The research addresses the problem of identifying the impact of the labor force, of the investments and the research and development on the direction of the long-term growth strategy, in order to achieve the business sustainability of some countries of the European Union. The paper addresses the main challenges and macroeconomic developments at European level, as well as, relevant aspects reflected in some research, representative studies for the analysed issues. It also includes the empirical study conducted for 24 European countries, over a 22-year period, in which, based on the use of the multiple regression model, we analysed the correlations between the Export and Import indicatorsendogenous variables, considered to be the promoters of business sustainability, and the macroeconomic indicators Labour force, FDI (Foreign Direct Investment) and R&D-exogenous variables. In the short term, the research reflects the fact that the two indicators R&D expenditures and the number of researchers have a statistically significant positive impact on the exports of the states. In addition, the participation of the Labor force and FDI helps to increase the share of exports in GDP, too. According to the results of the research, the advanced economies register a benefit in the export activity, supported also by the large number of researchers, involved in the research and development activity. In the long term, R&D expenses and Labor force participation have a bigger impact on exports compared to other factors taken into account, given that the level of unemployment in an economy does not have a significant impact on foreign trade. Our work adds value to existing research by addressing the issue of evaluating the impact of innovation (through the variables: research and development expenses, researchers involved in research and development, patent applications-nonresidents and patent applications-residents), of labor force (through the variables: labor and unemployment-% of total labor force) and of investments (through the variable: foreign direct investment) on foreign trade of some countries of the European Union.
This research addresses the problem of the synergistic relationship between the sustainable development of the green economy (bioeconomy) at the European level and the commercial flows with food. Mainly, two components were analyzed and integrated: A qualitative one, on the perspective of the development of the bioeconomy at the European level, and a quantitative one, on the study of the nature of the inter-correlation between the exogenous indicators of foreign food trade (exports and imports) and the relevant endogenous indicators (the labor force, gross added value of agriculture, forestry and fisheries, research and development expenditure, forest area, fossil fuel energy consumption, and renewable energy consumption), for 24 European countries over a 22 year period. Exports and imports of food products are positively influenced by the added value of the agricultural sector and by the share of research and development expenditures, both in the short and long term. Renewable energy consumption influences exports in the short term, but in the long term, the forest area has a significant positive impact. Imports are negatively influenced by renewable energy consumption. The findings of this research can provide support for the future mix of policies.
The research presents the interrelationships between banking performance, competitiveness and sustainability of the three banking systems and the impact of each sustainability variable selected on the other macroeconomic indicators in short, medium and long-time horizon. The empirical study involved the use of a panel Auto Regressive Vector methodology and was based on macroeconomic indicators relevant to the performance of the banking system (return on assets, return on equity, an annual growth rate of Gross Domestic Product), as well as indicators that can be assimilated to sustainability (renewable fuels used, CO2 emissions). The dependent variables were return on assets and the annual growth rate of Gross Domestic Product. The global sample analyzed comprises 29 countries, spread over three continents (Europe, North America, Asia), with data collected over a 10-years period (2011-2020). These countries together account for approximately 62% of global GDP (data from 2020). The research results show that as banks invest in green energy and sustainable products, competitiveness will also increase, which will have a negative impact on profitability in the short term. In the medium and long term, this impact will become positive also in terms of profitability increase. This strategic move to develop sustainable business models and to finance a higher percentage of green investments also adds extra competitive advantages, such as reputation and smart differentiation, from other less sustainability-oriented banking systems. The process impacts the systemic level, the macro perspective, the banking organizational level, the micro perspective, together with the perception of the customers.
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