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This paper examines the relationship between the degree of information asymmetry among investors and the occurrence of bubbles in cryptocurrency markets.

The study applies the Philipps, Shi and Yu (PSY) methodology to identify bubbles in 74 cryptocurrencies from July 2014 to April 2021.

The findings indicate that there is a negative relationship between the degree of information asymmetry among investors and the number and duration of bubbles across cryptocurrencies.

This finding supports the riding-bubble argument of Asako et al. (2020), which suggests that when the information asymmetry among investors is high, rational investors are less certain about what irrational, inexperienced investors might decide. This strategic uncertainty leads rational investors to close out their positions more quickly, resulting in a shorter duration of the bubble and a reduced propensity for new bubbles to emerge. The study’s findings hold regardless of the proxies used to measure information asymmetry and noise trading, cryptocurrency characteristics and regression model specifications.

The present study aims to compare the effect of international paid remittances on financial development in three Gulf Cooperation Council (GCC) countries from 1985 to 2020.

The study applied the bound cointegration technique and the autoregressive distributed lag (ARDL) method for long- and short-run estimations as well as diagnostic tests to increase robustness.

The ARDL long-run results showed that international paid remittances had a significant negative effect on financial development in Oman and Saudi Arabia but an insignificant negative effect in Bahrain. The error correction model for the short run of the ARDL slowdown model showed that international paid remittances had a significant positive effect on financial development in Oman, Bahrain, and Saudi Arabia.

Few studies have examined remittance outflows from GCC countries, which are enriched by oil wealth and located in one of the most stable geographical areas in the world. The findings from this study can help policymakers understand how to enable remittances and investments in order to establish regulations that will preserve remittance inflows and meet target services.

Following Joseph Schumpeter's conception of innovation as ‘new innovations’, this chapter contends that innovations that transform lives in developing countries of Southern Africa are not radically new and different novelties but rather ‘new combinations’ at the interface of new materialisations (creative expression) and exploitations of new opportunities (entrepreneurship). We argue that this posture is not a contestation of the reality that novelty enter the system through the development of new technologies, processes and new ways of organising, but rather such novelty is a process of recombining existing elements in new ways. I build on this argument to demonstrate that in resource-poor contexts where institutional voids frustrate entrepreneurs' potential to deploy innovation capabilities for generating groundbreaking innovation, innovations and entrepreneurship are outcomes of ‘tinkering’, improvision and refinement of unsophisticated creative ideas. Drawing on exemplars from health, education, finance and poverty alleviation interventions that support sustainable human development, I also demonstrate that high knowledge-intensive entrepreneurship (KIE) and low knowledge-intensive frugal innovations are mutually constitutive and recursive outputs of the interaction of knowledge application and innovation conversion rather than serial processes of cause and effect. Using combinative innovation, internal coupling and combinative capabilities as heuristics for understanding the entrepreneurship–innovation nexus, I provide empirical support to the view that entrepreneurial effectuation, new combinations, bricolage and improvision constitute useful cognitive arena for the conversion of entrepreneurial and innovation behaviours, practices and processes into KIE and frugal innovation outputs.

This paper aims to examine income convergence among the Euro members from 1995 to 2021.

This study uses Phillips and Sul’s test (2007, 2009) extended by Lyncker and Thoennessen’s (2017) algorithm jointly with β and σ  – convergence analysis and a traditional growth equation.

This analysis identifies three clubs of countries in terms of gross domestic product (GDP) per capita with notable disparities between and within them, which implies that the theory of optimal currency areas has not been fulfilled.

These results rule out the core/periphery divide as presented in the literature to date. Finally, by estimating an endogenous economic growth model, this study finds the primary factors underpinning the differences between the three stationary states: labor productivity, physical and human capital, investment and international trade.

This study analyzes whether industry relatedness between a corporate borrower and its group peers significantly affects that firm's borrowing cost.

A regression analysis is run on bank-loan data of a sample of Indonesian companies for 2010–2020. The main variables of interest are the natural logarithms of the borrowing firm's number of affiliates classified within either similar 2- or 4-digit GICS industries, and the Caves weighted index of these firms' related diversification. This index measures how firms in a group are diversified in relation to the borrower. The dependent variable is the all-in credit spread, stated in basis points, over the LIBOR or similar benchmark, as of the loan issuance date.

Findings support the industry-relatedness hypothesis and contradict the risk-reduction hypothesis and show that banks charge lower loan spreads on a borrowing firm that either operates within a similar industry as its affiliate or diversifies into related sectors or industries. Consistent with the co-insurance-effect hypothesis, the results also underline the importance of the parent and first-layer firms as supporting instead of the tunneling vehicles within business groups. These conclusions hold even after segregating the sample and using the loan maturity as the dependent variable.

This study uses a unique diversification measurement based on the borrowing firm's sector or industry, relative to other group members, and offers new insights on business group diversification and bank loan costs.

Climate change, driven by global warming, poses a significant threat to humanity and disrupts the ecological balance. In Europe, concentrations of air pollutants remain very high, and problems related to air quality and the acceleration of the phenomenon of global warming persist. As a result, carbon taxation has emerged as a key strategy to mitigate climate change. In Romania, environmental taxes are an important instrument of environmental policy as an economic instrument for environmental protection and natural resource management. Using 1990–2021 time series data and an Autoregressive Distributed Lag (ARDL) Bounds cointegration for long-run analysis and the Toda–Yamamoto test for causality analysis, we investigated whether environmental taxes, renewable energy consumption, urbanization and economic growth significantly impact CO₂ emissions in Romania.

This paper differs from the assessment of the Environmental Kuznets Curve (EKC) hypothesis (Grossman and Krueger 1991) and instead aims to determine the impact of environmental taxes, renewable energy consumption, per capita GDP and urbanization on CO₂ emissions in Romania. The study investigates both short- and long-term effects, as well as Toda–Yamamoto causality linkages (Toda and Yamamoto 1995) between these variables. We adopt an ARDL estimation technique with Bound cointegration test and error correction models (Pesaran et al., 2001) to examine the short- and long-term effects.

The findings revealed that environmental taxes positively and significantly reduce CO₂ emissions, while urbanization induces CO₂ emissions, in the long run. Moreover, in the short run, environmental taxes and renewable energy consumption significantly reduce CO₂ emissions while per capita GDP and urbanization significantly increase CO₂ emissions. A unidirectional causality exists between renewable energy consumption and CO₂ emissions. Thus, to realize its 34% target of renewable energy consumption in 2030, Romania should prioritize the implementation of the Casa Verde Plus program and enforce sustainable urban planning to meet near-zero energy standards. Consequently, the government should continue to enforce carbon taxes to promote environmental sustainability.

Empirical evidence supports the cointegration relationship between environmental taxes and CO₂ emissions, with carbon taxes effectively reducing CO₂ emissions and improving environmental quality (Allan et al., 2014; Polat and Polat, 2018; Kiuila et al., 2019, etc.). While existing research (Floros and Vlachou, 2005; Wissema and Dellink, 2007; Aydin and Esen, 2018; Lin and Li, 2011) primarily focuses on country-specific or regional analyses, limited research has been conducted on the impact of carbon taxation on CO₂ emissions in Romania. However, to the best of our knowledge, limited research on this phenomenon in Romania exists in response to recommendations for climate change mitigation. Furthermore, urbanization has significantly contributed to rising atmospheric carbon levels and subsequent global warming and climate change (Woldu, 2021). As economic growth, particularly in countries like Romania, drives urbanization, it leads to increased energy demand, expanding urban areas and mounting environmental concerns. This process involves industrial restructuring, and the development of new infrastructure, all of which exert pressure on energy consumption and CO₂ emissions (Niu and Lekse, 2018). While economic growth is a primary objective, industrialization and urbanization inevitably generate unintended consequences, including CO₂ emissions. However, limited research exists on the impact of urbanization patterns on CO₂ emissions in Romania. This study investigates the dynamic causal relationships among urbanization, per capita GDP, carbon taxes, renewable energy consumption and CO₂ emissions, considering both short-run and long-run effects in Romania.

Although the interest in firm media sentiment has been increasing, the impact of news media sentiments on consumers’ perception of firms’ offerings and, subsequently, their sales remain unknown. This study aims to address this research question in this study. Furthermore, the authors consider the role of two boundary conditions, i.e., offerings’ similarity and offerings’ service ratio, that moderate the main relationship.

Using a comprehensive and novel data set of over 900 firms between 2009 and 2019 from multiple sources, this study addresses the research questions. The authors use a fixed effects panel regression model to estimate the model.

A firm’s news media sentiments can influence consumers’ perception of the corporate brand, thereby driving sales growth. This study finds that when a firm’s offerings are not differentiated from its competitors, news media sentiments become more important and so does when a firm offers more services than a product.

To the best of the authors’ knowledge, this study is the first to assess customers’ responses as manifested in the sales growth of a firm’s offerings, using both primary and secondary data and analysis.

The findings provide actionable insights to managers by identifying specific offerings-related attributes – similarity and service ratio – where media sentiments play a critical role in influencing sales growth.

While existing studies in marketing have primarily considered user-generated social media sentiments, this study departs from this literature by investigating earned media sentiments through traditional media outlets such as newspapers and business magazines, which have rarely been studied in marketing.

Introduction: In this study, approaches based on right-tail unit root tests are used to analyze high-frequency time series. Although these approaches successfully capture unusually extreme price movements (bubbles) in financial markets, they can be biased in policymaking and forecasting. Testing the parameter stability enables the detection of both unusual price behavior and possible change points within the framework of the volatility approach. The break dates that cause the parameter change on the return series can be obtained, and the differentiation in the period can be seen.

Purpose: In this study, the analysis of periods that differ from the “changing parameter values” of the volatility process that emerged after November 2018 in the Borsa Istanbul (BIST) is made by using a new econometric approach in terms of change dates, parameter stability, and explosiveness characteristics. In this way, starting from determining periods with stable parameter values, the volatility process is tested to decide whether or not it shows an explosive feature.

Methodology: This study’s mainstay was published in February 2023. The findings reached within the framework of the knowledge provided by the technique in question will be the first in the applied literature. We used a uniform test for a mildly explosive GARCH process with double supreme statistics for BIST.

Findings: BIST is significantly affected by social and political events. This result implies that the “semi-efficient” market hypothesis for BIST needs to be re-examined in this context.

This study examines the moderating role of female directors on the relationship between the firms’ characteristics and tax avoidance in an emerging economy.

This study employs the second-generation unit root test and the generalised method of moments (GMM) techniques. The Kao residual cointegration test corroborates a long-run cointegration among variables.

Female directors demonstrate mixed and unusual findings. No significant impact of female directors on tax avoidance is found. In addition, the presence of female directors does not show any negative or significant moderating impacts on the relationship between leverage, firm age, board size and tax avoidance. However, having more female directors can negatively and significantly moderate the relationship between more profitable firms, larger firms and tax avoidance. These findings show that the board of directors could use the presence of female directors to maximise their opportunistic behaviour, such as to avoid tax.

Research limitations – The study is limited by considering only 62 listed firms. The scope could be extended to include non-listed firms.

Research implications – There is increasing pressure for female directors on boards from diverse stakeholders, such as the European Commission, national governments, politicians, employer lobby groups, shareholders, and Fortune and Financial Times Stock Exchange (FTSE) rankings. This study provides input to decision-makers putting gender quota laws into practice. Our findings can help policy-makers adopt regulatory reforms to control tax avoidance practices and enhance organisational legitimacy. Policymakers can change their policy to include female directors up to the threshold suggested by the critical mass theory.

This is the first attempt in Bangladesh to explore the role of female directors in the relationship between the firms' characteristics and tax avoidance. The current study has significant ramifications for bringing gender diversity into practice as a component of good corporate governance.