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The impact of country risk on innovation: Global evidence 国家风险对创新的影响：全球证据
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101275
Jun Wen , Hai-Peng Duan , Chun-Ping Chang , Xin-Xin Zhao
{"title":"The impact of country risk on innovation: Global evidence","authors":"Jun Wen ,&nbsp;Hai-Peng Duan ,&nbsp;Chun-Ping Chang ,&nbsp;Xin-Xin Zhao","doi":"10.1016/j.ecosys.2024.101275","DOIUrl":"10.1016/j.ecosys.2024.101275","url":null,"abstract":"<div><div>This article examines the impact of country risk on the level of innovation. Through empirical analysis of unbalanced panel data from 106 countries around the world from 1990 to 2020, we find that reducing country risk has a pro-innovation effect, and this conclusion holds after a series of robustness tests. We also find that the impact of country risk on innovation is more significant in countries with better infrastructure, democracies, lower income, lower political stability, and countries governed by left-wing parties. The impact of country risk on innovation is also more significant in high-tech industries than in traditional manufacturing industries. The mechanism analysis shows that country risk reduction promotes innovation by increasing and improving government efficiency, human capital, and the business environment. This study expands the research areas related to country risk and provides evidence for understanding the relationship between country risk and innovation.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101275"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Determinants of the choice of exchange rate regime in oil-exporting countries 石油出口国汇率制度选择的决定因素
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101269
Ruslan Aliyev , Ayaz Zeynalov
{"title":"Determinants of the choice of exchange rate regime in oil-exporting countries","authors":"Ruslan Aliyev ,&nbsp;Ayaz Zeynalov","doi":"10.1016/j.ecosys.2024.101269","DOIUrl":"10.1016/j.ecosys.2024.101269","url":null,"abstract":"<div><div>This study examines the factors that determine exchange rate regime choice in oil-exporting countries. We run ordered logit regressions for an unbalanced panel dataset of 138 countries covering 1974–2021 and confirm that oil-exporting countries are more likely to adopt a fixed exchange rate regime than other countries. The main reason for this is that, given the volatility and uncertainty of oil revenues, traditional monetary policy tools are ineffective, resulting in the exchange rate serving as a nominal anchor. This is supported by our findings on the distinct roles of output volatility, government spending, fiscal cyclicality, and central bank independence in determining exchange rate regimes in oil-exporting countries.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101269"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax-avoidance profit shifting by multinational firms: evidence from Vietnam 跨国公司的避税利润转移：来自越南的证据
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101286
Manh-Duc Le , Marco Zamarian
{"title":"Tax-avoidance profit shifting by multinational firms: evidence from Vietnam","authors":"Manh-Duc Le ,&nbsp;Marco Zamarian","doi":"10.1016/j.ecosys.2024.101286","DOIUrl":"10.1016/j.ecosys.2024.101286","url":null,"abstract":"<div><div>This study investigates the profit-shifting activities of multinational firms in Vietnam from 2006 to 2019. Our results indicate that transfer pricing is the primary method of multinational profit shifting in Vietnam. Moreover, the responsiveness of reported operating profits to tax incentives is found only at subsidiaries of parent companies that originate in tax havens and mainly at large foreign subsidiaries but not smaller ones. We also find a significant shift in tax avoidance practices among foreign firms linked to tax havens after 2017, when stricter regulations aligned with standards by the Organization for Economic Cooperation and Development were enforced. Despite these changes, multinational tax avoidance persists. Our study suggests that cross-border multinational profit shifting is more complicated than previously known, and the dyadic profit-shifting pattern between tax havens and developing countries, such as Vietnam, deserves more attention.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101286"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does distance from government hinder enterprises’ OFDI？Evidence from China 与政府的距离是否阻碍了企业的对外直接投资？来自中国的证据
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101270
Long Wang , Wenjun Ji , Teng Zhang , Xiaoqian Liu
{"title":"Does distance from government hinder enterprises’ OFDI？Evidence from China","authors":"Long Wang ,&nbsp;Wenjun Ji ,&nbsp;Teng Zhang ,&nbsp;Xiaoqian Liu","doi":"10.1016/j.ecosys.2024.101270","DOIUrl":"10.1016/j.ecosys.2024.101270","url":null,"abstract":"<div><div>This study analyzes the impact of government–enterprise distance on the probability of outward foreign direct investment (OFDI) with matched data from Chinese prefecture-level municipal governments, the Chinese industrial enterprises database, and the directory of overseas investment enterprises. We determine that increased distance between the government and enterprises has a significant negative impact on the probability of enterprises’ OFDI. Mechanism analysis demonstrates that increased government–enterprise distance, which causes higher information search and relationship building costs, and decreased accessibility of public service, are the main reasons for this decline.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101270"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Testing the development impact of islamic banking: Islamic moral economy approach to development 检验伊斯兰银行业对发展的影响：伊斯兰道德经济发展方法
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101229
Alija Avdukic , Mehmet Asutay
{"title":"Testing the development impact of islamic banking: Islamic moral economy approach to development","authors":"Alija Avdukic ,&nbsp;Mehmet Asutay","doi":"10.1016/j.ecosys.2024.101229","DOIUrl":"10.1016/j.ecosys.2024.101229","url":null,"abstract":"<div><div>Redistributive justice and stakeholder development have been central objectives of the Islamic moral economy for which Islamic banking was considered a facilitatory operational tool. Being its institutional form, the emergence of Islamic finance is, therefore, related to rescuing ‘human, land, labour and capital’ so that extended stake-holding governance can be achieved. As opposed to the institutional logic of conventional finance, within the Islamic moral economy paradigm, Islamic finance, theoretically, is expected to essentialise justice and equilibrium and equalise development opportunities for all stakeholders to fulfil their development path towards perfection. To assess the Islamic moral economy performance of Islamic banking, this paper uses <em>HDI</em> and <em>GINI</em> as the dependent variables to determine short-run and long-run relationships between Islamic banking growth and the development of the economy through socioeconomic indicators. The data covers the period 2000–2021 with fourteen countries with a systemic presence of Islamic finance, The results show that although Islamic banks did not cause an increase in inequality, as opposed to expectations, they neither caused a decrease in the sampled countries. As for the effect of Islamic banking expansion on human development, it positively contributes to human development only in the long run under certain conditions, which cannot be established in the short run. If sustained, this should be considered positive progress as opposed to the experience observed in the initial period of Islamic banking.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101229"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141136131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do consumers gain or lose when managers become socially concerned? 当管理者开始关注社会问题时，消费者是得到了还是失去了？
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101272
Chung-Hui Chou
{"title":"Do consumers gain or lose when managers become socially concerned?","authors":"Chung-Hui Chou","doi":"10.1016/j.ecosys.2024.101272","DOIUrl":"10.1016/j.ecosys.2024.101272","url":null,"abstract":"<div><div>The Friedman Doctrine states, “an entity's greatest responsibility lies in the satisfaction of the shareholders.” This leads us to consider managerial firms’ corporate social responsibility (CSR) activities delegated by profit-maximizing owners. Our research follows the Ferstman-Judd-Skilvas framework to examine if profit-maximizing owners could ask managers to be socially rather than privately concerned and its impacts on social welfare, contributing to the literature of CSR by presenting the following results. First, CSR delegation is a dominant strategy. Second, CSR delegation reduces the industry output level. We further show that consumers’ surplus and social welfare decrease in the number of managerial firms adopting CSR delegation. The above results imply that socially concerned managers with profit-maximizing owners are socially undesirable in a market with output delegation.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101272"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of global shocks on sovereign risk: Role of domestic factors 全球冲击对主权风险的影响：国内因素的作用
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101277
Masahiro Inoguchi
{"title":"The impact of global shocks on sovereign risk: Role of domestic factors","authors":"Masahiro Inoguchi","doi":"10.1016/j.ecosys.2024.101277","DOIUrl":"10.1016/j.ecosys.2024.101277","url":null,"abstract":"<div><div>This paper explores how domestic factors affect the linkages between global market uncertainty and sovereign credit risk in emerging market economies (EMEs). First, we assess the dynamic conditional correlations (DCCs) between sovereign credit default swap spreads and the VIX as a measure of the linkage between sovereign risk and global financial uncertainty. Second, we estimate how domestic idiosyncratic factors influence the calculated DCCs for periods before, during, and after the global financial crisis (GFC). Our findings reveal that the sensitivity of sovereign risk to global financial uncertainty (the calculated DCC series) was higher during and after the GFC and in EMEs and responded to domestic economic conditions particularly in EMEs. Specifically, the magnitude of the DCCs was higher in EMEs with lower domestic stock market returns in the post-GFC period. In addition to the postcrisis period, domestic factors influenced the DCCs of EMEs before and during the GFC.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101277"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Revealing the secrets of working capital: A comparison between sharia-compliant and conventional firms 揭露营运资金的秘密：符合伊斯兰教法的公司与传统公司的比较
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101278
Umar Kayani , Umer Iqbal , Ahmet Faruk Aysan , Bayu Arie Fianto , Mustafa Raza Rabbani , Fakhrul Hasan
{"title":"Revealing the secrets of working capital: A comparison between sharia-compliant and conventional firms","authors":"Umar Kayani ,&nbsp;Umer Iqbal ,&nbsp;Ahmet Faruk Aysan ,&nbsp;Bayu Arie Fianto ,&nbsp;Mustafa Raza Rabbani ,&nbsp;Fakhrul Hasan","doi":"10.1016/j.ecosys.2024.101278","DOIUrl":"10.1016/j.ecosys.2024.101278","url":null,"abstract":"<div><div>This research compares the performance of sharia-compliant (SC) and non–shariah-compliant (non-SC) firms by examining the impact of working capital on the return on assets, the return on equity, and the net profit margin. The dataset, based on the Dow Jones Islamic Market Index (DJIMI) standards, is divided by the leverage ratio and includes PSX-500 firms listed in the Pakistan Stock Exchange from 1996 to 2020. Our findings reveal that working capital has a significant and positive effect on all firm proxies, among which non-SC firms outperform SC firms because of their access to funds for business operations. SC firms face restrictions in obtaining funds from conventional banks. Our study has many implications. As liquidity injection is crucial for growth, policy makers should focus on developing novel credit instruments that are SC to address financing needs and boost business operations.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101278"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Institutions and financial crises 制度与金融危机
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101267
Francesco Marchionne , Noemi Giampaoli , Matteo Renghini
{"title":"Institutions and financial crises","authors":"Francesco Marchionne ,&nbsp;Noemi Giampaoli ,&nbsp;Matteo Renghini","doi":"10.1016/j.ecosys.2024.101267","DOIUrl":"10.1016/j.ecosys.2024.101267","url":null,"abstract":"<div><div>We examine how institutional quality affects the probability of banking and sovereign debt crises using a panel of 138 countries from 1996 to 2017. Individually, proxies of institutional quality capture different institutional dimensions and suffer from measurement errors. Jointly, we find that their impact is heterogeneous, and multicollinearity slightly biases the estimates: measures more closely related to regulatory quality and corruption mitigation decrease the probability of financial instability, while those oriented toward social capital have perverse effects. This evidence questions the beneficial effect of institutions. On the contrary, when we extract the common component of institutional quality from multiple imprecise measures using a principal component analysis, better institutions unambiguously reduce the probability of financial distress. Such a shielding effect occurs regardless of whether institutions are considered exogenous or endogenous. Financial structure, cultural differences, and international agreements do not affect our findings. Estimates are robust to several econometric exercises.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101267"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diversity of corporate officers and its regional disparities in Germany 德国企业管理人员的多样性及其地区差异
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-06-01 DOI: 10.1016/j.ecosys.2024.101276
Ichiro Iwasaki , Mihoko Satogami
{"title":"Diversity of corporate officers and its regional disparities in Germany","authors":"Ichiro Iwasaki ,&nbsp;Mihoko Satogami","doi":"10.1016/j.ecosys.2024.101276","DOIUrl":"10.1016/j.ecosys.2024.101276","url":null,"abstract":"<div><div>This paper explores the regional disparities in the diversity of corporate officers in Germany. Our empirical analysis, encompassing 65,745 German businesses, reveals a pronounced inclination among Berlin and former East German firms to appoint female officers, in contrast to their former West German counterparts. Furthermore, we found that companies in Berlin exhibit greater diversity in the national backgrounds of their officers as compared to those in the former West Germany, while firms in the former East German regions lag behind in this aspect. Moreover, our empirical results indicate a greater willingness among Berlin and East German firms to hire younger corporate officers as compared to firms in the former West Germany. These findings demonstrate statistical robustness against heterogeneity in industrial sectors and firm sizes and are particularly evident in companies established after the 1990 reunification.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 2","pages":"Article 101276"},"PeriodicalIF":2.8,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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