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This study aims to examine the effects of energy consumption on economic growth by means of a panel data analysis of 75 net energy-importing countries for the period 1990 to 2012.
Abstract
Purpose
This study aims to examine the effects of energy consumption on economic growth by means of a panel data analysis of 75 net energy-importing countries for the period 1990 to 2012.
Design/methodology/approach
For the purpose of the analysis, the countries are classified into two groups, and each group is then classified into subgroups. The first group is formed based on the energy import dependence of the countries and is classified into two subgroups according to whether their dependence is greater than or less than 50 per cent. The second group is formed based on the income level of the countries and is classified into four subgroups, specifically, low-income economies, lower-middle-income economies, upper-middle-income economies and high-income economies.
Findings
The findings obtained for both panel data and for each country indicate that there is a positive and statistically significant relationship between energy consumption and economic growth over the long term such that energy consumption contributes more to economic growth as the import dependence of the country decreases. Moreover, the effect of energy consumption on economic growth decreases as the income level of the country increases. This indicates that the efficient use of energy is as important as energy consumption, which is regarded as an important indicator of economic development.
Originality/value
The authors expect that these findings will make a valuable contribution to the results of future studies, as they analyze the relationships among the variables by including the energy intensities of the countries.
Propósito
Este estudio examina los efectos del consumo de energía en el crecimiento económico, mediante un análisis de datos de panel de 75 países importadores netos de energía para el período 1990-2012.
Diseño/metodología/enfoque
A los efectos del análisis, los países se clasifican en dos grupos y cada grupo luego se clasifica en subgrupos. El primer grupo se forma en base a la dependencia de los países en materia de importación de energía y se clasifica en dos subgrupos según su dependencia sea superior o inferior al 50%. El segundo grupo se forma sobre la base del nivel de ingresos de los países y se clasifica en cuatro subgrupos: economías de ingresos bajos, economías de ingresos medios-bajos, economías de ingresos medios-altos y economías de ingresos altos.
Hallazgos
Los hallazgos obtenidos, tanto para los datos de panel como para cada país, indican que existe una relación positiva y estadísticamente significativa entre el consumo de energía y el crecimiento económico a largo plazo, de modo que el consumo de energía contribuye más al crecimiento económico a medida que disminuye la dependencia de las importaciones del país. Además, el efecto del consumo de energía en el crecimiento económico disminuye a medida que aumenta el nivel de ingresos del país. Esto indica que el uso eficiente de la energía es tan importante como el consumo de la misma, que se considera un indicador importante del desarrollo económico.
Originalidad/valor
Los autores esperan que estos hallazgos aporten una valiosa contribución para estudios futuros, ya que analizan las relaciones entre las variables mediante la inclusión de las intensidades de los países.
Palabras clave
Consumo de energía, Crecimiento económico, Importadores netos de energía, Panel de datos
Tipo de artículo
Artículo de investigación
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Keywords
Nguyen Phuc Canh, Christophe Schinckus, Thanh Dinh Su and Felicia Hui Ling Chong
This paper aims to offer an empirical study of the impact of institutional quality on the banking system risk and credit risk.
Abstract
Purpose
This paper aims to offer an empirical study of the impact of institutional quality on the banking system risk and credit risk.
Design/methodology/approach
Applying cross-sectional dependent tests and stationary tests to check the property of our sample, the panel corrected standard errors model is recruited as the main estimator, while feasible generalized least squares, pool ordinary least squares (OLS), robust pool OLS and other estimators are used as a robustness check for an unbalanced panel data for 56 economies divided into three subsamples between 2002 and 2015.
Findings
The empirical results show several significant contributions. First, an improvement in institutional quality is an important factor to reduce the banking system risk. This effect of the institutions is less important in well-capitalized, highly profitable and in high-economic growth countries. This effect is also stronger in highly liquid banking systems. Notably, a better institutional quality helps to reduce the banking system risk in the highly concentrated banking system. Second, institutional quality has a significant negative relationship with the banking credit risk, especially in highly concentrated banking systems and in high-growth countries. This influence is weaker in highly liquid and well-capitalized banking systems. Finally, better institutions reduce the positive effect of trade openness, but it induces a higher credit risk for the banking system from the trade openness. Notably, a better institutional quality enhances the negative effect of foreign direct investment (FDI) inflow on both banking system risk and credit risk. These findings are documented for a global sample and three subsamples: low and lower-middle-income economies, upper-middle-income economies and high-income economies.
Originality/value
This study provides some recommendations, for policymakers, on the roles of institutions in the banking system and financial stability.
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Marcello Cosa, Eugénia Pedro and Boris Urban
Intellectual capital (IC) plays a crucial role in today’s volatile business landscape, yet its measurement remains complex. To better navigate these challenges, the authors…
Abstract
Purpose
Intellectual capital (IC) plays a crucial role in today’s volatile business landscape, yet its measurement remains complex. To better navigate these challenges, the authors propose the Integrated Intellectual Capital Measurement (IICM) model, an innovative, robust and comprehensive framework designed to capture IC amid business uncertainty. This study focuses on IC measurement models, typically reliant on secondary data, thus distinguishing it from conventional IC studies.
Design/methodology/approach
The authors conducted a systematic literature review (SLR) and bibliometric analysis across Web of Science, Scopus and EBSCO Business Source Ultimate in February 2023. This yielded 2,709 IC measurement studies, from which the authors selected 27 quantitative papers published from 1985 to 2023.
Findings
The analysis revealed no single, universally accepted approach for measuring IC, with company attributes such as size, industry and location significantly influencing IC measurement methods. A key finding is human capital’s critical yet underrepresented role in firm competitiveness, which the IICM model aims to elevate.
Originality/value
This is the first SLR focused on IC measurement amid business uncertainty, providing insights for better management and navigating turbulence. The authors envisage future research exploring the interplay between IC components, technology, innovation and network-building strategies for business resilience. Additionally, there is a need to understand better the IC’s impact on specific industries (automotive, transportation and hospitality), Social Development Goals and digital transformation performance.
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Antonella Francesca Cicchiello, Anna Maria Fellegara, Amirreza Kazemikhasragh and Stefano Monferrà
This study aims to investigate the influence of organisations’ board gender diversity on the adoption of the United Nations sustainable development goals (SDGs) and on the use of…
Abstract
Purpose
This study aims to investigate the influence of organisations’ board gender diversity on the adoption of the United Nations sustainable development goals (SDGs) and on the use of external assurance.
Design/methodology/approach
The paper combines data from the Global Reporting Initiative’s Sustainability Disclosure Database and the Orbis database from Bureau van Dijk. The study uses logit models based on a sample of 366 large Asian and African companies which have addressed the SDGs in their sustainability reports published in 2017.
Findings
The results reveal that board gender diversity is positively associated with sustainability reporting and the involvement of an external assurance provider.
Originality/value
This study adds to the growing literature on the relationship between women’s participation on corporate boards and SDG reporting. Additionally, it addresses the understudied question of how the gender diversity of board resources affects the adoption of the external assurance of sustainability reporting.
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Anushka Verma, Prajakta Sandeep Dandgawhal and Arun Kumar Giri
The present study aimed to examine the relationship between information and communication technologies (ICT) diffusion, financial development and economic growth in the panel of…
Abstract
Purpose
The present study aimed to examine the relationship between information and communication technologies (ICT) diffusion, financial development and economic growth in the panel of developing countries for 2005–2019.
Design/methodology/approach
The study employed the principal component analysis (PCA) to extract the index of ICT diffusion. First-generation panel unit root tests such as Levine Lin Chu (LLC), Im Pesaran Shin (IPS), Augmented Dickey-Fuller (ADF) and Phillips and Perron (PP) were employed to check the stationarity of the variables. Pedroni and Kao co-integration techniques were used to examine the existence of the long-run relationship, and co-integration coefficients were estimated using FMOLS and dynamic ordinary least squares (DOLS). The panel Granger causality approach examined the short-run and long-run causality.
Findings
The results confirmed that ICT diffusion, financial development and trade openness accelerate growth, whereas inflation dampens economic growth. Further, the causality test showed bidirectional causality between ICT growth and financial development growth but a unidirectional causality from financial development to ICT diffusion in developing countries.
Originality/value
The study recommends synchronizing public and private sector investment for a synergistic effect on ICT infrastructure and adequate investment in the financial sector to increase the growth rate in developing countries. Economic policies should be adopted toward incentives and subsidies to ensure affordable ICT services for disadvantaged communities. Also, training programs focussing on enhancing digital literacy to enable all segments of the population to use digital platforms for financial services are recommended.
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Michael Kaku Minlah, Xibao Zhang, Philipine Nelly Ganyoh and Ayesha Bibi
This study investigates the existence of the environmental Kuznets curve (EKC) for deforestation for Ghana over the 1962–2018 the time period.
Abstract
Purpose
This study investigates the existence of the environmental Kuznets curve (EKC) for deforestation for Ghana over the 1962–2018 the time period.
Design/methodology/approach
The study employs a time-varying approach, the bootstrap rolling window Granger causality test to achieve its set objectives.
Findings
The results from our study reveals an inverted “N” shape EKC for deforestation, implying that deforestation will initially decrease with increases in economic growth up to a certain income threshold and increases with further increases in economic growth beyond this income threshold up to a higher income threshold and then decrease with further increases in economic beyond the higher income threshold.
Practical implications
The results from the study project show that over time economic growth can serve as a natural panacea to cure and mitigate the ills of deforestation that have plagued Ghana's forests over the years.
Social implications
The results further highlight the important role of strong institutions in fighting the deforestation menace.
Originality/value
The originality of this study lies in its methodology which allows for feedback from deforestation to the economy. This is in contrast to earlier studies on the EKC for deforestation which allowed causality only from deforestation to the economy.
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Elvis Achuo, Bruno Emmanuel Ongo Nkoa, Nembo Leslie Ndam and Njimanted G. Forgha
Despite the longstanding male dominance in the socio-politico-economic spheres, recent decades have witnessed remarkable improvements in gender inclusion. Although the issue of…
Abstract
Purpose
Despite the longstanding male dominance in the socio-politico-economic spheres, recent decades have witnessed remarkable improvements in gender inclusion. Although the issue of gender inclusion has been widely documented, answers to the question of whether institutional arrangements and information technology shape gender inclusion remain contentious. This study, therefore, empirically examines the effects of institutional quality and information and communication technology (ICT) penetration on gender inclusion on a global scale.
Design/methodology/approach
To control for the endogeneity of modeled variables and cross-sectional dependence inherent with large panel datasets, the study employs the Driscoll-Kraay fixed effects (DKFE) and the system generalised method of moments (GMM) estimators for a panel of 142 countries from 1996 to 2020.
Findings
The empirical findings from the DKFE and system GMM estimators reveal that strong institutions significantly enhance gender inclusion. Moreover, by disaggregating institutional quality into various governance indicators, we show that besides corruption control, which has a positive but insignificant effect on women’s empowerment, other governance indicators significantly enhance gender inclusion. Furthermore, there is evidence that various ICT measures promote gender inclusion.
Practical implications
The study results suggest that policymakers in developing countries should implement stringent measures to curb corruption. Moreover, policymakers in low-income countries should create avenues to facilitate women’s access to ICTs. Hence, policymakers in low-income countries should create and equip ICT training centers and render them accessible to all categories of women. Furthermore, developed countries with high-tech knowledge could help developing countries by organizing free training workshops and sensitization campaigns concerning the use of ICTs vis-à-vis women empowerment in various fields of life.
Originality/value
The present study fills a significant research gap by comprehensively exploring the nexuses between governance, ICT penetration and the socio-politico-economic dimensions of gender inclusion from a global perspective. Besides the paucity of studies in this regard, the few existing studies have been focused on either region and country-specific case studies in developed or developing economies. Moreover, this study is timely, given the importance placed on gender inclusion (SDG5), quality of institutions (SDG16) and ICT penetration (SDG9) in the 2015–2030 global development agenda.
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Considering the continuous rise in the public debt stock of developing countries (particularly Ghana) with the unstable economic growth rate for the past decades and the recent…
Abstract
Purpose
Considering the continuous rise in the public debt stock of developing countries (particularly Ghana) with the unstable economic growth rate for the past decades and the recent borrowing because of the impact of COVID 19, this paper aims to examine the causal relationships between public debt and economic growth over time.
Design/methodology/approach
The paper uses a dynamic multivariate autoregressive-distributed lag (ARDL)-based Granger-causality model to test the causal relationships between public debt and economic growth [gross domestic product (GDP)]. Annual time-series data that spanned 1978–2018 were sourced from the World Bank Development Indicator database and the IMF fiscal Affairs Department Database and WEO.
Findings
The results reveal that public debt has no causal relationship with GDP in the short-run but there is unidirectional Granger causality running from public debt to GDP in the long run. Again, investment spending has a negative bi-directional causal relationship with GDP in the short-run but they have a positive bi-directional causal relationship in the long run. Conversely, no short-run causal relationship exists between government consumption expenditure and GDP but long-run Granger causality runs from government consumption expenditure to GDP. Finally, public debt has a positive impact on the inflation rate in the short run.
Practical implications
The findings imply that government(s) must ensure high fiscal discipline to serve as a precursor for the effective and efficient use of recent borrowing, that is, the loans should be used for highly prioritized projects (preferably investment spending) that are well evaluated and self-sustained to add positively to the GDP.
Originality/value
This paper provides contemporary findings to augment extant literature on public debt and economic growth by using variables and empirical models, which prior studies could not sufficiently cover in a developing country perspective and affirms that public debt contributes to GDP only in the long run.
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Minh Ha-Duong and Hoai-Son Nguyen
The authors estimate the reduction of electricity poverty in Vietnam. The essential argument is that human development is about subjective feeling as much as technology and income.
Abstract
Purpose
The authors estimate the reduction of electricity poverty in Vietnam. The essential argument is that human development is about subjective feeling as much as technology and income.
Design/methodology/approach
The authors use a self-reported satisfaction indicator as complementary to objective indicators based on national household surveys from 2008 to 2018.
Findings
In 2010, the fraction of households with access to electricity was over 96%. However, over 24% declared their electricity use did not meet their needs. Since 2014, the satisfaction rate is around 97%, even if 25% of the households used less than 50 kWh/month. Today there is electricity for all in Vietnam, but electricity bills weigh more and more in the budget of households.
Practical implications
The subjective energy poverty measure allows better international statistics: unlike poverty or needs-based criteria, self-assessed satisfaction of needs compares across income levels and climates.
Social implications
Inequalities in electricity use among Vietnamese households decreased during the 2008–2018 period, but are not greater than inequalities in income, contrary to the findings of Son and Yoon (2020).
Originality/value
Engineering and econometric objectivist approaches dominate the literature on sustainability monitoring. Out of 232 sustainable development goal (SDG) indicators, only two are subjective. Yet the findings show that subjective indicators tell a different part of the story. Access is not grid building, but the meaningful provision of electricity to satisfy the needs.
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Radwa Ahmed Abdelghaffar, Hebatalla Atef Emam and Nagwa Abdallah Samak
The purpose of this study is to investigate the nexus between financial inclusion and human development for countries belonging to different income groups during 2009–2019, and…
Abstract
Purpose
The purpose of this study is to investigate the nexus between financial inclusion and human development for countries belonging to different income groups during 2009–2019, and whether this relation differs across these groups.
Design/methodology/approach
The paper constructs an index of financial inclusion (IFI) for different income group countries employing dynamic panel data models estimated by generalized method of moments (GMM) to analyse the relation between financial inclusion and human development.
Findings
Financial inclusion in low and lower-middle-income countries has higher effect on human development than in high and upper-middle income countries.
Research limitations/implications
The study examines the effect of IFI on the human development index (HDI) at the aggregate level. Future research can tackle the IFI effect on every component of HDI and other aspects of financial inclusion could be incorporated like financial technology.
Originality/value
The originality lies in constructing an index for financial inclusion using the most recent data for a wide range of countries, in addition to examining the impact of financial inclusion on the human development levels of different income groups allowing for more accurate analysis tackling the differences in terms of adopted policies across various income groups; unlike other studies that are carried out on a one country basis or only across one or two country groups that do not allow for comparison across various groups of countries.
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