Search results

China's New Rural Pension Program (NRPP) has been implemented for a decade, but the factors that facilitate rural residents' participation have received little attention. This study aims to investigate whether financial literacy has an influence on rural residents' behavior of participation in the NRPP. In particular, this study further verifies if high financial literacy is important and whether financial education can enhance the impact of financial literacy on current, long-term and dynamic pension decisions of rural households.

This study investigates the impact of financial literacy on rural residents' participation in China's NRPP using the China Household Financial Survey (CHFS) Data of 2015 and 2017. This study constructs an analytical framework for current, long-term and dynamic impacts and comprehensively analyzes the value of financial literacy in the decision making of the NRPP. This study uses the instrumental variable method to solve the possible endogeneity problem. In addition, the authors also demonstrate the positive role of high financial literacy in household pension decisions. Further analysis reveals gender and regional heterogeneity in the impact of financial literacy on pension decisions. The moderating effect model explores whether financial education has a significant moderating effect on financial literacy and pension decision making of the NRPP.

Financial literacy can improve the participation behavior of households in rural areas (dynamic effect) and promote their current and long-term participation in the NRPP, choosing a higher pension contribution level in the NRPP. However, financial literacy has no significant effect on the change in the contribution amount of the NRPP. Further research finds that high financial literacy has comparative advantages in household pension decision making in rural areas. There are gender and regional differences in the impact of financial literacy on pension decisions. In addition, effective financial literacy education enhances the current, long-term and dynamic impacts of residents' financial literacy on NRPP participation and pension contributions.

This study comprehensively considers the impact of financial literacy on pension decision making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.

This study comprehensively considers the impact of financial literacy on pension decision-making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.

Effective agricultural product price regulation policies depend on market integration and the degree of symmetry in the transmission of agricultural product price signals. This study analyzes the transmission and asymmetry of the price series between the Ouagadougou consumer market and assembly markets considering three primary cereal products in Burkina Faso.

This study applies the nonlinear autoregressive distributed lag (NARDL) econometric model, which is an asymmetric extension of the ARDL cointegration model. The price series examined covers the period extending from January 2005 to December 2020.

Our analysis provides novel insights regarding short- and long-term asymmetric effects in the transmission of price signals between assembly markets and the consumer market. We also determine that the effects of negative shocks are more persistent than those of positive shocks in several markets.

For markets that exhibit symmetrical responses of assembly market prices to consumer market prices, the results could reflect the continuous efforts of market players, particularly the government, to eliminate market failures and ensure the long-term efficiency of cereal markets. To this end, an agricultural market information system can have a crucial role in easing information access for all market players.

This study provides new evidence regarding the nature of the transmission and asymmetry of price information on primary cereal products in the largest markets in Burkina Faso. Applying the NARDL model makes it possible to simultaneously estimate short- and long-term asymmetry.

The purpose of this paper is to investigate the relationships of supply chain resilience (SCR) and absorptive capacity (ACAP) with firm performance by specifically examining the crisis-mitigating effects under an environmental jolt such as COVID-19.

This paper is based on data from a questionnaire survey among Danish manufacturing and transport and logistics companies with 174 respondents.

While the adaptive capabilities associated with both SCR and ACAP are well recognized in extant SCM literature, less is known about their boundary conditions. Examining the functioning of SCR and ACAP amid the COVID-19 crisis, this study finds that both SCR and ACAP related positively to firm performance. However, while the positive relationship between SCR and firm performance was partly mediated by better crisis-mitigation, the results of this study did not find that a similar mechanism was present for ACAP. These results suggest notable refinements of current understandings of SCR and ACAP.

This study is limited by the cross-sectional design, the focus on Danish companies only, and by examining only two industries. Hence, comparisons to other countries and other industries would be of significant interest.

Investing in SCR and ACAP to different extents provides for a complementary mix of longer-term opportunity-generating dynamic capabilities and more short-term crisis-mitigating dynamic capabilities. Firms will benefit from both types of dynamic capabilities during a crisis, but the latter will be more important for mitigating specific crisis impacts.

This paper extends current theorizing on ACAP and SCR by adding the distinction between the long-term opportunity generating dynamic capabilities and short-term crisis-mitigating dynamic capabilities. This paper provides novelty by empirically examining this theorizing by investigating the performance- and crisis-mitigating effect of SCR and ACAP in the light of the COVID-19 crisis.

Promoting technological innovation is important to address the complexity of major engineering challenges. Technological innovations include short-term innovations at the project level and long-term innovations that can enhance competitive advantages. The purpose of this study is to develop an incentive mechanism for the public sector that considers short-term and long-term efforts from the private sector, aiming to promote technological innovation in major engineering projects.

This study constructs an incentive model considering the differences in short-term and long-term innovation efforts from the private sector. This model emphasizes the spillover effect of long-term efforts on current projects and the cost synergy effect between short-term and long-term efforts. It also explores the factors influencing the optimal incentive strategies for the public sector and innovation strategies for the private sector.

The results indicate that increasing the output coefficient of short-term and long-term efforts and reducing the cost coefficient not only enhance the innovation efforts of the private sector but also prompt the public sector to increase the incentive coefficient. The spillover effect of long-term innovation efforts and the synergy effect of the two efforts are positively related to the incentive coefficient for the public sector.

This research addresses the existing gap in understanding how the public sector should devise incentive mechanisms for technological innovation when contractors acting as the private sector are responsible for construction within a public-private partnership (PPP) model. In constructing the incentive mechanism model, this study incorporates the private sector's short-term efforts at the project level and their long-term efforts for sustained corporate development, thus adding considerable practical significance.

This article analyzes the impact of monetary policy on income inequality across 16 advanced economies. The author investigates three key points: (1) the relationship between domestic monetary policy and domestic income inequality, (2) the spillover effect of USA monetary policy (including quantitative easing) on international inequality and (3) the quantitative influence of the monetary policies of both the USA and the Eurozone on the formation of domestic income inequalities.

The author employed the Global Vector Autoregressive (GVAR) model, which uses Vector Autoregressive with Exogenous Variables (VARXs) models of each economy to build an integrated system that enables us to evaluate individual responses to global shocks.

The author's analysis reveals that (1) contractionary monetary policy exacerbates domestic inequality and (2) USA monetary policy, including quantitative easing, affects international inequality. Furthermore, the author's variance decomposition analysis highlights that USA monetary policy is especially influential on income inequality in Norway and Sweden. Additionally, the cointegrating analysis confirms that monetary policy's impact on inequality persists in the long term.

Most of the studies focused on investigating domestic economies as closed economies. However, the author's approach differs in that the author uses the GVAR, which treats all economies as open. This allows us to incorporate the world economy into the domestic dynamics and connect the economies using bilateral trade. Another advantage of the GVAR is that it captures spillover effects by modeling each economy and constructing the international economy.

This study aims to determine the mutual association between the volatility of macroeconomic indicators (MIs) and India’s tourism demand.

Bivariate generalized autoregressive conditional heteroscedasticity (GARCH) models are applied to estimate the volatility spillover effect (VSE) from one market to another. Compared to the other methods, bivariate GARCH has wide acceptance for estimating the VSE. The monthly MIs and tourism demand data (2012–2021) are gathered for empirical analysis.

The evidence of the growth-led tourism (GLT) demand is seen. In the short term, tourism-led growth (TLG) is indicated. However, this TLG does not sustain itself in the long run. There is significant evidence in favour of the VSE from the MIs to the tourism demand ensuring GLT in India.

The main implication of the current study is to ignore the short-term influence of tourism demand on the economy because it does not sustain itself in the long run. However, the long-term influence of macroeconomic indicators on tourism demand should be seen with caution. Hedging, if possible, may be considered to protect the tourism sector’s interests from adverse economic fallouts.

There is a lack of studies on the volatility (especially on the VSE) between MIs and tourism demand. Hence, this study fills the research gap and presents a novel and unique contribution to the extent of the knowledge body on the topic and significantly contributes.

双变量GARCH模型用于估计从一个市场到另一个市场的波动溢出效应(VSE)。与其他方法相比, 双变量GARCH在估计波动溢出效应时得到了广泛的接受。收集2012-2021年的月度管理信息系统和旅游需求数据进行实证分析。

该研究旨在确定宏观经济指标(MIs)的波动与印度旅游需求之间的相互关系。

GLT(增长主导的旅游需求)的证据显而易见。从短期来看, 旅游导向型增长(TLG)可行。然而, 这种旅游导向型增长并不能长期维持下去。有重要的证据支持印度管理信息系统到旅游导向型增长的旅游需求波动溢出效应。

当前研究的主要启示是忽略了旅游需求对经济的短期影响, 因为从长远来看, 它无法自我维持。然而, 宏观经济指标对旅游需求的长期影响应谨慎看待。如有可能, 可考虑对冲, 以保护旅游业的利益不受不利的经济影响。

目前对管理信息需求与旅游需求之间的波动（尤其是波动溢出效应）的研究较少。因此, 本研究填补了这个研究空白, 并对该主题知识体系的内容呈现新颖而独特的促进作用, 有显著的贡献作用。

Los modelos GARCH bivariantes se aplican para estimar el efecto indirecto de la volatilidad (VSE) de un mercado a otro. En comparación con otros métodos, el GARCH bivariante goza de gran aceptación para estimar el VSE. Para el análisis empírico se recopilan los MI mensuales y los datos de demanda turística (2012–2021).

El estudio se centra en medir la relación mutua entre la volatilidad de los indicadores macroeconómicos (MI) y la demanda turística de la India.

Se observan indicios de GLT (demanda turística impulsada por el crecimiento). A corto plazo, se evidencia el TLG (crecimiento impulsado por el turismo). Sin embargo, este TLG no se mantiene a largo plazo. Existen pruebas significativas a favor del VSE de los MI a la demanda turística que garantizan el GLT en India.

La principal implicación del presente estudio es desestimar la influencia a corto plazo de la demanda turística en la economía porque no se sostiene a largo plazo. Sin embargo, la influencia a largo plazo de los indicadores macroeconómicos en la demanda turística debe considerarse con cautela. Por ello, la cobertura de riesgos puede plantearse para proteger los intereses del sector turístico de las repercusiones económicas adversas.

Existe una carencia de estudios sobre la volatilidad (especialmente en el VSE) entre los MI y la demanda turística. En consecuencia, este estudio realiza una aportación investigadora mediante una contribución novedosa y única en la ampliación del conocimiento sobre el tema de análisis.

This study aims to analyze the short-, medium- and long-term impacts of natural-resources-seeking foreign direct investment (FDI) in the form of foreign multinational enterprise (MNE) land acquisitions on agricultural labor productivity in developing countries. The authors analyze if these land acquisitions disrupt fair and decent rural labor productivity or if the investments provide opportunities for improvement and growth. The influence of different country characteristics, such as economic development levels and governmental protection for the rural population, are acknowledged.

The study analyzes 570 land acquisitions across 90 countries between 2000 and 2015 via a generalized least squares regression. It distinguishes short- and long-term implications and the moderating role of a country’s economic development level and government effectiveness in implementing government protection.

The results suggest that natural resource-seeking FDI harms agricultural labor productivity in the short term. However, this impact turns positive in the long term as labor markets adjust to the initial disruptions that result from land acquisitions. A country’s economic development level mitigates the negative short-term impacts, indicating the possibility of finding alternative job opportunities in economically stronger countries. Government effectiveness does have no influence, presumably as the rural population in which the investment is partaking is in many developing countries, not the focus of governmental protectionism.

The findings provide interesting insights into the impact of MNEs on developing countries and particularly their rural areas that are heavily dependent on natural resources. The authors identify implications on employment opportunities in the agricultural sector in these countries, which are negative in the short term but turn positive in the long term.

Moreover, the findings also have utility for policymakers. The sale of land to foreign MNEs is not a passive process – indeed, developing country governments have an active hand in constructing purchase contracts. Local governments could organize multistakeholder partnerships between MNEs, domestic businesses and communities to promote cooperation for access to technology and innovation and capacity-building to support employment opportunities.

The authors urge MNE managers to establish new partnerships to ease transitions and mitigate the negative impacts of land acquisitions on agricultural employment opportunities in the short term. These partnerships could emphasize worker retraining and skills upgrading for MNE-owned land, developing new financing schemes and sharing of technology and market opportunities for surrounding small-holder farmers (World Bank, 2018). MNE managers could also adopt wildlife-friendly farming and agroecological intensification practices to mitigate the negative impacts on local ecosystems and biodiversity (Tscharntke et al., 2012).

The authors contribute to the debate on the positive and negative impact of FDI on developing countries, particularly considering temporality and the rural environment in which the FDI is partaking.

This research paper aims to handle the effects of economic growth, corruption, energy consumption as well as trade openness on CO2 emissions for a sample of West African countries during the period 1980 and 2018.

The current work uses the pooled mean group (PMG)-autoregressive distributed lag (ARDL) panel model to estimate the dynamics among the different variables used in the short and long terms.

The findings demonstrate that all variables have long-term effects. These results suggest that gross domestic product (GDP) per capita exhibits a positive and prominent effect on CO2 emissions. Corruption displays a negative and outstanding effect on long-term CO2 emissions. In contrast, energy consumption in West African countries and trade openness create environmental degradation. Contrarily to long-term results, short-term results demonstrate that economic growth, corruption and trade openness do not influence the environmental quality.

Empirical findings provide useful information to explore deeper and better the link between the used variables. They stand for a theoretical basis as well as an enlightening guideline for policymakers to set strategies founded on the analyzed links.

This study aims to explore the effects of long-term orientation (LTO) and strategy formation mode on corporate social responsibility. While many researchers have investigated how large businesses address corporate social responsibility (CSR), there is little empirical evidence on how small- and medium-sized businesses implement CSR or what individual drivers shape this process.

The paper surveyed 282 small and medium-sized managers from the United Kingdom. The respondents were recruited using platform Prolific Academic.

The findings reveal that LTO is a prerequisite for developing CSR and shapes strategy formation mode. The findings also suggested that deliberate strategies are positively related to CSR. The results are consistent across different components of LTO (futurity, continuity and perseverance) and CSR types (internal and external).

The results show that all aspects of LTO are relevant for CSR in SMEs. Besides LTO, deliberate strategy formation model is an important factor contributing to CSR. The paper presents as first an empirical contribution to the strategy literature by examining positive relationship between LTO and deliberate strategy formation mode.

The labor market responds in a differentiated manner during recessions and expansions, and it is of vital importance to know the magnitude asymmetries. The purpose of this paper is to evaluate the effects of the disinflationary monetary policy (2005Q1–2022Q4) through the sacrifice rate measured in terms of unemployment and rate of critical labor conditions (RCLC) with nonlinear auto regressive distributed lag (NLARDL; Shin et al., 2014), which allows to efficiently estimate asymmetric effects in short and long terms in the presence of variables of different integration orders.

The authors estimate an asymmetric accelerationist Phillips curve, augmented with labor precariousness for Mexico (2005Q1–2022Q4) following the NLARDL approach (Shin et al., 2014).

The authors prove that the increase in the unemployment gap has greater disinflationary effects than the RCLC in both the short and the long term; the expansionary phases of the business cycle, which reduce U^Gap, do not have inflationary effects either in the short or in the long run, but improvements in the labor market do, when RCLC is reduced; raising RCLC appears to have been the companies’ main survival strategy since 2015; and these asymmetries can generate a low unemployment trap with high and growing precariousness, with huge dynamic costs for well-being, economic growth, inequality and poverty.

As labor precariousness grows, the implications are several both in the short and long run. In the short run, the most notorious example of the effects on workers has to do with unstable and insecure situations, that disrupt all their life planning options, and health issues. Bohle et al. (2004) found in the Organization for Economic Cooperation and Development countries that casual employees had less desirable and predictable working hours, greater work–life conflict and more associated health complaints than people with permanent jobs.

The approach includes the labor precariousness variable, which describes a new phenomenon in the labor market. Nowadays, workers are facing a new threat since firms are employing a new labor cost reduction strategy in which they do not lay off workers but rather paying them less, working them more hours, or reducing benefits. The asymmetries between the effects of precarity and unemployment can generate a poverty trap in the long run. This problem is, once again, of great relevance in the context of global high inflation.