Search Results (401)

In sustainable development studies, a key question is how the abundance of natural resources influences long-run economic growth. However, there is no consensus on this issue. Some literature suggests a negative impact, while other studies find no effect at all, and other research indicates a positive impact. This study aims to examine the relationship between natural resource rents, renewable energy, and economic growth in the Gulf Cooperation Council (GCC) countries over the period from 1990 to 2023. The study utilizes the Method of Moments Quantile Regression (MMQR) to provide reliable findings across different quantiles. We also incorporate a series of control variables, including capital, labor force participation, non-renewable energy, and trade openness. The findings indicate that natural resources rent enhances economic growth in GCC countries, supporting the Rostow hypothesis. Although renewable energy has a positive impact on economic growth, it does not have an effect on natural resource rents. Additionally, capital, labor force participation, non-renewable energy, and trade openness play a critical role in raising economic growth in these countries. Based on the empirical results, this study provides several valuable recommendations for policymakers to enhance the management of natural resources in GCC countries. Full article

Circular deep excavations, characterized by their symmetrical geometry, are commonly employed in constructing foundations for large-span suspension bridges and as launching shafts for shield tunneling. However, the mechanical behavior of such excavations under asymmetric surface surcharge remains inadequately understood due to a paucity of relevant investigations. This study addresses this knowledge gap by establishing a three-dimensional finite element model (3D-FEA) based on the anchor deep excavation project of a specific bridge. The model is utilized to investigate the influence of asymmetric surcharge on the forces and deformations within the supporting structure. The results show that both the internal force and displacement cloud diagrams of the support structure exhibit asymmetric characteristics. The distribution of displacement and internal forces has spatial effects, and the maximum values all occur in the areas where asymmetric loads are applied. The maximum values of the displacement, axial force, and shear force of underground continuous walls increase with the increase in the excavation depth. The total displacement curves all show the feature of a “bulging belly”. The maximum displacement is 13.3 mm. The axial force is mainly compression, with a maximum value of −9514 kN/m. The maximum positive and negative values of the shear force are 333 kN/m and −705 kN/m, respectively. The bending moment diagram of different monitoring points shows the characteristics of “bow knot”. The maximum values of the positive bending moment and negative bending moment are 1509.4 kN·m/m and −2394.3 kN·m/m, respectively. The axial force of the ring beam is mainly compression, with a maximum value of −5360 kN, which occurs in ring beams 3, 4, and 5. The displacement cloud diagram of the support structure under symmetrical loads shows symmetrical characteristics. Under different load conditions, the displacement curve of the diaphragm wall shows the characteristics of “bulge belly”. The forms of loads with displacements from largest to smallest at the same position are as follows: asymmetric loads, symmetrical loads, and no loads. These findings provide valuable insights for optimizing the structural design of similar deep excavation projects and contribute to promoting sustainable urban underground development. Full article

This study investigates the impact of cultural openness on intertemporal consumption behavior in the Middle East and North Africa (MENA) region, using panel data from 14 countries spanning 2010 to 2022. Unlike prior research that primarily focused on lifestyle shifts or product preferences, this study explores how cultural globalization influences the trade-off between present consumption and future savings, as captured by the consumption-to-savings ratio (LCESR). Cultural openness is operationalized using the Cultural Globalization General Index (LCGGI), and its effect is analyzed alongside key control variables including Internet penetration, real GDP per capita, inflation, and tourism. To address endogeneity and unobserved heterogeneity, this study employs the system Generalized Method of Moments (GMM) estimator, supported by robustness check models. The findings reveal a significant positive relationship between cultural openness and LCESR in both the short and long run, indicating that increased exposure to global cultural flows enhances consumption tendencies in the region. Internet penetration and inflation negatively affect saving behavior, while GDP per capita shows a positive effect. Tourist arrivals exhibit limited influence. This study also highlights the importance of historical consumption behavior, as the lagged dependent variable strongly predicts the current LCESR. Robustness checks confirm the consistency of the results across all models. These insights suggest that cultural openness, digital infrastructure, and macroeconomic stability are pivotal in shaping consumption/saving patterns. The results carry important implications for financial education, digital consumption governance, and cultural policy strategies in the MENA region and similar emerging markets undergoing rapid cultural integration. Full article

This study investigates the impact of geopolitical risk, firm characteristics, and macroeconomic variables on the performance of non-financial firms listed on the Egyptian Stock Exchange. The study analyzes a panel dataset consisting of 182 Egyptian firms over the period 2014–2023. Using the panel Generalized Method of Moments (GMM) regression technique, the study examines the effect of geopolitical risk on the return on assets. This study controls for firm characteristics such as liquidity, leverage, and growth opportunities and controls for macroeconomic variables such as inflation and GDP. This empirical evidence investigates the moderating role of FinTech on such relationship. The results reveal a significant and negative relationship between geopolitical risk and firms’ performance. Liquidity, growth opportunities, and inflation show positive and significant impacts. In contrast, leverage and GDP demonstrate significant negative relationships. Remarkably, FinTech moderates the relationship significantly and positively. Therefore, investors ought to proceed with prudence when positioning cash within elevated political volatility. The significant positive moderating effect of FinTech on this connection provides a vital strategic insight: enterprises with enhanced FinTech integration may demonstrate increased resilience to geopolitical shocks. Full article

Achieving sustainable economic growth requires a careful balance between public debt accumulation and the macroeconomic stability necessary for long-term development. While public debt can support growth through productive public investment, excessive debt may crowd out private investment, raise borrowing costs, and undermine financial stability, ultimately threatening economic sustainability. In this context, the quality of institutions plays a pivotal moderating role by fostering responsible debt management and ensuring that debt-financed investments contribute to sustainable development. In this context, this study investigates the relationship between public debt and economic growth, with a focus on the moderating role of institutional quality (IQ). Utilizing an unbalanced panel of 115 countries over the period from 1996 to 2021, this study tests the hypothesis that robust institutional frameworks mitigate the negative impact of public debt on economic growth. To address potential endogeneity, this study employs the dynamic system Generalized Method of Moments (GMM) estimation technique. The results reveal that, although the direct effect of public debt on economic growth is negative, the interaction between public debt and IQ yields a positive influence. Furthermore, the results indicate the presence of a threshold beyond which public debt begins to exert a beneficial effect on economic growth, whereas its impact remains adverse below this threshold. These findings underscore the critical importance of sound debt management strategies and institutional development for policymakers, suggesting that effective government governance is essential to harnessing the potential positive effects of public debt on economic growth. Full article

This study explores the impact of growth opportunities on the capital structure of South African banks, utilising panel data from registered banking institutions covering the period from 2014 to 2023. While a substantial body of literature examines the relationship between growth prospects and corporate leverage, limited attention has been paid to this interaction within the banking sector, particularly in emerging economies. By employing the dynamic panel Generalised Method of Moments (GMM) estimator to address endogeneity concerns, the analysis reveals a statistically significant positive relationship between growth opportunities and both the total debt ratio (TDR) and the long-term debt ratio (LTDR). In contrast, a significant negative association is found between growth opportunities and the short-term debt ratio (STDR). The findings suggest that banks with stronger growth prospects are more inclined to utilise long-term financing, possibly reflecting shareholder preferences for institutions with favourable future outlooks and lower refinancing risks. These results highlight the importance of aligning capital structure decisions with an institution’s growth trajectory, while indicating that this relationship shifts depending on the maturity of the debt considered. This study contributes to the existing literature by contextualising capital structure decisions within the framework of growth opportunities. Structure theory within the context of the banking sector in a developing market offers practical insights for strategic financial planning and regulatory policy. Full article

Bank operations are contingent upon investor confidence, particularly during periods of economic distress. If investor confidence drops, a bank faces difficulties obtaining money, higher borrowing costs, and lower stock values. Non-performing loans (NPLs) potentially jeopardize a bank’s long-term viability and short-term profitability, and investors are naturally wary of institutions that pose a high credit risk. The purpose of the study was to explore how non-performing loans influence investor confidence in banks. A purposive sampling technique was used to identify 253 New York Stock Exchange banks in the Thomson Reuters Eikon DataStream that satisfied all the inclusion and exclusion selection criteria. The Common Correlated Effects Mean Group (CCEMG) and Generalized Method of Moments (GMM) models were used to analyze the data, providing insight into the relationship between the variables. The study discovered that NPLs had a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. Furthermore, the bank’s age was found to have a positive and significant relationship with the P/E and P/B ratio. The moderating relationship between NPLs and bank age was found to have a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. The findings underscore the importance of asset quality and institutional reputation in influencing market perceptions. Bank managers should focus on managing non-performing loans effectively and leveraging institutional credibility to sustain investor confidence, particularly during financial distress. Full article

This study investigates the relationship between overconfidence and meme stock valuation, drawing on panel data from 28 meme stocks listed from 2019 to 2024. The analysis incorporates key financial indicators, including Tobin’s Q ratio, market capitalization, return on assets, leverage, and volatility. A range of overconfidence proxies is employed, including changes in trading volume, turnover rate, changes in outstanding shares, and alternative measures of excessive trading. We observe a significant positive relationship between overconfidence (as measured by changes in trading volume) and firm valuation, suggesting that investor biases contribute to notable pricing distortions. Leverage has a significant negative relationship with firm valuation. In contrast, market capitalization has a significant positive relationship with firm valuation, implying that meme stock investors respond to both speculative sentiment and traditional firm fundamentals. Robustness checks using alternative proxies reveal that turnover rate and changes in the number of shares are negatively related to valuation. This shows the complex dynamics of meme stocks, where psychological factors intersect with firm-specific indicators. However, results from a dynamic panel model estimated using the Dynamic System Generalized Method of Moments (GMM) show that the turnover rate has a significantly positive relationship with firm valuation. These results offer valuable insights into the pricing behavior of meme stocks, revealing how investor sentiment impacts periodic valuation adjustments in speculative markets. Full article

This study highlights the pivotal role of women in corporate governance and their potential influence on achieving sustainable goals, particularly in the context of emerging countries. Using the two-step System-Generalized Method of Moments (GMM) with the dynamic short panel data of 351 nonfinancial listed companies in Vietnam from 2010 to 2022, this research examines the dynamics between earnings management and tax avoidance, focusing on the moderating role of women on the board of directors. The results confirm that both accrual-based and real earnings management are positively associated with corporate tax avoidance. However, there is a significant negative relationship between female representation on the board and tax avoidance, as well as a significant moderation of the relationship between earnings management and tax avoidance. This study reinforces that female leadership contributes to reducing earnings management and tax avoidance through improved monitoring and governance of corporate ethical activities, emphasizing the importance of strategically empowering women in leadership roles. The implications of this study are given to minimize harmful financial practices and align corporate strategies with ethical practices. Full article

The Export-Led Growth Hypothesis (ELGH) posits that expanding exports drive long-run economic growth. While this has held true for several Asian economies, its effectiveness across African regional blocs remains underexplored. This study investigates the validity of ELGH in the East African Community (EAC) and Southern African Development Community (SADC), assessing whether exports significantly contribute to economic growth in these regions. The analysis covers 22 EAC and SADC economies from 1990 to 2022—regions marked by structural transformation efforts, trade liberalisation, and participation in the AfCFTA. A dynamic panel data model based on an augmented Cobb-Douglas production function is estimated using the System Generalised Method of Moments (System GMM) to address endogeneity and reverse causality. Granger causality tests supplement the analysis. Exports and technology significantly enhance GDP growth, while labour and FDI are statistically insignificant. Trade openness negatively affects growth, suggesting vulnerability to external shocks. A bidirectional Granger causality exists between exports and GDP. This study offers the first dynamic, bloc-level empirical evaluation of ELGH across EAC and SADC, incorporating trade-related interactions. Findings affirm ELGH’s relevance and stress the need for export diversification, technological upgrading, and institutional reform for sustained growth in Africa. Full article

The disc-buckle scaffold system demonstrates significant advantages in prefabricated construction applications, particularly in terms of installation efficiency, load-bearing capacity, and standardization. Guangzhou Construction Group Co., Ltd., a leading enterprise in promoting prefabricated building development in Guangdong Province, China, has collaborated with the Guangdong University of Technology to develop an innovative disc-buckle scaffold system. The main difference between different scaffolds lies in the connection part of the joint. The mechanical behavior of scaffold joint plays a critical role in determining the structural integrity of the entire scaffolding system. So, the novel disc-buckle scaffold proposed in this paper is mainly new in the joint. Finite element simulation based on the test results is employed to study the performance of the novel scaffold joint in this paper. The results show that the newly developed scaffold joint exhibits superior mechanical performance, characterized by a bending stiffness of 34.5 kN·m/rad. The joint demonstrates maximum tensile and compressive bearing capacities of approximately 108 kN and 70 kN in the transverse direction, respectively. Furthermore, the joint’s maximum shear bearing capacity exceeds 180 kN, surpassing the buckling critical force of the vertical steel pipe and satisfying all strength requirements. The scaffold joint exhibits robust hysteresis characteristics, and the wedge-shaped connection mechanism maintains consistent stiffness and load-bearing symmetry under both positive and negative bending moments. The proposed disc-buckle steel scaffold joint features a minimal number of components, achieving an optimal balance between structural performance and economic efficiency. Full article

Amid escalating environmental crises—ranging from biodiversity loss to climate instability—the circular economy has emerged as a promising pathway to align economic growth with ecological limits. The objective of this study is to examine the asymmetric impact of a novel composite circular economy index (CEI)—constructed via entropy weighting—on the load capacity factor (LCF), a holistic sustainability metric, across 27 EU member states over 2010–2023. Employing the method of moments quantile regression (MMQR) and controlling for GDP, foreign direct investment, trade openness, employment, and population growth, the main findings indicate pronounced heterogeneity: positive CEI shocks yield a 1.219 percent increase in LCF at the 90th quantile versus just 0.229 percent at the 10th, revealing a “sustainability premium” for high-performing economies, while negative shocks inflict a −5.253 percent decline at the 90th quantile, exposing their greater vulnerability. Low-LCF countries, by contrast, display relative resilience to downturns, likely due to less entrenched circular systems. Panel Granger causality tests further reveal bidirectional feedback loops between LCF and economic growth, investment, and labor markets, alongside a unidirectional effect from trade openness to enhanced sustainability. These insights carry clear policy implications: high-LCF nations require safeguards against circularity backsliding, whereas low-LCF members need capacity-building to convert latent resilience into sustained gains—together forming a nuanced blueprint for achieving the EU’s 2050 climate-neutrality ambitions. Full article

The classical exponential model, despite its flexibility, fails to describe data with non-constant failure or between-event dependency. To overcome this limitation, two new bivariate lifetime distributions are introduced in this paper. The Farlie–Gumbel–Morgenstern (FGM)-based and Ali–Mikhail–Haq (AMH)-based modified Fréchet–exponential (MFE) models, by embedding the flexible MEF margin in the FGM and AMH copulas. The resulting distributions accommodate a wide range of positive or negative dependence while retaining analytical traceability. Closed-form expressions for the joint and marginal density, survival, hazard, and reliability functions are derived, together with product moments and moment-generating functions. Unknown parameters are estimated through the maximum likelihood estimation (MLE) and inference functions for margins (IFM) methods, with asymptotic confidence intervals provided for these parameters. An extensive Monte Carlo simulation quantifies the bias, mean squared error, and interval coverage, indicating that IFM retains efficiency while reducing computational complexity for moderate sample sizes. The models are validated using two real datasets, from the medical sector regarding the infection recurrence times of 30 kidney patients undergoing peritoneal dialysis, and from the economic sector regarding the growth of the gross domestic product (GDP). Overall, the proposed copula-linked MFE distributions provide a powerful and economical framework for survival analysis, reliability, and economic studies. Full article

This research analyses the temporal flow of motion energy (ME) in dyadic dialogues using alternating lagged correlation tests on consecutive windows and also Granger causality (GC) tests. This research considers both alternatives of lagged values, those of the more dominant party preceding those of the less and vice versa (with relative dominance independently determined) and labels the resulting lagged windows according to the category of correlation (CC) that holds (positive, negative or none, if the correlation is not significant). Similarly, windows are labeled in relation to the significance of GC (one party causing the other, mutual causation, or no causation). Additionally, occurrences of gestures or speech within windows by an interlocutor whose ME precedes are identified. Then, the ME GC labels are compared with labels derived from simple lagged correlation of ME values to identify whether GC or CC is more efficacious in highlighting which participant independent observers classify as the more dominant party, potentially the “leader” for the conversation. In addition, the association between speech, gestures, dominance, and leadership is explored. This work aims to understand how the distributions of these labels interact with independent perceptions of dominance, to what extent dominant interlocutors lead, and the extent to which these labels “explain” variation in ME within any dialogue. Here, the focus is on between speakers dynamics. It shows dominant speakers have measurable influence on their conversation partners through bodily ME, as they are more likely to lead motion dynamics, though moments of mutual influence also occur. While GC and lagged correlation both capture aspects of leadership, GC reveals directional influence, whereas correlation highlights behavioural alignment. Furthermore, ME contrast during speaking and interaction of ME and gestures indicate that bodily movement synchronisation is shaped not only by dominance but also by gesture types and speaking states: speech affects leadership more than gestures. The interactions highlight the multimodal nature of conversational leadership, where verbal and nonverbal modalities interact to shape dialogue dynamics. Full article

Let $\left\{X\right(t),t\ge 0\}$ be a one-dimensional jump-diffusion process whose continuous part is either a Wiener, Ornstein–Uhlenbeck, or generalized Bessel process. The process starts at $X\left(0\right)=x\in [-d,d]$. Let $\tau \left(x\right)$ be the first time that $X\left(t\right)=0$ or $\left|X\right(t\left)\right|=d$. The jumps follow a uniform distribution on the interval $(-2x,0)$ when x is positive and on the interval $(0,-2x)$ when x is negative. We are interested in the moment-generating function of $\tau \left(x\right)$, its mean, and the probability that $X\left[\tau \right(x\left)\right]=0$. We must solve integro-differential equations, subject to the appropriate boundary conditions. Analytical and numerical results are presented. Full article