seeks to be a first cut at measuring the effects.

Details

International Journal of Sociology and Social Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-333X

Keywords

Open Access
Article
Publication date: 1 December 2023

Gianni Carvelli

The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and…

Abstract

Purpose

The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and econometric issues of the phenomenon like non-stationarity, fiscal feedback effects, persistence in productivity, country heterogeneity and unobserved global shocks and local spillovers affecting heterogeneously the countries in the sample.

Design/methodology/approach

The paper is empirical. It builds an Error Correction Model (ECM) specification within a dynamic heterogeneous framework with common correlated effects and models both reverse causality and feedback effects.

Findings

The results of this study highlight some new findings relative to the existing related literature. The outcomes suggest some relevant evidence at both the academic and policy levels: (1) the causal effects going from fiscal deficit/surplus to TFP are heterogeneous across countries; (2) the effects depend on the time horizon considered; (3) the long-run dynamics of TFP are positively impacted by improvements in fiscal budget, but only if the austerity measures do not exert slowdowns in aggregate growth.

Originality/value

The main originality of this study is methodological, with possible extensions to related phenomena. Relative to the existing literature, the gains of this study rely on the way econometric techniques, recently proposed in the literature, are adapted to the economic relationship of interest. The endogeneity due to the existence of reverse causality is modelled without implying relevant performance losses of the models. Moreover, this is the first article that questions whether the effects of fiscal budget on productivity depend on the impact of the former on aggregate output growth, thus emphasising the importance of the quality of fiscal adjustments.

Details

Journal of Economic Studies, vol. 51 no. 9
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 24 October 2023

Sheereen Banon Fauzel, Verena Tandrayen-Ragoobur and Boopen Seetanah

Using panel data for the Regional Comprehensive Economic Partnership (RCEP) member states, the present study explored the role of RCEP negotiations on tourism development.

Abstract

Purpose

Using panel data for the Regional Comprehensive Economic Partnership (RCEP) member states, the present study explored the role of RCEP negotiations on tourism development.

Design/methodology/approach

A dynamic econometric model, namely the panel autoregressive dynamic lag model (PARDL) has been used. To test for panel causality, Dumitrescu–Hurlin panel causality tests were used.

Findings

Through the use of a dynamic econometric model, namely the PARDL, the results show that the RCEP negotiations, growth rates, as well as international trade contribute towards tourism development. Furthermore, the Dumitrescu–Hurlin panel causality tests confirm the existence of a bidirectional causal link between tourism development and RCEP negotiations. Finally, a unidirectional causal link is observed between tourism development and international trade.

Originality/value

This existing evidence on the topic seems to be very scant and limited to specific regions and particular regional trade agreements. This paper thus fills an important gap in the literature by advancing evidence about the effects of the RCEP on international tourism flows across member countries.

Details

Journal of Economic and Administrative Sciences, vol. 40 no. 1
Type: Research Article
ISSN: 1026-4116

Keywords

Open Access
Article
Publication date: 22 February 2024

Juan A. Sanchis Llopis, Juan A. Mañez and Andrés Mauricio Gómez-Sánchez

This paper aims to examine the interrelation between two innovating strategies (product and process) on total factor productivity (TFP) growth and the dynamic linkages between…

Abstract

Purpose

This paper aims to examine the interrelation between two innovating strategies (product and process) on total factor productivity (TFP) growth and the dynamic linkages between these strategies, for Colombia. The authors first explore whether ex ante more productive firms are those that introduce innovations (the self-selection hypothesis) and if the introduction of innovations boosts TFP growth (the returns-to-innovation hypothesis). Second, the authors study the firm’s joint dynamic decision to implement process and/or product innovations. The authors use Colombian manufacturing data from the Annual Manufacturing and the Technological Development and Innovation Surveys.

Design/methodology/approach

This study uses a four-stage procedure. First, the authors estimate TFP using a modified version of Olley and Pakes (1996) and Levinsohn and Petrin (2003), proposed by De Loecker (2010), that implements an endogenous Markov process where past firm innovations are endogenized. This TFP would be estimated by GMM, Wooldridge (2009). Second, the authors use multivariate discrete choice models to test the self-selection hypothesis. Third, the authors explore, using multi-value treatment evaluation techniques, the life span of the impact of innovations on productivity growth (returns to innovation hypothesis). Fourth, the authors analyse the joint likelihood of implementing process and product innovations using dynamic panel data bivariate probit models.

Findings

The investigation reveals that the self-selection effect is notably more pronounced in the adoption of process innovations only, as opposed to the adoption of product innovations only or the simultaneous adoption of both process and product innovations. Moreover, our results uncover distinct temporal patterns concerning innovation returns. Specifically, process innovations yield immediate benefits, whereas implementing both product innovations only and jointly process and product innovations exhibit significant, albeit delayed, advantages. Finally, the analysis confirms the existence of dynamic interconnections between the adoption of process and product innovations.

Originality/value

The contribution of this work to the literature is manifold. First, the authors thoroughly investigate the relationship between the implementation of process and product innovations and productivity for Colombian manufacturing explicitly recognising that firms’ decisions of adopting product and process innovations are very likely interrelated. Therefore, the authors start exploring the self-selection and the returns to innovation hypotheses accounting for the fact that firms might implement process innovations only, product innovations only and both process and product innovations. In the analysis of the returns of innovation, the fact that firms may choose among a menu of three innovation strategies implies the use of evaluation methods for multi-value treatments. Second, the authors study the dynamic inter-linkages between the decisions to implement process and/or product innovations, that remains under studied, at least for emerging economies. Third, the estimation of TFP is performed using an endogenous Markov process, where past firms’ innovations are endogenized.

Details

Applied Economic Analysis, vol. 32 no. 94
Type: Research Article
ISSN: 2632-7627

Keywords

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