This study looks at how firms react to shocks in equity prices based on a classification which arises from social pressures rather than the financial objective of maximizing shareholders’ wealth. In order to meet the objective of the study, a sample of Malaysian firms from the period of 2003 to 2018 was utilized to evaluate the relationship between market and book debt ratios based on a social distinction. The study is based on the theoretical expectation that managers are inclined to adjust book debt ratios to converge with market debt values which arise from changes in equity values over time. We introduce a unique institutional setting into the relationship which is readily observable in the Malaysian capital market given the existence of Shari’ah and non-Shari’ah compliant company classifications on the stock exchange (Bursa Malaysia), as screened by the Securities Commission. The classification forms the basis for distinguishing Socially Responsible Investment options for investors. The findings reveal the existence of asymmetries in how both categories of firms adjust towards shocks in equity prices. The findings document that both compliant and non-compliant firms decrease book debt ratios in line with increases in firms’ equity values. Compliant firms, on the other hand, are more likely to increase book debt ratios during periods of decreases in equity values. Non-compliant firms do not significantly alter book debt ratios during periods of declining equity prices. The findings indicate that whilst firms tend to decrease debt levels in the presence of future growth potential, the response is asymmetric during periods of suppression of share prices. Thus, the screening of compliant versus non-compliant firms allows investors to distinguish sustainable firms in the long run, which further allows diversification when holding socially responsible investment portfolios. Our conclusions have wide reaching implications on a global scale for the development of sustainable capital markets.

The current examination aims to explore the critical relationship of energy, in the form of electricity with economic growth of Indonesia. Contrary to traditional approach of assessing the impact of energy consumption, the present study analyzes the association from production point of view by assessing the impact of electricity production on economic development. In doing so, the current study has adopted the refined methodology of auto-regressive distributed lags (ARDL) bound testing approach to examine the dynamic relationship among renewable (RE) electricity generation, non-renewable (NRE) electricity generation and economic growth with amplified understanding of the critical association to support the course of economic planning and policy making. The results of ARDL bound testing approach confirm that RE electricity generation, NRE electricity generation and carbon dioxide emission are solid determinants of economic development in Indonesia. Moreover, the results avow that RE electricity and NRE electricity generation have a useful and beneficial outcome on economic development in Indonesia.

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The actual and virtual realms in the present economies are expending to respond well to technological evolutions. In fact, the emergence of fourth industrial revolution (4IR) has stimulated the organization to adopt innovations in the production and process with extensive integration of ecofriendly practices to ensure sustainability. The automation of work and emerging digitalization is known as the 4IR. This industrial revolution has several effects on person's career involvements. Still, the past literature in careers research and vocational psychology has been surprisingly quiet on this pattern up until now. In this regard, the present study examines the impact of industrial revolution factors on environmental and economic performance (ECP) in manufacturing small and medium enterprises in Malaysia. The results of structural equation modeling confirm that green product innovation and green process innovation have positively and significant impact on project innovation (PRI). Moreover, the results further confirm that PRI has positive and significantly impact on ECP and environmental performance (ENP). Finally, economic and ENP have a positive and significant impact on competitive advantage (COM). Therefore, it is recommended that 4IR factor is a source to enhance the economic and ENP of the firm which ultimately leads the COM.

The aim of the current study is to examine the importance of natural gas (NG) energy utilization in influencing economic growth using time series data from 1980 to 2017 in Indonesia. In doing so, the current study has adopted the refined methodology of Auto-Regressive Distributed Lags (ARDL) bound testing approach to examine the dynamic relationship among NG and economic growth with amplified understanding of the critical association to support the course of economic planning and policy making. The results of ARDL bound testing approach confirm that capital, labor force and NG utilization are strong determinants of economic growth in Indonesia. Likewise, the outcomes affirm that NG utilization have a constructive and positive effect on economic growth in Indonesia which implies that the NG is the main source of economic growth in Indonesia in the long run and short run. Also, the results of variance decomposition method confirm a bi-directional causal relationship between economic growth, NG utilization, labor force and capital in Indonesia.

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