Country-level institutional quality and financial system efficiency: An international evidence

Khan, Mohammed Arshad; Khan, Muhammad Atif; Khan, Muhammad Asif; Haddad, Hossam; Al-Ramahi, Nidal Mahmoud; Sherfudeen, Noorjahan

doi:10.1371/journal.pone.0290511

Cited by 12 publications

(1 citation statement)

References 64 publications

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“…A vast and rich literature compares developed countries with other countries around the world not only in terms of their economic and financial development but also in terms of their their legal, regulatory and institutional framework (Demirgüç-Kunt and Levine, 2001;Beck and Levine, 2005;Chinn and Ito, 2006;Svirydzenka, 2016;Asante et al, 2023). In their study opposing developing countries to emerging markets over the period 2002 to 2017, Khan et al (2023) examine the relationship between institutional quality and financial development. Abaidoo and Agyapong (2023) show how institutional quality influences variability in financial development; the sample consists of sub-Saharan Africa countries.…”

Section: Introductionmentioning

confidence: 99%

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

Hamouda,

Jilani

2023

IJEFI

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This paper provides new evidence on capital structure determinants in the Arab world with special focus on the impact of the 2008 global financial crisis and the Jasmine Revolution on four different corporate leverage ratios. The sample consists of 440 non-financial listed companies from four Arab- Mediterranean countries (Egypt, Jordan Morocco and Tunisia) and the panel data are analyzed from the period 2003–2019. Statistical analysis of results are carried out by using the ordinary least squares ; three dummy variables are included (time, country and industry). The results indicate cross-country variations in four different leverage ratios. Moroccan firms, contrary to those in Tunisia and Jordan, show lower leverage ratios. By contrast, they report higher levels of « size », « profitability » and « growth opportunities ». The results also show that the Jasmine Revolution as well as the 2008 global financial crisis affects the impact of firm-specific determinants : After crisis and Jasmine Revolution, the positive and the negative effects of « size » and « profitability », respectively, become more important. Profitability is the most significant explanatory factor of corporate capital structure in Arab countries. During the two sub-periods, the growth opportunities and their negative impact on the corporate financial decisions depend on the choice of the leverage ratio (total debt versus long term debt – book values versus market values). Asset tangibility is the most critical factor : its positive effect on capital structure is more important before the Jasmine revolution and/or the global financial crisis. The effect is initially positive but becomes negative when leverage ratio is calculated using total values of debt (book and market values of debt). Results on capital structure determinants in the Arabic context not depend only on the choice of the leverage ratio, but also on the period considered.

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Section: Introductionmentioning

confidence: 99%

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

Hamouda,

Jilani

2023

IJEFI

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Aquaculture growth and coastal tourism development in the context sustainable blue economy

Alsaleh,

Wang

2024

Sustainable Development

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The primary objective of this research is to investigate the impact of increased aquaculture output on coastal tourism and blue growth in European Union developed countries (EU13) and European Union developing countries (EU14) from 1990 to 2023. Key findings were derived through the application of resilient least squares (RLS), two‐stage least squares (2SLS), and ordinary least squares (OLS) estimators, effectively addressing endogeneity concerns. The exact magnitudes of these results show that, in EU14 developed countries, the increase of aquaculture output seriously jeopardizes the sustainability of coastal tourism more so than in EU13 developing countries. In contrast, EU14 developed countries find that variables like as economic growth and institutional quality have a greater impact on improving coastal sustainable development than do EU13 countries. Moreover, the data shows that, in comparison to EU14 developed countries, the aquaculture sector in EU13 developing countries uses more fossil fuels than EU14 developed countries, which is the main driver of carbon dioxide emissions in coastal tourist areas. In light of these findings, the study recommends that policymakers give policies targeted at enhancing productivity and encouraging the environmentally friendly growth of aquaculture production top priority, particularly in the EU14 developed countries that have significant negative effects on the sustainable development of coastal tourism.

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Evaluating the Potential of Information and Communication Technologies to Increase Aquaculture Sustainability

Alsaleh,

Wang,

Nan

2024

Sustainable Development

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Focusing on environmental and ecological concerns, the European Union (EU27) ranks as the world's fifth‐largest aquaculture producer. Acknowledging the necessity of enhancing productivity and competitiveness, the EU recognizes the importance of investing in the sustainability and growth of the aquaculture industry. Thus, the primary objective of this study is to investigate the impact of information and communication technology (ICT) elements on the development of the aquaculture sector within the European Union (EU13) and the European Union (EU14) from 1990 to 2023. To address potential endogeneity issues, this research employs Cross‐Sectional Autoregressive Distributed Lag (CS‐ARDL) and Augmented Mean Group (AMG) estimators. The findings reveal significant insights. It is evident that, in comparison to emerging EU13 countries, developed EU14 countries place greater importance on ICT, human capital, and governance in facilitating the growth of the aquaculture industry. On the other hand, compared to EU14 developed countries, carbon dioxide emissions seem to be a major contributor to the deterioration of the aquaculture sector in EU13 developing countries. It is advised that policymakers in the EU13 countries give priority to projects that support ICT development, improve human capital, and put in place efficient governance procedures in light of these results. The EU14 countries' officials are encouraged to concentrate on promoting economic development in the aquatic industry and easing the anticipated expansion of aquaculture in the interim.

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Country-level institutional quality and financial system efficiency: An international evidence

Cited by 12 publications

References 64 publications

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

Aquaculture growth and coastal tourism development in the context sustainable blue economy

Evaluating the Potential of Information and Communication Technologies to Increase Aquaculture Sustainability

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