Utilizing data on 2,116 stock-exchange-listed banks over a 10-year period (2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016), this study examines the relationship between board gender diversity and sustainable reporting. Findings from descriptive analysis show that board diversity tends to be higher with banks endowed with low financial leverage and high assets. Cross-country analysis shows that Central America evinces the highest levels of board diversity among banks. In Europe, however, repose the highest levels of environmental and social disclosure among banks.
With respect to Saudi Arabia for the period 2007–2016, this study employs linear (ordinary least square and causality tests) and nonlinear (Markov switching technique) to determine the long‐run relationship between stock market returns, in aggregate, and oil prices, as independent variable on the one hand, with sectoral returns in stock markets, and as dependent variable on the other. Results suggest that sectors in the Saudi market generally respond asymmetrically to oil prices. Overall, in the long run, the Saudi market, in aggregate, was found to be cointegrated with sectoral returns being affected more by overall stock market returns than by oil returns. When nonlinear Markov switching technique was employed, results were only significant in certain sectors namely cement, petrochemical industries, building and construction, and energy and utilities where regime switching between high and low volatilities was detected around the global financial crisis in 2008. Based on these findings, the study recommends investors to consider investing in sectors that balance between those with returns that vary directly and inversely with oil prices in an effort to create “oil‐neutral” portfolios rather than uniformly investing across all sectors in the Saudi market or consider investing in Saudi market sectors in the case of high oil prices.
This study aims to investigate the mediating role of oil returns in the relationship between investment in higher education and economic growth in Saudi Arabia, which has invested in higher education and knowledge creation as part of the sustainable development process. Expenditures on higher education, representing a large part of this country's budget, aims to develop its educational systems in alignment with the requirements of its development plans. This study initially overviews the trends in expenditure on higher education in Saudi Arabia and then articulates, using unit root, cointegration, granger causality and multiple regression tests, a standard model in which educational investment, as an independent variable, will be regressed against the measures of economic development, as dependent variables, in Saudi Arabia in the period of forty (40) years, since 1978 until 2017. The study model fails to find a mediating role of oil returns in the relationship between investment in higher education and economic growth in Saudi Arabia. Neither did it find that investment in higher education actually generates economic growth in Saudi Arabia. However, it has been found that oil wealth is the engine of investment in higher education.
Emerging economies have a diverse range of countries regarding both geography and stage of development that have been influenced by historical, cultural, and societal change. Recently more emphasis has been placed on understanding the role of entrepreneurship in emerging economies due to changing economic conditions and the rapid rise of entrepreneurs in the global economy. This special journal issue includes a number of articles on diverse issues related to entrepreneurship in emerging economies both from the micro, meso, and macro perspectives. Based on this, we argue that it is necessary to consider the institutional context of formal and informal institutions to understand better the continued growth of entrepreneurship in emerging economies. In addition to summarizing the main contributions of those articles in this Issue, we provide new insights and approaches to explore further how entrepreneurship can contribute to sustainable economic growth in this context. This will help contribute to the literature and practice about the development of entrepreneurial activity in emerging economies.
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