ASSESSMENT OF THE IMPACT OF GOVERNMENT REVENUE MOBILISATION ON ECONOMIC GROWTH IN NIGERIA

[...]this study focuses on the relationship between revenue generation and economic growth in Nigeria. [...]the study recommends economic diversification through strategic programs aimed at enhancing growth rather than remaining a mono-economy. According to Nzotta (2007), the tax system constitutes one of the very effective and efficient ways of generating internal revenue for the government. According to Alade (2017), government revenue sources comprise privatization proceeds, taxes, interest received, sale proceeds of goods, the commission received, and rent received among others.

Tax Exemptions of Cooperatives in the Philippines and in Other Countries: A Comparative Study

In the Philippines, Undersecretary Orlando R. Ravanera, Chairman of the Cooperative Development Authority, declared that since the founding of the Rochdale Cooperative in England in 1884, different countries have adopted this cooperative form of organization that has resulted in significant economic gains and social development. Findings in this research could offer policy makers, especially those in the Philippine Congress, insights on the importance of cooperatives as partners in community and nation-building by different governments across the globe. [...]to appreciate the role of cooperatives to the Philippine economy, especially during this COVID 19 pandemic, the two provisions in the Philippine Cooperative Code of 2008 that provide for the tax exemption and tax treatment of cooperatives are hopefully not repealed. 2. [...]some countries allow agricultural cooperatives to enjoy tax exemptions and tax holidays so that these organizations can continue their role in addressing poverty, securing food production and boost economic growth (Kireyeva, 2016) as a whole. The cooperatives' not-for-profit nature is a justification for tax advantages in some countries, however in Western agri-food systems agricultural cooperatives face the challenge of inevitably competing with investor-owned businesses where they are at a bind between raising capital and conserving their basic governance (Tortia, Valentinov and Iliopoulos, 2013).

Governmental Management Concept for Overcoming COVID-19 Pandemic in the Context of National Business Cultures

In the article the absence of an institution for monitoring and substantiating a macroeconomic strategy for countering the COVID-19 pandemic and the inability of governments to adequately respond to the spread and deepening of the coronavirus crisis, which is characteristic in the modern world for almost all countries, has been identified. The managerial concept of government actions is substantiated using the behavioral theory in the context of national business cultures, which determines the choice of a behavioral imperative and regulatory decisions taking into account changes in the stability of economic management objects. The characteristics of the national business cultures of individual countries of the world are highlighted, which can act as stimulating factors in the fight against the COVID-19 pandemic and overcoming its consequences.

THE EFFECTS OF GLOBAL ECONOMIC CRISES ON PERFORMANCE OF PARTICIPATION BANKS: THE CASE OF THE COVID-19 OUTBREAK

Türkiye'de katılım bankaları adı altında faaliyet gösteren Islami bankacılık uygulamalarının etkinliǧi ve finans sistemi içerisindeki payı giderek artış göstermiş, söz konusu bankaların sundukları ürünler sayesinde, tasarrufların finansal sisteme kazandırılmasında, yurtiçinden olduǧu kadar yurtdışından da kaynak temininde ve kaynakların çeşitlendirilmesinde önemli ilerlemeler saǧlanmıştır. Faizsiz işlemler üzerine inşa edilen Íslami bankacılık sisteminin küresel nitelikli krizlerden etkilenme düzeylerinin tespit edilmesi, sistemin etkinliǧinin anlaşılmasına ve aksayan yönlerine yönelik gerekli iyileştirmelerin yapılmasına imkân verecektir. Bu çerçevede çalışmamızda 2008 küresel finans krizi ve Covid-19 salgını kaynaklı küresel ekonomik/finansal sorunlar karşısında Türkiye'de faaliyet gösteren katılım bankalarının performanslarında ortaya çıkan gelişmeler mevduat bankalarıyla karşılaştırmalı olarak ele alınmıştır. Sistemdeki yapısal kırılmaları dikkate alan Gregory-Hansen eş bütünleşme testi kullanılarak, işletme giderlerinin aktiflere oranı, finansman-mevduat (katılım fonu) oranı, sorunlu finansman ve sermaye yeterlilik oranı göstergelerinin aktif karlılıǧı üzerindeki etkileri analiz edilmiştir. Elde edilen bulgulara göre, 2008 küresel finans krizinden sonra katılım bankalarının performansında 2010 yılında (Krizin Avrupa'da borç krizine dönüştüǧü dönem) bir kırılma meydana gelmiş, küresel salgın sürecinde ise herhangi bir kırılma oluşmamıştır. Mevduat bankaları açısından ise, küresel finans krizinin hemen arkasından 2009 yılında bir kırılma oluşmuştur. Covid-19 sürecinin mevduat bankaları üzerinde bir kırılma oluşturmadıǧı çalışmanın diǧer bulguları arasında yer almaktadır.Alternate :The efficiency of Islamic banking practices operating under the name of Participation Banks in Turkey and their share in the financial system have gradually increased, and thanks to the products offered by these banks, significant progress has been made in bringing savings into the financial system, in obtaining resources from abroad as well as from within the country, and in the diversification of resources. Determining the impact level of global crises to the Islamic banking system, which is built on interest-free transactions, will enable the efficiency of the system to be determined and the necessary improvements to be made for the faulty aspects. In this context, in our study, the developments in the performance of participation banks operating in Turkey in the face of global economic/financial problems caused by the 2008 global financial crisis and the Covid-19 pandemic are discussed in comparison with deposit banks. By using the Gregory-Hansen cointegration test, which considers the structural breaks in the system, the effects of the ratio of operating expenses to assets, financing-deposit (participation fund) ratio, non-performing financing ratio, and capital adequacy ratio indicators on the return on assets were analyzed. According to the findings, there was a break in the performance of participation banks in 2010 (the period when the crisis turned into a debt crisis in Europe) after the 2008 global financial crisis, but no break in the pandemic process. In terms of deposit banks, a break occurred in 2009, right after the global financial crisis. Other findings of the study include that the Covid-19 process did not create a break on deposit banks.

EFFECT OF GOVERNMENT AGRICULTURAL EXPENDITURE ON ECONOMIC GROWTH: EVIDENCE FROM A DEVELOPING COUNTRY

Fiscal policy has been used by various governments to promote economic growth. The effectiveness of government expenditure on economic growth depends on recipient sector of government expenditure. This study contributes to this research area by investigating the effect of government agricultural expenditure on economic growth in the Kingdom of Lesotho. The government of Lesotho identified the agricultural sector as a productive sector that is central to the achievement the economic growth goal and development plan. Descriptive statistics and inferential econometric techniques (ARDL, DOLS and VEC Granger causality) over time-series data for the period 1982-2019 were utilized in this study. The results suggest that while current level and pattern of government agriculture expenditure cannot stimulate the desired economic growth and prosperity in the country, domestic investment appear to be a stimulant of the desired economic prosperity. Consequently, any economic growth policy or strategy that is premised on government agricultural sector expenditure would fail. Thus study recommends that countries including Lesotho should prioritize sustained increase in domestic investment.

Stock returns, oil prices and leverage: evidence from US firms

Purpose>This paper aims to investigate how the relation between stock returns of US firms and West Texas Intermediate (WTI) oil prices is affected by leverage from 1990 to 2020.Design/methodology/approach>This paper examines how the relationship between stock returns of US firms and WTI oil prices is affected by leverage from 1990 to 2020 using a fixed-effect model estimation framework.Findings>Results from the fixed-effect regression models suggest that leverage effects on stock returns are pervasive both in aggregate and cross-industry levels, while the mining industry is more sensitive. In addition to the positive oil price effects attenuated by leverage at the aggregate level, the authors observe stronger marginal effects of leverage only for the mining sector. Being more exposed to commodity prices, the positive effects of oil prices on stock returns in the mining sector are offset by large debt ratios. Asymmetries, effects of debt maturity structure and implications are also discussed.Research limitations/implications>This study is grounded on the contemporary cash flow claim of leverage NOT on the long-run effect of leverage considering cash flow constraints. The oil price increase is assumed to represent an advancement of the overall economy. This study does not capture the oil prices response to some other economic forces and vice-versa.Practical implications>Mining companies should therefore reduce the stock of debt with respect to their assets to make possible the “pass-through” from oil prices to the stock market.Originality/value>Previously undocumented and the authors show that leverage reduces the total effect of oil prices on stock returns, consistent with the hypothesis. Asymmetric and debt maturity structures effects are also discussed.

Fiscal sustainability in highly indebted countries: evidence from Jamaica

Purpose>This study aims to explore the sustainability of Jamaica’s public debt over a highly volatile period of time.Design/methodology/approach>The authors use a suite of econometric tools, including, unit root testing, cointegration testing and estimating a fiscal reaction function. The authors control for structural breaks in the regression analysis.Findings>The authors find that whilst reschedulings might be indicative of cash-flow problems in Jamaica, fiscal policy has responded effectively to increase the public debt, thereby making the debt sustainable. Notwithstanding the political economy and social demands of the population prior to the impact of the pandemic, the implications of higher debt stocks (higher debt-servicing and lower social expenditures) might make this approach to fiscal policy and debt management infeasible. As a result, the authors recommend that the government will need to take an active approach in managing its debt position to facilitate responses to shocks and provide conditions within which maintaining fiscal discipline is feasible.Originality/value>To the best of the authors’ knowledge, this is the first study to explore fiscal sustainability in Jamaica over this time period whilst taking into consideration structural breaks caused by the global financial crisis and debt restructurings. The authors also take into consideration variables such as exchange rates and the occurrence of elections, which have not been included in previous studies.

ASSESSING TOURISM INDUSTRY DURING THE COVID-19 PANDEMIC

The COVID-19 pandemic has affected the economy of all countries, putting the tourism industry under unprecedented pressure. The measures imposed by the governments of the countries, such as lockdown, quarantine, but also the changes in tourists ' behavior, as an effect of social distancing, have led to a significant decrease in tourism revenues, creating liquidity problems for companies operating in the tourism, hospitality, and leisure industries. In this context, the paper aims to analyze the effects of Covid-19 on tourism industry, as well as the perspectives of development of this economic sector on the short and medium term.

Probing into Economic Development Studies in the Post-COVID Era

Unfortunately, despite the international community's efforts to combat poverty and inequality, both parameters have been on the rise recently. [...]there is a strong need to find a workable (and appropriate in these new conditions) resolution to poverty problems to avoid a global crisis. The new reality of poverty and inequality issues should be addressed by studying global income disparities and possible ways to bridge gaps between poorer and wealthier countries (and people within countries) by promoting innovations, technologies, human capital development, agrarian systems, and social entrepreneurship. The particular focus should be made on the new challenges to sustainable development brought by the growth of global environmental and public health problems, such as climate change, deterioration of air, water, land, and other resources, reduction of biodiversity, and loss of many natural ecosystems.

Pandemic-Era Uncertainty

We examine several measures of uncertainty to make five points. First, equity market traders and executives at nonfinancial firms have shared similar assessments about one-year-ahead uncertainty since the pandemic struck. Both the one-year VIX and our survey-based measure of firm-level uncertainty at a one-year forecast horizon doubled at the onset of the pandemic and then fell about half-way back to pre-pandemic levels by mid-2021. Second, and in contrast, the 1-month VIX, a Twitter-based Economic Uncertainty Index, and macro forecaster disagreement all rose sharply in reaction to the pandemic but retrenched almost completely by mid-2021. Third, Categorical Policy Uncertainty Indexes highlight the changing sources of uncertainty—from healthcare and fiscal policy uncertainty in spring 2020 to elevated uncertainty around monetary policy and national security as of May 2022. Fourth, firm-level risk perceptions skewed heavily to the downside in spring 2020 but shifted rapidly to the upside from fall 2020 onwards. Perceived upside uncertainty remains highly elevated as of early 2022. Fifth, our survey evidence suggests that elevated uncertainty is exerting only mild restraint on capital investment plans for 2022 and 2023, perhaps because perceived risks are so skewed to the upside.

The Impact of Uncertainty on Trade: The Case for a Small Port

In the present paper, we show how uncertainty emanating from fluctuations in economic uncertainty, news-based uncertainty, and geopolitical risks affect the number of containers exported from Thailand via Penang Port, Malaysia. Our sample extends from January 2009 to May 2020 from three main entry points in the Northern Peninsular Malaysia–Thailand Border: Padang Besar, Surat Thani, and Bukit Kayu Hitam. Two modes of transportation of containers are mainly used for export purposes, namely, road and rai. This study examines the nonlinear effect of uncertainty on trade by employing a two-regime Markov regime-switching approach. The empirical results show that, overall, uncertainty significantly affects the movement of containers in the high-uncertainty regime. Therefore, small ports must continue to diversify their client base to cushion the impact of fluctuations in global trade due to uncertainty.

ESG: new concept for old problems

A socially responsible business must base its actions on ethical management and consider issues such as the quality of life of its employees, the relationship with stakeholders, and the reduction of negative impacts of operational activities on the community and the environment. [...]our society no longer depends only on the government but also on businesses that work well and meet their needs, ranging from job creation, equitable growth, protection of natural resources, and defense of consumer interests. According to the authors, if strategically implemented, CE can play a prominent role in the agendas of emerging and developing countries, encouraging collaboration and stakeholder engagement. In "Construction and validation of a corruption perception scale at the citizen level", Kelmara Mendes Vieira, Monize Sámara Visentini, and Ricardo Teixeira Cunha propose and validate a Corruption Perception Scale (CPS), composed of five individual-level dimensions (knowledge, behavior, reflexes, control, and attitude), which position the citizen as the protagonist in the analysis of the phenomenon.

RECONCEPTUALISING THE FOCUS OF CORPORATE SOCIAL RESPONSIBILITY INITIATIVES TO ADDRESS THE DIGITAL DIVIDE IN SOUTH AFRICA DURING THE COVID-19 PANDEMIC

One of the objectives of the Organisation for Economic Co-operation and Development's (OECD) Principles of Corporate Governance is to create an inclusive society by nurturing a commercial environment rooted in trust, transparency and accountability. In creating a socially inclusive environment, the acceleration of the fourth industrial revolution (4IR) and its applicability in South African companies must be borne in mind. This acceleration has precipitated a shift in the manner in which South African businesses operate in several ways. For example, various South African companies have embraced several digital technologies such as artificial intelligence and machine learning. The use of these technologies has highlighted the inequality that has plagued South African companies. Additionally, the Coronavirus disease (COVID-19) has widened the digital divide in South African companies. This article highlights the importance of South African companies incorporating information and communications technology (ICT) infrastructure as a key corporate social responsibility (CSR) initiative. The article further argues that CSR initiatives targeting ICT infrastructure could benefit the South African economy and society during the COVID-19 pandemic. In this regard, the authors will demonstrate how the stakeholder approach is vital for corporate growth in South Africa. The authors also argue that concerted efforts by companies to build more ICT infrastructure could lead to a more inclusive society which could promote an efficient economy that attracts investors and enhances domestic and international trade.

THE IMPACT OF THE FIRST DECADE OF THE NATIONAL ACADEMY OF INVENTORS

Arthur Molella, on the occasion of the fifth anniversary of the National Academy of Inventors (NAI), authored an excellent historical review of the formation and the early impact of the NAI (1). Now, as we complete the first decade of the NAI, I will emphasize the importance of the intellectual revolution that the NAI has achieved for the betterment of academia and for our society as a whole. The NAI is much more than just a professional society since it spans all professions. Like the other national academies, the NAI's impact extends well beyond academia, expanding knowledge, capabilities, and employment in the private and government sectors as well. The NAI has brought the process of new knowledge discovery, which is primarily conducted in our major research universities, back into the broader service of our knowledge-based economy, returning to the vision and mission of higher education as embodied in our land-grant universities and expanded through the Smith-Lever Act of 1914. To understand the past benefit and future promise of the NAI, it must be viewed primarily as the transformative process that it is-one that works for the betterment of human-kind.

THE UNEXPECTED BENEFITS OF CUSTOMER DISCOVERY FOR RESEARCH, TEACHING, ECONOMIC DEVELOPMENT, AND INNOVATION

The Innovation-Corps" (I-Corps) program was created by the National Science Foundation (NSF) in 2011 to help translate NSF-funded academic research to market. Working with coordinating partner VentureWell, the NSF offers select participants from U.S. academic laboratories the opportunity to immerse themselves in a process to test and explore the opportunities and value of their ideas in the marketplace. Participants talk to potential customers, partners, and competitors to refine their research ideas into viable products using an entrepreneurial approach to meet the challenges and uncertainty of creating successful innovations. This paper summarizes panel content that was planned for the NAI Ninth Annual Meeting, which was cancelled due to COVID-19 concerns and restrictions. The purpose of the panel was to provide a range of uniquely different perspectives;thus, we have opted to maintain the question and answer format. The panelists first examine the real and perceived, or intended and unintended, outputs of I-Corps projects and then discuss the I-Corps process as the catalyst for refining and/or scaling promising research idea into a product to meet a customer need. The panelists then describe the importance of customer discovery as relevant to invention and to culturally conscious entrepreneurship and how this first step can aid basic research. The panelists highlight the opportunities and challenges of teaching a customer discovery approach in an academic setting by charging learners to ask open-ended questions to acquire a 360-degree perspective of a technological innovation. Lastly, the panelists provide a viewpoint on the execution of academic customer discovery during the current COVID-19 challenges and the potential for economic development.

Profitability Determinants of SMEs Listed on Indian Stock Exchange

One of the prime targets of any business, including Indian Small and Medium Enterprises (SMEs), is to make profits. This ensures securing the finances as well as attracting investors for the future expansion of the business. The focus of this study is to empirically examine the variables affecting the profitability of SMEs in India. The sample consists of SMEs listed on the newly incorporated S&P BSE SME and Nifty SME Emerge Index over a period of 6 years. The Generalised Methods of Moments has been used to find the factors determining the firm's profitability. The major factors taken for the current study are firm size, firm age, growth, production, industry affiliation along with lagged profitability. The data has been extracted from the CMIE Prowess database. The result of the study shows that lagged profitability and labour productivity have a significant and positive impact on the overall SME's profitability. On the other hand, the age of the firm is found to have a negative association with SME profitability. This implies that traditional firms are not using innovative methods to keep pace with the changing business ecosystem, which in turn is reducing their profitability. The study is likely to be relevant to the managers and investors to identify the factors affecting the profitability of Indian SMEs.

Choosing the Optimal Tool for Fiscal Adjustment or Living under Fiscal Constraints: Panel Evidence from Selected OECD Countries

This article examines the long-run two-way causal relationship between government revenues and spending and their interaction with the yearly change in public debt for eighteen OECD countries by using annual data for 1976-2017 period. The empirical literature has mainly focused on the long run relationship between government expenditure and revenues or other single country time series while only a few studies have used panel causality analysis and none have investigated the link with the evolution of public debt ratios. The purpose of this paper is to present a dynamic model identifying the underlying relationships constituting the fiscal policy set-up in sample countries. We apply a robust dynamic panel causality methodology based on SUR systems and Wald tests with country specific bootstrap critical values. The study also aims to provide the basis for recommendations on the policy response to public finance challenges stemming from exogenous shocks like the global pandemic that began in 2020. By developing an enhanced analysis of the long-term causal relationship between taxation, spending and their interaction with changes in public debt, the study not only provides fresh insights into the sustainability and optimal design of fiscal adjustment efforts but also offers a country-specific schematization as a guide for policymaking.

Effects of COVID-19 on Football Stock Market's Return and Uncertainty

The cancellation of mass gatherings was one of the earliest measures implemented to combat the spread of COVID-19. One of the sectors affected by this situation was sports organizations. The study aimed to analyze the impact of COVID-19 on the returns and volatility of football club stocks using mean and variance estimates. In line with this aim, the Stoxx Football Index was used to estimate the stocks of football clubs, and a dummy variable was used to estimate the effect of COVID-19. According to the analyses, it was found that COVID-19 had a negative and statistically significant impact on football index revenue. On the other hand, the results of the second moment analysis, the EGARCH-X model, suggested an increase in the Stoxx Football Index conditional variance (volatility) due to COVID-19.

Financial Liberalization and Economic Development in Korea: 1980–2020 By Yung Chul Park, Joon-Kyung Kim, and Hail Park,. Cambridge, Mass.: Harvard University Press, 2021. xix, 315 pp. ISBN: 9780674251281 (cloth)

Much less attention has been given to South Korea's more recent political economy, and even less to its financial liberalization and how that has impacted not only economic growth but also democratization and social equality. [...]this serious study based on careful examination of economic data has something new and important to add. Except for the insurance industry, the financial markets never really opened up much, and five big domestic banks still dominate the banking sector. [...]as every South Korean knows, the power of the major chaebols, such as Lotte, LG, Samsung, and Hyundai, and the families that control them has not been effectively curtailed.

EDITORIAL TO THE SPECIAL ISSUE

This is an editorial to the Special issue of Management - Journal of Contemporary Management Issues, dedicated to novel coronavirus-related crisis and crisis management. Guest editors for this special issue are Boštjan Aver (GEA College, Faculty of Entrepreneurship, Ljubljana, Slovenia) and Mihone Kerolli-Mustafa (International Business College, Mitrovica, Kosovo).