Economies, Volume 11, Issue 1 (January 2023) – 31 articles

While the importance of the banking sector on various fundamental economic variables is well-documented in the literature, little is known about the relationship between the bank market structure and access to finance for opaque firms, particularly in developing economies such as South Africa. Using ordered probit and logit models, we investigate the impact of bank market structure on small, micro and medium enterprises (SMMEs)access to finance. Our results show that high bank concentration increases the obstacle to accessing finance for SMMEs in South Africa, and the relationship is non-linear. Thus, to a greater extent, our study validates the market power hypothesis, which argues that low competition diminishes firms’ access to finance. Full article

This paper investigates the impact of inflation in different states of unemployment: evidence with the Phillips curve in South Africa. The contribution of this paper is to examine the impact of inflation on different states of unemployment in South Africa. The Paper employs Markov-switching dynamic regression and data from 2008 to 2022. It was found that there are 2 states of unemployment mean rates of 25.55% and 33.59%, expected to run for 67 and 7 quarters, respectively. There is a 98.51% and 86.99% chance of a move and then returning to the same state, respectively. In states 1 and 2, a 1% increase in inflation results in a 2.61% increase and a 0.06% decrease in unemployment, respectively. There are times when the Phillips curve rationale is not holding. The government needs to increase the channels of employment opportunities. There is a need to re-look at the trade-offs between inflation and unemployment in the economy. Full article

During the COVID-19 pandemic, many new individual investors globally entered the stock markets, often pursuing speculative investment strategies that resemble gambling. A concern is that trading as a form of gambling can become addictive for some people, as documented by several recent studies in developed markets. We contribute to this literature by adding new evidence from a large emerging market, Thailand, where most forms of traditional gambling are illegal. We field a diagnostic checklist from the American Psychiatric Association for compulsive gambling, changing the content of each item to refer to stock market trading instead of gambling. In a survey of 285 Thai investors, we document that 9.5% are potential problem gamblers, while 4.9% meet the stricter criteria for addiction. The trading addiction score explains speculative trading behavior such as frequent trading, day trading and buying high-risk “lottery” stocks, beyond common factors such as overconfidence and high risk-tolerance. Further, the trading addiction score is positively related to high levels of stress and alcohol use, problems often associated with gambling disorders. Our results raise awareness about investors whose objectives are more related to gambling than long-term investment, and the associated problems when such behavior becomes compulsive. Full article

This study aims to examine the role of green governance in the quality of sustainability reports. We also examine the moderating role of sustainability commitment between green governance and the quality of sustainability reports. This research is a quantitative study by using unbalanced data panels. The study retrieves the samples from the companies listed on the ASEAN Stock Exchange that published sustainability reports from 2015 to 2019. The research finding shows that the board’s independence, board diversity, and sustainability commitment are significantly associated with the quality sustainability reports. Moreover, the board size indicates a low effect on the reliability and the chief sustainability officer on the conciseness of sustainability reports. Meanwhile, it has not been possible to prove that the presence of sustainability committee can lead effect on the report quality. The sustainability commitment also moderates female directors and the quality of sustainability reports. Other findings are obtained from the company’s characteristics where company size and type of industry are positively correlated with the quality of sustainability reports. This study has several limitations. First, some companies that are under observation spend money on social costs, but the amounts are not clearly disclosed. Second, this research only focuses on three quality aspects: conciseness, clarity, and reliability. These research findings contribute to the following scopes. First, how green governance and commitment to sustainability help improve the quality of corporate reporting. Second, the investors should invest in companies that apply good green governance and sustainability commitment. Third, companies with strong commitments to sustainability and good corporate governance are competitive resources that support businesses in growing, attracting more investment, and earning stakeholders’ trust. Lastly, this research also contributes to the agency and the resource-based view theories related to the green governance and the sustainability reports’ quality of ASEAN countries. Full article

The present study aims to identify the demographic variables that influence rural customers’ decision-making rules in the process of purchasing fast-moving consumer goods (FMCGs) products. Five FMCG personal care products are taken into consideration for the study. A multistage proportionate sampling procedure was adopted and 550 respondents were selected for the study. The regression model enables the marketers to identify the key demographic variables which affect the decision-making rules used by rural people. The study concludes that consumers’ decision-making rules are influenced by rural consumer’s educational backgrounds and the number of family members under the age of 18 years. In the context of FMCG products, our research assists marketers in designing strategies that take into consideration the needs and demands of rural residents. Further studies possibly will be expanded to include other FMCG product categories such as domestic care, food, and beverages. Full article

(1) Background: Any disturbance in the pharmaceutical supply chain (PSC) can disrupt the supply of medicines and affect the efficiency of health systems. Due to shortages in the global pharma supply chain over the past few years and the complex nature of free trade and its limitations when confronted by a major global health and humanitarian crisis, many countries have taken steps to mitigate the risks of disruption, including, for example, recommending the adoption of a plus one diversification approach, increasing safety stock, and nationalizing the medical supply chains. (2) Objective: To scope findings in the academic literature related to decision criteria to guide national policy decisions for the “Partial Nationalization of Pharmaceutical Supply Chain” (PNPSC) from the viewpoints of the three main stakeholders: industry, payers (government and health insurance), and patients. (3) Methods: These consist of a scoping review of the peer-reviewed literature. (4) Results: A total of 115 studies were included. For local manufacturing decisions, five criteria and 15 sub-criteria were identified. Weighting, decision-making, risk assessment, and forecasting were the main data analysis tools applied; (5) Conclusions: The findings could serve as a baseline for constructing PNPSC frameworks after careful adaptation to the local context. Full article

Over the period 2000–2019, we reexamine the connection between finance, as measured by one of the primary banking sector functions—liquidity creation (LC)—and economic growth (EG) in 10 MENA countries panel. In a scenario seen as a dynamic heterogeneous panel, pooled mean group estimates demonstrate that LC and EG may have a favourable long-run connection while also having no influence in the short-run. In addition, results reveal an inverted U-shaped link between LC and EG over the short-term and long-term. This indicates that an excess of financial resources may be counterproductive to development in MENA nations. Full article

Interest rates have generally trended downward over the past several decades. It has made borrowing cheaper, which has encouraged people to spend more. It has also made saving less attractive, contributing to increased consumption. At the same time, the role of household credit increased significantly. The paper suggests a model for the effect of an interest rate change on household consumption, which relies on income and loans. The model is based on methods of the optimal control theory. The approach is age-structured: households reconsider their consumption patterns at the moment of the interest rate change and the changes in consumption patterns are age dependent. The consumption changes for different age groups contribute to the modification of aggregate consumption. Numerical simulation shows that a decrease in the interest rate leads to a consumption boost (a substantial increase in consumption in the short run), which diminishes as time passes and consumption becomes fully adjusted to the new interest rate value. The consumption boost is achieved by an increase in the debt load. Full article

This paper aims to examine whether the status of fiscal decentralization generates efficiency in local spending behavior and leads to local fiscal performance and local economic growth, revealing not only the status of Romania from the point of vertical fiscal imbalance but also the fiscal implication of spending decentralization and local government effectiveness. The methodological background includes qualitative sequential methodology, involving empiric analysis that provides coherence and viability for our study, but also quantitative methods, including Ordinary Least Squares regression (OLS). The empirical results show that fiscal decentralization determines more responsible and efficient local spending, enhancing local performance and contributing to economic growth. Furthermore, the analysis provides evidence on the importance of local fiscal consolidation and gives an overview in terms of spending responsibilities between the central government and local government. The paper contributes to the literature that studies fiscal imbalance, as well as the fiscal implications of decentralized spending and the effectiveness of local governments in driving economic growth. It also contributes to the literature that studies the relationship between fiscal decentralization and local economic growth, as well as the effectiveness of government reforms and strategies. Full article

Saudi Arabia has now opened its markets to foreign investors in line with its strategy to diversify its economy. However, investors need to feel confident that Saudi enterprises are being monitored and regulated appropriately. This study identifies the impact of improvements in Saudi corporate governance practices among insurance firms. The effects of corporate governance on the financial performance of 35 insurance firms listed on the Saudi stock market are examined from 2008 to 2014, including Shariah-compliant and life insurance firms. Four different methodologies are used: the generalised least squares random effect, fixed effect models, a difference-in-differences (DID) measurement for comparisons, and the probit model with average marginal effect to address endogeneity. The results indicate that firm performance is affected by information asymmetry. The 2009 exogenous shock from the Saudi regulatory change to board composition and audit committee size shows a positive effect on performance in the DID comparison. However, an increase in independent board and audit committee members has a significant negative effect. Other findings indicate that an increase in CEO (Chief Executive Officer) age has a positive effect on performance, as do three pay variables (director incentives, CEO and top executive pay, and above-the-mean director incentives). However, when CEO and top executive pay increases above the mean, the effect turns negative; this also happens with a change in CEO from poor performance. The results support the importance of Saudi insurance industry corporate governance regulation and reflect the improved governance perspectives of the Saudi Capital Market Authority and Saudi Arabian Monetary Agency. Full article

The use of location quotients for the estimation of regional input–output tables has been found to be a useful and efficient tool to estimate intraregional production coefficients and multipliers. This paper considers some regionalisation methodologies based on location quotients for the estimation of input–output tables—some of which have hitherto not been analysed at the regional level—and studies which one provides the best estimation (best goodness of fit). We focus the analysis mainly on the accuracy of Flegg’s location quotient (FLQ) and two-dimensional location quotient (2D-LQ). The analysis makes use of the multiregional input–output table for Korea for the year 2015 to evaluate the accuracy of the 2D-LQ method against FLQ. A novel proposal for the determination of the parameters corresponding to the 2D-LQ method is presented. This proposal is evaluated in Korean regions and is also applied to Spanish regions. The results obtained from the research conclude the general superiority of the 2D-LQ method, thus corroborating the results of other studies at the national level as well as the validity of our proposal. Full article

Equity funding is a widespread financing form that often accompanies the life cycle of innovative ventures from initial stages until maturity. From the perspective of investors, the event defining the success of an equity financing operation is the exit, which represents the moment when they leave the venture with the purpose of selling their shares. The potential high return of equity funding has motivated an empirical literature aimed at developing predictive models in support of investors’ decisions. However, no study so far has investigated how equity funding dynamics impact on a venture’s chance of successful exit. In this article, we develop a multinomial logistic regression model based on the Crunchbase 2013 Snapshot that relates the events of exit and closure to the amount of equity funds raised at different rounds, while controlling for geographical location, economic sector, age, network ties and several proxies of effectiveness. Our study contributes to the existing literature by providing a quantitative assessment of the impact of equity funding dynamics on a venture’s chance of successful exit and risk of closure that is not limited to the startup stage, but also covers advanced stages of development. In this way, we provide a comprehensive view of the different scenarios that may be envisioned in a venture’s life cycle, which is of core importance to achieve an effective support of investors’ decisions. Full article

This study analyzes the effects that certain political-uncertainty factors have on financial firm performance in the Stock Exchange of Thailand (SET). The results of a panel regression performed on a database of 7976 firm-years over 18-year unbalanced panel data from 2001 to 2018 show a mixed relationship between political uncertainty and firm performance. The constitutional reform harms the return on assets (ROA), and the government election and political protest significantly decreased the market value of equity (MVE). In contrast, constitutional reform increased MVE, and the government election positively impacted ROA. Therefore, this study emphasizes how political unpredictability is assumed to influence firm performance in Thailand’s economy, an Asian developing country. Full article

This paper assesses whether the impact of monetary policy uncertainty on the U.S. economy has changed over time. Estimating a Time-Varying Parameter Vector Autoregressive model on U.S. data from 1985Q1 to 2022Q3, we find that uncertainty shocks have larger negative effects on output during the COVID-19 recession than during other periods. However, financial market variables, such as stock prices and dividends, responded more significantly to uncertainty shocks during the Asian crisis of the late 1990s, the IT bubble of the 2000s, and the Great Recession. We then develop a Dynamic Stochastic General Equilibrium model with monetary policy uncertainty. Based on the calibrated model, we conduct several counterfactual exercises to demonstrate that the effects of uncertainty shocks depend on the state of the economy, which is consistent with the empirical evidence. These findings provide new insights into the time-varying nature of the impact of economic uncertainty. Full article

There is ample evidence that Islamic stock markets perform differently from conventional stock markets, particularly when economic policy uncertainty (EPU) or any other uncertainty such as geopolitical uncertainty is present. Considering this context, this paper examines the US EPU’s cross-correlation with both conventional and Islamic stock markets from the perspective of multifractality. Daily stock market prices of five main countries are considered: US, Thailand, Indonesia, Pakistan, and India. Using the multifractal detrended cross-correlation analysis (MF-DCCA), we validate the existence of long-range cross-correlation between US EPU and all the stock markets considered, demonstrating that all pairs of US EPU have strong power law and multifractal characteristics. Furthermore, all pairs display varying levels of multifractal strength, with the US EPU and US conventional stock market exhibiting the strongest multifractal patterns. Additionally, a cross-correlation between US EPU and the different stock markets is found to be persistent. The results of this study are pertinent to the various market participants in both conventional and Islamic markets, particularly investors, who may be able to draw useful conclusions from them for purposes such as portfolio diversification. Full article

The last few years have witnessed a rapid development in digital finance that may threaten the manner in which traditional financial services are being used. It opens up new opportunities for low-income groups and small businesses that have limited or no access to formal financial services. Thus, digital financial inclusion plays a vital role in boosting a country’s financial inclusion, fulfilling some sustainable development goals and achieving higher economic growth. This study builds on a new measure of digital financial inclusion to examine the impact of digital financial inclusion and bank competition on bank stability in Sub-Saharan Africa for the period 2014 to 2020 using the two-step System Generalised Method of Moments. An index of digital financial inclusion, z-score, Herfindahl–Hirschman Index (HHI), and non-performing loans were used as data variables. The study findings reveal that digital financial inclusion has a significant positive relationship with bank stability (z-score) and a negative relationship with non-performing loans. The study also found a significant negative effect of bank competition (HHI) on bank stability in line with the competition-fragility view. Policymakers should ensure digital financial literacy for all since it feeds into bank stability and also reduces bank insolvency. They should also find ways of enhancing bank competition which reduces non-performing loans and bank insolvency. On practical implications, the study calls for strategic measures to preserve bank stability, such as complementing digital financial inclusion with financial literacy and enhancing bank competition. Full article

The quality of institutions occupies a central place in the set of non-economic factors influencing macroeconomic dynamics and the development of financial markets. This quality is largely shaped by objective factors that accompany the historical process. Therefore, this study focuses on the driving forces of this process and how they affect the quality of institutions. It is shown that the main such force or source of institutional change is culture, interpreted in a broad sense, which includes not only that accumulated at different stages of the historical process relevant heritage, but also behavioral attitudes and value beliefs prevailing in society that affect decision-making. The thesis about the importance of culture as a source of formation of the quality of national institutions and a factor of sustainable economic dynamics is substantiated through the example of specific historical events. Underestimation of this conditionality often prioritizes economic policy goals of financial development without due consideration and assessment of institutional constraints. This factor in macroeconomic decision-making is mainly characteristic of emerging market economies. At the same time, the results of research in recent decades indicate that the impact of financial development on macroeconomic dynamics is positive and strong in conditions of high-quality institutions. This allows the article to assess the role of finance and the quality of institutions differently in the set of state economic policy priorities. As applied to individual countries with obvious deficiencies in the institutional environment, this study, referring to historical experience and modern empirical material, puts forward and substantiates the thesis that ensures a high quality of institutions is the most important priority of transforming financial development into a factor of positive and sustainable economic growth. Full article

The purpose of this study was to determine whether corporate governance is an important and effective technique for enhancing investors’ confidence in existing and prospective companies and for creating opportunities for safe investment in Yemen. A survey was conducted among certified public accountants to assess the importance of corporate governance. We employed regression analysis to test our hypothesis. According to the results of the study, corporate governance is an essential component of success for companies, and those firms that apply corporate governance best practices are highly regarded. Additionally, the findings suggest that regulators, policymakers, and standard-setters should raise awareness of the importance of protecting shareholders’ rights by providing seminars and courses for Yemeni media, unions, and professional associations. Moreover, in an environment of uncertainty there is a reluctance to invest and a prevalent tendency to invest in real estate. Furthermore, the results indicate that corporate governance is not practiced by all companies but only to a limited extent by some joint-stock companies. Most of the Yemeni companies that have adopted CG are joint-stock companies, so investors prefer to invest in these companies. The findings of this study provide valuable insights for regulators, practitioners, and academicians. We recommend that this survey be extended to a larger sample, including supervisory managers of companies. This study provides an insightful contribution, because it clarifies the importance of corporate governance for Yemeni investors and investee companies. Full article

In Saudi Arabia, limited studies have developed models related to measuring the impact of the digital economy on the labor market. This model concerns the agricultural, service, and industrial sectors in Saudi Arabia. This study further investigates the relationship between digitalization, labor productivity, and unemployment using the ARDL error correction method for time-series data obtained from the World Bank database for the period of 2001–2019. The findings of this study illustrate, digital variables such as fixed broadband subscriptions (LNFBS), mobile cellular subscriptions (LNMCS), and computer, communications, and other services (LNCCO) do not significantly affect the labor market in the agricultural sector. LNMCS and LNCCO do not influence the service sector. However, they are negatively influencing the industrial sector and labor productivity. In contrast, LNFBS has a positive impact on both the service and industrial sectors. Interestingly, all three digital variables significantly reduce unemployment in the long run in Saudi Arabia. However, in the short run, digitalization does not have a positive impact on the economy. This study hopes to benefit policymakers in considering how to reorganize the socioeconomic infrastructure to balance economic growth through greater technology and the utilization of the country’s human resources. Full article

This paper presents an estimation of the fiscal multipliers for Saudi Arabia, conducted by applying the local projection (LP) method. It also presents an exploration of the non-linear features of fiscal multipliers. The findings showed that (i) consistent with earlier studies, fiscal multipliers are generally moderate; (ii) the investment spending multiplier is larger in magnitude than the current spending multiplier; (iii) the non-oil revenue multiplier is negative; (iv) the output response to fiscal shocks is larger during expansions; and (v) fiscal multipliers are stronger during a contractionary fiscal policy phase. Full article

It is critical to analyze the performance of enterprises to achieve sustainable agricultural development. Several studies have been conducted to assess farm performance. However, the studies have been criticized for failing to account for farm heterogeneity (which is frequently unobserved) in their evaluation of Norwegian agricultural performance. Technically, a farm is efficient if it can produce a certain amount of output with the fewest possible inputs and no input waste. In this paper, efficiency scores are calculated using a production function with both a random intercept and a random slope parameter, addressing the issue of unobserved heterogeneity in stochastic frontier analysis. Using Norwegian dairy and crop farms as a case study, we demonstrate the viability of improving the agriculture industry and reducing resource waste. The case study was established on data collected from 5884 dairy farms and 1880 crop farms from the years 2000 to 2019. According to the empirical findings of the case study, dairy and crop producers used inefficient technologies and squandered production resources. If all farmers follow a sustainable and efficient path to produce agricultural output, they could increase output by 15–18%. Farmers must follow sustainable paths, and politicians must encourage farm experience exchange so that less efficient dairy and crop-producing farms can learn from the most efficient farms to achieve sustainable development. Full article

A nationwide survey of 162,738 firms in Vietnam asked firms to report the impact of the COVID-19 pandemic on the health of the business, coping strategies used, and various firm and situational characteristics. More than 80% of firms reported negative impacts from the pandemic with fewer than 4% reporting positive effects; 63% of the firms adopted at least one coping strategy. The coping strategies were categorized into seven groups as follows: (1) Non-adoption, (2) promoting e-commerce, (3) transforming key products/services, (4) training employees to improve professional qualifications, (5) finding new markets for input materials, (6) finding markets for products outside of the traditional market, (7) producing new products/services according to market demand during the epidemic period, and (8) other strategies. A multinomial logit regression model showed statistically significant associations between a firm’s selected coping strategy and several independent variables, as follows: (1) Firm size, (2) impact of the pandemic on firm health, firm access to inputs, and firm access to domestic markets, (3) decrease in firm revenue, and (4) receipt of government support. However, many businesses have not implemented coping strategies, leading to concerns regarding their resilience to upcoming threats and uncertainties. Full article

The relationship between India and ASEAN has emerged as a crucial basis of their foreign policy. Both the regions signed a Free Trade Agreement in 2009, which came into effect in 2010. They are now reviewing the FTA to further enhance their economic cooperation. At this critical juncture, this study aimed to analyze the trade and export relationship between India and ASEAN and examine the extent to which the AIFTA effectively influenced it. Additionally, the study intended to determine what other factors influenced the trade and export relationship between the two regions and what future changes are needed in order to make this partnership mutually beneficial. To fulfill this objective, a gravity model was applied to a panel data from 2000–2019. A random effect model was utilized for the estimation. The empirical analysis concludes that the adoption of the AIFTA increased trade significantly; however, had no significant impact on raising exports. The study has identified rising NTMs as one of the important variables impeding realization of India’s export potential to ASEAN. This study suggests that in order to increase India’s exports and for the future of the FTA, India needs to emphasize on building stronger and extensive relationships with those countries in the ASEAN that are witnessing a higher GDP growth rate, such as Cambodia, Malaysia, the Philippines and Vietnam. Full article

This study aims to analyze the influence of audit committee characteristics and intellectual capital performance on intellectual capital disclosure. Characteristics of the audit used in this research are the size of the audit committee, the Number of audit committee meetings, and the financial expertise of the audit committee. The population in this study is a financial services company listed on the Indonesia Stock Exchange in 2019–2021 and collected a sample of 91 companies using the purposive sampling technique. The analysis method used in this research is multiple linear regression using the software SPSS 20. The test result of this study shows that an audit committee or several audit committees positively affect intellectual capital disclosure. However, at the same time, the financial expertise of the audit committee and intellectual capital performance does not affect intellectual capital disclosure. Full article

The purpose of this article is to study the tax sustainability of agricultural companies in Ukraine. This article developed the following working hypotheses, which were derived from the main purpose of the study. The methodology for the assessment of tax sustainability has been improved due to the development of indicators of tax sustainability at all levels of the tax hierarchy. Our study confirms the hypothesis that the tax sustainability of Ukraine is worse than that of OECD member countries. The hypothesis that the tax sustainability of agricultural companies in Ukraine is worse compared to other sectors of the economy was confirmed as well. The main reason for the instability in the tax system and taxation of the agricultural sector of Ukraine is changes in tax legislation. The issue linked to the instability of agricultural companies is the lack of a company tax strategy. The research results presented in the paper are of considerable importance for ensuring the tax sustainability of agricultural companies in Ukraine. Full article

The purpose of this study was to examine the potential for fraudulent financial reporting using the fraud hexagon theory factors such as stimulus (financial target, financial stability, and external pressure), capability (change in director), collusion (total board of commissioners who have multiple positions), opportunity (ineffective monitoring), rationalization (auditor switching), and arrogance (frequency of the number of photos of the chief executive officer (CEO) in the annual financial statements) affect fraudulent financial reporting. The sample of this study comprises banking companies listed on the Indonesia Stock Exchange (IDX) in 2017–2021, with a total sample of 215 and data processing using SPSS 25 software. The results of this study indicate that external pressure and arrogance affect fraudulent financial reporting. However, financial targets, financial stability, ineffective monitoring, auditor switching, change in director, and collusion do not affect fraudulent financial reporting. Therefore, for a company to have a system for preventing the occurrence of embezzlement, the company has to create a system of detection, monitoring, and systems review policies in the field of human resources (HR). Full article

Scholars and practitioners are torn between diverging viewpoints on the contribution of foreign assistance and foreign direct investment to the economic development, economic growth, and prosperity of Africa. This paper aims to examine the long-term and causal relationship between foreign direct investment, official development assistance, and economic growth for 20 selected African countries from 2000–2018. Autoregressive distributed lags and the error correction model were used as the primary estimation techniques. The results indicated a notable positive long-term cointegrating relationship between official development assistance and economic growth, and between economic growth and foreign direct investment, as well as a cointegrating link between foreign direct investment and official development assistance. Economic growth was found to promote official development assistance, while foreign direct investment was found to encourage economic growth and official development assistance was found to promote economic growth in the long run. Since foreign direct investment and official development assistance are important to economic growth in a spiral effect, African countries are encouraged to put in place policies that attract foreign direct investment and official development assistance. Thus, African countries should align their foreign and domestic investment and official development aid policies with their national developmental goals to attract foreign donations and investments. Full article

Digital technologies have changed and disrupted the dynamics of the economy and society as a whole, offering new opportunities for entrepreneurs with potential impact on economic, environmental, and social value creation. This paper examines the scientific research on digital entrepreneurship (DE) and sustainability based on data from Scopus database. The main purpose is to identify both the predominant themes and further research opportunities to this topic. This study uses a bibliometric analysis, analyzing and synthesizing research on DE and sustainability, based on a total of 58 publications. Co-word analysis used to identify the conceptual structure reveals three thematic clusters: (1) innovation and entrepreneurship, (2) digital transformation: strategy and business models, and (3) sustainability and sustainable development goals. For each thematic cluster, the most significant contributions are presented. Further, this paper offers a future research agenda and holds significant implications for the theory and practice of the different subtopics of DE and sustainability. Full article

This article describes the evolution of the regulation of agricultural trade and analyses key aspects of the negotiations of the Uruguay and Doha Rounds, in which the least developed countries managed to make the final outcome of the negotiations conditional on progress in the liberalisation of agricultural trade. Four Latin American countries (Argentina, Brazil, Chile and Uruguay) participated in the lobbying groups set up in both Rounds with the aim of defending their interests against the agricultural and protectionist policies of developed countries. Using specialised databases on international trade, this paper describes the consequences of these negotiations for the foreign agricultural trade of the countries that actively participated in them, with particular reference to the evolution of European and Latin American trade balances. The results of the research show how Latin American countries have become one of the world’s main exporters of oilseeds and sugar, accounting for a third and a quarter of world exports, respectively. In contrast to the deterioration of the European trade balance, during the period analysed the aggregate trade surplus of Latin American countries increased from USD 4458.75 to 49,656.52 million. Full article