Search Results (74)

This study examines whether strengthened prudential supervision reduces the marginal influence of internal governance mechanisms on the performance of Saudi banks during the Vision 2030 reform period. Using a panel of ten listed Saudi banks from 2018 to 2024, governance measures are hand collected to align with Saudi Central Bank definitions, focusing on insider ownership and board independence. To address endogeneity arising from performance persistence and reverse causality, two-step system generalized method of moments with collapsed lagged internal instruments and Windmeijer-corrected standard errors are employed. The results reveal that insider ownership and board independence are statistically and economically insignificant for accounting performance and market valuation, whereas lagged performance remains the dominant predictor. Hansen J and Arellano–Bond AR(2) diagnostics support instrument validity, and robustness checks using alternative estimators and variable specifications produce consistent findings. The results suggest that in contexts where prudential oversight is comprehensive and consistently enforced, internal governance mechanisms may provide limited incremental monitoring value. However, they do not imply that boards or insiders are irrelevant during crises or when enforcement is uneven. Therefore, refining supervisory tools and disclosure practices should be prioritized over imposing additional structural mandates on boards or ownership configurations. Full article

This paper examines the impact of natural resource rents on the economic growth of Tunisia between 1990 and 2023, emphasizing the aspect of resource diversification. The annual time-series data extracted from the World Bank’s World Development Indicators were analyzed using the Autoregressive Distributed Lag model to outline both the short- and long-run dynamics. The results confirm the existence of a long-term relationship between economic growth and oil, natural gas, mineral, and forest rents. Among them, oil and forest rents have strong positive long-term impacts, whereas natural gas and mineral rents contribute relatively moderately due to the structural inefficiencies and absence of value-added activities in these sectors. It was also found that the labor force participation has been affecting growth adversely with continuous impacts, which are driven by skill mismatches, low productivity, and high unemployment, hence indicating structural labor market imbalance that weakens the growth effect of labor. On the other hand, capital formation is still one of the key drivers of long-term growth. The findings highlight the rationale for diversification of the economy, governance reforms, and sustainable management of resources. However, the study suffers from some limitations due to data availability and excluded institutional variables, apart from being narrowed to a single-country case study, which might affect the generalizability of the results. Future works could consider incorporating the indicators of governance, examining nonlinear effects, or expanding the analysis into a multi-country framework. Full article

The triple shocks of the financial crisis, sovereign debt crisis, and COVID-19 pandemic have exerted significant impact on the financial markets in the Eurozone. Since the 2008 recession, the European Central Bank (ECB) has implemented an array of unconventional monetary policies (UMPs). These policies aim to address issues such as financing constraints and low inflation rates that the traditional monetary policy framework could not handle. The data indicated that when the ECB implemented its quantitative easing (QE) programs (e.g., the pandemic emergency purchase program), inflation in the Eurozone bounced back. It went up from −0.3% in August 2020 to 5% by December 2021. These measures prevented the pandemic from pushing the economy into a long-lasting deflation pressure. As the world’s second-largest economy, China’s monetary policy decisions play a crucial role in maintaining economic stability and fostering sustainable growth. This study examines ECB’S major unconventional monetary policy measures, evaluates their effects, and explores how these align with China’s monetary policy formulation and reforms. This research can provide useful insights for shaping monetary policy in the Eurozone and emerging economies such as China, especially during times of economic uncertainty. Full article

Transport is among the fastest-growing contributors to carbon dioxide (CO₂) emissions in the Gulf Cooperation Council (GCC) region, where rapid urbanization, population growth, and high mobility demand continue to shape energy use. This study aims to quantify the extent to which economic growth and urbanization drive transport-related CO₂ emissions across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates between 2012 and 2022. Using sector-specific data from the International Energy Agency and World Bank, we apply panel and country-level log–log regression models to estimate long-run and short-run elasticities of transport CO₂ emissions with respect to GDP and urban population. The analysis also includes robustness checks excluding the COVID-19 pandemic year to isolate structural effects from temporary shocks. Results show that transport emissions remain strongly correlated with GDP in most countries, indicating emissions-intensive growth, while the influence of urbanization varies: positive in Kuwait and Saudi Arabia, where expansion is car-dependent, and negative in Oman and Qatar, where compact urban forms and transit investments mitigate emissions. The findings highlight the importance of differentiated policy responses—fuel-pricing reform, vehicle efficiency standards, electrification, and transit-oriented planning—to advance low-carbon mobility. By integrating elasticity-based diagnostics with decoupling analysis, this study provides the first harmonized empirical framework for the GCC to assess progress toward transport-sector decarbonization. Full article

The Ultra-Micro (UMi) financing program represents a significant public sector innovation in Indonesia’s approach to poverty alleviation and financial inclusion. Initially conceived as a social assistance initiative, UMi has evolved into a strategic government intervention designed to transform impoverished individuals into entrepreneurs. This shift reflects a policy innovation that redefines the role of the state from passive welfare provider to active enabler of economic participation. Despite ambitious goals, its implementation and impact face scrutiny. This study employed an exploratory qualitative approach through individual interviews with elite participants and debtors of UMi. The data used triangulation from documentation, observation, and in-depth interviews with key informants, selected through purposive sampling. Findings indicate that the program’s implementation—anchored in government regulations and executed through non-bank financial institutions (NBFIs)—demonstrates innovative service delivery. In this study, UMi exemplifies how public sector innovation—through policy reform, institutional collaboration, and community engagement—can drive inclusive economic growth. The study provides valuable insights for policymakers, practitioners, and scholars seeking to advance financial inclusion and sustainable economic development. Full article

The banking sector faces increasing pressure to balance financial performance with sustainability goals amid ongoing digital transformation, regulatory reform, and societal expectations for ethical responsibility. Entrepreneurial leadership has emerged as a pivotal approach for addressing these challenges; however, the behavioral and contextual mechanisms through which it shapes sustainability remain insufficiently understood. Drawing on Social Learning Theory (SLT), this study investigates how and when entrepreneurial leadership enhances sustainable bank performance through the mediating role of employee creativity and the moderating influence of an innovation-oriented climate. A two-wave multi-source survey was conducted among 459 employees and managers from Turkish banks, and the hypothesized model was tested using structural equation modeling to ensure robust empirical validation. The results indicate that entrepreneurial leadership significantly fosters employee creativity, which serves as a critical behavioral mechanism linking leadership behaviors to sustainability-oriented outcomes. Moreover, an innovation-oriented climate strengthens both the direct effect of entrepreneurial leadership on creativity and its indirect effect on sustainable bank performance, emphasizing the contextual importance of supportive organizational environments. Theoretically, this study extends the leadership and sustainability literature by illustrating how learning and behavioral modeling processes translate leadership vision into sustainable performance. Practically, it offers actionable guidance for bank executives to develop innovation-oriented climates, empower employees’ creative engagement, and design incentive systems that align leadership behavior with sustainability imperatives, thereby enhancing resilience and long-term competitiveness. Full article

Population growth, urbanization and climate change are all factors that have made it increasingly difficult for governments to manage, allocate and permit the development and use of the finite land resource that is available in any society. Land administration plays a crucial role in supporting governments in these efforts. The World Bank and other donors have provided financial backing to help governments implement land administration reforms. While many of these reform projects focus on finance and technology, some succeed, while others fail to create lasting, meaningful change. The reasons for this usually do not relate to problems with finance or technology but are often due to political economy factors. Approaches to consider political economy are reviewed. The usefulness and viability of using political economy analysis in the design of land administration reform is confirmed in a policy Delphi survey. An innovative framework to systematically consider the use of political economy analysis in the design of land administration reform is developed and validated. This research addresses a significant gap, as there has been limited exploration of the political economy of land administration. The findings will be valuable for governments, development partners, and specialists involved in designing and implementing large-scale land administration reform initiatives. Full article

Persistent gender inequality in industrial employment continues to challenge inclusive labor systems worldwide. While education and labor market reforms have expanded opportunities for women, structural barriers remain deeply embedded in manufacturing sectors. This study adopts a systems-based perspective to investigate the institutional, demographic, and health-related factors shaping female employment in manufacturing across ten countries from 2013 to 2022. By integrating feminist political economy with interpretable machine learning techniques—including Random Forest, Gradient Boosting, and Extra Trees regressors—the study models non-linear and interactive relationships among thirteen structural indicators drawn from the World Bank’s World Development Indicators. The findings reveal that general female labor force participation is the strongest and most consistent predictor of women’s inclusion in manufacturing. Health-related variables, such as maternal mortality and fertility rates, exhibit strong negative effects, underscoring the continued influence of caregiving burdens and inadequate health systems. Education indicators show more variable impacts, suggesting that institutional context mediates their effectiveness. The use of SHAP and Partial Dependence Plots enhances the transparency of the models and supports a more nuanced understanding of how structural forces shape gendered labor outcomes. In addition to modeling structural inequalities, this study highlights how gender knowledges and cultures of equality are contextually produced and negotiated within the manufacturing sector. The findings underscore the importance of understanding both global systems and local cultural frameworks in shaping gendered employment outcomes. By linking interpretable machine learning with systems thinking, this research provides a holistic and data-driven account of industrial gender inequality. The results offer policy-relevant insights for designing more inclusive labor strategies that address not only economic incentives but also the social and institutional systems in which employment patterns are embedded. Full article

Although there are still significant inequalities, women’s labor force participation has increased in many parts of the world. These disparities are linked to socio-economic, territorial, and institutional conditions, such as access to land, quality of infrastructure, and the availability of decent work in both urban and rural areas. To understand how these socio-economic and spatial factors interact with national economic and policy frameworks is essential for analyzing gender participation in work. In this study, we examine the structural, territorial, and socio-economic factors shaping female labor force participation in 49 countries between 2013 and 2022, covering Europe, Asia, Latin America, and Africa. We investigate the interaction between macroeconomic conditions, public investment in education, and spatial inequalities. In addition, we focus on how these factors work together within different institutional settings. The analysis also considers territorial aspects such as urban–rural differences, regional development issues, and land-related livelihoods. The data were collected from the World Bank’s World Development Indicators to build a balanced panel. We implemented a Bayesian hierarchical panel regression model to understand how economic, institutional, and spatial factors jointly influence women’s participation in the labor force across different national and regional contexts. For model specification, we used standardized predictors and country-level intercepts to allow the model to account for institutional differences. The results indicate that national income levels and female unemployment rates are the most important factors affecting participation. On the other hand, tertiary enrollment and public education spending have weaker or mixed effects. Notably, although more women now complete higher education, many, especially in non-OECD countries, still face barriers to entering formal employment. Furthermore, in many developing countries, women still encounter restricted access to formal and secure jobs, particularly in rural and less developed areas. These findings show that economic growth is not the only factor needed to achieve gender equality in the labor market. Sustainable progress requires plans that bring together labor reforms, better education, care services, and fair growth in all regions. It is also important to fix problems with land, close the gap between cities and villages, and address environmental challenges. By linking labor markets, education, and land-linked spatial constraints, the study informs SDGs 5 (Gender Equality), 8 (Decent Work and Economic Growth), and 10 (Reduced Inequalities). Full article

The rapid economic growth in major coal-consuming countries has often come at the cost of environmental quality and social well-being. This study is urgently needed to provide empirical evidence on how such growth impacts sustainable development, helping policymakers balance economic progress with environmental protection and social welfare in an era of increasing climate concerns. Despite growing attention on sustainability, few studies have examined how key economic-environmental transformation drivers, such as coal consumption, financial development, globalization, urbanization, and economic growth, affect social sustainability. This study addresses this gap by analyzing the impact of these drivers on social sustainability in the world’s leading coal-consuming countries, as classified by Global Firepower. Using data from ten major coal-consuming nations between 1991 and 2022, sourced from the International Monetary Fund (IMF), KOF Swiss Economic Institute, the BP Statistical Review of World Energy, the World Bank’s World Development Indicators (WDIs), and the United Nations Development Programme (UNDP), the study applies advanced estimation techniques, including the Augmented Mean Group (AMG) and Feasible Generalized Least Squares (FGLS), to address cross-sectional dependence and slope heterogeneity. The results indicate that coal consumption has a negative and significant effect on social sustainability. In contrast, financial development, globalization, urbanization, and economic growth all show positive and significant effects. These findings highlight the urgent need for deliberate policy reforms to support a socially inclusive energy transition. Policymakers in major coal-consuming countries should invest in clean energy, fund worker retraining and community health, promote green innovation, and encourage private sector and stakeholder collaboration for a just, sustainable transition. Such measures are vital for coal-dependent countries to balance economic progress with social well-being. This study is the first to quantify social sustainability using the HDI, addressing a gap in the literature concerning the relationship between coal consumption and social development, thereby providing a quantitative basis for formulating policies that balance equity and decarbonization. Full article

This study examines the role of supervisory frameworks in shaping the risk management behavior of Greece’s four systemic banks during the period of 2015–2024. It explores how regulatory reforms under Capital Requirements Regulation II, Basel III, and European Central Bank oversight influenced capital adequacy, asset quality, and liquidity metrics. Employing a quantitative methodology, this study analyzes secondary data from Pillar III disclosures, annual financial reports, and supervisory statements. Key risk indicators (capital adequacy ratio, non-performing exposure ratio, liquidity coverage ratio, and risk-weighted assets) are evaluated in conjunction with regulatory interventions, such as International Financial Reporting Standards 9 transitional relief, the Hercules Asset Protection Scheme, and European Central Bank liquidity measures. The findings reveal that enhanced supervision contributed to improved resilience and regulatory compliance. International Financial Reporting Standards 9 transitional arrangements were pivotal in maintaining capital thresholds during stress periods. Supervisory flexibility and extraordinary European Central Bank support measures helped banks absorb shocks and improve risk governance. Differences across banks highlight the impact of institutional strategy on regulatory performance. This study offers a rare longitudinal assessment of supervisory influence on bank risk behavior in a high-volatility Eurozone context. Covering an entire decade (2015–2024), it uniquely links institutional strategies with evolving regulatory frameworks, including crisis-specific interventions such as International Financial Reporting Standards 9 relief and asset protection schemes. The results provide insights for policymakers and regulators on how targeted supervisory interventions and transitional mechanisms can enhance banking sector resilience during protracted crises. Full article

Background/Objectives: High sodium consumption increases the risk of hypertension and cardiovascular disease. Although food remains the primary source of intake, elevated sodium levels in drinking water can further contribute to excessive intake, particularly in populations already exceeding recommendations. This review examines the extent to which national drinking water standards account for sodium-related health risks and aims to inform discussion on the need for enforceable, health-based sodium limits. Methods: National standards for unbottled drinking water in 197 countries were searched for using the WHO 2021 review of drinking water guidelines, the FAOLEX database, and targeted internet and AI searches. For each country, data were extracted for the document name, year, regulatory body, regulation type, sodium limit (if stated), and rationale. Socio-geographic data were sourced from World Bank Open Data. A descriptive analysis was conducted using Microsoft Excel. Results: Standards were identified for 164 countries. Of these, 20% (n = 32), representing 30% of the global population, had no sodium limit. Among the 132 countries with a sodium limit, 92% (n = 121) adopted the WHO’s palatability-based guideline of 200 mg/L. Upper limits ranged from 50 to 400 mg/L. Only twelve countries (9%) cited health as a rationale. Three countries—Australia, Canada, and the United States—provided a separate recommendation for at-risk populations to consume water with sodium levels below 20 mg/L. Conclusions: Globally, drinking water standards give inadequate attention to sodium’s health risks. Most either lack sodium limits or rely on palatability thresholds that are too high to protect health. Updating national and international standards to reflect current evidence is essential to support sodium reduction efforts. Health-based sodium limits would empower communities to better advocate for safe water. Amid rising water salinity, such reforms must be part of a broader global strategy to ensure universal and equitable access to safe, affordable drinking water as a basic human right. Full article

This study aims to analyze the determinants of bank profitability in Angola by employing panel data econometric models, specifically, the Generalized Method of Moments (GMM), to assess the impact of internal and external factors on the financial indicators ROE, ROA, and NIM for the period 2016 to 2023. The results reveal that credit risk, operational efficiency, and liquidity are critical determinants of banking performance. Effective credit risk management and cost optimization are essential for the sector’s stability. Banking concentration presents mixed effects, enhancing net interest income while potentially undermining efficiency. Economic growth supports profitability, whereas inflation exerts a negative influence. The COVID-19 pandemic worsened asset quality, increased credit risk, and led to a rise in non-performing loans and provisions. Reforms implemented by the National Bank of Angola have contributed to strengthening the banking system’s resilience through restructuring and regulatory improvements. The rise of digitalization and fintech presents opportunities to enhance financial inclusion and efficiency, although their success relies on advancing financial literacy. This study contributes to the literature by providing updated empirical evidence on the factors influencing bank profitability within an emerging economy’s distinctive institutional and economic context. Full article

Adequate and diverse diets are essential for children’s physical and cognitive development, yet food insecurity and malnutrition continue to threaten this fundamental right, which remains a pressing concern in many resource-poor settings. This study investigated food and nutrition security in Early Childhood Development (ECD) centres in Makhanda, South Africa, through a community-based participatory research approach. Using a mixed-methods approach combining questionnaire interviews, focus group discussions, direct observations, and community asset mapping across eight ECD centres enrolling 307 children aged 0–5 years, the study engaged ECD facilitators and analysed dietary practices across these centres. Results indicated that financial constraints severely affect the quality and diversity of food provided at the centres, thus undermining the ability to provide nutritionally adequate meals. The average amount spent on food per child per month at the centres was R90 ± R25 (South African Rand). Although three meals were generally offered daily, cost-driven dietary substitutions with cheaper, less diverse alternatives, often at the expense of nutritional value, were common. Despite guidance from Department of Health dieticians, financial limitations contributed to suboptimal feeding practices, with diets dominated by grains and starchy foods, with limited access to and rare consumption of protein-rich foods, dairy, and vitamin A-rich fruits and vegetables. ECD facilitators noted insufficient parental contributions and low engagement in supporting centre operations and child nutrition provision, indicating a gap in awareness and limited nutrition knowledge regarding optimal infant and young child feeding (IYCF) practices. The findings emphasise the need for sustainable, multi-level and community-led interventions, including food gardening, creating ECD centre food banks, parental nutrition education programmes, and enhanced financial literacy among ECD facilitators. Strengthening local food systems and establishing collaborative partnerships with communities and policymakers are essential to improve the nutritional environment in ECD settings. Similarly, enhanced government support mechanisms and policy-level reforms are critical to ensure that children in resource-poor areas receive adequate nutrition. Future research should focus on scalable, locally anchored models for sustainable child nutrition interventions that are contextually grounded, community-driven, and should strengthen the resilience of ECD centres in South Africa. Full article

This study explores the drivers and evolution of the shadow economy in Bosnia and Herzegovina—a transitional, post-conflict country facing persistent institutional fragility. Using the Multiple Indicators and Multiple Causes (MIMIC) model, an extension of Structural Equation Modeling, the paper estimates the size and dynamics of the shadow economy from 1996 to 2022. The model integrates macroeconomic indicators (employment rate, GDP per capita, tax revenues) and institutional variables (rule of law, control of corruption), with data primarily sourced from the World Bank. The results show that institutional quality, tax burden, and labor market conditions are significant determinants of the informal sector. The model demonstrates strong statistical validity (CFI = 0.986, RMSEA = 0.05), supported by robustness checks including unit root tests, structural break analysis, and the exclusion of controversial benchmarking methods. The shadow economy responds markedly to major shocks such as the 2008 global financial crisis and the 2014 floods. Findings provide valuable policy insights: strengthening institutions, simplifying tax systems, and encouraging formal labor market participation can significantly reduce informality. The study supports evidence-based reforms to enhance transparency, resilience, and sustainable development in Bosnia and Herzegovina. Full article