Miracle-dz/UniFAR-FTUs huggingface dataset:
Sustainable competitiveness: a spatial econometric analysis of European regions

The paper complements the few regional studies on the sustainability–competitiveness nexus by providing a novel composite index of sustainable competitiveness for 272 European regions in 28 European countries. Principal component factor analysis is combined with a variance-based structural equation model to create a statistically reliable index, which overcomes the methodological issues of previous studies. Especially, the use of the latter also allows estimation of the cause–effect relationships between the different pillars of sustainable competitiveness, where empirical evidence is scarce. The paper shows that favorable ecological, social, and economic environments can jointly contribute to facilitating long-term sustainable competitiveness outcomes. Thereby, the progress in one dimension is not necessarily at the expense of another dimension of sustainable competitiveness. The proposed index reveals important insights for policymakers into the sustainable competitiveness trajectory of European regions. Region-specific plans for action can be derived and new policy conclusions can be drawn from the index.
On the Relationship between Economic Integration, Business Environment and Real Convergence: The Experience of the CEE Countries

The aim of the article is to verify the convergence process of the Central and Eastern Europe (CEE) (CEE10) countries towards Western European countries (EU15) in years 1995–2016. Additionally, the paper aims to show the interaction between economic integration and convergence as well as business environment and growth. The study methods applied in in the article are analysis of the literature and wide range of quantitative methods (descriptive statistics. regression models (OLS and panel), the elements of taxonomic analysis (cluster analysis and Clark’s coefficient of divergence). In the study years, CEE10 and EU15 countries were developing in accordance with the convergence hypothesis. The impact of economic integration on convergence was confirmed as well as the dependence of growth from the business environment in EU10. The added value of the study is the combination of three important research problems: convergence, economic integration and business environment. In addition, the research area concerns the CEE countries, which is very desirable. Many prior studies suggested to elaborate development and business processes in emerging countries like CEE. Thus, the article tries to fulfill this research needs. It has not only cognitive but also utilitarian values. The research results can be taken into consideration by policy makers to create an appropriate development policy and a conducive business environment.
Nationalism and the City in Colonial India

Studies of Indian nationalism have frequently acknowledged its “urban roots” but seldom considered in a systematic and sustained fashion the ways in which nationalism shaped the city. Focusing on colonial Bombay, c. 1890-1940, this article explores the changing relationship between Indian nationalism and the city. The first section examines the period spanning the late Victorian and Edwardian eras and highlights forms of middle-class political activity in the urban public sphere that expressed a distinctive civic patriotism and local identity while simultaneously affirming loyalty to the British Empire. The second section shows how popular nationalism in the 1920s and 1930s spawned an extensive repertoire of collective performances and extraconstitutional forms of public action and protest that sought to reterritorialize the city as nationalist space. At the same time, the article also points to the constraints and contestations that marked the nationalist makeover of the “colonial city. ”
How Research Affects Policy: Experimental Evidence from 2,150 Brazilian Municipalities

Can research findings change political leaders’ beliefs and policies? We use experiments with 2,150 Brazilian municipalities to measure mayors’ demand for and response to research information. In one experiment, we find that mayors are willing to pay to learn the results of evaluation studies, and update their beliefs when informed of the findings. They value larger-sample studies more, while not distinguishing between studies in rich and poor countries. In a second experiment, we find that informing mayors about research on a simple and effective policy, taxpayer reminder letters, increases the probability the policy is implemented by 10 percentage points. (JEL D72, D78, D83, O17, O18)
ICT Implementation of Small- and Medium-Sized Construction Enterprises: Organizational Characteristics, Driving Forces, and Value Perceptions

This study discusses the organizational characteristics, driving factors, and value perceptions of small- and medium-sized construction enterprises in information and communication technology (ICT) implementation and investigates how the heterogeneous impacts of these features on subsequent ICT implementation practices are manifested. Based on questionnaire responses provided by 338 respondents from the Chinese construction industry, these associations were empirically tested using statistical methods, such as t-test, ANOVA, and correlation test. The analysis results indicate that the engagement of small- and medium-sized enterprises (SMEs) in ICT is a function of their annual sales turnover and the location in which they are operating, but no correlation was found with age, ownership structure, or business type. Moreover, strategic orientation was found to be the most effective driver in determining SMEs’ ICT-level, followed by pressures from competitors, incentive and mandatory policies from the government, intentions to improve work efficiency and quality, and ICT requirements from clients and partners, in that order. The findings further reveal that the differences in value perceptions generated after the adoption of ICT is the reason why SMEs tend to adopt less expensive ICT, that is, to use packaged rather than customized ICT, which can improve efficiency quickly, without considering the long-term benefits of the selected ICT. These findings provide insights for researchers and policymakers, allowing them to develop an in-depth understanding of the stimuli that are advantageous in ICT implementation in construction SMEs in developing countries.
Three essays on corporate debt, capital structure and managerial entrenchment

This dissertation comprises three essays. In the first essay, I develop a contingent-claims model to investigate the impact of managerial entrenchment on corporate policies and security valuation. The model emphasizes the role that managerial agency issues play in determining both a firm's dividend payout and capital structure. I show quantitatively that self-interested managers' leverage choices deviate from those ex ante maximize firm values. The results suggest that dividend yields are negatively affected by both leverage ratios and managerial entrenchment. They provide implications for empirical research attempting to relate dividend policy to capital structure. In addition, the model offers a new framework to measure managerial entrenchment using observed leverage and dividend payout. %%%%In the second essay, we use a set of structural models to evaluate the price of default protection for a sample of US corporations. In contrast to previous evidence from corporate bond data, CDS premia are not systematically underestimated. In fact, one of our studied models has little difficulty on average in predicting their level. For robustness, we perform the same exercise for bond spreads by the same issuers on the same trading date. As expected, bond spreads relative to the Treasury curve are systematically underestimated, consistent with their being driven by significant non-default components. This is not the case when the swap curve is used as a benchmark, suggesting that previously documented underestimation results may be sensitive to the choice of risk free rate. %%%%In the third essay, we develop a valuation model that simultaneously captures credit risk and interest rate risk, and apply it to study the valuation of putable corporate bonds. We ask what risks put features provide insurance against in practice - credit risk, liquidity risk or interest rate risk - and to what degree? We find that they reduce the components of all three risks in bond spreads. The most important, perhaps surprisingly is default or spread risk, followed by term structure risk. The reduction in the liquidity component is present but rather small.
PENDAMPINGAN PENGELOLAAN KEUANGAN KELUARGA ISLAMI BAGI IBU RUMAH TANGGA PELAKU UMKM DI KECAMATAN JATEN KABUPATEN KARANGANYAR

Salah satu elemen utama dalam kegiatan perekonomian keluarga adalah pengelolaan keuangan. Pengelolaan keuangan pribadi dan keluarga dalam Islam sendiri bisa disebut dengan Sakinah Finance. Pengelolaan keuangan keluarga sangat penting bagi kesejahteraan setiap individu dan keluarga dalam kehidupan sehari-hari. Inti dari pengelolaan keuangan Islami adalah pengelolaan dengan menentukan skala prioritas dan anggaran belanja rumah tangga. Ajaran Islam mendesak muslim untuk mengelola keuangan sesuai dengan ajaran Allah untuk memastikan kesuksesan dalam hidup. UMKM adalah singkatan dari Usaha Mikro, Kecil, Menengah. Adapun UUD yang mengatur UMKM adalah Undang – Undang No 20 Tahun 2008 bahwa pemerintah dan pemerintah daerah memfasilitasi pengembang usaha dengan cara memberikan intensif kepada usaha mikro, kecil, dan menengah mengembangkan teknologi dan kelestarian lingkungan hidup. Pelaku UMKM di daerah Jaten belum banyak yang paham arti penting pemisahan keuangan usaha dengan keuangan keluarga sehingga kegiatan PKM ini diharapkan menjadi solusi untuk memperbaiki pengelolaan keuangan tersebut. Tim pengabdian kepada masyarakat tertarik untuk membuat kegiatan pengabdian dengan judul “ Pendampingan Pengelolaan Keuangan Keluarga Islami bagi Ibu Rumah Tangga Pelaku UMKM di Kecamatan Jaten Kabupaten Karanganyar “ Kata kunci : UMKM, Keuangan keluarga islam, Keuangan Usaha
Could Market Making be Profitable in The European Carbon Market?

We investigate when market making can be profitable in the European Carbon Futures market, by developing an order type selection rule, based solely on transaction level data. We employ a granular approach that uses an observable variable, i.e. trading intensity, to extract the liquidity and information price components and we investigate their impact on spreads, volatility and ultimately on the profitability of different order types. We find that market orders are always less profitable than limit orders. In addition, market makers are expected to derive most of their profits in a low trading intensity environment, mainly due to higher liquidity commissions and a lower probability of dealing with better informed agents. In contrast, an unconditional limit order submission strategy from an off-floor trader should not be preferred, apart from a medium trading intensity environment, where information and liquidity premia adequately compensate them for execution and information risk.
Women’s Empowerment and Child Malnutrition: The Case of Mozambique

Using data from the 2011 Demographic and Health Survey in Mozambique this paper checks whether women empowerment has an impact on the nutritional status of children. We evaluate the degree of empowerment of women via multidimensional approaches, making a distinction between five domains: decision making, use of violence by husband/partner, attitude of the woman towards this use of violence, available information, material resources. Each domain includes several questions reflecting different aspects of empowerment. For each domain of empowerment, three different methods of aggregation are used: correspondence analysis, the so‐called Alkire and Foster methodology and the “fuzzy sets” approach. The impact of women empowerment on the nutritional status of children is analyzed via the MIMIC approach. No clear‐cut conclusion concerning the possible impact of women’s empowerment on the nutritional status of children could be drawn. But, ceteris paribus, the material wealth of the household, the educational level of the mother and her BMI are positively correlated with the nutritional status of children which is also higher when the child is female. Finally, there are important differences in the nutritional status of children between the various regions of Mozambique and this nutritional status is in most regions lower in rural areas.
Anatomy of a Sovereign Debt Crisis: CDS Spreads and Real-Time Macroeconomic Data

We construct a unique and comprehensive data set of 19 real-time daily macroeconomic indicators for 11 Eurozone countries, for the 5/11/2009{4/25/2013 period. We use this new data set to characterize the time-varying dependence of the cross-section of sovereign credit default swap (CDS) spreads on country-specific macro indicators. We employ daily Fama-MacBeth type cross-sectional regressions to produce time-series of macro-sensitivities, which are then used to identify risk regimes and forecast future equity market volatility. We document pronounced time-variation in the macro-sensitivities, consistent with the notion that market participants focused on very different macro indicators at the different times of the crisis. Second, we identify three distinct crisis risk regimes, based on the general level of CDS spreads, the macro-sensitivities, and the GIPSI connotation. Third, we document the predictive power of the macro-sensitivities for future option-implied equity market volatility, consistent with the notion that expected future risk aversion is an important driver of how CDS spreads impound macro information.
Maritime Piracy and International Trade

ABSTRACT Maritime piracy is a serious threat to international trade. Indeed, using Instrumental Variable Poisson Pseudo-Maximum Likelihood (IV-PPML) and PPML gravity models and using data on maritime distance and on piracy attacks over the period 2000–2016, it is estimated that an increase by 10 piracy attacks on the shortest maritime trade route between a country-pair results in a decrease in bilateral trade’s value by 2.8%. The impact, at 1.5%, is much smaller if the endogeneity of piracy attacks is not controlled for. Heterogeneity analysis reveals that successful attacks, attacks that involve violence, or attacks that target cargo are particularly detrimental to trade. This paper contributes to the literature by being the first to look at: non-Somali piracy attacks, different commodity groups, and various forms of attacks. This paper also proposes the use of maritime distance, instead of the commonly used great-circle distance. Finally, it offers a new instrumental variable for piracy attacks, namely, the sum of the square of the highest security apparatus index among countries in the vicinity of each vital chokepoint crossed by a ship travelling on the shortest maritime trade route between a country-pair, in a given year.
COST STICKINESS EFFECT ON FIRM’S PERFORMANCE: INSIGHTS FROM MALAYSIA

This study examines the relationship between cost stickiness and firm performance for a sample of 315 listed firms in Malaysia over 2010-2014. The estimation model is built based on previous empirical findings and the agency theory. It is tested using panel regression with the fixed effects model while controlling the Heteroskedasticity and autocorrelation problem. The results show the significant role of cost stickiness on firm performance confirming the alignment proposition of the agency theory. Our research further indicates that some of the managers focus on future projects instead of anchoring to past information due to certainfactors such as change in technology used, economis and politics, which is in line with the institutional theory.
An Analysis of a Government-Sponsored Retraining Program: Implications to Educational Planning.

The collapse of the global economy in 2008 had a devastating impact on manufacturing and other sectors across Canada. Displaced workers were unprepared for the demands of the new knowledge-based economy and found that they required retraining to secure employment in modern, highly technical workplaces. In Ontario, the introduction of the Second Career (SC) program provided opportunities for laid-off workers to attend college for retraining. Using qualitative methods, this study explores the experience of adult students participating in a government-sponsored retraining program. The findings suggest that adult learners who return to school encounter many challenges, including the need to balance school-life responsibilities, the dynamics of generationally diverse classrooms, significant financial pressures, adaptation to a new postsecondary environment, the need to relearn how to learn, the need for academic upgrading, and bureaucratic processes. In addition, the data reveal significant impacts on SC students, including renewed confidence and hope, a determination not to fail, new skill development, preparation for and connection to employment, establishment of powerful relationships with instructors, and development of a supportive community of peer learners. The data revealed in this study provide important recommendations to key stakeholders with respect to the importance of educational planners creating conditions for success when planning and implementing a school-to-work transition program for displaced workers.
Employment, Corporate Investment, and Cash-Flow Risk

We highlight the role of cash-flow uncertainty on corporate employment and investment. We find that a 1% increase in cash-flow uncertainty leads to a 0.62% decrease in tangible investment, a 1.39% decrease in intangible investment, and a 3.67% decrease in corporate employment growth. Our results are statistically and economically significant. We further find that these relationships are stronger during economic recessions. Our findings have significant policy implications. To wit, if policy makers would like corporations to increase their employment and investment, they should focus on policies that decrease corporate cash-flow uncertainty.
Bureaucratic structures and organizational commitment: findings from a comparative study of 20 European countries

ABSTRACT Do civil servants in some countries have higher organizational commitment? Is there any substantial cross-national variation in the form and degree of commitment? Good governance studies show a positive link between Weberian bureaucracy and favourable macro-level outcomes. However, previous comparative research is silent regarding cross-national differences of individual bureaucrats’ attitudes and their relationship with national bureaucratic structures. Employing social exchange theory, we argue that closed civil service systems produce higher commitment in senior public officials than open systems do. Using two large data sets in 20 European countries, we find closed systems are associated with continuance and normative commitment.
Experiential Learning and Knowledge Building in Higher Education: an Application of the Progressive Design Method

Progressive Design Method (DPM) attempts to connect the Experiential Learning perspective with Knowledge Building model. The aim of the present study was to analyze the implementation of PDM in terms of patterns of online participation and interaction, and the relationship between online participation and interaction with participation in F2F meetings. The implementation was introduced in a Guided Practical Experience at the University of Valle d'Aosta, involving 17 students in their 2nd year of a Psychological Sciences and Techniques degree course. Following PDM, the students worked in teams to create a project about the use of digital technology in school or other formative contexts. An online environment, Knowledge Forum (KF), supported the activity with specific areas (views) where students could present themselves, analyse the KB model and share their project. The project was developed in different steps and after each step each team received a feedback from all the members of the community via KF. The results for participation show a positive correlation between notes written and read in each view, as well as a correlation between notes read between different views. We also found a correlation between Weighted Indregree and Outdegree in each view. Finally, F2F participation correlated with the total number of notes written and read and with the total number of Weighted Indegree and Weighted Outdegree. Implications of these results for DPM implementations are discussed.
Errors have been made, others will be blamed: Issue engagement and blame shifting in prime minister speeches during the economic crisis in Europe

This article investigates prime ministers’ communication strategies during the most recent economic crisis in Europe. It argues that when electoral risk is high but governments’ policy options are severely limited, prime ministers will use specific communication strategies to mitigate electoral risks. Two such communication strategies are analysed – issue engagement and blame shifting – by applying state‐of‐the‐art quantitative text analysis methods on 5,553 speeches of prime ministers in nine European Union member states. Evidence is found for both strategies. Prime ministers talk about the economy more in response to both high (domestic) unemployment and low (domestic) gross domestic product growth. Furthermore, it is found that the (domestic) unemployment rate is the most consistent predictor of blame shifting: as the domestic unemployment rate goes up, this is followed by an increase in blame shifting towards banks, Greece and the Troika of the European Commission, the European Central Bank and the International Monetary Fund.
Analysis of Takaful vs. Conventional insurance firms’ efficiency: Two-stage DEA of Saudi Arabia’s insurance market

Abstract Despite the remarkable growth in the insurance industry over the past two decades, few studies evaluate the performance of Takaful vs. conventional insurance firms with focus on the standard structure of production as a two-stage process, that is, operations and profitability. Thus, this research examines the performance of Saudi Arabia’s insurance market using a two-stage data envelopment analysis to assess the efficiency of the two production stages and accordingly, define the leader stage. The empirical results obtained using data for 26 conventional and seven Takaful insurance firms for 2014–2017 indicate declining average efficiency scores for both firm types. In other words, Saudi Arabia’s insurance market warrants new consolidation and foreign participation regulations to assist firms in becoming dynamic and strong. This study makes a significant contribution given the dearth of an exclusive analysis on the two-stage efficiency of Saudi Arabia’s Takaful and conventional insurance firms. Further, it offers key implications for decision makers, regulators, and managers associated with the insurance industry in Saudi Arabia and other emerging insurance markets.
Earnings Dynamics: The Role of Education throughout a Worker's Career

This paper describes two stylized facts about the earnings dynamics throughout a worker’s career. First, this paper shows that more educated workers have higher earnings growth with work experience than less educated workers. Second, it demonstrates that more educated workers suffer greater earnings losses following job displacement. I propose a model that integrates human capital accumulation and learning mechanisms that can explain these empirical findings. In the model, employers use both education and past job displacement as a signal of a worker’s unobservable ability. As a result, educated workers receive more on-the-job training in the beginning of their careers. In addition, educated workers suffer greater wage losses after being laid off when potential employers learn that an educated worker is low ability.