Article

This study examines the dynamic interaction between head-of-state alternation and structural transformation in sub-Saharan Africa (SSA), an issue that has received limited attention compared with the established literature on political alternation and economic growth. Using data from Limi Kouotou and Epo (2019), the Africa Sector Database, and World Development Indicators for 17 SSA countries over 1970–2015, the study estimates a panel vector autoregression (pVAR) model. The study examines structural transformation through two components: structural change and intra-industry productivity. The results show that innovations in head-of-state alternation are more strongly associated with structural change than with intra-industry productivity. The impulse-response analysis further indicates that head-of-state alternation responds positively to structural-change shocks and negatively to intra-industry-productivity shocks. Forecast-error variance decomposition shows that innovations in head-of-state alternation explain 25.5% of the variance in structural change and 13.4% of the variance in intra-industry productivity, while FDI accounts for 51.2% of the forecast-error variance in head-of-state alternation. The study contributes to the literature by moving beyond the conventional growth–politics relationship and demonstrating the dynamic association between political alternation and the components of structural transformation in SSA.

Given the growing importance of financial development and globalization in shaping economic growth over recent decades, particularly in the context of the Next-11 countries, policymakers need to carefully assess both the individual and joint effects of these factors to design policies that maximize their growth-enhancing potential. Accordingly, this study investigates the short-run and long-run effects of financial development and globalization—both independently and interactively—on economic growth in the Next-11 countries over the period 1990–2023, employing a panel ARDL framework. The empirical results reveal that financial development and globalization each have negative and significant effects on economic growth in both the short and long run. However, the interaction term between financial development and globalization is positive and significant across both time horizons, providing strong support for the complementarity hypothesis. This finding suggests that, although each factor individually constrains growth, their joint effect mitigates these adverse impacts and ultimately enhances growth outcomes. With respect to the control variables, labor has a positive and significant impact on economic growth in both the short run and the long run, highlighting the critical role of human capital and labor force expansion. Physical capital is found to be insignificant in the long run but exhibits mixed effects in the short run. Inflation remains insignificant in the long run but shows a small yet positive and significant effect in the short run. Overall, these results offer important policy implications, emphasizing the need for coordinated financial and external-sector policies to promote sustainable economic growth in the Next-11 countries.

This study examines how institutional quality, government R&D expenditure, and SEEA-aligned environmental asset indicators are associated with renewable energy adoption in China from 1999 to 2023. It addresses the puzzle that environmental accounting signals and innovation investment do not automatically translate into renewable energy use. Annual data from the World Development Indicators and Worldwide Governance Indicators were analyzed using a hybrid empirical strategy. The Autoregressive Distributed Lag approach was applied to estimate short-run and long-run relationships, while Double Machine Learning, Random Forest, Gradient Boosting, and SHAP interpretability were used as supplementary tools for robustness and predictive importance. Given the limited sample size, machine-learning results are interpreted as orthogonalized associations and as predictive evidence rather than as definitive causal effects. ARDL results show that regulatory quality has a positive and statistically significant long-run association with renewable energy adoption. In contrast, government R&D expenditure and adjusted net savings show negative associations, suggesting that innovation spending and fiscal capacity may not support renewable energy adoption unless directed toward deployment and energy-system substitution. Energy resource depletion is statistically insignificant, while natural resource rents show a weak positive long-run association. Machine-learning results identify government R&D expenditure as the strongest predictor, although its direction remains negative. The findings indicate that China’s renewable energy transition depends less on fiscal or technological inputs alone and more on the institutional capacity to convert these inputs into adoption outcomes. The study implies that SEEA-based indicators should be integrated with regulatory mechanisms, deployment-oriented innovation policy, and outcome-based evaluation of energy transition.

Africa continues to face persistent development challenges, including poverty, income inequality, limited access to healthcare services, and disparities in education. These challenges contradict the objectives of the Sustainable Development Goals (SDGs), which emphasize the importance of innovation, infrastructure development, and strong institutions. Technological innovation has increasingly been recognized as a key channel for promoting infrastructure development, improving economic complexity, and strengthening institutional performance. Motivated by these considerations, this study examines the combined effects of technological innovation, governance institutions, human capital development, infrastructure, and foreign direct investment on economic complexity in Africa. In addition, the study investigates how technological innovation, governance institutions, remittances, foreign direct investment, and economic complexity influence infrastructure development across African economies. The analysis employs the system generalized method of moments (system GMM) estimator using panel data for 31 African countries covering the period from 2011 to 2020. The results reveal that technological innovation has a positive and statistically significant effect on both economic complexity and infrastructure development in Africa. However, the indicators of governance institutions are largely negative and statistically insignificant in their influence on economic complexity and infrastructure. Furthermore, governance institutions do not significantly moderate the relationship between technological innovation and these development outcomes. These findings highlight the importance of strengthening technological innovation systems while addressing institutional weaknesses to promote sustainable economic development across the African continent.

Oil remains a strategic asset at the heart of contemporary geopolitical rivalries. China’s rise to become the world’s largest importer and the United States’ transformation into a major producer and exporter have profoundly altered the energy balance of power, reinforcing the interdependence between oil markets and bilateral geopolitical tensions. This article examines the existence and nature of an asymmetric relationship between oil price fluctuations and geopolitical tensions between China and the United States, distinguishing the effects of price increases and decreases and their dependence on risk regimes. The analysis is based on monthly data covering 2000–2024 and employs a nonlinear econometric approach that combines an NARDL model for asymmetric cointegration, a Quantile VAR (QVAR) model to capture conditional effects by risk level, and an EGARCH model to analyze the asymmetric transmission of geopolitical uncertainty to oil volatility. The results show that rising oil prices significantly intensify Sino-American geopolitical tensions, while falling prices have a weaker and less persistent effect. This asymmetry is particularly pronounced during periods of high international instability. Furthermore, geopolitical tensions significantly increase oil price volatility, with a leverage effect indicating that negative geopolitical shocks have a disproportionate impact on energy markets. These results suggest that the asymmetry in the oil-geopolitical transmission reflects differentiated energy vulnerabilities and distinct strategic behaviors between China and the United States. The study underscores the importance of oil as a vector of asymmetric interdependence and as an amplifier of international tensions, with major implications for energy security policies, financial market stability, and global energy governance.

Productive capacity has emerged as a critical indicator of long-term economic development, particularly for regions undergoing rapid structural transformation, such as Sub-Saharan Africa (SSA). Despite increasing global interest, the key drivers of productive capacity in SSA remain insufficiently explored, especially within the context of tourism and migration. Existing studies predominantly rely on GDP-based growth models and often examine tourism and migration separately, overlooking their combined influence on structural development. Moreover, the role of institutional quality in shaping productive capacity is under-investigated. This study examines how international tourism and migration affect productive capacity growth in SSA, while also considering the contributions of urbanization, trade openness, and institutional quality. Using panel data from 38 SSA countries between 2011 and 2021, the analysis employs a dynamic System Generalized Method of Moments (System GMM) estimator to address endogeneity, unobserved heterogeneity, and simultaneity among variables. The results indicate that international tourism and migration exert positive and statistically significant effects on productive capacity. Institutional quality emerges as the most influential driver, followed by urbanization and trade openness. These findings underscore the importance of structural and governance-related factors in enhancing the region’s productive capacity. Tourism and migration contribute meaningfully to productive capacity growth; however, their impact is substantially conditioned by the quality of governance and structural enablers. Policymakers should adopt sustainable tourism strategies, strengthen security and infrastructure, develop migration-friendly frameworks, enhance human capital, and prioritize institutional reforms to maximize long-term productive capacity in SSA.

The pursuance of Sustainable Development Goal 7, Affordable and Clean Energy, takes center stage in this research in the vibrant geography of Southeast Asia. This investigation centers on the social and economic ramifications of renewable energy policy, examining the various factors that influence energy fairness and justice. The study aims to determine how financial disparity, community participation, education, policy support, and geographical constraints affected energy access discrepancies in a panel of nine selected Southeast Asian countries from 2000 to 2023. The study employed a panel Autoregressive Distributed Lag (ARDL) model and robust least squares regression for estimation. Income inequality negatively and significantly affects energy access disparity (EAD) in the panel ARDL model. Community involvement and education improve energy accessibility. Education raises awareness of sustainable energy practices and technology, which increases energy-efficient solution adoption. Community involvement affects inclusive energy access and environmental sustainability policies, and public opinion. Additionally, geographical obstacles and public support are correlated positively, indicating that practical policy actions and investments can increase energy availability. Centralized infrastructure, technology, and egalitarian energy solutions may overcome geographical obstacles. Finally, policy support has an "inverted U-shaped" pattern, suggesting that it may promote socioeconomic growth and reduce energy access inequities. The study provides deep insights that can influence targeted policy choices and promote a sustainable and inclusive energy future for Southeast Asian countries.

The nexus between the agricultural sector, manufacturing sector, and FDI has been a topic of debate over the years. While the fundamental role of FDI in the growth of the overall economy has been widely recognized, findings of existing literature have remained unclear and inconclusive on how the impact of FDI varies across these distinct sectors, especially within the context of developing countries like Nigeria. This study aims to provide a comprehensive comparative analysis of the impact of FDI and other capital inflows on Nigeria’s agricultural and manufacturing sectors between 1980 and 2021. Using annual time-series data from the World Bank’s World Development Indicators (WDI) and the Central Bank of Nigeria (CBN), the study employs the Autoregressive Distributed Lag (ARDL) modelling approach. Four sector-specific ARDL models were specified, each subjected to extensive diagnostic and robustness checks to ensure the reliability of the estimates. The findings reveal a contrasting effect: while FDI exerts no statistically significant influence on manufacturing output, it has a strong and transformative impact on agricultural performance. In addition, other capital inflows, including official development assistance, development finance, and remittances, were found to significantly influence both sectors. The study concludes that FDI is not a universal driver of growth, and its effectiveness depends on sectoral characteristics, investment type, and policy environment. It contributes to the literature by offering one of the first sector-specific comparative analyses of capital flows in Nigeria, providing evidence to guide policies aimed at shifting the economy from consumption-driven patterns toward sustainable, production-oriented growth.

The adoption of a floating exchange rate system constitutes a pivotal economic policy decision that both reflects and influences a nation’s broader political economy. The flotation of the Ethiopian Birr (ETB) marks a substantial shift in Ethiopia’s monetary policy framework, carrying significant implications for the country's macroeconomic stability and development trajectory. This paper investigates the rationale behind the policy shift, its anticipated economic impacts, and potential future pathways for Ethiopia. Through a systematic review of the literature and comparative analysis of case studies from other countries, the study provides a comprehensive evaluation of the benefits, risks, and strategic considerations associated with the move to a floating exchange rate. While the reform offers promising prospects for greater economic autonomy, enhanced trade competitiveness, and market-driven growth, it also introduces considerable challenges, including inflationary pressures, socioeconomic inequality, and political uncertainty. To fully leverage the potential of this transition, Ethiopia must prioritize sound policy management, institutional strengthening, and structural economic reforms. These measures are critical to mitigating the inherent risks of exchange rate liberalization and to ensuring that the country achieves long-term macroeconomic stability, inclusive growth, and sustained structural transformation.

This study examines the impact of school infrastructure on pupils' academic performance in Cameroon, addressing concerns over persistently low schooling rates and educational outcomes in primary schools. Using cross-sectional secondary data from the PASEC survey conducted across ten Francophone African countries, covering 31,213 pupils from 671 schools in Cameroon. The data were analyzed using descriptive statistics and robust Ordinary Least Squares (OLS) regression. The findings reveal that school infrastructure has a significant positive effect on pupils’ academic performance, suggesting that improvements in classroom conditions, access to educational resources, and overall school facilities correlate with better academic outcomes. Additionally, several control variables, including electricity at home, parental involvement in education, access to study guides, and the availability of basic learning materials, also show a positive relationship with academic performance. However, certain factors, such as school canteens, catch-up lessons, and WiFi access at home, exhibit unexpected negative effects on pupils' performance, indicating potential distractions or inefficiencies in their implementation. The study concludes that investment in school infrastructure is crucial for enhancing educational quality in Cameroon. It emphasizes the need for targeted interventions focusing on classroom construction, the provision of teaching materials, and inclusive infrastructure to support diverse student needs. From a policy perspective, the Cameroonian government should address urban-rural disparities through decentralization, ensuring that local authorities play an active role in school infrastructure development. The findings suggest that while digitalization is not yet a priority, fundamental infrastructure improvements, such as classrooms, desks, potable water, and libraries, should be prioritized to create a more conducive learning environment.

The rapid development of the digital economy is a critical national strategy for the Chinese government, with the establishment of digital economy platforms as a key component. Simultaneously, both the government and enterprises have embraced the concept of sustainable development. Since corporate environmental, social, and governance (ESG) performance serves as a crucial micro-indicator of sustainability, it is essential to investigate whether the digital economy platforms developed by the Chinese government can enhance the ESG performance of relevant companies. This paper first examines the impact of urban digital economy platform construction on corporate awareness of ecological and environmental protection, social responsibility, and governance practices. It then proposes two primary mechanisms—technological innovation and business model innovation. Finally, empirical evidence is presented based on a sample of 107 urban CSI 300-listed companies in China, using data from 2015 to 2019. The analysis yields three key findings: (1) the construction of urban digital economy platforms significantly improves the ESG performance of companies in the region; (2) the impact on the social subindex is not significant, but the effect is more pronounced in non-state-owned enterprises, the manufacturing sector, and the eastern region; and (3) business model innovation plays a more significant role in driving ESG performance compared to technological innovation. This study contributes to the understanding of how digital economy platforms influence corporate ESG performance.

This study aims to assess the impact of pay disparity on the sustainable growth of listed firms in Korea, and to explore how this relationship is influenced by the presence of managerial overconfidence. Employing a fixed-effects regression model, the analysis draws on 10,244 firm-year observations from Korean-listed firms between 2012 and 2022. The findings reveal a significant positive association between pay disparity and the sustainable growth of firms, supporting the tournament theory, Moreover, this effect is more pronounced in companies led by overconfident management. The robustness tests also confirm the main regression results. This study highlights how pay disparity together with the presence of managerial overconfidence can drive sustainable growth. It recommends tailored compensation strategies that consider management dynamics and organizational context, helping firms navigate compensation challenges and enhance long-term success and competitive advantage. The study provides valuable insights for policymakers, investors, and other stakeholders in crafting equitable compensation practices that promote resilient and sustainable business environments. This study’s originality lies in its consideration of managerial overconfidence, setting it apart from prior research that primarily examines the direct link between pay disparity and sustainable growth.

Recent findings suggest that firms with higher Environmental, social, and governance (ESG) scores may experience lower stock returns, contrary to the common belief that better ESG performance enhances market reputation and stock returns. This study aims to investigate the relationship between ESG performance, management costs, and stock returns by introducing an "ESG-cost framework." The framework proposes that the costs incurred in implementing ESG practices can reduce revenue, offsetting the positive effects of strong ESG performance. Using an empirical analysis of firms based on both their ESG scores and management costs, the study finds that firms with low management costs gain the most from high ESG scores, while those with high costs may see diminished stock returns despite strong ESG performance. Additionally, the study proposes trading strategies that integrate ESG scores and cost considerations, demonstrating that these strategies yield better returns than traditional market indices. These findings offer a new perspective on ESG decision-making and provide valuable insights for constructing effective trading strategies.

This study investigates the impact of technology finance and technological innovation on economic growth in the Beijing-Tianjin-Hebei (Jingjinji) region, while also exploring whether this relationship is nonlinear and moderated by technology finance. Using panel data from 2000 to 2021, the study constructs indices for technology finance and technological innovation through principal component analysis (PCA) and applies a threshold regression model. The findings reveal that technological innovation has a stronger positive effect on economic growth when the technology finance index is below or equal to a threshold of 1.459. Beyond this threshold, the impact of innovation diminishes. Additionally, financial development and financial openness positively influence growth, while higher college enrollment ratios have a negative effect. Comparing regional data, the study observes that Beijing has surpassed the technology finance threshold, reducing the positive impact of innovation, whereas Tianjin and Hebei remain below the threshold. The study recommends decreasing technology finance in Beijing and increasing it in Tianjin and Hebei to enhance growth in the region. It also advises the Chinese government to develop comprehensive policies to strengthen financial development and financial openness in the Jingjinji region.

The paper analyzes the impact of social capital on the saving behavior of members of financial cooperatives in the Amhara Regional State, Ethiopia. Explanatory and mixed research methods were employed using a cross-sectional study of 348 stratified and randomly selected financial cooperative members. Primary data was collected through structured questionnaires, focus group discussions, and personal interviews. The data was further analyzed using Probit regression and multiple linear regression models. Three types of social capital dimensions:cognitive, relational, and structuralwere operationalized and measured in terms of members' understanding of shared mission and goals, cooperation, and trust. The results revealed strong evidence that the dimensions of social capital affect the amount of savings and the decision to save voluntarily in a way that yields a return. Our findings suggest that structural and relational social capital, particularly through formal networks, effectively increase both the amount saved and the decision to save. However, the lack of cognitive social capital does not encourage saving behavior. Therefore, it is essential to strengthen the dimensions of trustworthiness, cooperation, and understanding of the shared mission and goals within financial cooperatives. This can be achieved through efficient service delivery, financial workshops, and training programs to guide members toward suitable saving instruments

This paper aims to explore the fundamental principles of sound monetary policy, fiscal prudence, and entrepreneurial innovation, which have historically supported the economic prosperity of nations. It seeks to identify the factors leading to an impending financial crisis and proposes countermeasures based on market liberalization and individual entrepreneurial resilience. Using a critical analysis of prevailing economic conditions, this paper evaluates the unchecked expansion of the monetary supply, fiscal policies, and government interventions. The methodology includes a review of historical economic trends and the application of theoretical frameworks concerning monetary policy, fiscal responsibility, and market innovation. The research identifies that the unchecked expansion of the monetary supply has contributed to inflationary pressures, diminished savings incentives, and led to the misallocation of capital. In addition, fiscal looseness and increased government intervention have exacerbated these economic vulnerabilities, creating conditions ripe for an economic crisis of substantial magnitude, possibly surpassing previous crises such as the Great Recession and the COVID-19 pandemic. The paper concludes that this impending crisis is not an unforeseeable "black swan" event but rather one with clear warning signs that require immediate action. The findings advocate for a departure from interventionist policies and emphasize the importance of returning to foundational economic principles, including market liberalization and fostering individual creativity and entrepreneurial innovation. This paper serves as a timely call for policymakers to address these challenges before the full impact of the crisis is realized.

This study examines how strategic financial management boosts SMEs' corporate value and competitiveness in the fast-changing digital economy. As digital technologies change market landscapes, SMEs face unique challenges and opportunities in aligning their financial strategies with digital transformation. This mixed-methods study combines quantitative regression analysis with qualitative interviews with senior management from technology, finance, retail, and manufacturing. Quantitative findings from 129 SMEs show a positive correlation between strategic alignment, innovation culture, and corporate value and financial performance, highlighting the complex but crucial role of digital technology investments and risk management. Qualitative insights emphasise the need to align these investments with strategic goals and foster innovation. This study contributes twice. First, it empirically shows how strategic financial management practises help navigate the digital economy, enriching strategic management and finance literature. Second, it advises SMEs to take a holistic approach to strategic financial management that prioritises digital technology investments and ensures they are strategically aligned, culturally ingrained, and risk-averse. This research shows how financial strategy and digital innovation interact to drive SME competitiveness and value creation in the digital age.

This study aims to investigate the dynamic relationships among foreign direct investment (FDI), financial development, tourism development, and institutional quality in selected MENA countries. The research focuses on assessing the significance of institutional quality within these interlinked dynamics and its impact on the variables under consideration. The study's objective aligns with UNSDG Goal 16, which aims to promote peaceful and inclusive societies with strong institutions that support economic growth and development. The study employs a novel panel Autoregressive Distributed Lag (ARDL) estimation approach to analyze empirical data from 2002 to 2018. This method allows for a comprehensive examination of both short-run and long-run interactions among FDI inflows, financial development, tourism development, and institutional quality across multiple countries in the MENA region. The empirical results indicate that, in the long run, institutional quality negatively influences FDI inflows, financial development, and international tourist arrivals, while it positively impacts real GDP. In the short run, financial development was found to negatively affect real GDP, and international tourist arrivals were observed to negatively impact financial development. Additionally, institutional quality exhibited a negative effect on international tourist arrivals in the short run. Country-wise regression results showed that institutional quality positively influenced international tourist arrivals, FDI inflows, real GDP, and financial development. Furthermore, the study identifies significant unidirectional causal relationships, highlighting the pivotal role of institutional quality in economic growth and development. The study concludes that institutional quality plays a critical role in shaping the dynamics of FDI, financial development, and tourism growth. While institutional quality has a positive impact on long-term economic growth, its negative effects on FDI, financial development, and tourism in the short run suggest the need for improved governance and policy interventions.

This study aims to investigate the root causes of burgeoning external debt in Pakistan and to identify potential ways to minimise the growing burden of external debt. By analyzing time series data from 1976 to 2022, using the Auto Regressive Distributive Lag Model (ARDL) bound test and local projection impulse response, the research finds a long-term relationship among remittances, external debt, and other variables. The results indicate that gross domestic product (GDP) growth rate, trade volume, and foreign exchange reserves play crucial roles in mitigating Pakistan’s external debt, offering avenues for reducing the country’s debt burden, as the probability values of their coefficients are less than 0.05. However, remittances, gross capital formation, and external debt servicing contribute to increasing external debt at a 5% significance level. The negative and significant error correction term (ECT) implies the system’s stability and convergence. The study concludes that while remittances and gross capital formation have contributed to the increasing external debt, effective management of GDP growth, trade volume, and foreign exchange reserves can mitigate this burden. Based on these findings, it is recommended that the Government of Pakistan prioritize enhancing the GDP growth rate by channelling remittances and other foreign currency inflows, such as Foreign Direct Investment (FDI), foreign grants, and export earnings, towards building up foreign reserves.

This research aims to investigate whether there is a link between the adoption of International Financial Reporting Standards (IFRS) and the benefits of Foreign Direct Investment (FDI), both of which were significant contributors to Afghanistan's economic growth between 2003 and 2020. This study uses panel integration and causality assessment. It looks into the underlying causes of the problem in terms of short- and long-term partnerships, as well as diversity. The findings of this study support the existence of a positive and significant relationship between the adoption of IFRS and the flow of FDI, as well as the correlation between them. Furthermore, the examination of causes shows that IFRS-related FDI is both a short-term source of EG and a long-term cause of diversification. The analysis of causes demonstrates this. This study investigates Afghanistan and expands on the relationship between IFRS acquisition and FDI income. This research could help developing countries that use IFRS and those that do not use IFRS identify the financial implications of IFRS practices and boost economic growth.

High banking penetration is considered an important indicator of the stability and maturity of a country's financial system, which can attract foreign direct investment (FDI). This phenomenon is becoming increasingly relevant in the ASEAN region, which continues to seek to increase its attractiveness for foreign investors amid global challenges. The study used secondary data from the International Monetary Fund covering the period from 2010 to 2021. The analysis was carried out using the regression of panel data of the Random Effect Model type. The results show that banking penetration has a significant positive impact on FDI in ASEAN. This confirms that foreign investors' confidence in the domestic financial system is very important. In Indonesia, strong banking penetration supports FDI growth despite regulatory and infrastructure challenges. In Malaysia, expanding access to digital financial services is important, while in Thailand, cooperation between the banking and telecommunications sectors is an example for other ASEAN countries. ASEAN countries need to focus on increasing banking penetration through policies that support digital financial services, improve corporate governance, and strengthen regional cooperation. The originality of this research lies in an in-depth comparative analysis of the impact of banking penetration in Indonesia, Malaysia, and Thailand, providing insights and policy strategies that can be adopted by other ASEAN countries to increase their FDI attractiveness.

This study aims to investigate the influence of social capital on poverty reduction among members of financial cooperatives in the urban and rural areas of the Amhara National Regional State, Ethiopia. Adopted explanatory and used mixed research methods using the cross-sectional study from 348 stratified and randomly selected financial cooperative members. Primary data was collected through a structured questionnaire, focus group discussions, and personal interviews. Furthermore, the data was analysed using logistic regression and multiple linear regression models. Three types of social capital dimensions: cognitive, relational, and structural social capital is operationalized and measured in terms of members' understanding of shared mission and goal, cooperation, and trust. The regression result shows that structural social capital and relational social capital are associated with improved poverty reduction, whereas a lack of cognitive social capital is associated with a decline in the reduction in household poverty of financial cooperative members. Surprisingly, the finding indicated that dimensions of social capital are more effective in affecting monetary poverty than other variables in the Amhara region. The study underscores the importance of social capital in influencing poverty reduction among members of the study area. Recognizing the impact of different dimensions of social capital, policymakers can design targeted interventions to combat poverty effectively. Strengthening social capital within financial cooperatives and promoting collaboration with financial institutions are essential steps towards achieving the Sustainable Development Goal of alleviating poverty in the region.

This study aims to examine the impact of oil resources on the economic growth and government spending in Oman between 1989 and 2018. To enhance economic growth, it is crucial to comprehend how Oman can effectively manage its abundant resources. The objectives are to examine the correlation between oil resources, GDP, and government expenditure; to assess the interconnections that exist in both the short and long run; and to identify the causal pathways using the ARDL and VECM models. The approach involves doing unit root tests and examining long-term associations, followed by using VECM to analyze short-term dynamics. Finally, the analysis is performed on annual data obtained from the World Bank and the National Centre for Statistics and Information. The results indicate that a rise in oil revenue has a significant impact on GDP, whereas an increase in government expenditure has an adverse effect on economic growth. The findings of this research align with those of studies undertaken in other GCC states, emphasizing the significant role of oil in both economic development and public finance. An result of this research is that it will equip policymakers in Oman and other nations abundant in resources with empirical information that can be used to formulate policies for sustainable economic growth and effective resource management.

The aim of this research is to investigate the impact of financial behavior and experience on the financial literacy of university students. The study employs a primary approach to data collection utilizing questionnaires. The targeted population consists of students from various universities in Pakistan, with a sample size of 250 students chosen through random sampling. Regression analysis reveals a positive and statistically significant relationship between financial behavior, financial experience, and financial literacy (p > 0.05). The conclusion drawn from the analysis suggests that enhancing financial behavior and providing practical financial experience can positively influence the financial literacy of university students. These findings have implications for educational institutions and policymakers, highlighting the importance of integrating financial education into university curricula to equip students with essential financial skills for navigating the complexities of modern financial systems.

Payout decisions are receiving more interest from an investor’s point of view. The purpose of this study is to investigate the effect of peer payout policies on a firm payout policy in Pakistan. This study employs an instrumental variable technique to overcome the endogeneity issue, which is based on peers' idiosyncratic equity shocks. The peers' payout policies have a causal link with a firm payout policy. The effect of peer pressure on firm payout is more evident in companies that compete in a more competitive market and have a good information environment. The firms that are similar in size or resource, especially young and small firms, are more responsive to their industry peers. This study provides channels for managers or policymakers to become more optimistic about formulating the payout policy to attract investors' attention and to compete more fiercely in the market.

This study examines the influence of contagious infectious diseases, specifically COVID-19, on stock market behavior. With the global emergence of COVID-19, we have witnessed not only the health implications of a pandemic but also its profound social and economic repercussions, exacerbated by the implementation of lockdown measures. Utilizing panel data analysis, we assess the impact of disseminated information regarding the virus on the stock markets of the MENA region. Our findings reveal that the daily increases in both total confirmed cases and total deaths attributable to COVID-19 have a consistently significant and negative effect on stock returns across all observed markets. In conclusion, our analysis confirms that the spread of COVID-19 has had a detrimental impact on stock market returns in the MENA region. This underscores the vulnerability of financial markets to global health crises and highlights the necessity for market participants to consider health-related information as a significant factor in risk assessment and investment decision-making processes.

This paper examines the effect of excessive investor confidence on market efficiency. We study this impact for 21 developed markets and 25 emerging markets for a period from January 2006 until June 2020. First, we estimate weak market efficiency using the auto-correlation test (Ljung-Box, 1978). Thus, based on the adaptive approach, we assume that the overconfidence of investors has a negative impact on market efficiency. Concerning the over-confidence variable; we use the transaction volume decomposition method of Chuang and Lee (2006). Finally, we used the logit panel model to study the impact the impact of investor overconfidence on market efficiency. The result shows that during our study period, the trust bias had no impact either on the efficiency of developed markets or on the efficiency of emerging markets. We attribute this result to successive crises during our study period, including the subprime crisis, the eurozone crisis, the stock market crash in China, and the COVID crisis, which likely caused investors to become pessimistic and lose confidence in the stock market.

This research examines the critical influence of cash management on the financial efficacy of the conventional banking sector in Pakistan. This study represents the initial attempt to assess the influence of liquidity, debt ratio, and bank size on return on assets among five conventional banks in Pakistan. Information was obtained from audited annual reports from publicly traded banks that span from 2017 to 2021. The results indicate a significant positive correlation between liquidity and return on assets (ROA). Additionally, a significant negative association between debt ratio and ROA is examined. Furthermore, the study reveals that the size of banks exhibits a significant negative relationship with ROA. The study will provide valuable insights for financial managers, portfolio analysts, treasurers, and controllers on the practical implementation of contemporary cash management strategies.

The study investigated the moderating effect of macroeconomic factors on the relationship between corporate governance, asset structure, and the value of firms listed at the Nairobi Securities Exchange in Kenya and set within the broader context of global financial markets, where the value of listed firms has declined despite their significant presence, with over 41,000 firms valued at USD 80 trillion. The study used a causal-comparative research methodology, relying on secondary data collected from listed firms on the Nairobi Securities Exchange from 2010 to 2019. Panel data analysis and multiple linear regression were the main methods employed to analyze the data. The study results indicate that macroeconomic factors do not appear to moderate the relationship between corporate governance practices and firm value. However, it is noted that the interaction between asset structure and macroeconomic factors was significant. The paper found that macroeconomic factors do not moderate the relationship between corporate governance and the value of firms listed at the Nairobi Securities Exchange. However, they do have a moderating effect on the relationship between asset structure and firm value in this specific context

This research aims to demonstrate for the first time how the Pakistani cement sector's financial health is impacted by sustainable working capital. The cement Industry uses sustainable working capital techniques and practices for magnificent financial outcomes. Considering the importance of these profitable techniques, we practice these in cement firms with a sample size of 25 cement firms listed in the Pakistan stock market (PSX) from 1997-2022. The data is collected from annual reports available on the financial statements. The current ratio and Quick ratio are measured for liquidity. Ordinary Least Square & correlation analysis indicates that the cash conversion cycle (?1= -0.564, p= 0.00), Current ratio (?2= -0.20, p= 0.040), Quick ratio (?3= -0.585, p= 0.000) and Inventory Turnover ratio (?4= -0.244, p= 0.004) have a negative effect on financial performance (Tobin's Q). This study helps policymakers that can handle liquidity Sustainable working capital for the cement industry.