This paper proposes an alternative methodology to assess fiscal sustainability. Our balance-sheet approach (BSA) relies on estimating separately all of a government's assets and liabilities as opposed to focusing only on the burden of explicit liabilities. In our approach, assets are primarily the present discounted value of taxes, and liabilities include explicit liabilities but also the present discounted value of expenditures. Using the value of assets and liabilities, we compute the government's balance sheet, and therefore net worth. We then evaluate the response of net worth to growth, commodity prices or real exchange rate shocks. By computing a value for the government's net worth, our methodology allows an assessment of fiscal sustainability that is less reliant on the analyst's assumptions than traditional debt sustainability analysis (DSA). 相似文献
The present study examined how the multi-country green technology co-patenting network structure evolved from 1997 to 2016. For that purpose, we used Social Network Analysis tools, which allowed us to assess the network structure from a visual and quantitative perspective. The results indicate that the network expanded as the number of participating countries and ties increased. In all periods, the network grew significantly centralized around a small group of countries, in which the U.S., Great Britain, Germany, France, and Canada had paramount weight. Emerging countries like India and China also stood out due to their growth over time, as they eventually managed to gain central positions in the network. Other developing countries remained marginal, such as Brazil.
This study analyses whether the perceived risk of purchasing technological products is less influential on the process of technological adoption when this effect is moderated by the product's multifunctional category (hedonic vs. utilitarian product characteristics). Four experiments were developed according to scenarios related to the multifunctional content (level of complexity according to the product category) of the technology and the number of functionalities in the products. The perception of risk has less effect on adoption when the product characteristics are manipulated to be more utilitarian or heighten the consumer's social value. This study contributes to the theoretical understanding of which categories are less influenced by the perceived multifunctional risk of purchasing and adopting a new technology, as well as of when individual values overlap with consumers' risk perceptions. It also contributes managerially by identifying the profile of individuals who are more likely to consume innovations characterized by high complexity and functionality, and by providing guidance for the development of innovative products that prioritize utilitarian, rather than hedonic, characteristics. 相似文献
We examine the role of country-level legal investor protection (i.e., shareholder and creditor protection) on firm investment–cash flow sensitivity (ICFS). Using underexplored research data on investor protection across 21 countries and working with a conservative empirical design, we extend prior literature on the relation between investor protection and ICFS and provide new evidence on how these country-level attributes interact to explain a firm's ICFS. We find that either the strong legal protection of minority shareholders or the strong legal protection of creditors reduces the sensitivity of investment to internal cash flow. However, in countries with strong levels of both minority shareholder and creditor protection, ICFS increases. Our results remain robust after controlling for several alternative explanations. The results support the argument that overregulation arises when policymakers increase investor protection at levels that lead firms to avoid external sources of finance, hampering firm investment. Our findings suggest that countries face a regulatory trade-off such that increasing investor protection (either shareholder or creditors protection) enhances financial markets efficiency, but excessive regulation can indeed lead to financial markets inefficiencies. 相似文献
Group Decision and Negotiation - Crowdsourcing and crowd voting systems are being increasingly used in societal, industry, and academic problems (labeling, recommendations, social choice, etc.) due... 相似文献
With new banks entering the South African market and consumers generally not satisfied with their current bank, brand loyalty in the banking sector is receiving greater attention. A gap in the literature exists regarding the issues of bank loyalty and their antecedents in South African retail banking because of the few studies available in the South African context, the new competitive environment in the banking sector, the multi-cultural nature of the market, and the likely switching behaviour by customers. The South African context is a multi-cultural environment and therefore offers a unique background as most previous brand loyalty studies have been in mono-cultural contexts. The purpose of this study was to investigate the antecedents of brand loyalty, including satisfaction, brand relationship quality, customer advocacy, and brand trust in retail banking. We report on a survey of 351 banking customers through SEM using AMOS. While the findings are generally supportive of previous studies, some surprising results are discussed and implications for both theory and practice are highlighted.
International Entrepreneurship and Management Journal - Does size matter for new firms and do they need to be large to be profitable? From small to large firms, a wide range of arguments have... 相似文献
There is a growing need to gauge local economic activity in real time. Localised economic challenges have been emphasised in the wake of the COVID-19 pandemic. Real-time trackers (such as OECD trackers) and other nowcasting applications typically correspond to national or highly aggregated regions. In this discussion paper, we briefly explore how unconventional data might be used to produce nowcasts of local economies. We argue that in the absence of traditional nowcasting metrics, efforts to nowcast local economies need a local perspective, with data capture tailored to address heterogeneity across three domains: (1) resources, (2) people and (3) life. 相似文献