Search Results (250)

Virginia’s coastal location and abundant marine resources make its seafood industry a vital contributor to the state’s economy, supporting both local communities and tourism. This study applied input–output models and updates the economic contributions of the Virginia seafood industry using 2023 data, building on models developed for 2019 that capture both direct effects and broader economic ripple effects. In 2023, the industry generated USD 1.27 billion in total economic output and supported over 6500 jobs—including watermen, aquaculture farmers, processors, and distributors—resulting in USD 238.3 million in labor income. Contributions to state GDP totaled USD 976.7 million, and tax revenues exceeded USD 390.4 million. The study also evaluates the economic role of Virginia seafood products sold in retail stores and restaurants, based on secondary data sources. In 2023, these sectors generated USD 458 million in economic output, supported more than 3600 jobs, produced USD 136.7 million in labor income, and USD 280.8 million in value-added. Combined tax contributions surpassed USD 74 million. Importantly, the analysis results for the Virginia seafood products from retail and restaurant should not be summed to the seafood industry totals to avoid double-counting, as seafood products move as output from one sector as an input to another. These results provide evidence-based insights to guide decision-making, inform stakeholders, and support continued investment in Virginia’s seafood supply chain and related economic activities. Full article

Economic policy uncertainty is an important macroeconomic risk factor that can have direct effects on investment decisions, growth dynamics, and public finance. In particular, its potential impact on tax revenue is critical in terms of fiscal sustainability. This study investigates the Granger-causal relationship between economic policy uncertainty, total tax revenue, and economic growth in G7 economies over the 1997–2021 period, applying symmetric and asymmetric panel causality tests. The empirical findings revealed evidence of causality between economic policy uncertainty and tax revenue and between economic growth and economic policy uncertainty. In asymmetric analyses where the effects of positive and negative shocks were separated, the direction of causal relationships differed between countries. These results imply that asymmetric effects vary by country. Overall, the empirical findings suggest that enhancing transparency and predictability in tax systems could play a vital role in reducing economic policy uncertainty and thus positively affect tax revenue performance and fiscal resilience. Full article

China’s internal control framework follows the Committee of Sponsoring Organizations (COSO) framework, emphasizing enterprise risk management and encompassing financial reporting, operations, compliance, and strategies. The authors review research that uses the COSO-based Internal Control Index to assess internal control quality among all publicly listed firms in China. Unlike the binary classification of internal control weaknesses under the Sarbanes-Oxley Act Section 404, this continuous index captures more nuanced variations in internal control effectiveness and provides two key advantages over traditional assessment of internal control over financial reporting (ICFR). First, while financial reporting can enhance a firm’s monitoring and decision-support systems, the underlying information is determined by operations. Thus, internal control over operations has a greater impact on a firm’s performance than ICFR. While U.S.-based research argues that the effects of ICFR extend to operations, the COSO-based index includes operational controls, allowing for a more direct study of internal control effects. Second, many U.S. corporations fail to report internal control weaknesses, particularly during misstatement years. In contrast, the COSO-based index, compiled by independent scholars, avoids managerial incentives to withhold negative internal control information. Covering institutional background and research evidence from China, the authors survey a wide range of internal control studies related to various aspects of enterprise risk management, such as earnings quality, crash risk, stock liquidity, resource extraction, cash holdings, mergers and acquisitions, corporate innovation, receivable management, operational efficiency, tax avoidance, and diversification strategy. Full article

This study investigates why firms with large book–tax differences (BTDs) exhibit lower earnings persistence, particularly during periods of revenue declines. While prior literature has linked BTDs, especially large positive BTDs (LPBTDs), to earnings management, we propose an alternative explanation rooted in operational disruptions. Using a large panel of U.S. firms from 1995 to 2016, we examine whether short-term earnings persistence is affected by sales trends and the direction of BTDs. Our findings reveal that both large positive and large negative BTDs are significantly associated with reduced earnings persistence when sales decline. The effect is pronounced in both accrual and cash flow components of earnings. We develop and test a framework based on “operations theory,” which attributes this reduction to real business shocks, such as asset write-downs, facility closures, and reserve adjustments, that arise during sales decline periods. These results highlight the importance of distinguishing operationally driven BTDs from those arising through discretionary accruals. Our findings have implications for investors, regulators, and researchers seeking to interpret BTDs more accurately in volatile economic environments. Full article

This research conducts a comparative study of the economic growth and income distribution effects of consumption and comprehensive income taxes by introducing them into an endogenous economic growth model with human capital formation. We obtained the following results. First, consumption tax does not directly suppress economic growth. Instead, it promotes physical capital accumulation, which causes favorable income distribution effects for capital income earners. Second, comprehensive income tax has the direct effects of suppressing economic growth, restraining physical capital accumulation, and increasing labor supply. Third, comprehensive income tax promotes human capital accumulation, which causes a more favorable income distribution for workers. Finally, by conducting an empirical study using international panel data, we show the growth effects of human capital and educational investment and the differentiated growth effects of income and consumption taxes. Full article

In a global context characterized by budgetary pressures, aging populations, and accelerated economic transitions, the capacity of countries to mobilize stable and sustainable tax revenues represents a crucial pillar for maintaining macroeconomic stability and social cohesion. This research investigated the determinants of total tax revenues in the developed economies of the G7 group (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) during the period 2000–2022, employing both static and dynamic panel econometric approaches. The estimated model considered total tax revenues as the dependent variable, while the explanatory variables encompassed the main categories of government revenues: direct taxes (personal and corporate income), indirect taxes (consumption, trade, and other taxes), social contributions, grants, other non-tax revenues, and institutional quality indicators (regulatory quality and control of corruption). The empirical findings revealed that all tax components analyzed exert a positive and significant influence on total tax revenues, with particularly strong effects observed for consumption taxes, social contributions, and personal income taxes. Based on these results, the study provides policy recommendations aimed at diversifying revenue sources, balancing direct and indirect taxation, and broadening the tax base equitably. The study advances the literature on international taxation by offering an integrated and comparative analysis of the revenue structures in advanced economies, while also identifying relevant pathways for sustainable tax reforms in a dynamic global environment. Full article

This paper examines the impact of carbon capture and storage (CCS) deployment on national carbon intensity (CI) across 43 countries from 2010 to 2020. Using a dynamic common correlated effects (DCCE) log–log panel, we estimate the elasticity of CI with respect to sectoral CCS facility counts within four income-group panels and the full sample. In the high-income panel, CCS in direct air capture, cement, iron and steel, power and heat, and natural gas processing sectors produces statistically significant CI declines of 0.15%, 0.13%, 0.095%, 0.092%, and 0.087% per 1% increase in facilities, respectively (all p < 0.05). Upper-middle-income countries exhibit strong CI reductions in direct air capture (–0.22%) and cement (–0.21%) but mixed results in other sectors. Lower-middle- and low-income panels show attenuated or positive elasticities—reflecting early-stage CCS adoption and infrastructure barriers. Robustness checks confirm these patterns both before and after the 2015 Paris Agreement and between emerging and developed economy panels. Spatial analysis reveals that the United States and United Kingdom achieved 30–40% CI reductions over the decade, whereas China, India, and Indonesia realized only 10–20% declines (relative to a 2010 baseline), highlighting regional deployment gaps. Drawing on these detailed income-group insights, we propose tailored policy pathways: in high-income settings, expand tax credits and public–private infrastructure partnerships; in upper-middle-income regions, utilize blended finance and technology-transfer programs; and in lower-income contexts, establish pilot CCS hubs with international support and shared storage networks. We further recommend measures to manage CCS’s energy and water penalties, implement rigorous monitoring to mitigate leakage risks, and design risk-sharing contracts to address economic uncertainties. Full article

The B Corp certification is a voluntary designation granted by B Lab. This nonprofit organization evaluates two main aspects of a company’s operations: the positive impact generated by its daily activities and how its business model reflects unique practices that yield positive outcomes for its stakeholders. Sistema B is at the forefront of the B movement in Latin America and the Caribbean, working to develop an ecosystem that enables B Corps to harness market forces to address social and environmental challenges. However, the B Corp movement in this region faces significant challenges, primarily due to a lack of government support, including tax benefits and legal recognition. This study aims to advance the existing literature on B Corps by examining sustainability-oriented hybrid organizations that strive to reconcile profit generation with social impact within the context of Mexico’s socioeconomic landscape. Additionally, it seeks to enhance the understanding of how ventures navigate trade-offs between financial and social objectives, and to identify factors that can help address these challenges. Twenty semi-structured interviews were conducted with Mexican B Corps to explore the entrepreneurial motivations related to social objectives, the B Corp movement, and the internal organizational dynamics of balancing social and economic logics. We discuss how tensions arise and are managed, as well as the issues regarding regulatory tensions in Mexico and the challenges that stem from organizational complexities. Future research directions are also outlined. Full article

The bench-scale demonstration of the UKy-IDEA process for direct air capture (DAC) technology combines solvent-aided CO₂ capture with electrochemical regeneration (ER) through a pH swing process, enabling efficient CO₂ capture and simultaneous solvent regeneration, producing high-purity hydrogen as a valuable co-product. The system shows stable performance with over 90% CO₂ capture efficiency and approximately 80% CO₂ recovery, handling ambient air at 280 L/min. During testing, the unit captured 1 kg of CO₂ over 100 h, with a concentrated CO₂ output purity of around 70%. Operating efficiently at low voltage (<3 V), the system supports flexible and remote operation without AC/DC converters when using intermittent renewable energy. Techno-economic analysis (TEA) and Life Cycle Assessment (LCA) highlight its minimized required footprint and cost-effectiveness. Marketable hydrogen offsets capture costs, and compatibility with renewable DC power enhances appeal. Hydrogen production displacing CO₂ produced via electrolysis achieves 0.94 kg CO₂ abated per kg CO₂ captured. The project would be economic, with USD 26 per ton of CO₂ from the federal 45Q tax credit for carbon utilization, and USD 5 to USD 12 per kg for H₂. Full article

Divergences in tax policies are evident among European OECD economies, due to varying priorities of efficiency vs. equity, influenced by the forms of direct vs. indirect taxation. The special interest of this paper is to identify how different tax forms (direct—corporate and personal income taxes (CIT, PIT); and indirect—value added tax (VAT)) affect inequality in European OECD economies in the period 2003–2020. Using heterogeneous non-stationary panel models and the (Pooled) Mean Group (PMG/MG) methods of estimation, a long-run negative relationship between direct tax forms (CIT, PIT) and the Gini coefficient was discovered, meaning that utilizing progressive direct tax forms resulted in more equity. The error-correction terms are heterogeneous, showing that developed economies decrease income inequality by using direct taxes more efficiently than emerging European OECD economies. The short-run statistically significant relationships between VAT and the Gini coefficient are discovered, meaning that certain European OECD economies effectively use VAT revenue to achieve greater equity in society. This study demonstrates that the use of indirect tax forms may be beneficial in terms of collecting more tax revenues, and that using them for redistributive programs can reduce inequality while maintaining economic efficiency. Full article

This study proposes a three-level meta-frontier framework enhanced with machine learning-driven projection methods to address the dual heterogeneity in carbon emission efficiency analysis arising from regional disparities and industrial diversification. Methodologically, we introduce two novel projection combinations—“exogenous-exogenous-accumulation (E-E-A) and exogenous-exogenous-consistent (E-E-C)”—to resolve the inconsistency of technology gap ratios (TGRs > 1) in traditional nonradial directional distance function (DDF) models. Reinforcement learning (RL) optimizes dynamic direction vectors, whereas graph neural networks (GNNs) encode spatial interdependencies to constrain the TGR within [0, 1]. Empirical analysis of 60 countries reveals that (1) E-E-C eliminates the TGR overestimation by 12–18% in energy-intensive sectors (e.g., reducing Asia’s secondary industry $TG{R}_1$ from 1.160 to 1.000); (2) industrial heterogeneity dominates inefficiency in Asia (IHI = 0.207), whereas management gaps drive global secondary sector inefficiency (MI = 0.678); and (3) policy simulations advocate for decentralized renewables in Africa, fiscal incentives for Asian coal retrofits, and expanded EU carbon border taxes. Computational enhancements via Apache Spark achieve a 58% runtime reduction. The framework advances environmental efficiency analysis by integrating machine learning with meta-frontier theory, offering both methodological rigor (via regularization and GNN constraints) and actionable decarbonization pathways. Limitations include static heterogeneity assumptions and data granularity gaps, prompting the future integration of IoT-enabled dynamic models. Full article

Nigeria is among the countries highly vulnerable to climate change impact. Thus, there has been growing emphasis on the pursuit of decarbonization and net-zero (net-zero transition) strategies. The aim of this work is to review major concepts in research publications associated with climate change mitigation in Nigeria. The literature search was conducted on the Scopus database using relevant keyword operators. Mixed methods were adopted to conduct bibliometric, text mining and content analysis. Bibliometric software (VOSviewer) was used. The research objectives were to identify how net-zero transition research has evolved in Nigeria; their important research themes and trends in Nigeria, and potential directions for future research on achieving them in Nigeria. The results show that the number of publications in the field has been increasing, with 87% of the articles included in the dataset published between 2016 and 2024. Through data clustering, eight clusters of articles were identified, namely (i) the renewable energy, economic growth and emission reduction nexus (ii) energy transition in the Nigerian power system, (iii) policy drivers (socio-technical and economic) for a cleaner energy system, (iv) energy transition governance, (v) hybrid renewable energy systems, (vi) low-carbon transition, (vii) energy efficiency and low-carbon growth and others. By checking through the keywords used by authors, it appears that the most popular keywords are carbon neutrality, hydrogen, biomass, circular economy, and electric vehicles. These keywords further highlight areas of research interests. Some of the potential future directions identified include the need for effective research communication and strong cooperation between academia and relevant CC policy-making bodies to translate scientific research into evidence-based policies and actionable frameworks; tiered subsidies or tax rebates to low-income households to promote CC mitigating technologies and align CC objectives with social equity; and others. Although this work focuses solely on Nigeria, the country shares similar characteristics with many sub-Saharan African countries, and some others in the global South. Accordingly, the findings will be relevant to those areas, with some unique adaptations. Full article

This study examined the impact of tax avoidance on firm value. Further, it investigated whether ESG disclosure moderates this relationship. This study examined the top 100 non-financial firms listed in the S&P/EGX ESG index over the period from 2018 to 2022. The sample contained 80 companies with 400 firm-year observations. Statistical analysis was conducted using pooled ordinary least squares (OLS) and fixed effects regression models. The statistical analysis revealed a negative and significant impact of tax avoidance on firm value. Further, ESG disclosure was found to have a negative moderating impact as it eliminated the negative impact of the effect of tax avoidance on firm value, leading to a positive overall effect. These results carry important implications for regulators, investors, and shareholders in Egypt and other emerging markets, underscoring ESG disclosure’s pivotal role in enhancing firm value and reducing tax avoidance practices within the Egyptian market. To the best of our knowledge, this study represents one of the earliest empirical explorations into the moderating effect of ESG disclosure on the relationship between tax avoidance and firm value in an emerging market. By presenting empirical evidence from the Egyptian market, this research broadens the existing literature on tax avoidance and firm value, offering fresh perspectives on the influence of ESG disclosure. Early studies have primarily focused on the direct effect of ESG disclosure on firm value. Full article

Traffic congestion is becoming an increasing problem due to the rapid growth of the population. In the current situation, the mode choice of the people has a direct impact on traffic density. For this reason, many studies have been carried out by researchers and planners to reduce the number of vehicles on the road. Various strategies have been proposed, such as incentives for public transport, parking restrictions, parking pricing and car sharing. It is very important that these strategies are implemented by the institutions in order to reduce traffic during the commuting hours, which coincide with the rush hour. Especially in areas such as shipyards and industrial zones, which are far from the city center and relatively difficult to reach but which provide employment opportunities for thousands of people, a shuttle service is one of the most preferred strategies to discourage employees from using private cars. However, in companies with thousands of employees, this situation generates costs that cannot be ignored. The examined case study similarly needs to optimize and reduce operational costs related to fuel consumption, maintenance and tax expenses by optimizing the number of two different types of service vehicles required for employee transportation at the Yalova Shipyard. For this aim, a dynamic linear programming (DLP) model was used to achieve a cost-effective, sustainable and demand-responsive shuttle service. According to the analysis results, it was concluded that the annual fuel cost of the vehicles will be reduced by 33.9%, the maintenance cost by 35.2% and the annual tax cost by 49.3% by disposing of the unneeded vehicles (27%) in the studied Yalova Shipyard. Taking all these positive improvements into account, it is clear that the optimization study significantly reduces the costs incurred by the service. Full article

Previous studies on the relationship between government debt and economic growth have produced very diverse findings. This study examines the relationship between public debt and economic growth in developing countries using a quantile regression approach with fixed effects and bootstrapping on the 10% to 90% quantile distribution. The quantile grouping is based on specific percentiles of economic growth in developing countries. This study uses panel data from 127 developing countries for the period 2012 to 2019. Data were obtained from the World Development Indicators, the World Bank, and Transparency International. The results of this study indicate that public debt is not friendly to economic growth. Public debt actually hinders economic growth in developing countries, especially in the 30% to 90% quantile. Other factors that influence economic growth in developing countries are trade, inflation rates, government spending, corruption, and net foreign direct investment. Trade and net direct investment significantly increase economic growth in developing countries. Meanwhile, public debt, the inflation rate, government spending, and corruption actually inhibit economic growth in developing countries. On the other hand, education spending, private debt, tax revenues, and labor force participation do not contribute significantly to economic growth in developing countries. These findings confirm that public debt governance and governance are very important in driving economic growth in developing countries. This paper provides empirical and policy contributions to the assessment of institutional effectiveness in relation to the impact of public debt management on economic growth in developing countries. Full article