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This paper aims to answer the following important questions: Is public debt in Sub-Saharan African (SSA) countries sustainable? What are the determinants of public debt sustainability in these countries, and do these determinants exhibit heterogeneity due to regional, natural resource, and income differences among SSA countries?

This study analyzes the public debt sustainability in SSA countries using the theoretical model known as the Present Value Budget Constraint (PVBC) model developed by Hamilton and Flavin (1986), and adopts the econometric testing method proposed by Trehan and Walsh (1991). Moreover, to empirically investigate the determinants of public debt sustainability in SSA countries, the System-Generalized Method of Moments (System-GMM) method is applied. Furthermore, this study conducts heterogeneity analysis by categorizing the sample based on different regions, natural resource endowments, and income levels. The data of this study are sourced from the IMF and World Bank databases for 45 SSA countries from 2005 to 2021.

Findings reveal that public debt in SSA countries is not sustainable in the long run, with factors such as the previous government debt, long-term debt ratio, debt repayment capacity, economic growth rate, inflation rate, export to GDP, and government fiscal deficit rate influencing sustainability. Additionally, the factors exhibit heterogeneity attributed to regional, natural resource, and income variations among SSA countries.

The findings of our study will serve as a catalyst for policymakers in the SSA countries to embrace and sustain robust fiscal consolidation and debt stabilization measures. Moreover, countries with distinct characteristics should implement tailored approaches. Additionally, policymakers in SSA countries should implement economic measures to address public debt issues. These measures include improving the macroeconomic structure, promoting economic transformation and diversification of industries, fostering sustainable economic growth, ensuring price stability, and strengthening resilience against external shocks and debt risks. Specifically, countries endowed with indigenous species, resources, and tourism potential should adopt a well-coordinated strategy that utilizes agriculture, tourism, ecotourism, and the hospitality industry as instruments for sustainable local community and rural development.

Firstly, it assesses the sustainability of public debt and its determinants for countries in SSA, which distinguishes it from previous studies that only focus on either debt sustainability or determinants of debt separately. Secondly, by including multiple SSA countries in the analysis, this study stands out from prior research that predominantly concentrates on specific nations. Thirdly, the utilization of the System-GMM method for analyzing determinants adds a novel dimension to this study, departing from earlier literature primarily focused on debt thresholds. Lastly, the heterogeneity analysis conducted in this study provides an empirical foundation for tailoring policies to different countries, addressing a facet often overlooked in earlier literature.

This study aims to estimate the synergy effect of agricultural dual-scale management (ADM) on farmers' total household income, its heterogeneous effects and its mechanisms.

This study constructs a theoretical analysis framework based on the division of labor and synergy theory, empirically assesses the impact of ADM on farmers' income, and further discusses the heterogeneity and mechanisms using the propensity score matching (PSM) and quantile treatment effect (QTE) models. Data is collected from 1,076 households across 4 cities in Liaoning Province of China in 2021.

ADM can improve the total household income of farmers, and the impact force is greater than that of the single-scale management mode. ADM is more conducive to improving the income of farmers with low income and low labor endowment. Moreover, ADM can improve agriculture production efficiency, increase net grain production income. Nevertheless, it has no significant effect on farmers' off-farm employment income.

Previous studies have mainly focused on the income effect of land scale management or service scale management. To the best of our knowledge, this study is the first to identify the synergy effect of ADM on farmers' income in China. It provides new insights into the process of agricultural production and management mode transitions in rural China.

This study aims to explore how sustainable business models (SBM) can be developed within agri-innovation systems (AIS) and emphasize an integration of the two with a systemic understanding for reducing food loss and value loss in postharvest agri-food supply chain.

This study conducted longitudinal qualitative research in a developing country with food loss challenges in the postharvest supply chain. This study collected data through multiple rounds of fieldwork, interviews and focus groups over four years. Thematic analysis and “sensemaking” were used for inductive data analysis to generate rich contextual knowledge by drawing upon the lived realities of the agri-food supply chain actors.

First, this study finds that the value losses are varied in the supply chain, encompassing production value, intrinsic value, extrinsic value, market value, institutional value and future food value. This happens through two cumulative effects including multiplier losses, where losses in one model cascade into others, amplifying their impact and stacking losses, where the absence of data stacks or infrastructure pools hampers the realisation of food value. Thereafter, this study proposes four strategies for moving from the loss-incurring current business model to a networked SBM for mitigating losses. This emphasises the need to redefine ownership as stewardship, enable formal and informal beneficiary identification, strengthen value addition and build capacities for empowering communities to benefit from networked SBM with AIS initiatives. Finally, this study puts forth ten propositions for future research in aligning AIS with networked SBM.

This study contributes to understanding the interplay between AIS and SBM; emphasising the integration of the two to effectively address food loss challenges in the early stages of agri-food supply chains. The identified strategies and research propositions provide implications for researchers and practitioners seeking to accelerate sustainable practices for reducing food loss and waste in agri-food supply chains.

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

The purpose of this study is to examine the welfare effects of product standards (which fall under Non-Tariff Barriers (NTBs)) on an exporting country when the country by its own choice prefers to follow the null standard for the domestic market, which is not possible due to high set up cost at two different standards. The model has used a theoretical framework to analyze the effects and has derived some important results. If the standard is not linked with a true negative externality, the exporting country, given the assumptions of the model will always prefer to be discriminated by “tariff” and the importing country will prefer to protect its market by “tariff” rather than going for NTB. The typical assumptions taken here resemble the trade between developed and developing countries when the developed country imposes some minimum standard on a product but becomes relatively “costly” for the developing country to comply with. As the importing country is not free to set tariffs, it will use NTB as a minimum standard (as it is welfare-improving than free trade). However, the minimum standard also affects the exporting country's local producers and consumers. So NTB leads to a worse situation for both countries and definitely worst for the exporting country. Using a game theoretic framework, the study shows that the imposition of standards which does not address any real externality can be an optimum response for an importing country leading to a loss in the global welfare compared to a free trade situation.

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial nonprofit, social cooperative and social business models delineated in the “Emergence of Social Enterprises in Europe” (Defourny and Nyssens, 2012, 2017a, 2017b) and the “principle of interest” frameworks (Defourny et al., 2021). Thereby, it seeks to situate these enterprises within recognized frameworks and elucidate their hybrid identities.

Analyzing panel data from 2016 to 2020 for 259 GCSEs, this study uses tslearn for k-means clustering with dynamic time warping to assess their developmental trajectories and alignment with established SE models, which echoes the approach of Defourny et al. (2021). We probe the “fluid” identities of semi-public sector SEs, integrating Gordon’s (2013) notion that they tend to blend various SE traditions as opposed to existing in isolation.

Results indicate that GCSEs do align with prevalent SE frameworks. Furthermore, they represent a spectrum of SE models, suggesting the versatility of the public sector in fostering diverse types of SEs.

The concept of a semi-public sector SE model has been relatively uncharted, even though it holds significance for research on SE typologies and public sector entrepreneurship literature. This study bridges this gap by presenting empirical evidence of semi-public SEs and delineating the potential paths these enterprises might take as they amalgamate various SE traditions.

This paper examines whether household economic status mediates the effect of microcredit on entrepreneurial success amongst women microcredit clients and if this effect is conditional on the borrower’s marital status.

This cross-sectional study uses primary data collected through a structured questionnaire from microcredit borrowers in Tanzania. The selection of the respondents for the survey involved categorising them based on their loan amount and length of membership in the program and randomly picking them for study participation. To realise the study objective, we used the moderated mediation model and employed the Linear-Based Regression Model 8 of the Hayes PROCESS macro V4.1 for SPSS.

The findings show that the loan amount and household economic status positively and significantly affect entrepreneurial success. However, the effect of microcredit on entrepreneurial success is mediated by household economic status. On the other hand, the direct and indirect effects of microcredit on entrepreneurial success differ depending on the borrowers' marital status, with married borrowers being negatively affected.

Microfinance supporters suggest that microcredit is vital for enterprise development and other socioeconomic outcomes. However, the results are inconclusive, including the role of household economic status. This study provides empirical insights into the moderated mediation effect of household economic status on the relationship between microcredit and entrepreneurial success. The study’s findings and limitations suggest considering not only microcredit and related factors but also the essential role of family factors in future research and design of microfinance services in efforts to support and grow microcredit-assisted women-owned businesses.

Trade can be severely impacted by economic crisis whatever might have been the trigger. Protectionist tendencies are also normally on the rise during such times having further impact on trade and associated variables. In this chapter, an attempt has been made to assess the impact of economic crisis on international trade. Three episodes of crisis have been picked up for the same, the oil crisis of early 1970s, the global financial crisis (GFC) of 2007–2008, and the COVID-19 crisis of 2019. Each episode is triggered by different factors. Do the differing triggers ultimately lead to different impact on trade? This chapter first tries to answer this question at aggregate trade level and then across country groups and product groups. Interesting trends are observed. Across product groups, both agricultural and manufacturing goods exports were more impacted during the GFC, whereas for services exports, the impact was severe during the COVID-19 pandemic. Across country groups, the high-income countries were more impacted during the first two episodes, whereas the less-developed countries (LDCs) were more impacted during the pandemic. Further, a gravity model estimation was attempted to empirically measure the effects of crisis for the world as a whole and for India and China separately. All country bilateral trades were significantly impacted by the three episodes. After controlling for the relevant factors for India and China, certain differences in impact are observed. China seems to be less impacted by destination country factors.

This study investigates the influence of corporate income tax on two corporate financial decisions — dividend and capital structure policies, particularly for Shariah compliant companies in Malaysia.

The study considered data from a sample of 529 Malaysian listed companies from four industrial sectors from 2007–2021 (6,746 company-year observations, before eliminating outliers). Panel models such as Fixed Effect and Random effect models were used. The study specifically tested the effect of corporate income tax on dividend and capital structure policies for Shariah compliant companies (3,148 observations) and controlled for industrial sectors.

(1) Firms are mostly Shariah-compliant, less liquid, less profitable and smaller in size, (2) Broadly when analysed together, tax has no impact on debt-equity ratio while it has an impact on dividend per share, (3) However, when tested separately for Shariah compliant companies, the influence of effective tax on capital structure is very evident but not for dividend and (4) influence of industrial sector on the relationship between corporate tax and capital structure and dividend policy is significant. Results indicate that Shariah firms might be raising debt to gain tax advantage. Companies in general pay dividends to avoid reputational damage.

This study assumes that leverage and dividend policy decisions are the main outcomes of the changing tax policies, while it seems that there could be other important outcomes that can be tested in future research. The study also shows the changing tax regimes of different ASEAN countries but they have not been tested to see the differences between countries. It will be indeed interesting for future researchers to focus on this aspect.

The findings contribute to the literature on tax planning of the Shariah-compliant firms, a high growth business segment in the Asian context. The study discussed potential tax-based Islamic market product development.

The migration of physicians is a global interest, causing imbalances between developed and developing countries. Romania is one of Europe's major providers of physicians, not because there is a surplus, but because physicians are drawn to places with better living and working conditions. Medicine in Romania is increasingly highly advanced, and Romanian physicians are well appreciated all over the world. Despite being one of the countries with the most medical graduates in the world, Romania is suffering a doctor exodus. After joining the EU, the problem of physician migration became widespread, resulting in a deficient and inefficient healthcare system. Therefore, the purpose of this study is to estimate the losses registered by Romania because of physicians' decision to migrate.

These losses were calculated in two ways: utilizing the statistical life value and the amount of money invested in training a medical graduate.

According to the findings, the losses in 2018 were 104.16 million euros, approximately 0.12% of GDP.

The originality of this paper consists in data, being provided by the College of Physicians from Romania and the method used, this study being the only one that estimates the cost of Romanian physicians' migration. The paper adds to existing knowledge an empirical results regarding quantifying the value reflecting the departure of physicians, using value of statistical life and the amount of money invested in preparing a medical graduate.