{"title":"An empirical investigation of tourism-led growth hypothesis in the european countries: evidence from augmented mean group estimator","authors":"Wanjun Xia, Buhari Doğan, Umer Shahzad, Festus Fatai Adedoyin, Abiodun Popoola, Muhammad Adnan Bashir","doi":"10.1007/s10258-021-00193-9","DOIUrl":"https://doi.org/10.1007/s10258-021-00193-9","url":null,"abstract":"<p>Due to urbanization and the need for people to go from one country to another either for commercial purpose or tourism, it is therefore important to determine the extent to which tourism contributes to growth. This article aims to investigate the tourism-led growth hypothesis in a sample of 34 European countries utilizing the yearly data from 1995 to 2015. The research work makes use of 8 tourism indicators, which cover different dimensions of tourism sector development such as foreign visitors' spending, and international tourist arrival. For empirical analysis, the study accounts key determinants of growth such as capital, labor and energy (renewable and non-renewable) consumption. The results from common correlated effects (CCE) augmented mean group (AMG) and groped-mean estimators confirms that there is a positive relationship between tourism, labour, capital and GDP insinuating the presence of tourism-led growth hypothesis in the European countries. Also, findings from the FMOLS show that changes in the variables leads to a proportional change in GDP. Specifically, the evidence shows that the tourism indicators play an indispensable role in promoting economic development, along with energy consumption, capital, and labor. Sustainable Combating environmental issues associated with foreign arrivals, renewable energy consumption should be encouraged to reduce environmental externalities to ensure sustainable environments for businesses and tourists’ arrivals.</p>","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"61 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Does stock trading volume signal future dividends? Evidence from Iberian firms","authors":"Júlio Lobão, Patrícia Piedade, Srinivas Nippani","doi":"10.1007/s10258-020-00191-3","DOIUrl":"https://doi.org/10.1007/s10258-020-00191-3","url":null,"abstract":"<p>In the study we test the theory that financial markets can provide relevant information about forthcoming corporate events. More specifically, we examine the ability of trading volume to predict dividend changes in a sample of 880 dividend announcements from Iberian firms for the period 2005–2018. We document evidence of a positive and significant relation between unusually high volume and subsequent dividend changes. The results based on panel data regressions with control variables for firm size, profitability measures, volatility and average turnover using both pooled OLS method and fixed effects method are robust. Our results are of special interest to those investors that exhibit a higher preference for dividends.</p>","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"70 6","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
F. Escribá-Pérez, M. Murgui-García, J. Ruiz-Tamarit
{"title":"The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy","authors":"F. Escribá-Pérez, M. Murgui-García, J. Ruiz-Tamarit","doi":"10.1007/s10258-020-00187-z","DOIUrl":"https://doi.org/10.1007/s10258-020-00187-z","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"140 1","pages":"31 - 50"},"PeriodicalIF":1.3,"publicationDate":"2020-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00187-z","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52199553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Measuring the impact of violence on macroeconomic instability: evidence from developing countries","authors":"R. Haroon, Z. Jehan","doi":"10.1007/s10258-020-00188-y","DOIUrl":"https://doi.org/10.1007/s10258-020-00188-y","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"21 1","pages":"3 - 30"},"PeriodicalIF":1.3,"publicationDate":"2020-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00188-y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48459861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Živkov, S. Manić, Jelena Kovacevic, Željana Trbović
{"title":"Assessing volatility transmission between Brent and stocks in the major global oil producers and consumers – the multiscale robust quantile regression","authors":"D. Živkov, S. Manić, Jelena Kovacevic, Željana Trbović","doi":"10.1007/s10258-020-00189-x","DOIUrl":"https://doi.org/10.1007/s10258-020-00189-x","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"21 1","pages":"67 - 93"},"PeriodicalIF":1.3,"publicationDate":"2020-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00189-x","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42722653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intertemporal substitution in import demand and the role of habit formation: an application of Euler equation approach for Pakistan","authors":"F. Khan, Eatzaz Ahmad","doi":"10.1007/s10258-020-00186-0","DOIUrl":"https://doi.org/10.1007/s10258-020-00186-0","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"21 1","pages":"95 - 124"},"PeriodicalIF":1.3,"publicationDate":"2020-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00186-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46271453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Relative pricing of French Treasury inflation-linked and nominal bonds: an empirical approach using arbitrage strategies","authors":"Béatrice de Séverac, J. D. da Fonseca","doi":"10.1007/s10258-020-00185-1","DOIUrl":"https://doi.org/10.1007/s10258-020-00185-1","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"20 1","pages":"273 - 295"},"PeriodicalIF":1.3,"publicationDate":"2020-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00185-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48165129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cross-border acquisitions from developing countries under decreasing returns to scale","authors":"Quan Dong, Juan Carlos Bárcena-Ruiz","doi":"10.1007/s10258-020-00184-2","DOIUrl":"https://doi.org/10.1007/s10258-020-00184-2","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"20 1","pages":"297 - 317"},"PeriodicalIF":1.3,"publicationDate":"2020-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00184-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46299401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"External debt, growth and investment for developing countries: some evidence for the debt overhang hypothesis","authors":"Taner Turan, Halit Yanıkkaya","doi":"10.1007/s10258-020-00183-3","DOIUrl":"https://doi.org/10.1007/s10258-020-00183-3","url":null,"abstract":"","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"20 1","pages":"319 - 341"},"PeriodicalIF":1.3,"publicationDate":"2020-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s10258-020-00183-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42020452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}