Search results

Uses a disaggregated model of United Kingdom factor usage to provide estimates of demand and substitution elasticities for energy inputs. Estimates 19 sectors in a two‐stage translog model including technical change, non‐constant returns and four energy inputs. The results show considerable variation between sectors in the sign and size of the elasticities. The disaggregated model allows prediction of the sectoral change in employment as a consequence of an energy price rise, and is consistent with a decline of manufacturing employment in the UK associated with a rise in the aggregate price of energy.

This study examines how Sovereign Wealth Funds (SWFs) investment choices affect green investments for the period 2013-2022. The assets that these funds manage amount to around $25,880bn, which makes them significant.

Apart from the Univariate analysis, this study uses two types of regression analysis for obtaining estimates to address the two questions: Whether the climate change policy drives investment choices of SWFs? and whether the market uncertainty influences the asset allocation choices of SWFs. The two regression techniques are ordinary least square regression and probit regression given the dichotomous nature of the dependent variable i.e., green investment types: renewables, non-renewables and alternate investments of the asset classes.

This study finds that sovereign wealth funds give priority to green investments and that their investment strategies remain unaffected by stock market risk. This analysis indicates that sovereign wealth funds serve as investment vehicles for controlling and diversifying revenues from fossil fuels in governments that are largely reliant on such income. This study also concludes that sovereign wealth funds provide a crucial impetus for the fuel-intensive sector to adopt innovative solutions that mitigate carbon emissions.

This study uses regression analysis, univariate analysis and propensity score matching for obtaining estimates to address the two questions. First, Whether the climate change policy drives investment choices of SWFs? and second, whether the market uncertainty influences the asset allocation choices of SWFs.

The findings of this research have economic and social implications. This study shows that SWFs prioritize stability and invest in infrastructure, and services over renewables and non-renewables. Therefore, SWFs help build efficient infrastructure that moves commodities and people, lowers transaction costs and boosts productivity. Infrastructure also provides clean water, sanitation, health care and education, improving society. This study has practical and wider implications as it covers SDGs 7, 11 and 13.

Furthermore, investing in emerging markets also allows sovereign wealth funds to diversify their portfolios geographically. This diversification helps reduce risk to the resource rich countries by spreading investments across different regions and economies. The results also confirms that the SWFs investment strategies are not affected by market risk. Their long-term orientation and inclination toward alternate investment strategies, specifically in the infrastructure and diversification strategy of investment across the regions is making SWFs more resilient thereby reducing the market risk exposure. This study confirms that the SWFs are exercising responsibility by filling the financing gap in the alternate investments that includes development of infrastructure. The statistically significant relationship between SWFs and infrastructure are evident in this study. This analysis reveals that sovereign wealth funds do not impede macroeconomic management or serve as a mechanism for politically influenced “investments.” Instead, ensure that their choices support long-term, stable efforts, such as infrastructure investments. By making infrastructure investments, SWFs may mitigate the risks connected to these projects. Their prudent and stable funds can help to mitigate the risks associated with uncertain regulations, unpredictable market conditions and project schedules.

SWFs along with other institutional investors in aggregate prefer more dollars to fewer and less risk to more. Evidently, transitioning toward a low-carbon technologies is systemic in nature and therefore we expect differential effects on the role of SWFs choices is related to the characteristics of the companies in terms of their exposure to exogenous occurrences, performance, costs of financing and so on. Our purpose is to investigate the role of fund institutions, specifically, SWFs in dealing with climate risk mitigation.

The purpose of this study is to examine whether the elasticity of substitution (ES) varies between developed and developing countries.

The author derives the growth regressions from the Solow model under the constant elasticity of substitution production function by using the first-order Taylor series expansion and estimate them for each country group classified based on time-varying behavior of income per worker using the data-driven algorithm.

The ES is not unitary and varies among country groups. Developed countries generally have a higher ES than developing countries.

For the first time, the author uses the first-order Taylor series expansion to linearize the steady-state value of income per worker, as the author considers this approach to be relatively more straight-forward and tractable. Furthermore, the author estimates the equations using both cross-section and panel data techniques and employs the data-driven algorithm proposed by Phillips and Sul (2007) to classify countries.

This study attempts to re‐investigate the electricity consumption function for Malaysia through the cointegration and causality analyses over the period 1970 to 2005.

The study employed the bounds‐testing procedure for cointegration to examine the potential long‐run relationship, while an autoregressive distributed lag model is used to derive the short‐ and long‐run coefficients. The Granger causality test is applied to determine the causality direction between electricity consumption and its determinants.

New evidence is found in this study: first, electricity consumption, income, foreign direct investment, and population in Malaysia are cointegrated. Second, the influx of foreign direct investment and population growth are positively related to electricity consumption in Malaysia and the Granger causality evidence indicates that electricity consumption, income, and foreign direct investment are of bilateral causality.

The estimated multivariate electricity consumption function for Malaysia implies that Malaysia is an energy‐dependent country; thus energy‐saving policies may have an inverse effect on current and also future economic development in Malaysia.

This chapter is based on criminological research about theatre in detention. The research results allow a new conceptual approach to the notion of subversion. The purpose of this work is to (a) briefly present the object, context, and methodology of the research; (b) describe the concept of subversion; and (c) explain how subversion can serve an activist project in criminology. The topic will be situated in an epistemological reflection, illuminating the nature of the prison theatre project and its criminological applications.

The purpose of this study was to explore the experiences of older adults (aged 60 and over) participating in community-based creative arts. With an ever increasing ageing population, understanding the benefits of leisure occupations such as community creative arts will be vital for Occupational Therapists in facilitating participation and active engagement.

An empirical qualitative research design with an interpretive phenomenological approach was undertaken. A purposive sampling method enlisted four older adult volunteers whose experiences of creative arts were explored through semi-structured interviews. Interview data were analysed thematically.

Participants identified many benefits of engaging in community creative arts. Four main themes were identified, namely, “personal benefits”, “choice” in their occupation, “encouragement” to and from others, with the environment facilitating “socialising”. These resulted in improved occupational performance and positive well-being outcomes.

The study complements national policy and extends evidence-based practice on the potential well-being benefits on older adults. In support of the preventative agenda, occupational therapists may apply these findings to increase social prescribing within practice.

This paper aims to use Markov switching vector auto regression (MSVAR) methods to examine UK house price cycles in UK regions at NUTS1 level. There is extensive literature on UK regional house price dynamics, yet empirical work focusing on the duration and magnitude of regional housing cycles has received little attention. The research findings indicate that the regional structure of UK exhibits that UK house price changes are best described as two large groups of regions with marked differences in the amplitude and duration of the cyclical regimes between the two groups.

MSVAR principal component analysis NUTS1 data are used.

The housing cycles can be divided into two super regions based on magnitude, duration and the way they behave during recession, boom and sluggish periods. A north-south divide, a uniform housing policy and a monetary policy increase the diversion among the regions.

Markov switching needs high-frequency data and long time spans.

Questions a uniform housing policy in a heterogeneous housing market. Questions the impact of monetary policy on a heterogeneous housing market. The way the recovery of the housing market varies among regions depends on regional economic performance, housing market structure and the labour market. House price convergence, beta-convergence.

No such work has been done looking at duration and magnitude of regional housing cycles. A new econometric method was used.

To investigate whether significant differences exist in job satisfaction (JS) between individuals receiving performance‐related pay (PRP) and those on alternative compensation plans.

Using data from four waves (1998‐2001) of the British Household Panel Survey (BHPS), a Heckman‐type econometric procedure is applied that corrects for both self‐selection of individuals into their preferred compensation scheme and the endogeneity of wages in a JS framework.

It is found that while the predicted JS of workers receiving PRP is lower on average compared to those on other pay schemes, PRP exerts a positive effect on the mean JS of (very) high‐paid workers. A potential explanation for this pattern could be that for lower‐paid employees PRP is perceived to be controlling, whereas higher‐paid workers derive a utility benefit from what they view as supportive reward schemes.

As the study utilises data from the UK only, its results cannot be generalized to other countries characterized by distinct labour market contexts. Furthermore, the quality of the estimates depends on the quality of the identifying restrictions which, in these types of studies, are always somewhat ad hoc. However, the available tests for evaluating the quality of the identifying restrictions indicated that they are appropriate for the models used.

The findings of the paper suggest that using performance pay as an incentive device in the UK could prove to be counterproductive in the long run for certain low‐paid occupations, as far as employee JS is concerned.

This paper is the first to have attempted to correct for the selectivity issue when considering the effect of PRP on JS. Its implications should be of interest to human resource managers when designing the compensation strategies of their organizations.

I am delighted that Darrat has taken the trouble to re‐estimate his original function as suggested by my earlier comment. However, I find that his reply to my comment was highly selective and neglected the stability test of the function in its new form. A stable function is pertinent to the purpose of the model and its conclusions as original predicted.

The main objective of my article, (Darrat, 1984), was to examine the sensitivity of domestic money demand in Saudi Arabia to changes in external monetary and financial factors such as foreign interest rates. Regression results over the quarterly period 1962/I‐1981/IV indicated that the Saudi money demand was significantly influenced by movements in foreign short‐term interest rates and currency exchange rates.