The current study attempts to examine the linkage between government (public) spending and economic growth in the broader framework of selected South Asian Nations (SANs), BRICS and other emerging nations by using two sets of empirical modelling over the period 2007–2016 by using inverted U-shaped hypothesis, propounded by Armey curve (1995). The first set has employed system GMM technique to explore the presence of the Armey curve hypothesis using the square term of government size, while the second set has used the threshold regression using system GMM panel modelling to investigate the subsequent reversals (tipping point). The key findings signify the existence of an inverted U-shaped relationship for the selected data set of emerging nations and, therefore, support the Armey curve hypothesis. The projected threshold (tipping) levels (as a percentage of GDP) are 24.31% for the government total expenditures (GTotExp), 12.92% for consumption spending (GConExp) and 7.11% for investment spending (GInvExp). It has been observed that a rise in the public spending (size) resulted in a substantial increase (decrease) in the growth rate when the public spending was before (after) the optimal threshold level, indicating a non-monotonic association. The findings of the study also suggest a policy implication that public spending could only be a short-term measure to deal with crises in any nation, but not a long-term solution. JEL Classification: C23, C33, E60, E62, H00, H50, O40, O50

All the economists today have established that externalities (free-rider issues) and public goods are the leading causes of market failure, holding the utmost level of relevance of environmental economics. Pollution types can be segregated physically based on the channels (water, air and land) or the sectors responsible for causing it (e.g., industry, electricity generation, transport, agricultural waste disposal, etc.). Thus, sustainability emerges as a key challenge of the twenty-first century for public think tanks and business communities in the form of carbon emissions and global warming. So, in order to understand the role of sustainability in the era of development, the overall broader purpose of the current study is to study the quantitative linkages between human development index (HDI) (a sustainability measure of standard of living, i.e., per capita GDP) and environmental performance index (EPI, measure of environmental health and ecosystem vitality) for the selected South Asian nations (SANs) and comparative analysis of India with the selected developing nations from 2002 to 2016. To test whether the degree of economic expansion and standard of living have a systematic relationship with the level of environmental deterioration (existence of Kuznet curve hypotheses) in a country which poses a future threat to the global warming potential (GWP), the study employs dynamic panel modelling on selected SANs, followed by descriptive graphical synthesis to visualize the association for India in particular. Several other macroeconomic and capital flow variables, such as energy consumption, direct foreign investment and so on, are considered in the extended empirical model development in order to supplement the holistic review of the situation. The findings of the panel analysis discover HDI to be positively associated with EPI, depicting higher human capital accumulation leading to lower environmental damage and better environmental performance. Additionally, the results confirm the deviation from environmental Kuznet curve (EKC) hypotheses to link economic growth positively with climatic worsening (due to recent reversals). The study finds its niche to separate it from various other studies as it includes human capital accumulation in order to find its effect in the long run on sustainability indicator. The overall results suggest crucial policy implications. The combined efforts of government at local and national levels could help in infusing green technology-based infrastructure. Additionally, environment trading system (ETS) could further be promoted in developing nations, particularly in many Western developed nations, in order to have a greener sustainable future.

The maturity structure of corporate debt is one of the significant financing choices that a firm must make simultaneously while deciding how to finance its operational and investment decisions. Even though the capital structure is one of the scrutinized topics of interest in the area of corporate finance literature, there are scarce studies investigating corporate debt maturity—even less so in the context of emerging markets. The choice of a suitable debt maturity structure is extremely relevant for firms as it can enable them to avoid mismatch by aligning assets in line with liabilities, address agency related problems, sidestep the ill effects of cost of capital and signal about the firms’ earning quality and value. The study investigates the firm-specific and macroeconomic determinants that are significant for a debt maturity structure of Indian corporate firms. A sample of 29 non-financial firms listed on the National Stock Exchange during the period 2008–2016 was taken to test the hypothesis. Employing fixed effects panel data analysis, the study provides an empirical evidence that firm size, liquidity, asset maturity and base rate have significant effects on debt maturity choice in the Indian context, whereas tax effects, growth rate, firm quality and wholesale price index are not significantly related to the debt maturity structure. JEL Classification: C23, G20, G32

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