On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region

Li, Chunling; Pervaiz, Khansa; Khan, Muhammad Asif; Rehman, Faheem Ur; Oláh, Judit

doi:10.3390/su11236636

Cited by 30 publications

(30 citation statements)

References 56 publications

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“…This indicates that changes in explanatory variables reflect the different effects of independent variables. This study assesses the EKC hypothesis and the implications of the asymmetric impacts of GDP_PC absorptive capacity on CO 2 emissions in the USA and China using the nonlinear autoregressive distributed lag (NARDL) model which is prominent in recent studies [67,68]. Considering the factors' nature and economic growth, and global policies towards the CO 2 emissions-environment policy nexus, the study adopts a nonlinear framework.…”

Section: Empirical Approachmentioning

confidence: 99%

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

et al. 2020

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Interest in the rapid growth of CO2 emissions, together with the economic performance of various countries continues to attract researchers and practitioners’ interest. Alongside, concerns regarding global warming and its effects on human and animal health, and thus sustainable development, escalate. The present study employs the nonlinear autoregressive distributed lag to identify short- and long-run dynamics and the asymmetric nexus between absorptive capacity, and CO2 emissions intensity from 1970 to 2018 in the case of the USA and China. In the short-run, an increase in technology transfer based on human resources increases CO2 emissions in China. Contrarily, the decrease in technology transfer based on infrastructure has an emissions-decreasing effect in China. In the long-run, the effects of an increase in absorptive capacity based on innovation and infrastructure developments provide positive and significant impetus to mitigate the carbon intensity in China and the USA. The results are robust using GHG intensity. Thus, policymakers and researchers have to consider the pivotal role of absorptive capacity in facilitating sustainable development.

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Section: Empirical Approachmentioning

confidence: 99%

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

et al. 2020

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“…There have been numerous surveys on impacting factors of innovation strategy choice, especially centering on corporate governance, including ownership structure [4], the board of directors structure [5], executive incentive [6], and manager characteristics [7,8]. In addition, the financial market has an important influence on the sustainability of developing countries [9]; Sun and Zhang [10] find that the improvement of financial development level can maintain the sustainability of enterprise operations by promoting exploratory innovation. The contemporary research has assisted in clarifying the affecting factors and mechanisms of innovation strategy choice but overlooked the influence of the institutional environment on innovation strategies.…”

Section: Introductionmentioning

confidence: 99%

Does the Mixed-Ownership Reform Affect the Innovation Strategy Choices of Chinese State-Owned Enterprises?

Yuan

Khan

et al. 2020

Sustainability

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In recent years, the innovation of state-owned listed enterprises has gained substantial momentum in academic research due to their vital role in sustainable economic development. This article examines and evaluates the influence of mixed-ownership reform on the innovation strategy of Chinese State-Owned Enterprises (SOEs) from the two dimensions of ownership structure adjustment and control right allocation. We extend extant research in that: The diversity of mixed shareholders, the depth of mixed equity, and the control of mixed equity can significantly promote the exploratory innovation investment of SOEs. Our study investigates the impact of the shareholding ratio of foreign investors, natural persons, and institutional investors. The empirical results found a significant positive correlation between the increase of the shareholding ratio of institutional investors and the exploratory and exploitative innovation investment. On the other hand, private shareholders’ shareholding ratio has no impact on the innovation strategy choices of SOEs. Specifically, the results proved that the promotion of exploratory innovation investment by mixed-ownership reform is more significant in SOEs controlled by the central government or in competitive industries. To a large extent, this promotion is achieved by improving the proportion of executives with a professional R&D background in SOEs.

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“…As one would expect, municipal debt was significantly impacted by the debt crisis. Also affected, via economic and social variables, was the accounting principle of going concerned, i.e., the sustainability of financial management and the simultaneous risk of default (Cohen et al, 2017;Li et al, 2019;Khan et al, 2020) The factors influencing municipal debt in several European countries (Austria, Belgium, France, Germany, Italy, and Spain) were studied by Bellot and Martí Silva (2017). They concluded that the countries in question shared features in common in the practices of their local and central governments.…”

Section: Literature Reviewmentioning

confidence: 99%

Debt Dynamics Among European Municipalities and Their Organizations: Comparative Analysis with Focus on Hungary

Васа¹,

Hegedűs²,

Lentner³

2021

ERSJ

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Purpose: This paper analyzed the debt of municipal subsystems of public finances and the organizations they own compared to EU member countries' GDP during the 2013-2018 period. Our study's essence is to characterize the EU member states based upon the two areas of investigation. We also analyzed the relationships between the liabilities of the entities, and, through the use of statistical methods, we compared the respective values and examined the effect on debt from both local government system models and geopolitical location. Design/Methodology/Approach: Three hypotheses were formulated, and we conducted our research with statistical methods (regression, cluster and variance analyses, LGCEshare variables). We utilized a case study on Hungary to explore the development of the two areas over time and examined how debt value was affected by the regulatory environment. Findings: Between the two areas of the local system's economic management, a statistical connection can be identified. The liabilities as a percentage of the GDP of local governmentowned businesses are considering it has been established. This is especially true in Germany and Scandinavian countries. However, it must be noted that the results of the statistical analyses and the theoretical division are different from each other. Another unique element of this study is considering the debt dynamics of municipalities and their corporations following the comprehensive fiscal reforms post-2010. Practical Implications: The research results can be used to assess the related financial positions of local governments and their economic organizations, to which the European Union is also paying increasing attention. Originality/Value: We examined the relationship between the liabilities of local governments and their economic organizations, and we showed a relationship between the two areas by using statistical methods. We found that the effect of the local government system model and geopolitical location on the debt stock is fundamentally determinant, but not in every case.

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On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region

Cited by 30 publications

References 56 publications

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

Does the Mixed-Ownership Reform Affect the Innovation Strategy Choices of Chinese State-Owned Enterprises?

Debt Dynamics Among European Municipalities and Their Organizations: Comparative Analysis with Focus on Hungary

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