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This paper aims to investigate the impact of Islam, as a set of moral and cultural values, on economic growth and development for 17 Muslim countries over the period 1990–2019.

To identify the relationship between Islam and economic growth, the authors have proceeded with an empirical panel data analysis using the Autoregressive Distributed Lag (ARDL) model. The study is conducted initially on a sample of 17 Muslim countries and then on 2 sub-samples composed of 12 Arab Muslim countries and 5 non-Arab Muslim countries.

The empirical analysis showed a significant negative relationship between Islam and economic growth for the Arab-Muslim countries. While for the non-Arab Muslim countries, the relationship remains positive. Following the introduction of the interactive social variables (unemployment and illiteracy), the authors show that increasing unemployment exacerbates the negative effect of Islam on growth. While the effect of illiteracy remains statistically insignificant. However, for non-Arab Muslim countries, the positive effect of Islam on growth is all the greater as these countries have large social contemplation. However, the introduction of the interactive cultural variables (uncertainty avoidance index and long run orientation), show that the positive effect of Islam on growth is all the more important as the non-Arab Muslim countries have a wider cultural value system. While for the total sample and the sub-sample of Arab-Muslim countries, the cultural dimension does not affect the relationship between Islam and economic growth.

Although there are more religions, the authors have considered only Islam as its relationship with economic, social and cultural development and its influence on the entrepreneurial culture is problematic. Maybe a comparative study between different religions offers us a more convincing result.

Social conditions, cultural heritage and race (Arab or non-Arab) play an important role in determining the relationship between Islam and economic development.

The effect of Islam remains dependent on Islamic thought and its long-term orientation, uncertainty avoidance and the level of social value creation in the countries where it is practiced.

On the theoretical and on the empirical level, the analysis of the relationship between Islam and development is rarely addressed in the relevant literature because of its sociologically sensitive aspect. Islam would have a positive effect on growth when it evolves in countries that have built their growth on an extroverted and developed economic model and an adequate social and cultural value creation system. However, unemployment, illiteracy, cultural patrimony and race of the Muslim population (Arab or non-Arab) plays, in the long run, a very important role in determining the relationship between Islam and economic growth.

The relationship between leverage and firm performance has been a subject of great interest to researchers, but the empirical findings are, at best, mixed. Against this background, we attempt to investigate this controversial issue by hypothesizing the nonlinearity of this relationship. Specifically, we aim to determine whether there exists an optimal threshold of firm size above which increasing levels of debt stop undermining (or start enhancing) firm performance.

Our study uses a nonlinear modeling specification, that is, the Panel Smooth Transition Regression (PSTR) model proposed by González et al. (2005). This model is a fixed-effects panel that accounts for cross-country heterogeneity and time variability, while also allowing for smooth transitions between a limited number of “extreme regimes.”

The study reveals a statistically significant negative relationship between leverage and firm performance for firms below size thresholds. But after exceeding these thresholds, firms can experience a substantial increase in accounting and financial performance.

The authors offer novel insights into the contingent role played by firm size on the capital structure–performance nexus. To our knowledge, few studies have delved into the threshold effects of leverage on firm performance. The threshold firm size level can be considered, therefore, as a benchmark for firms in optimizing their capital structure. From this perspective, small-sized firms are invited to prioritize internal financing to avoid the detrimental impact of depts on their performance. However, large-sized firms may find it advantageous to leverage external financing through debt in order to potentially enhance their performance.

This paper investigates the relationship between sporting performance and the market value of European football clubs, with a particular focus on the moderating effect of player transfers, fan engagement and coaching changes.

Using a Cross-Sectional Augmented Auto Regressive Distributed Lagged Model (CS-ARDL), we analyze a decade of data (2013–2023) from fourteen prominent clubs across ten European leagues.

Our findings confirm a strong positive correlation between sporting performance and market value in European football clubs. Furthermore, the research reveals that strategic player transfers and high fan engagement significantly amplify the positive impact of on-field success on a club's valuation. Interestingly, coaching changes do not exhibit a significant moderating effect on this relationship.

These findings carry significant economic implications for the football industry, underscoring sporting success as not only a driver of economic growth and social development but also a vital source of funding for clubs seeking to further invest in talent, infrastructure and fan engagement initiatives.

This study makes a novel contribution to the existing literature by providing a comprehensive analysis of the intricate relationship between sporting performance, market value and the moderating roles of player transfers, fan engagement and coaching changes within the European football landscape. Moreover, the research offers unique insights into investor behavior and the factors influencing investment decisions, enriching our understanding of the complex dynamics driving the football market.

This paper examines the effect of economic policy uncertainty (EPU) on credit risk, lending decisions and banking performance of Tunisian listed banks over the period 1999–2019.

To identify the relationship between EPU, credit risk, lending decisions and banking performance, we have proceeded with a fixed effects panel regression model over the period 1999–2019.

Our empirical analysis showed a significant positive effect of EPU on credit risk and a significant negative effect on loan size and performance. We have also found that state-owned banks were the most affected by increasing EPU. Their credit risk has increased and their returns have decreased. While highly leveraged private banks have recorded a sharp decline in their results.

Facing increasing credit risks, generated by EPU, Tunisian banks are allowed to revise their lending decisions to ensure consequently their sustainability and performance.

Tunisian resident banks should set up a monitoring system and an early-warning system of credit risk in order to guarantee both, their performance and the sustainability of the economy's financing.

A good banking governance and a stable economic and political environment are the key factors that improve the allocation of credit, credit risk diversification and the creation of added value for the different activity sectors.

On the theoretical as well as on the empirical level, the analysis of the Tunisia EPU on credit risk, bank lending strategy and banking performance was not handled previously in the literature. It was noted that state banks are more influenced by the increase of EPU. Their credit risk has increased and their returns have declined. However, private banks with a high leverage effect have recorded a net decrease in their results. Since the 2011 revolution, invisibility and EPU have largely influenced the bank lending decisions and subsequently banking performance.