•Empirically investigated the effect of tourism on income inequality.•Several robust panel econometric techniques are employed.•Findings confirm that tourism increases income inequality in developing ...economies.•The squared tourism revenue has a significant negative impact on income inequality.•Findings confirm the presence of Kuznets curve hypothesis.
This paper investigates the impact of tourism on income inequality in developing economies. The analysis utilizes a balanced panel data set from 1991 to 2012 on 49 developing economies around the world. The empirical findings confirm the long-run equilibrium relationship among the variables. Results from long-run elasticities indicate that tourism increases income inequality significantly. Further, the long-run elasticities on squared tourism revenue confirm the existence of Kuznets curve hypothesis between tourism revenue and income inequalities, meaning that if the current level of tourism becomes double then it will significantly reduce the income inequality in developing economies. Given these findings, our study offers significant value to the body of knowledge on the issue of tourism and income inequality in developing economies and also provides important policy implications.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
The rate of climate change due to global warming has become a substantial concern and appeared as a real-world phenomenon in the recent years. However, it is imperative to know how business ...enterprises alter such concern. Recent studies involve a variety of firm-level factors to create a robust link between business enterprises' environmental and financial performance. However, little is known regarding the role of research and development (R&D) investment on firms' environmental performance. Using a firm-level data for the period 2004–2016 from G-6 countries, this study empirically investigates how R&D investment affects the firm environmental performance measured by energy and carbon emissions intensities. We find that R&D investment improves the firm's environmental performance consistent with the theoretical argument of natural resource-based view (NRBV). Our findings are robust to alternative econometric specifications, alternative variable specifications, and sub-samples. Our findings offer novel insights to the policymakers, business managers, and regulators.
•Investigates corporate R&D and environmental performance•Uses firm-level data from 2004 to 2016 for G-6 countries•Employs robust econometrics techniques•Corporate R&D improves environmental performance.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
This study empirically examines the dynamic relationships among tourism, economic growth, and CO2 emissions and compares the effects of tourism on economic growth and CO2 emissions between developed ...and developing economies. By employing robust panel econometric techniques, the results show that tourism has significant positive impacts on economic growth for both developed and developing economies, supporting the prevailing hypothesis of tourism-led economic growth. The results also reveal that the impact of tourism on CO2 emissions is reducing much faster in developed economies than in developing economies, providing evidence of the environmental Kuznets curve (EKC) hypothesis on the link between tourism growth and CO2 emissions. Our findings demonstrate the importance of the classification of countries by economic development level to obtain a deeper understanding of relationships among tourism, economic growth, and CO2 emissions. Policy implications are provided and discussed.
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NUK, OILJ, SAZU, UKNU, UL, UM, UPUK
•We investigate the dynamic relationships among tourism, economic growth and CO2 emissions.•A panel data of Eastern and Western European Union countries are examined.•We establish long-run ...equilibrium relationship among economic growth, CO2 emissions, tourism, FDI and trade.•Results from long-run elasticities suggest that tourism stimulates economic growth in Eastern and Western EU countries.•Tourism increases CO2 emissions in Eastern EU but decreases in Western EU.
The purpose of this paper is to investigate the effect of tourism on economic growth and carbon dioxide emissions in Eastern and Western European Union (EU) countries by incorporating FDI and trade in the production and CO2 emission functions. We apply panel econometric techniques which account for cross-sectional dependence and heterogeneity. The results of Westerlund panel cointegration test confirm a long-run equilibrium relationship among the variables. Results from long-run elasticities suggest that tourism stimulates economic growth in Eastern and Western EU countries. However, tourism increases CO2 emissions in Eastern EU but decreases in Western EU. This indicates that tourism has an adverse effect on the environment in Eastern EU. Finally, short-run heterogeneous panel causality test results suggest that tourism causes CO2 emissions in Eastern EU while economic growth and CO2 emissions cause tourism in Western EU. Overall, our findings suggest that tourism plays an important role in accelerating economic growth; however, its role on CO2 emissions largely depends on the adaptation of sustainable tourism policies and efficient management.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
Are female directors greener than their male counterparts? We investigate this issue by examining the impact of female directors on firm sustainable investment. Using data of S&P 1500 indexed firms ...in the United States, covering the period 2004–2016, we find a positive relationship between female directors and sustainable investment. Consistent with critical mass theory, we also find that boards with two or more female directors have a pronounced impact on sustainable investment. Moreover, female independent directors have a stronger impact on sustainable investment than female executive directors. Our additional analysis shows higher value for firms with the presence of female directors and sustainable investment. Our findings are robust to alternative variable specification, estimation techniques, and different identification strategies including the two‐stage least squares, generalized method of moments, and propensity score matching. The study provides novel evidence on the role of female directors in promoting sustainable investment and adds a new dimension to the ongoing debate in sustainability literature.
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BFBNIB, FZAB, GIS, IJS, KILJ, NLZOH, NUK, OILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
Due to the importance of the access to electricity in enhancing the prosperity of human kinds, this paper examines the impact of this access on labour productivity in developing countries in presence ...of gross capital formation, FDI, financial development and economic growth. It employs the panel cointegration tests of Pedroni (2004) and Westerlund and Edgerton (2008) with the level break/shift to a data set of 56 developing countries. The results provide evidence of a long run equilibrium relationship between access to electricity and labour productivity for developing countries in presence of the control variables. Furthermore, the Dumitrescu and Hurlin (2012) heterogeneous panel non-causality test underscores a bidirectional causal relationship between these two key variables in the short-run. Based on these results, we recommend that policymakers ensure access to electricity for mass people in developing countries to increase productivity and thus to improve the living standards of their citizens. The paper also provides specific policy initiatives related to the individual control variables in order to ensure access to electricity to advance productivity growth in the majority of the people in developing countries.
•The nexus between access to electricity and labour productivity is investigated.•A balanced panel data set for 56 developing economies is employed.•A recently developed econometric techniques is utilized.•Access to electricity increases labour productivity significantly in the long-run.•Bidirectional causal relationship between these variables in the short-run.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
•Causal links in volatility between oil prices and several exchange rates are examined.•The analysis is carried out in the time-frequency space using the wavelet-Granger causality method of Olayeni ...(2016).•Possible asymmetries in volatility spillovers coming from good and bad volatility are analyzed.•Causal flows are more pronounced at longer time horizons and from currency markets to the crude oil market.•Bad volatility tends to predominate over good volatility.
This paper investigates the causal linkages in volatility between crude oil prices and six major bilateral exchange rates against the U.S. dollar in the time-frequency space using high-frequency intraday data. Special attention is paid to the potential asymmetries in the causal effects between oil and forex markets. The wavelet-based Granger causality method proposed by Olayeni (2016) is applied to quantify the causal relations in the time and frequency domains simultaneously. Moreover, the realized semivariance approach of Barndoff-Nielsen et al. (2010) is used to account for possible asymmetries in the transmission of volatility shocks. The empirical results show that the significant causal links between oil prices and exchange rates are mainly concentrated in the long-run and during periods of increased economic and financial uncertainty such as the global financial crisis and the subsequent European sovereign debt crisis. Further, the causal effects from currency markets to the crude oil market are stronger than in the opposite direction, consistent with the forward-looking nature of exchange rates, the role of the U.S. dollar as the key invoicing currency for global oil trading and the expanding financialization of the oil market since the mid-2000s. In addition, significant asymmetries coming from good and bad volatility are found at longer horizons. Specifically, bad volatility seems to dominate good volatility in terms of the importance of transmission of volatility shocks.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
•The effect of tourism investment on tourism development and CO2 emissions.•Top 10 tourism based economies are considered in this research note.•The tourism investments positively contribute for ...tourism growth.•The tourism investments improve environmental quality by reducing CO2 emissions.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
The objective of this study is to investigate the effect of tourism investment on tourism development and CO
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emissions in a panel of 28 EU countries using annual data from 1990 to 2013. The ...empirical results from a panel cointegration test confirm the presence of long-run equilibrium relationship among the variables. The long-run elasticities indicate that tourism investment has a significant positive and negative impact on tourism development and CO
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emissions, respectively. Finally, the short-run heterogeneous panel non-causality test results show the evidence of bidirectional causality between tourism investment and tourism revenue. These results therefore suggest that tourism investments not only increase tourism revenue but also reduce CO
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emissions. Given these findings, we suggest the policy makers of the EU nations to initiate more effective policies to increase the tourism investments. The increasing tourism investments will allow the industry to grow further by ensuring sustainable tourism development across the EU member countries.
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BFBNIB, NUK, PILJ, SAZU, UL, UM, UPUK
Pollution reduction is one of the important challenges confronting contemporary business and society. Firms are largely responsible for undertaking sustainable business practices and initiatives as ...they are major contributors to global pollution. This study empirically examines how sustainable investment influences firm energy and carbon performance. Using a sample of 23,501 firm‐year observations from 2440 unique firms over the period of 2002 to 2018 in G‐6 countries (Canada, France, Germany, Japan, the United Kingdom, and the United States), we demonstrate that sustainable investment leads to better energy and carbon performance without compromising financial return. Our findings are robust to alternative variables, sub‐samples, and different estimation techniques. This study contributes to the global discussion on sustainability and a low‐carbon economy.
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BFBNIB, FZAB, GIS, IJS, KILJ, NLZOH, NUK, OILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
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