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Development, Sustainability and Finance in Emerging and Developing Economies

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A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (30 December 2020) | Viewed by 27695

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Prof. Dr. Ali M. Kutan

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Guest Editor

Department of Economics and Finance, Southern Illinois University, Edwardsville, IL, USA
Interests: money, banking and finance; international trade and economic integration; emerging financial markets: volatility and risk; financial institutions and corporate finance; macroeconomic policy and sustainability; economic development and growth; energy economics and finance

Prof. Zekai He

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Guest Editor

Southwestern University of Finance and Economics, China
Interests: Urbanization and Housing market; Energy Economics; Industrial development; Financial markets; Asset Allocation; Spatial Economics; Economic development and Sustainability

Prof. Qiang Li

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Guest Editor

National University of Singapore, Singapore
Interests: Migration/immigration; Labor market and sustainability; Ethnic diversity and urban housing market; Housing price dynamics: theory and measurement; City size distribution
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Special Issue Information

Dear Colleagues,

Developing and emerging market economies have introduced major reforms in past decades and experienced significant economic growth. However, the growth patterns have been different for different economies, resulting in significant structural changes in economic activity and volatility in both product and financial markets. An important challenge for policy makers of these countries is the ability to sustain economic reforms and maintain a positive, sustainable economic growth trend. Hence, sustainability in both product and financial markets and policies, as well as high and sustainable economic performance, is critical to achieve such as a trend.

The Guest Editors of this Special Issue of Sustainability invite papers dealing with sustainability issues in financial and product markets in developing and emerging market economies. We invite submissions of high-quality empirical and theoretical papers related to, among others, the following topics:

Urbanization and urban sustainability;
Financial sustainability and contagion;
Credit sustainability, banking, and housing;
Economic development and sustainability;
COVID-19 epidemic and sustainability in financial and product markets;
Migration and capital flow sustainability;
International trade and investment and balance of payments sustainability;
Public policies and agriculture development;
Sustainable development of rural areas;
Macroeconomic and microeconomic policy sustainability;
Sustainable economic growth;
Central bank independence and monetary policy;
International transmission of economic and financial crises and financial stability.

Prof. Ali M. Kutan
Prof. Zekai He
Prof. Qiang Li
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

urbanization and urban sustainability
financial sustainability and contagion
credit sustainability, banking, and housing
economic development and sustainability

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Published Papers (6 papers)

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Research

21 pages, 285 KiB

Open AccessArticle

The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity

by Bin Li, Shuai Shi and Yating Zeng

Sustainability 2020, 12(20), 8446; https://doi.org/10.3390/su12208446 - 14 Oct 2020

Cited by 17 | Viewed by 3078

Abstract

The core issue for China’s economy to shift from high-speed growth to high-quality development is to raise total factor productivity (TFP). Based on the data of A-share listed companies from 2013 to 2017 and the air quality monitoring data released by the China National Environmental Monitoring Centre, this paper conducts an empirical test on the relationship between haze pollution, labor productivity, and firm-level TFP by using the mediation effect test model. The results show the following: First, haze pollution will reduce a firm’s TFP. Second, labor productivity plays a partial intermediary role between haze pollution and a firm’s TFP. Haze pollution will not only have a direct negative impact on a firm-level TFP but also reduce a firm-level TFP by reducing labor productivity. Subsequently, the robustness test was carried out by means of a substitution of independent variables and dependent variables, and the results all supported the hypotheses in this paper. In addition, the heterogeneity of the industry and the ownership of listed companies was analyzed, and the two-stage least squares (2SLS) method was used to solve the endogeneity problem. The conclusions of this paper are helpful to clarify the relationship between haze pollution, firm factor productivity, and firm-level TFP. The paper’s findings also provide a practical basis for firms to further improve TFP from the perspective of air pollution problems such as haze. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

25 pages, 3360 KiB

Open AccessArticle

Research on the Transformation Path of the Green Intelligent Port: Outlining the Perspective of the Evolutionary Game “Government–Port–Third-Party Organization”

by Bin Meng, Haibo Kuang, Erxuan Niu, Jing Li and Zhenhui Li

Sustainability 2020, 12(19), 8072; https://doi.org/10.3390/su12198072 - 30 Sep 2020

Cited by 17 | Viewed by 3615

Abstract

While promoting the global economy and trade, ports impose serious pollution on the global ocean and atmosphere. Therefore, the development of ports is restrained by the policies and measures of governments and international organizations used to cope with climate change and environmental protection. With the development of information technology, the operation and expansion of ports is facing forms of green and intelligent reform. This research aims to link the development of green intelligent ports, government policies, and third-party organizations to find the most suitable evolutionary path for the development of green intelligent ports. This paper assumes that governments will push ports to transform into green intelligent ports from the perspective of benefiting long-term interests, that the goal of ports is to maximize their profits, and that third-party organizations will actively promote the development of green intelligent ports. Based on these assumptions, this paper has established an evolutionary game theory model of “government–port–third-party organization” regarding the development of green intelligent ports. The Jacobian matrix of the game theory system was constructed by using the replicator dynamic equation, and local stability analysis was performed to obtain the equilibrium stability point of the entire system. This research reveals the limitations of the development of green intelligent ports without government involvement and explores the ability of third-party organizations to promote the implementation of policies, confirming the role of government regulation and control in promoting the development of green intelligent ports. This paper may be helpful for the development of green intelligent ports in the future. The results show that: (1) The main factors affecting the choice of port strategy are the benefits of building a green intelligent port, the intensity of government regulation, and the quantitative influence of third-party evaluation results on the port strategy selection. (2) Government decision-making plays an important role in port transformation. If the relevant government chooses the wrong strategy, then the transformation of the port will be delayed. (3) Government regulation and control need to change with the change of the evolution stage. (4) Compared with the macro-control policies of the government, the influence of the third-party organization on the port is significantly smaller. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

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17 pages, 354 KiB

Open AccessArticle

Institutional Investors’ Corporate Site Visits and Firms’ Sustainable Development

by Yize Hu, Jun Shan and Peixun Zhan

Sustainability 2020, 12(17), 7036; https://doi.org/10.3390/su12177036 - 28 Aug 2020

Cited by 12 | Viewed by 3273

Abstract

Institutional investors are essential stakeholders of the firm, and they care about firms’ sustainable development. In this study, we focused on a prevalent and essential type of information acquisition activity of institutional investors: corporate site visits, which refers to their trip to the firms’ headquarters and factories. We investigated the impact of institutional investors’ corporate site visits on firms’ likelihood of environmental violation. Using Chinese listed manufacturing firms in the Shenzhen Stock Exchange from 2009 to 2017, the econometric analysis shows that institutional investors’ corporate site visits significantly decrease firms’ likelihood of environmental violation. Moreover, this effect is more pronounced for firms in heavily polluting industries, firms not owned by the government, and firms with less institutional shareholding. Furthermore, we show that institutional investors’ corporate site visits prevent environmental violations by increasing firms’ environmental investment. Our study highlights the importance of institutional investors’ corporate site visits by showing that they are beneficial to the firms visited. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

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24 pages, 1795 KiB

Open AccessArticle

Income Inequality and CO₂ Emissions in Developing Countries: The Moderating Role of Financial Instability

by Bo Yang, Minhaj Ali, Shujahat Haider Hashmi and Mohsin Shabir

Sustainability 2020, 12(17), 6810; https://doi.org/10.3390/su12176810 - 21 Aug 2020

Cited by 60 | Viewed by 7177

Abstract

This paper studies the effects of income inequality and financial instability on CO₂ emissions in the presence of fossil fuel energy, economic development, industrialization, and trade openness. Moreover, the present study is the first to examine the moderating role of financial instability between income inequality and CO₂ emissions. We utilized panel data of forty-seven developing countries for the period 1980–2016 by utilizing the stochastic impacts by regression on population, affluence, and technology (STIRPAT) model. The empirical outcomes in all models indicate that income inequality and industrialization significantly reduce environmental degradation, while fossil fuel, trade openness, and economic growth decrease the quality of the environment. However, financial instability (without interaction term) shows no significant link to environmental quality, whereas (with interaction term) it shows a significant negative effect on CO₂ emissions. In addition, the result of the interaction variable reveals that an increase in inequality, ceteris paribus, in combination with the rise in financial instability, is expected to increase pollution. Furthermore, there exists a bidirectional causal association among income inequality, financial instability, fossil fuel, trade openness, industrialization, economic growth, and the interaction variable with CO₂ emissions. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

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17 pages, 1124 KiB

Open AccessArticle

The Impact of Startups’ Dual Learning on Their Green Innovation Capability: The Effects of Business Executives’ Environmental Awareness and Environmental Regulations

by Shi-Zheng Huang, Ka Yin Chau, Fengsheng Chien and Huawen Shen

Sustainability 2020, 12(16), 6526; https://doi.org/10.3390/su12166526 - 12 Aug 2020

Cited by 102 | Viewed by 6399

Abstract

Under the environment of a green economy, green innovation serves as the only way for enterprises to grow, upgrade their competitiveness and seek continued business. Based on a questionnaire survey of 212 enterprises established within 4 years in the Pearl River Delta of China, this research utilizes structural methods to analyze the impacts of exploratory and applied learning (dual learning) on green innovation capability and verifies the environmental protection awareness of senior executives and the adjustment effects of environmental regulation. The results suggest that (1) exploratory and applied learning have a positively significant impact on green innovation capability; (2) under the regulation of environmental protection awareness of internal executives, there are differences in green innovation capabilities under the dual influences of exploratory and applied learning; and (3) under the adjustment of external environmental regulation, there are differences in green innovation capabilities under the dual influences of exploratory and applied learning. The findings indicate that new start-up ventures should raise awareness of environmental protection among senior executives under dual learning and perceive the changes of the government’s environmental regulations to enhance their green innovation capabilities. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

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25 pages, 1085 KiB

Open AccessArticle

Stakeholder Protection, Public Trust, and Corporate Social Responsibility: Evidence from Listed SMEs in China

by Xiaohui Hou, Bo Wang and Yu Gao

Sustainability 2020, 12(15), 6085; https://doi.org/10.3390/su12156085 - 29 Jul 2020

Cited by 6 | Viewed by 2996

Abstract

In this paper, we investigate the effects of stakeholder protection and public trust on the corporate social responsibility (CSR) activities of listed enterprises on the Chinese Small and Medium Enterprise (SME) Board. We find that the degree of stakeholder protection has a significantly positive impact on SME CSR activities. The public trust is not associated with SME CSR disclosure significantly; it has a significantly negative impact on the SME implementation levels of CSR activities. Furthermore, the moderating effect of public trust on the relationship between the degree of stakeholder protection and SME CSR activities is not supported by our empirical study. Full article

(This article belongs to the Special Issue Development, Sustainability and Finance in Emerging and Developing Economies)

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