{"title":"Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region","authors":"Sotirios K. Bellos","doi":"10.3790/aeq.65.1.1","DOIUrl":"https://doi.org/10.3790/aeq.65.1.1","url":null,"abstract":"Abstract\u0000 This paper focuses on the Southeastern European and Black Sea Countries and examines the association between natural resources abundance, energy dependency, and a series of growth-related and institutional variables during a thirty-year period (1985–2015). The empirical results show a positive impact of natural resource abundance on the majority of the examined variables, which does not support the resource curse hypothesis. Common sector characteristics of the examined economies verify the empirical results.\u0000 JEL classifications: Q20, Q30, Q32, Q43\u0000 Black Sea Area, Dutch disease, Economic Growth, Energy Dependency, Natural Resources, Transition Economies","PeriodicalId":283765,"journal":{"name":"Applied Economics Quarterly: Volume 65, Issue 1","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127202695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Determinants of Value Creation in Oil and Gas Firms: A Firm-Specific Comparative Study Using Panel Data","authors":"B. Kumar, K. Sujit","doi":"10.3790/aeq.65.1.45","DOIUrl":"https://doi.org/10.3790/aeq.65.1.45","url":null,"abstract":"Abstract\u0000 This study examines the role of firm-level financial and operational characteristics in explaining the market valuation of oil and gas-based energy companies. Using panel data based on 82 major oil companies, the study explores the value drivers involved in value creation of integrated and independent oil companies. In other words, the study explores the impact of investment, financing, and dividend decisions on value creation in energy firms.\u0000 The results suggest that stock market is skeptical about the risky capital expenditures undertaken by oil and gas firms. The study finds some evidence for signaling theory of debt financing, which suggests that the use of higher debt by energy companies is viewed positively by markets. Higher dividend payment is viewed negatively by markets. The enterprise value variable EVEBITA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is positively related to share price with statistical significance. Higher profitability of oil firms leads to greater value creation for oil and gas-based firms. The higher the liquidity position, the greater the value enhancement of oil and gas firms would be. The study finds some evidence for the positive association of operating characteristics with market valuation of oil-based energy firms. Higher reserve replacement leads to higher valuation and is viewed positively by market analysts.\u0000 This study aims to provide new insights into how financial and operational information relates to the market valuation of both independent and integrated oil companies. The identification of factors for value creation in stock market is critical for the design of effective policies for wealth creation.\u0000 JEL classifications: G30, G31\u0000 Keywords: Market Valuation, Profitability, Reserve Replacement, Integrated Oil Companies","PeriodicalId":283765,"journal":{"name":"Applied Economics Quarterly: Volume 65, Issue 1","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116762288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Sustainability of the MENA Region","authors":"Osama D. Sweidan","doi":"10.3790/aeq.65.1.71","DOIUrl":"https://doi.org/10.3790/aeq.65.1.71","url":null,"abstract":"Abstract\u0000 This paper calculates an index measuring economic sustainability for the mainstream economy in the MENA region during the period 1999–2016. Our approximation says that a large value of the index indicates more stress on the economy or low sustainability and vice versa. We also explore some macroeconomic variables as potential determinants of economic sustainability. We employ the panel data analysis, in particular the feasible generalized least squares (FGLS). Our results show that economic development, trade openness, and political stability encourage economic sustainability. In contrast, government expenditures and control of corruption hinder the sustainability of the economy. Our paper suggests that policymakers should concentrate on economic development, enhance the trade openness, and create political stability environment to strengthen economic sustainability.\u0000 JEL classifications: I31, O11, Q01\u0000 Keywords: Economic sustainability; Economic development; Panel analysis; FGLS; MENA region","PeriodicalId":283765,"journal":{"name":"Applied Economics Quarterly: Volume 65, Issue 1","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131918917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}