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Incentives for Sustainable Economic Growth and Societal Wellbeing

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (26 March 2023) | Viewed by 13611

Special Issue Editors


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Guest Editor
1. Faculty of Economics, Management and Accountancy, Insurance and Risk Management Department, University of Malta, MSD 2080 Msida, Malta
2. Faculty of Business, Management and Economics, University of Latvia, LV-1050 Riga, Latvia
Interests: financial technologies; financial management and asset management; risk management; compliance and regulations; corporate finance; corporate governance; audit management; financial services; behavioral economics
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Guest Editor
Price College of Business, University of Oklahoma, Norman, OK 73019, USA
Interests: high-frequency trading and multivariate extreme value applications to portfolio management; AI/ML; Big Data applications to financial markets

Special Issue Information

Dear colleagues,

The current pandemic outbreak of Covid-19 has changed the world, slowing economic growth, and deteriorating the wellbeing of individuals across the globe. Moreover, the pandemic outbreak has brought to light social, structural, and other deficiencies of national economies, which make economies more vulnerable to economic shocks. Under conditions of the current pandemic, it is extremely important to renew sustainable economic growth, ensure appropriate risk management resilience, as well as to provide for an adequate level of institutional and individual support. It is vitally important to find the appropriate set of incentives for businesses and individuals to ensure sustainable economic growth.

This special issue focuses on both theoretical and practical initiatives for effective sustainable economic growth, including, but not limited to financial or non-financial incentives, e.g. behavioural nudges, state and regional tax incentives, social and environmental benefits, risk management and other measures that may help to stimulate sustainable economic growth and ensure individual wellbeing of people.

Prof. Dr. Inna Romānova
Prof. Dr. Simon Grima
Prof. Dr. John Paul Broussard
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

  • behavioural nudge
  • economic growth
  • economic shocks
  • environmental benefits
  • financial/non-financial benefits
  • incentives for development
  • pandemics
  • productivity
  • resilience
  • risk management
  • social benefits
  • social stratification
  • structural changes
  • tax incentives
  • sustainable development
  • wellbeing

Published Papers (5 papers)

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Research

19 pages, 748 KiB  
Article
The Impact of Place-Based Policies on Firm Performance: Evidence from China
by Zuanjiu Zhou and Zhong Liu
Sustainability 2023, 15(8), 6623; https://doi.org/10.3390/su15086623 - 13 Apr 2023
Cited by 1 | Viewed by 1392
Abstract
This study investigates the causal effect of the first round of China’s Great Western Development Strategy (GWDS) on the total factor productivity (TFP) of Chinese manufacturing firms employing the geographic regression discontinuity design. It uses the firm-level data from China’s Annual Survey of [...] Read more.
This study investigates the causal effect of the first round of China’s Great Western Development Strategy (GWDS) on the total factor productivity (TFP) of Chinese manufacturing firms employing the geographic regression discontinuity design. It uses the firm-level data from China’s Annual Survey of Industrial Firms (ASIF) database from 1998 to 2007. To follow the principle of the geographic regression discontinuity design and ensure the validity of our identification strategies, only firms within a 10 km radius on either side of the GWDS boundary were retained in the baseline regression. The main results include some of the following: (1) The GWDS increased the TFP of firms on the western side of the boundary in the range of 11.2% to 13.7%. (2) The main mechanisms of this improvement were identified as the reduction of a firm’s actual income tax rate and increased firm investment in high-quality human capital. (3) The GWDS has a greater impact on private firms, small firms, and labor-intensive firms. This study provides reliable evidence that place-based policies can promote the sustainable development of firms within the affected regions, and could serve as policy inspiration to alleviate regional development disparities in other developing countries. Full article
(This article belongs to the Special Issue Incentives for Sustainable Economic Growth and Societal Wellbeing)
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21 pages, 414 KiB  
Article
The Influence of Industrial Output, Financial Development, and Renewable and Non-Renewable Energy on Environmental Degradation in Newly Industrialized Countries
by Shabana Parveen, Saleem Khan, Muhammad Abdul Kamal, Muhammad Ali Abbas, Aamir Aijaz Syed and Simon Grima
Sustainability 2023, 15(6), 4742; https://doi.org/10.3390/su15064742 - 7 Mar 2023
Cited by 7 | Viewed by 1533
Abstract
The prime objective of this study is to examine the impact of industrial output and financial development on carbon dioxide emissions for a panel of 10 newly industrialized countries, namely Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, and Turkey. The [...] Read more.
The prime objective of this study is to examine the impact of industrial output and financial development on carbon dioxide emissions for a panel of 10 newly industrialized countries, namely Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, and Turkey. The empirical analysis was conducted between 1982 and 2019 by employing various estimation tests and techniques. The different tests account for cross-sectional dependence in different series of the model. Therefore, the relevant panel unit root was conducted, and we found that all series become stationary after the first difference. The long run parameters were estimated, and we found that there is a significant long-run relationship between the industrial output, the financial development, and the carbon emissions. The carbon emissions are found to be significantly affected by both domestic income and industrial output, while being negatively affected by financial development. Industrial production coefficient estimates are highly elastic when compared to the other estimates. The results also indicate unidirectional short-run causality from the domestic output and trade openness to carbon emissions, urban population to domestic output, and financial development to industrial output. However, there is no evidence of bidirectional causality. The study concludes that sustainable economic growth can be achieved by using contemporary and efficient production techniques, using environmentally friendly inputs in industries, and increasing vigilance of both the public and private sectors. Both the public and private sectors should therefore be pushed to use more modern, eco-friendly, and productive processing techniques. It is recommended that both the public and commercial sectors be encouraged to embrace cutting-edge, environmentally friendly, and productive processing methods. Full article
(This article belongs to the Special Issue Incentives for Sustainable Economic Growth and Societal Wellbeing)
21 pages, 1127 KiB  
Article
Industrial Structure, Employment Structure and Economic Growth—Evidence from China
by Chao Zhou, Hongling Zheng and Shenwei Wan
Sustainability 2023, 15(4), 2890; https://doi.org/10.3390/su15042890 - 6 Feb 2023
Cited by 2 | Viewed by 3177
Abstract
This paper takes China’s economic data from 1978 to 2020 as a sample, combined with indicators such as a correlation coefficient, degree of deviation, and employment elasticity, to carry out a correlation analysis on employment structure, industrial structure, and economic growth. On this [...] Read more.
This paper takes China’s economic data from 1978 to 2020 as a sample, combined with indicators such as a correlation coefficient, degree of deviation, and employment elasticity, to carry out a correlation analysis on employment structure, industrial structure, and economic growth. On this basis, a regression model is established to characterize the impact of economic structure deviation on economic growth, and the linkage relationship between employment structure, industrial structure, and economic growth is further explored through a vector self-regression model. The research results show that: the degree of deviation of China’s economic structure is weakening, and the economic structure is continuously optimized; the improvement of the degree of deviation of the economic structure has a significant contribution to China’s economic growth; the impact of the industrial structure on the employment structure is first strong and then slow; the impact of economic growth on the industrial structure is lagging and long-term; the impact of the optimization of the employment structure on economic growth is most obvious in the early stage; the impact of economic growth on the employment structure is more direct; the adjustment of the industrial structure shows a certain stickiness; and that economic transformation and high-quality development require continuous advancement. This paper describes the impact of structural deviation on economic growth and reveals the interactive impact of industrial structure, employment structure, and economic growth, which can provide decision-making reference for policy makers. Specifically, it includes formulating policies to realize skills spillover to improve the employment structure; formulating policies to promote industrial integration to optimize industrial structure; formulating policies to encourage innovation so as to promote the improvement of total factor productivity and then drive the adjustment and optimization of industrial structures and employment structures; and finally, encouraging policy makers to ensure the persistence and consistency of relevant policies so that the effects of relevant policies can be truly realized. Full article
(This article belongs to the Special Issue Incentives for Sustainable Economic Growth and Societal Wellbeing)
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16 pages, 1124 KiB  
Article
Long-Term US Economic Growth and the Carbon Dioxide Emissions Nexus: A Wavelet-Based Approach
by Erdost Torun, Afife Duygu Ayhan Akdeniz, Erhan Demireli and Simon Grima
Sustainability 2022, 14(17), 10566; https://doi.org/10.3390/su141710566 - 24 Aug 2022
Cited by 7 | Viewed by 1462
Abstract
Economic growth has significantly boomed carbon emissions in the global economy. However, there is an ongoing debate about the economic growth–carbon emission nexus for various economies in the literature. This paper investigates the short/long-term causal information flow between fossil-fuel-related carbon dioxide emissions (CO [...] Read more.
Economic growth has significantly boomed carbon emissions in the global economy. However, there is an ongoing debate about the economic growth–carbon emission nexus for various economies in the literature. This paper investigates the short/long-term causal information flow between fossil-fuel-related carbon dioxide emissions (CO2) and economic growth (GDP) in the US economy spanning from 1800 to 2014. Using wavelet-based-nonparametric Granger causality analysis, the empirical results indicate that (i) the long-run causal information flow running from GDP to CO2 is positive, strong, uninterrupted and concentrated since the 1990s; (ii) the reverse causality is positive but interrupted, short-term and intensifying during the early 1990s. Due to strong and very long-term unidirectional causality findings, economic growth leads to environmental deterioration. Hence, for policymakers, environment-based growth policies and structural reforms can foreshadow energy-efficient policies by limiting carbon emissions. Hence, sustainable economic growth policies are expected to decelerate environmental problems and promote environmental sustainability. The findings can be attractive for other booming economies. Full article
(This article belongs to the Special Issue Incentives for Sustainable Economic Growth and Societal Wellbeing)
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25 pages, 1608 KiB  
Article
Wagner’s Law vs. Keynesian Hypothesis: Dynamic Impacts
by Ciro Bazán, Víctor Josué Álvarez-Quiroz and Yennyfer Morales Olivares
Sustainability 2022, 14(16), 10431; https://doi.org/10.3390/su141610431 - 22 Aug 2022
Cited by 4 | Viewed by 4200
Abstract
This study analyzes the dynamics between public expenditure and economic growth in Peru for 1980Q1–2021Q4. We used quarterly time series of real GDP, public consumption expenditure, public expenditure, and the share of public expenditure to output. The variables were transformed into natural logarithms, [...] Read more.
This study analyzes the dynamics between public expenditure and economic growth in Peru for 1980Q1–2021Q4. We used quarterly time series of real GDP, public consumption expenditure, public expenditure, and the share of public expenditure to output. The variables were transformed into natural logarithms, wherein only the logarithm of public expenditure to output ratio is stationary and the others are non-stationary I1. The study of stationary time series assesses whether Wagner’s law, the Keynesian hypothesis, the feedback hypothesis, or the neutrality hypothesis is valid for the Peruvian case according to Granger causality. We found cointegration between real GDP and public expenditure, and public consumption expenditure and real GDP. Estimating error correction and autoregressive distributed lag models, we concluded that Wagner’s law and the Keynesian hypothesis are valid in the Peruvian case, expressed as dynamic processes that allow us to obtain short-run and long-run impacts, permitting the mutual sustainability of economic growth and public expenditure. Full article
(This article belongs to the Special Issue Incentives for Sustainable Economic Growth and Societal Wellbeing)
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