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Entrepreneurial activity is a phenomenon that increases the economic growth of countries and improves their social welfare. The economic development levels of countries have significant effects on these entrepreneurial activities. This research examines which institutional and macroeconomic variables explain early-stage entrepreneurship activities in developed and developing economies.

The authors conducted panel data analysis on the data from the Global Entrepreneurship Monitor (GEM) and International Monetary Fund (IMF) surveys covering the years 2009–2018.

First, the authors' results reveal that cognitive, normative and regulatory institutions and macroeconomic factors affect early-stage entrepreneurial activity in developed and developing countries differently. Second, the authors' findings indicate that cognitive, normative and regulatory institutions affect early-stage entrepreneurship more positively in developed than developing countries. Finally, the authors' results report that macroeconomic factors are more effective in early-stage entrepreneurial activity in developing countries than in developed countries.

This study provides a better understanding of the components that help explain the differences in entrepreneurship between developed and developing countries regarding institutions and macroeconomic factors. In this way, it contributes to developing entrepreneurship literature with the theoretical achievements of combining institutional theory and macroeconomic indicators with entrepreneurship literature.

This study examines whether international tourism demand in the Visegrád countries is influenced by countries' risk rating on environmental, social and governance (ESG) factors, as non-economic factors relating to ESG risks have been ignored by previous researches on determinants of international tourism demand.

The study investigates panel data for the Visegrád countries comprising the Czech Republic, Hungary, Poland and Slovakia over the period 1995–2019. Recently developed techniques of augmented mean group (AMG) and common correlated effects mean group (CCEMG) estimators are employed so as to take care of cross-sectional dependence, nonstationary residuals and possible heterogeneous slope coefficients.

The regression estimates suggest that besides economic factors, the perception of international tourists regarding ESG risk is another important determinant of international tourism demand in the Visegrád countries. The study also established that income levels in the tourists' originating countries are the most critical determinant of international tourism demand to the Visegrád countries.

The research outcomes of the study include the need for the Visegrád countries to direct policies towards further mitigating their ESG risks in order to improve future international tourism demand in the area. They also need to ensure exchange rate stability to prevent volatility and sudden spikes in the relative price of tourism in their countries.

It is documented that companies and government agencies in the USA invest more in the fourth fiscal quarter without having higher investment opportunities. While previous studies focus on the agency conflicts and information asymmetry within organizations, this study is motivated by Scharfstein and Stein's (2000) two-tiered agency model and aims to examine how firms' external business environment affects the “fourth quarter effect.”

The authors implement this study in a sample of 41 countries and observe similar seasonality in firm investment as documented in the US market.

More importantly, using country characteristics, this study finds that firms from countries with better investor rights and protection, and more developed financial markets show less severe over-investment in the fourth fiscal quarter.

This paper contributes to the literature of law and finance, and the internal capital market, by investigating the quarterly investment patterns of firms from 41 countries. The authors find that similar to the results in earlier studies on the US market, firms in the global market increase their capital expenditure in the fourth fiscal quarter, indicating that the internal agency conflicts between the headquarters and divisional managers are widespread across the world. The authors also find that firms that operate in countries with higher investor rights and protection, and more developed financial markets, tend to show less severe “fourth quarter effect”.

This paper aims to investigate how information and communication technology (ICT) services and digital finance affect the development of international tourism.

The two-way fixed effect panel regression model, spatial econometric model, panel threshold regression model and panel quantile regression model are used. Data on tourism, economic and social development in 198 Chinese cities from 2011 to 2020 are analyzed.

This study finds that digital economy including ICT services and digital finance has significantly promoted the development of international tourism industry, while there is a negative spatial spillover effect. The promotion effect of international tourism increases significantly after digital innovation reaches the threshold value. International tourism is benefiting more from digital economy with the development of international tourism industry.

The development quality of international tourism industry has not been analyzed due to data limitations, and the mechanism has not been tested.

This study creatively reveals the development of international tourism industry in the digital economy era from ICT services and digital finance perspectives. This study also shows the spatial, nonlinear and asymmetric relationship between digital economy and international tourism.

This article investigates the long-run impact of remittance inflows on agricultural productivity (AGP) in emerging Asian economies (Bangladesh, Sri Lanka, Malaysia, India, Nepal, Philippines, Pakistan, and Vietnam), employing a panel dataset from 2000 to 2018.

This study initially applies cross-sectional dependence (CSD), second-generation unit root, Pedroni, and Westerlund panel co-integration techniques. Next, it uses the augmented mean group (AMG) and common correlated effect mean group (CCEMG) methods to investigate the long-term impact of remittance inflows on AGP while controlling for several other important determinants of agricultural growth, such as cultivated area, fertilizers, temperature change, credit, and labor force.

The empirical findings are as follows: The results first revealed the existence of CSD and long-term co-integration between AGP and its determinants. Second, remittance inflows significantly boosted AGP, indicating that remittance inflows played a crucial role in improving AGP. Third, global warming (changes in temperature) negatively impacts AGP. Finally, additional critical elements, for instance, cultivated area, fertilizers, credit, and labor force, positively affect AGP.

This study suggests that policymakers of emerging Asian economies should develop an exclusive remittance-receiving system and introduce remittance investment products to utilize foreign funds and mitigate agricultural production risks effectively.

This is the first empirical examination of the long-term impact of remittance flows on agricultural output in emerging Asian economies. This study utilized robust estimation methods for panel data sets, such as the Pedroni, Westerlund, AMG, and CCEMG tests.

The board structure (BS) is pivotal in modern corporate governance (CG). This study aims to investigate BS variables (BSIZE, BIND and chief executive officer [CEO] duality) and their correlation with risk-taking behavior indicators, enriching the understanding of how CG shapes financial institutions’ (FIs) decision-making in Pakistan.

By scrutinizing data from 67 financial entities listed on the Stock Exchange of Pakistan spanning from 2011 to 2022 through panel data regression techniques, the research emphasizes that BS holds a substantial influence over the risk tendencies exhibited by these firms.

Key findings suggest that board size has a positive influence, aligned with previous CG research. Smaller boards perform better and avoid excessive risk-taking, contrasting some negative relationship claims. More independent directors are recommended to curtail risk and financial disruption. Holding both CEO and chair roles reduces risk exposure, resonating with reputational and employment risk theory. It is essential to recognize that BS’s impact on risk-taking is nuanced and context-dependent.

Policymakers, scholars, practitioners and investors working in the market for financial companies might greatly benefit from the empirical findings of this study. Imposing mandates on FIs to uphold adequate capital reserves functions as a safeguard against unforeseen losses, thereby diminishing the probability of unwarranted risk-taking.

Prior studies in this domain predominantly focus on nonfinancial sectors. In addition, existing research often explores the relationship between BS and firm risk-taking solely within the banking sector, overlooking other FIs. This study contributes by using a comprehensive data set encompassing all types of FIs, thus extending the existing literature.

The discussion on international migration has become a significant part of globalization and a topical issue in international relations, especially in developing economies which mostly relies on migrant remittances. The purpose of the study is to examine whether financial market development (equity market development and banking sector development) really drives migrant remittance flow in Sub-Saharan Africa (SSA).

The study employs the dynamic heterogeneous panel data approach-the pool mean group (PMG) and the mean group (MG) techniques in analyzing the model based on data obtained from 27 SSA countries covering the period 2000–2020.

The findings of the study revealed that financial market development (equity market development and banking sector development) is a key driver of migrant remittances flows in the SSA region. In addition, the study revealed that the following macroeconomic variables such as real interest rate, unemployment rate, global growth, emigration, and economic growth are also determinants of migrant remittances flows in the SSA region.

The reviewed empirical literature revealed that several studies documents that the macroeconomic determinants of migrant remittances include inflation, GDP, interest rate, exchange rate, population growth, financial sector development and unemployment rate. Most of these studies fail to capture both equity market development and robust banking sector development (financial market development) as critical drivers of migrant remittances flow in SSA. Also, this study uses a robust measure of equity market development and banking sector development, unlike previous studies.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0361

This study aims to investigate the interrelationships and elasticities between the production of renewable energy (RE) and three key variables: oil prices, gross domestic product (GDP) and carbon dioxide (CO₂) emissions.

The research uses panel data and time-series analyses for 10 developed and 16 emerging countries for the period 1976–2018, to identify panel and country-specific elasticity of RE production and dynamic causal relationships between these variables. The study uses an autoregressive distributed lag model to determine the long- and short-run dynamics between RE production and the three variables in each country.

Results show a long-run elasticity between RE and GDP, and short-run dynamics between RE and oil prices and CO₂ emissions in the developed countries. Whereas in the emerging countries category, there were long-run relationships between RE and GDP, CO₂ emissions and oil prices.

Results of this study are in fact crucial and can be applied in the drafting of resilience policies to tackle energy vulnerability as well as sustainable growth. The study results will inform and guide governments on the right policies to stimulate RE production in their own countries in the interests of both their national security and sustainable development globally.

This paper attempts to contribute to the literature in at least two ways. First, research on identifying common determining factors, including socioeconomic factors, in both emerging and advanced economies is considerably scarce. Most of the previous research in this field has focused only on the absolute value of RE production in a particular geographical area. Second, many studies have focused on RE consumption. This research differs from them by focusing on the production of RE. Thus, the main contribution of this study is to fill these gaps. The study also presents novel empirical evidence to determine RE production elasticity from 26 countries.

This study aims to study the sensitivity of nonlisted real estate investment companies’ accounting earnings to house prices. This study evaluates whether house price changes determined these companies’ return on equity (ROE) or if other factors influenced the industry’s profitability beyond house price growth.

The authors collected a ten-year sample with the aggregate ROE of Portugal’s real estate investment companies, split by regions, and data on house prices and the per capita gross domestic product as a control variable. The authors ran a national-level time series with the canonical cointegrating regression estimator, which is robust to a small sample size; the authors also performed a regression on regional-level panel data with the common correlated effects mean group estimator, thus allowing slope coefficient heterogeneity and controlling for cross-sectional dependence. The authors also ran ordinary least squares regressions as a means of comparison.

This study found that an increase in the house price is not translated into an increase in the aggregate ROE. The results are robust with a reduced survivorship-biased sample, meaning that even the best-succeeded real estate investment companies do not have their accounting ROE dependent on house price growth.

The sample size is small and specific to one country. This paper did not study the housing market structure to verify whether it operates under monopolistic competition, which could further explain the attained results.

Policy decision-makers should know that there are no excess profits in the real estate investment companies’ industry because of house price growth that could be subject to windfall taxes.

To the best of the authors’ knowledge, the connections between house prices and real estate investment companies’ accounting earnings have never been studied.

Financial inclusion is a critical component of financial development, which disseminates accessible financial services to benefit all parts of society and consequently promotes economic growth. The study explores the dynamic common correlated effects of financial inclusion on economic growth in Organization of Islamic Cooperation (OIC) countries.

The conventional econometric techniques overlook heterogeneity and cross-sectional dependence and provide false results. Hence, a unique methodology, ‘Dynamic Common Correlated Effects (DCCE)’, is used, which can efficiently tackle the above-mentioned issues.

The DCCE estimation indicates a positive and significant impact of financial inclusion on economic growth in overall and higher-income OIC economies. Moreover, in the lower-income OIC group, financial inclusion is inversely correlated with economic growth, which converts into a positive linkage by including an interaction term of financial inclusion and institutional quality.

Based on the research outcomes, it is recommended that policymakers and governments of OIC economies seek to increase financial inclusion to achieve sustainable, optimal and inclusive economic growth.

The DCCE technique in this study considers heterogeneity and cross-sectional dependence among countries and thus provides robust findings.