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The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and lagging during the period 1952–2015.

This study has computed a state-wise re-election index by taking the ratio of the number of constituencies exhibiting re-election in four consecutive terms during 1952–1999 to the total number of constituencies in the state. The time-invariant re-election index as of the year 1999 is used to estimate the impact of the re-election on per capita state income during 2001–2015. This paper has used the correlated random effects estimation procedure that considers the state-specific unobserved factors while using a time-invariant regressor to ascertain the impact of re-election.

This study finds that persistent re-election does not seem to lead to better development outcomes. When this study computes the re-election index by excluding constituencies that are underdeveloped both in the economic and social spheres, this paper finds the asymmetric impact of re-election for the leading and the lagging states. The findings suggest that historical institutions in the laggings states could be driving the empirical results. The empirical findings are corroborated by the relatively poor availability of basic amenities in constituencies exhibiting persistent re-election when compared to the state average.

The findings suggest that the provision of re-election without term limits may need to be revisited in the lagging states for better political accountability.

First, the authors study the pattern of constituency-wise re-election to compute state-wise re-election index to capture persistent re-election. Second, the authors assess the development status of a constituency by mapping it to the development indicators of the district in which the constituency is located. This paper considers both economic as well social indicators of development. Third, the time-invariant nature of the re-election index helps to address reverse causality while studying the impact of re-election on development. Fourth, the authors use a novel econometric methodology to study the impact of the re-election on development given the time-invariant characteristic of the re-election index.

The purpose of this study is to investigate the influence of climate on marine and urban tourism using climate indices in four of Australia’s busiest cities: Sydney, Melbourne, Brisbane and Perth. Climate is operationalized using the previously validated Holiday Climate Index (HCI)-beach for marine tourism HCI-urban for city tourism; international airport arrivals are the tourism behavior of interest.

HCI-beach and-urban indices were calculated using climate data: thermal comfort, cloud cover, windspeed and precipitation. Autoregressive integrated moving average (ARIMA) models were calculated for airport arrivals only and airport arrivals with exogenous factors (i.e. HCI-beach and-urban).

Indices proved significant for each city where HCI-urban scores were more favorable on the aggregate than HCI-beach scores. HCI-beach improved model accuracy in Melbourne (3.11%), Sydney (15.77%) and Perth (37.38%); HCI-urban improved accuracy at Brisbane by 37.73%.

The primary limitation is that airport arrival data was only available monthly. Using aggregated arrivals also precludes explicitly determining recreational intentions among travelers.

Results demonstrate climate indices can improve forecast accuracy for actual tourism behaviors, including destination arrivals.

For tourists, results demonstrate the meteorological season and city where climate conditions are more or less favorable.

To the best of the author’s knowledge, this is the first known study to investigate the influence of climate indices on improving predictability of international arrival forecasts.

The purpose of this study is to investigate whether equity market timing has a persistent impact on the firm’s capital structure or not. In achieving this purpose, there are two hypotheses developed in this study. The first hypothesis is that historical price-book-value (PBV) negatively affect leverage; while the second hypothesis is that historical PBV ratio negatively affects the change of cumulative on leverage. The sample of this study is cross sectional data obtained from the Indonesia Stock Exchange for 2001–2011 research period. The author disentangles the sample into subsamples based on IPO+k, in which k is the number of years after the initial public offering (IPO). The results show that most of the regression coefficients in the historical PBV do not have negative impact on the capital structure and only a small part of the regression coefficient of the historical PBV has a statistically negative impact on the capital structure. Therefore, the findings of this research conclude that equity market timing doesn’t have persistent impact on capital structure of the firms in Indonesia.

In the context of European consumers’ experiences of austerity, this study aims to advance current resilience theory in marketing through developing persistent resilience from a context of austerity influenced consumption.

Following an interpretivist approach, 38 face to face, in-depth interviews were conducted with European consumers from Ireland, UK, Spain, Portugal, Italy and Greece who were affected in some way by the global financial crisis.

Building upon limited conceptual and empirical investigations in social geography, the analysis identifies the themes of persistent stressors and temporal orientation as constants, alongside day-to-day coping, relating and pragmatism, consumer adjustment, repertoires of resistance and transformation as key elements of persistent resilience within the consumption context of austerity.

The study addresses the limited theoretical and empirical focus on persistent resilience and austerity and directly contributes to consumer behaviour and marketing theory in understanding persistent resilience and its implications.

Changes to behaviours as a result of persistent resilience included reducing and stopping consumption, discount shopping, alternative consumption in the form of growing or making and mindful consumption through wastage reduction and re-use.

The study highlights the significant social impact of austerity while also identifying positive outcomes for social relations among family, friends and the wider community.

This study develops and extends Golubchikov’s (2011) theory of persistent resilience through exploring European consumer responses to austerity, identifying key consumption characteristics relevant for marketing theory and practice.

This chapter conducts an event study of 30 quantitative easing (QE) announcements made by 21 central banks on daily government bond yields and bilateral US dollar exchange rates in March and April 2020, in the midst of the global financial turmoil triggered by the COVID-19 outbreak. The chapter also investigates the transmission of innovations to long-term interest rates in a standard GVAR model estimated with quarterly pre-COVID-19 data. The authors find that QE has not lost effectiveness in advanced economies and that its international transmission is consistent with the working of long-run uncovered interest rate parity and a large dollar shortage shock during the COVID-19 period. In emerging markets, the QE impact on bond yields is much stronger and its transmission to exchange rates is qualitatively different than in advanced economies. The GVAR evidence that the authors report illustrates the Fed’s pivotal role in the global transmission of long-term interest rate shocks, but also the ample scope for country-specific interventions to affect local financial market conditions, even after controlling for common factors and spillovers from other countries. The GVAR evidence also shows that QE interventions can have sizable real effects on output driven by a very persistent impact on long-term interest rates.

The purpose of this paper is to analyze the joint effect of persistency in innovation and export on firms’ total factor productivity. In particular, the aim is to determine if exporting in international markets along subsequent periods, and being also continuously innovating over the same periods, can be associated with increases in firms’ productivity. The underlying idea is that time recurrence of these strategies is related to the firms’ ability to optimize external knowledge flows enhancing their productivity.

By using data on Italian manufacturing firms over the period 1998–2006, the authors distinguish between repeated and temporary exporting firms, as well as repeated and temporary innovators, to test (through two-step system generalized methods of moments) the existence of any combined learning-by-exporting and learning-by-doing effects.

This paper provides empirical findings about persistent innovation efforts being better associated with a permanent presence in foreign markets. More in detail, persistently innovative and exporting firms have better productivity results than persistently exporting (innovating) firms with non-persistent innovation (export). Combining both strategies could be an opportunity to internalize knowledge flows coming from long-lasting exposure to foreign markets. These results hold especially for small firms.

The novelty of this paper is twofold. First, the authors argue that the temporal dimension of firms’ exporting and innovating activities may influence firms’ productivity. Second, while previous studies explored the role of export and innovation on productivity in isolation, the authors consider the joint effect of this relationship and also explore it across the temporal dimension finding evidence that they have a positive, reinforced effects if firms implement these activities continuously and jointly. In this case, the effect of innovation and export on productivity is significantly higher than if firms with intermittent strategies do not have the time to internalize knowledge flows coming from participating in export market.

Over the last couple of years, the Chinese manufacturing sector was affected by the onset of the US–China trade war and the outbreak of coronavirus disease 2019 (COVID-19). In such a scenario air quality in China has encountered a shock, and the impacts of these two incidents are unknown. In this study, the authors analyze the convergence of air quality in China in the presence of multiple structural breaks and how the impacts of these two events are different from each other.

In order to assess the nature of shocks in the presence of multiple structural breaks, unit root tests with multiple structural breaks are employed.

The results reveal that air quality in China is showing the sign of convergence, and it is consistent across 18 provinces which are worst hit by the outbreak of COVID-19. In the presence of transitory shocks, the impact of COVID-19 outbreak is found to be higher, whereas the impact of the US–China trade war is found to be more persistent. Lastly, the outbreak of COVID-19 has been found to have more impact on pollutants with higher severity of health hazard.

To the best of the authors’ knowledge, this is the first study that contributes to the empirical literature in terms of investigating the convergence of overall air pollution and individual air pollutants taking COVID-19 and the trade war into account.

Productivity growth in Italy has been persistently anemic and lagged that of the euro area over the period 1999–2015, while the indebtedness of its corporate sector increased. Using the ORBIS firm-level database, this chapter studies the long-term impact of persistent corporate-debt accumulation on the productivity growth of Italian firms, and investigates whether total factor productivity (TFP) growth varies with the level of corporate indebtedness. The authors employ a novel estimation technique proposed by Chudik, Mohaddes, Pesaran, & Raissi (2017) to account for dynamics, bi-directional feedback effects, cross-firm heterogeneity, and cross-sectional dependence arising from unobserved common factors (e.g., oil price shocks, labor and product market frictions, and the stance of the global financial cycle). Filtering out the effects of unobserved common factors and controlling for firm-specific characteristics, the authors find significant negative effects of persistent corporate-debt build-up on firms’ TFP growth on average, and weak evidence of a threshold level of corporate debt, beyond which productivity growth drops off significantly. The results have strong policy implications, for example the design of the tax system should discourage persistent corporate-debt accumulation, and effective and timely frameworks to reduce corporate-debt overhangs are essential.

Emergency health and humanitarian nonprofits work under volatile circumstances that strain nonprofits' financial resources. This study investigates the impact of revenue composition on the financial health of these nonprofits and the impact of financial health on the likelihood of financial distress.

A sample of 11,335 emergency nonprofits from 2003 to 2020 was obtained through form 990 data and studied through a difference generalized method of moments (GMM) approach for the impact of revenue composition on financial health. The impact of financial health on financial distress was studied through panel logistics regression.

Revenue diversification adversely affects the financial health of nonprofit emergency health and humanitarian organizations contrary to the implications of modern portfolio theory. The financial health of nonprofit emergency health and humanitarian organizations is persistent through the significant positive effect of lags in most cases.

The emergency health subsector of nonprofits was studied separately due to the unique nature of the sectors' operations and operating environment. The impact of revenue composition was investigated on key dimensions of financial health. Omitted variable bias, simultaneity and dynamic endogeneity were handled through difference GMM.

Using time-series data on the US banking industry for the period 1984Q1-2016Q2, the present study aims to examine the impact of both aggregate and sector-specific non-performing loans (NPLs) on aggregate and sectoral product and labor markets.

Using both single equation ordinary least squares and instrumental variables regressions, the study compares the sensitivity of sector-specific gross domestic product (GDP) and employment growth to changes in both aggregate and sectoral NPLs. Moreover, the paper uses vector autoregressions (VARs) to dynamically trace the impact and duration of NPLs on different types of real economic activity..

Rise in total NPLs reduces US real GDP growth that is most accentuated for construction sector GDP. Likewise, total NPLs significantly lowers both total and non-farm employment growth, financial activities and construction sector employment growth, with the latter showing most sensitivity. Moreover, NPLs in commercial and industrial sector, consumer lending, non-farm non-residential, construction and land development, single- and multi-family residential sectors reduce corresponding sectoral employment growth. The VARs largely confirm these findings with shocks to total NPLs having the most immediate and persistent inimical impact on construction-sector GDP growth.

The deleterious impact of different categories of NPLs on both aggregate as well as sector-specific product and labor markets illustrate that a distressed banking sector is a serious obstacle to the real sector. The findings underscore the need not only to clean up NPLs for the sake of banks financial soundness but also to reduce their pernicious effects on the health of the US economy. For bank regulatory authorities in the USA, it indicates constant monitoring of banks in their jurisdiction and identifying early warning signals to mitigate the potential real sector losses due to rising NPLs.

The extant literature on NPLs has mainly focused on explaining its underlying determinants but not on its real sector consequences. The present paper examines the impact of NPLs on different facets of real economic activity, an issue that has been rarely studied and especially not on the US economy. Moreover, the overwhelming majority of existing literature focuses on aggregate NPLs. The relationships derived in such studies, while useful, can mask important differences between different types of NPLs and real economic activity. The present paper explores the impact of disaggregated NPLs in the US banking industry on corresponding sector-specific product and labor markets, again an issue that has not been studied previously.