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The purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio.

Panel data on capital asset investment are used to compare groups of countries at different stages of development. Data sets on investment and capital levels from the Penn World Tables 9.0 are used. Population and gross domestic product data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries’ income group classification.

There is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group.

The study provides time series evidence on the nature of changing capital investment patterns in countries’ economies and demonstrates the value of a wealth measurement approach.

Historically, investments in innovation are perceived as one of the paramount decisions businesses opt to thrive and the impact of such investments on businesses' market performance is well documented in the literature. However, the environmental aspects of making such investments are yet to be addressed by the firms, which in turn, present considerable damage to the environment. Coupling with the natural resource-based view (NRBV) and the stakeholder theory of the firm, this research builds on an earlier work of Khalil and Nimmanunta (2021) in an attempt to examine the link between innovation and firms' environmental and financial value. The authors extend their analysis and document a more consistent approach to measuring environmental innovation which allows the authors to investigate the firms from three additional economies with respect to firms' investments in both traditional and environmental innovations.

The underlying models are tested using the time fixed-effects panel regression by utilizing information from publicly traded companies of ten Asian economies, including Japan, Hong Kong, Taiwan, Thailand, Turkey, Malaysia, Singapore, India, Indonesia, and Saudi Arabia. The reported sample covers annual firm-level ESG data obtained from Thomson Reuters' Datastream and Refinitiv Eikon during the 2015–2019 period.

This research offers support to the conventional wisdom that innovation is advantageous to the firms' market value. The authors further decompose innovation into traditional innovation and environmental innovation. The findings of this research suggest that traditional innovation is favorable only for the firms' market valuation and traditional innovation is strongly ineffectual for the environment – traditional innovation produces sizeable environmental distress by contributing substantially to carbon emissions. In contrast, the resultant effects of investments in environmental innovation are evident to be instrumental for both firms' financial performance and the environment.

This research has primarily focused on only two components of a company's environmental performance: reduction in carbon emissions (CO2) and corporate social responsibility (CSR). Given the complexity of firms' environmental strategies and the multidimensionality of the variable, which encompasses a wide range of corporate behavior in terms of relationships with communities, suppliers, consumers, and broader environmental responsibilities broadening the scope of the study by including other important aspects of environmental sustainability is, therefore, critical.

The findings of this research signify environmental innovation as one of the vital investment approaches as firms can exploit benefits related to the market from firms' sustainable practices, developing eco-friendly processes by introducing steady yet systematic chains of green products and services. Such products and services may have a feature of enhanced functionality with a better layout in terms of improved product life with better recycling options, and lower consumption and exploitation of energy and natural resources. These sustainable practices would be advantageous for the firms regarding the possibility of setting prices above the standard level through establishing green brands and gaining market share of environmentally anxious consumers. For those companies that are striving to take the leading role in the green industry and longing to seek superior returns on the companies' environmental investments, these benefits, in particular, are exceptionally critical to them.

The linkage between firms' financial and environmental performance in the context of simultaneous inclusion of both green and traditional innovations remains unclear and is yet to be investigated by researchers. Thus, this research shed light on the role of environmental innovation and traditional innovation on firms' environmental performance and financial performance. The authors utilize a novel dataset with a clear indication of measuring different elements of innovation that allows us to develop a more robust approach to corporates' environmental, social and governance (ESG) performance metrics having the slightest biases related to transparency and firm size.

This paper investigates the relationship between managerial sentiment and corporate investment in emerging capital markets. Further, we begin with the assertion that the positive impact of managerial sentiment on corporate investment varies according to the corporate life cycle. Lastly, we investigate whether the relationship between managerial sentiment and corporate investment can be moderated by factors like (1) economic policy uncertainty/geo-political risk, (2) size of the firm, (3) financial constraint, (4) industrial competition, and (5) Environmental Social and Governance (ESG) rating.

This study has considered Indian listed companies (465 firms) for the period spanning from 2003–2004 to 2022–2023. This study constructs the managerial sentiment using a novel large language model-financial bidirectional encoder representation from the Transformers (FinBERT), as well as on management discussion and analysis reports. Then, we employ fixed effect regression to investigate the relationship between managerial sentiment and corporate investment. Additionally, we use propensity score matching, two-stage least squares instrumental variables, and a two-step system generalized method of moments approach for robustness tests.

The findings show a positive and significant relationship between managerial sentiment and corporate investment. Additionally, our results demonstrate that this relationship is evident only during the growth and maturity phase of the corporate life cycle. Moreover, uncertainty pertaining to the economy and geopolitical issues, firm size, financial health, industry dynamics, and ESG disclosure also play a crucial role in shaping the investment-sentiment relationship.

The study is unique because it determines the relationship between managerial sentiment and corporate investment by using the novel FinBERT model. In addition, we have introduced a corporate life cycle, which is an essential aspect of our study. Additionally, this research was conducted in an emerging market with more information asymmetry and weaker disclosure rules. Thus, other emerging markets can benchmark the outcomes.

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable.

A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade.

This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns.

This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories.

The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics.

Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.

Colossal information is available in cyberspace from a variety of sources such as blogs, reviews, posts and feedback. The mentioned sources have helped in improving various business processes from product development to stock market development. This paper aims to transform this wealth of information in the online medium to economic wealth. Earlier approaches to investment decision-making are dominated by the analyst's recommendations. However, their credibility has been questioned for herding behavior, conflict of interest and favoring underwriter's firms. This study assumes that members of the online crowd who have been reliable, profitable and knowledgeable in the recent past will continue to be so soon.

The authors identify credible members as experts using multi-criteria decision-making tools. In this work, an alternative actionable investment strategy is proposed and demonstrated through a mock-up. The experimental prototype is divided into two phases: expert selection and investment.

The created portfolio is comparable and even profitable than several major global stock indices.

This work aims to benefit individual investors, investment managers and market onlookers.

This paper takes into account factors: the accuracy and trustworthiness of the sources of stock market recommendations. Earlier work in the area has focused solely intelligence of the analyst for the stock recommendation. To the best of the authors’ knowledge, this is the first time that the combined intelligence of the virtual investment communities has been considered to make stock market recommendations.

In the current study, corporate investment is examined by using a user cost of capital model for two important Latin American economies: Brazil and Mexico. In this paper, a dynamic user cost of capital model is employed. The extended model also accounts the investment model with the convex adjustment cost. Moreover, the link between structural change, financial liberalization and investment is also investigated. The present study, therefore, sheds new lights on the investment behavior of the Latin American emerging markets.

The differenced generalized method of moments approach is employed to control the endogeneity, heteroscedasticity and autocorrelation for modeling the corporate investment over 20 years for both countries.

The findings indicate that the dynamic user cost of capital-based investment model explains the corporate investment in Brazil and Mexico. Especially, the interest rate and depreciation explain the investment behavior of nonfinancial firms in both countries. At the same time, structural change and financial liberalization do not have a significant impact on interest rates, an important user cost of capital.

This is the first study examines the corporate investment using dynamic user costs of capital approach for an emerging market. The user cost of capital-based investment models is clearly understudied models for emerging markets. This study is particularly important for emerging markets as investment models need to have a theoretical background.

En el presente estudio se examina la inversión empresarial utilizando un modelo de coste de capital del usuario para dos importantes economías latinoamericanas: Brasil y México. En este trabajo se emplea un modelo dinámico de coste de capital para el usuario. El modelo ampliado también tiene en cuenta el modelo de inversión con el coste de ajuste convexo. Además, se investiga la relación entre el cambio estructural, la liberalización financiera y la inversión. El presente estudio, por tanto, arroja nueva luz sobre el comportamiento de la inversión en los mercados emergentes latinoamericanos.

Se emplea el método GMM diferenciado para controlar la endogeneidad, la heteroscedasticidad y la autocorrelación en la modelización de la inversión empresarial a lo largo de 20 años en ambos países.

Los resultados indican que el modelo dinámico de inversión basado en el coste de capital para el usuario explica la inversión empresarial en Brasil y México. Especialmente, el tipo de interés y la depreciación explican el comportamiento de la inversión de las empresas no financieras en ambos países. Al mismo tiempo, se constata que el cambio estructural y la liberalización financiera no tienen un efecto significativo sobre los tipos de interés, que es un importante coste de uso del capital.

Este es el primer estudio que examina la inversión empresarial utilizando un enfoque dinámico basado en los costes de capital para un mercado emergente. Los modelos de inversión basados en los costes de uso del capital son claramente modelos poco estudiados para los mercados emergentes. Este estudio es especialmente importante para los mercados emergentes, ya que los modelos de inversión deben tener un trasfondo teórico.

Sustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a positive business impact. An enhanced global focus on climate change developments in the backdrop of COP26 and COP27, raised the need for comprehensive literature mapping, to understand the emerging themes and future research arenas in this field.

The authors apply a quali–quantitative approach of bibliometric methods coupled with content analysis, to review 1,022 articles obtained from the Web of Science (WoS) database for 1991–2023.

The results identify the leading authors and their collaborations, impactful journals and pioneering articles in sustainable investment literature. The authors also indicate seven major themes of SI to be financial performance; fiduciary duty; CSR; construction of ESG-based portfolios; sustainability assessment tools and mechanisms; investor behavior; and impact investing. Further, content analysis of literature from 2020 to 2023 highlights emerging research issues to be SDG financing via green bonds and social impact bonds; investor impact creation via shareholder engagement and field building strategies; and governance related determinants of firm-level sustainable investments. Finally, the authors discuss the research gaps across these themes and identify future research questions.

This paper crystallizes research themes in sustainable investment literature using a vast coverage of globally conducted studies published in reputed journals till date. The findings of this study coupled with future research questions provide a well-grounded foundation for new researchers to further explore the emerging dimensions of this field.

The purpose of this paper is to focus on Initial Public Offering (IPO) investments, performance and activity in times of the global financial crisis.

The paper utilizes, in a pioneering attempt, a modified regression model that is widely used in medical research (i.e. measuring the effectiveness of painkillers, aspects of breastfeeding, cancer research) but proved efficient and informative for the studied area. Embarking on Cox's Hazard Model perfectly mirrored investors' approach to IPO investments. Henceforth, the empirical findings reported in the paper became practical for IPO investors. The quantitative findings are then discussed with high‐profile practitioners, in order to inject more realism into the study. The qualitative research framework expands the empirical analysis to cover significant issues related to IPO activities and proves invaluable in the process of constructing practical implications.

Since the main purpose of the paper is to test the profitability of targeting IPOs from the Polish stock market, the main research question attempted in the paper refers to finding out whether IPO investments constitute an attractive alternative for direct equity investments, especially during the global financial turmoil. On this occasion, the current paper advises on trading strategies that involve targeting IPOs and shield investors from experiencing crisis‐induced losses. These findings remain topical as they contribute to the current debate on tailoring investment approaches to the global financial crises. Furthermore, focusing on the issues related to the overblown deficit reported by the transition economy delivers novel and important implications for policymakers striving to stabilize budget in the aftermath of the nascent financial crisis.

What distinguishes the paper from previous studies is the original methodology, three‐dimensional approach to IPO activities (adopting a company's, investor's and policymaker's perspectives) and focusing on the systemically important European market that somehow was overlooked by previous studies in this area but recently vaulted into prominence among international investors who regard the Polish stock market as a regional leading bourse.

This research article aims to systematically explore the association between digitalisation and individual investors’ behavioural biases. Through an extensive exploration of digitalisation modes and their various serviceable avenues in the investment arena, the study aims to elucidate the impact of behavioural biases on individual investors’ investment decision-making processes.

The study employs Interpretative Phenomenological Analysis (IPA) to gain insights into behavioural finance and the associated behavioural biases of investors in digitalisation. IPA, a qualitative method grounded in heuristic, phenomenological, and idiographic elements, facilitates the exploration of individual investor experiences and the role of digitalisation and behavioural biases within.

Investors are categorised into two groups – decision seekers and decision makers – based on their digital inclination and the purpose behind using digital tools. The attributes of these segments are detailed under the sub-themes of Digital Inclination, Market Cognizance, Sophistication and Maturity, Sophomorism and Perception of Digitalisation. The study also identifies the specific behavioural biases pertinent to each segment. Additionally, it introduces a novel section on the insights related to human emotions, behaviour and sentiment within financial markets.

The essence of the current article is the application of the IPA method to the field of behavioural finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive understanding of both, digitalisation and behavioural biases that affect the individual investor’s decision-making. It offers valuable insights for researchers, academicians and scholars in behavioural finance, enhancing the understanding of how behavioural biases influence investment decisions.