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This paper aims to explore how the expansion in cryptocurrency users affects the country's research and development (R&D) investments.

The analysis covers 53 countries over the period 2019–2022. The empirical methodology implements an instrumental variable approach to overcome endogeneity and omitted variable bias issues. In particular, this study introduces novel instruments developed from Google data, specifically related to trends observed in the cryptocurrency markets.

The results show that macroeconomic and institutional factors, as well as technology infrastructure affect the country's R&D expenditure, as previously noted in the literature. The country's R&D spending significantly responds to cryptocurrency expansions. Conspicuously, each 10% increase in cryptocurrency market users boosts the ratio of R&D to GDP by 1.35%. The countries that have imposed an adequate taxation policy on cryptocurrency gains experienced more improvement in their R&D budget, in contrast to those that forced aggressive tax brackets or did not apply adequate policies. Cryptocurrency dynamics affect both religiously regulated and nonreligious countries.

This study has three main contributions. First, it introduces the role of the cryptocurrency market as one of the leading global trends to affect the countries’ R&D budget. Second, this paper documents the importance of forcing an adequate tax policy on cryptocurrency capital gains. Third, the results of this paper serve as guidelines for governments to face the challenges raised by the cryptocurrency market.

This paper examines the impact of cryptocurrency market on the stock market performance in Middle East and North Africa (MENA) region. A comparative analysis is extended to distinguish this impact between Gulf countries and other economies in the region.

The analysis uses the information of cryptocurrencies and the stock market indices of the Gulf countries for the period 2014–2018 on a daily basis. Two strategies have been implemented to fulfill the goal of the study: first, the tests strategy, which is applied using the cointegration analysis and panel-specific forms of Granger causality; second, the regression strategy, which is applied mainly using the instrument variable with generalized method of moments (IV-GMM) method.

The results show that there is a significant relationship between the cryptocurrency market and the stock market performance in the MENA region. On the one hand, for the Gulf countries that claim full obedience to the Islamic Sharia rules, each 1% increase in the cryptocurrency returns reduces the stock market performance by 0.15%. On the other hand, for the non-Gulf (other MENA) countries that have flexibility in applying the Islamic Sharia rules or do not follow it, the stock market performance increases by 0.13%, for each 1% increase in the cryptocurrency returns.

The paper proposes two main contributions: First, the paper introduces the cryptocurrency returns as one of the determinants of the stock market performance in the MENA region. This impact is distinguished based on the degree of applying the Islamic Sharia rules and the vision of the government to the stock market. Second, the paper provides an empirical guideline for governments in the MENA region for efficient measures in their stock market, given the important expansion of the cryptocurrency market and the government type.

This study aims to dissect firm knowledge into two main types: internal firm knowledge (knowledge workers) and external firm knowledge (relational knowledge with other firms). This study aims to investigate how each type affects the productivity of the firms. This study also examines how this effect differs among Egyptian firms in the agriculture, manufacturing and service sectors.

The authors use firm-level data in Egypt on the sectoral level. The properties of instrumental variables regression using two-stage least-squares estimation are adopted to overcome endogeneity and omitted variable bias in the empirical estimations.

The study’s findings reveal that the effects of internal and external knowledge on the firm productivity are sector-specific; knowledge-workers and relational knowledge are two times more effective for agriculture than manufacturing and service firms; external knowledge plays a vital role in increasing productivity relative to internal knowledge for the manufacturing sector; finally, internal and external knowledge has the same effect on the service firms.

This research adds to the body knowledge-based theory of the firm by examining the effects of internal and external knowledge on the firms’ productivity. In particular, the paper differentiates this effect across three sectors: agriculture, manufacturing and services. This paper also suggests a novel empirical methodology to address endogeneity and omitted variable bias in this literature of firm knowledge and productivity.

The paper uses firm level data for the top listed firms in New York exchange stock over the period 2000–2017. The analysis is mainly based on 237 firms that already experienced losses at the end of the fiscal year. The study aims to use the properties of the dynamic panel data, specifically the methodology proposed by Arenllo and Bond (1991), to fulfill the objectives of the paper.

This paper focuses on the dividend policy management of the firms when they experience a loss at the end of the fiscal year. The objective is to examine how such a policy management affects the sustainability of the firm (measured by the future sales and total factor productivity[TFP]) and the wealth of its shareholders (measured by the Stock Returns).

The results show that the distressed firms that distribute dividends at the end of the loss period are able to maintain sustainability and to reach more favorable wealth situation of their shareholders relative to the firms who abstain to pay; the dividend policy during periods of loss is still able to send positive signals about the firm in the market; and the dividend policy can be considered as a predictive indicator for a sustainable firm whose shareholders can also predict their capital gains.

Agreed upon the literature that the firms during the period of crisis are likely to change their dividend policy, this study offers robust evidence that the dividend policy of distressed firms affects their sustainability (measured by sales and TFP) and the wealth status of their shareholders (measured by the Stock Returns).

The purpose of this paper is to examine the impact of knowledge management (KM) on the total factor productivity (TFP) at the organizational level in Egypt.

Using the novel available EC 2013 data set, which includes approximately 60,000 private organizations in Egypt, the paper explores the relationship between KM and TFP. For the purpose of dealing with endogeneity, the two-stage least squares econometric model has been implemented.

The study reveals that KM impacts positively the TFP of the Egyptian organizations. Conspicuously, each 10 percent increase in KM is associated with 9.3 percent increase in TFP.

The role of KM in the organizations has been under-researched globally, especially in Africa. This study contributes to the current literature by assessing the impact of KM on TFP, which represents the most comprehensive measure of the firm productivity; by implementing a novel instrumental variable in order to deal with endogeneity between KM and TFP; and by generating a more nuanced measure for the knowledge intensity that is not based on any financial indicator as in the most of the previous studies. Original findings can be highlighted from the paper as it demonstrates that the impact of KM is more important than proposed by the current literature. Conspicuously, the KM does not merely impact the customer satisfaction, the quality improvement and the profit margin, but it also impacts the TFP of the organizations.

The purpose of this paper is to study the impact of foreign venture capital (VC)/private equity (PE) ownership and other types of foreign investors on the access to external finance, in terms of credit provision, by the independent high-tech small and medium enterprises (SMEs) in the European context.

The research methodology is based on the analysis of a panel sample consisting of 1,138 firms from 23 European Union countries for the period 2006-2015. To statistically test the two defined research hypotheses, a panel model was run using 2SLS estimation.

The findings show that foreign ownership has a positive but partial role in improving the availability of external funding for independent high-tech SMEs. Foreign VC/PE ownership seems to facilitate the global accessibility of external financing but not the access to bank lending; on the contrary, other forms of foreign ownership (excluding VC/PE) seem to increase only the access to bank lending.

In order to open their businesses to a global spectrum of investment opportunities and increase the potentials of full development, small independent entrepreneurs should become attentive to the role of foreign investors. Further, policy actions need to stimulate an international vision of the way of doing business among the entrepreneurial contexts of high-tech SMEs.

The research fills a literature gap on the role of foreign ownership in mitigating the financing limitations of independent high-tech SMEs. Additionally, as independent high-tech SMEs differ from non-independent firms, the financing constraints and information asymmetry faced by independent firms are critical and pivotal to explore.

This article presents a description of Early Childhood Care and Education (ECCE) as a basis for guaranteeing fundamental human rights from birth. ECCE is the first stage and a solid base – considering the relevance of development processes from birth to six years. Active early education, committed to the reality of a community, facilitates the training of young citizens as rights’ agents. In this sense, the education and care in early childhood is indispensable. This article communicates a descriptive synthesis of the current state of the ECCE in various regions and countries, especially in Latin America – Argentina – and in Europe – Sweden.

In the analysis, theoretical sustenance about childhood and new perspectives that discuss classical conceptions are presented. The educational process is fundamental and is described as Early Education (EE), presenting a synthesis of the ECCE from its normative conformation that arises from the statements of Jomtien (1990). The concept of Educare is presented, as a holistic approach to education and care within early childhood. This aspect is linked to highlight the inequality gaps for children, describing ‘fragmented territories’, in terms of guaranteeing rights. The final reflection summarizes the importance of Early Education, recovering the current studies on Educare, which project the guarantee of rights from birth.