Optimizing foreign exchange reserves: Protection against external shocks in Ghana.

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7-1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency (i.e., exceeding 13 data observations), the reserve stock should be fixed on a benchmark of 2-9 times of the average inflows.

Trend and relationship between environmental accounting disclosure and environmental performance for mining companies listed in China.

We examined the effect of environmental disclosure on environmental performance for listed mining companies in China. Our analysis used China's Environmental Information Disclosure Degree (EIDD) and the Chinese Securities Regulatory Commission's disclosure guidelines to propose the Environmental Information Disclosure Index. Majority of previous studies on environmental disclosures focused on a particular company or city or province. Few studies considered a whole sector of a country. Among the few studies that considered a whole industry, none of such studies considered the mining industry. In addition, our study employed a recent environmental disclosure index and modified a recent index for environmental performance for the empirical analysis making our study unique. We also employed vigorous reliability and robustness test to ensure that our findings are valid and can be used by policy-makers. Using panel data for thirty-four mining companies from both Shanghai and Shenzhen Stock Exchange for the period 2000-2018, our cointegration estimation analysis concluded that corporate environmental performance and environmental information disclosure has a positive and significant relationship at a 1% level. Trend analysis revealed that mining companies comply with environmental information disclosure in China. This was seen from the great improvement in the environmental disclosure for mining companies between 2008 and 2010 after the enforcement of EIDD. Our results contribute to the previous literature and open the way for further studies on industry level in other countries.

Environmental pollution of China to foreign investors: detrimental or beneficial?

This study investigates the dynamic linkage among foreign direct investment, energy consumption, and environmental pollution of China spanning from 1990 to 2014. Despite the extant literature on the FDI-energy-growth-environmental pollution nexus, most of the conclusion seems inconsistent. Hence, this study utilized recent econometric techniques such as the dynamic ordinary least square (DOLS), autoregressive distributed lag (ARDL) bounds test approach, Gregory and Hansen structural cointegration, and the bootstrap Granger causality. The study also disaggregated energy consumption into various sources to identify their respective distinct impact on the environment. Our study confirmed the presence of the EKC curve for China in a quadratic equation applying the DOLS. The result of the bootstrapped Granger causality confirmed the presence of a unidirectional Granger causality running from CO2 emission to economic growth and export; non-renewable energy to economic growth, export to economic growth, and renewable energy; and urbanization to economic growth. Moreover, our study recognized the presence of a bi-directional connection between FDI and economic growth. Our study highly recommends that China modify its energy mix by incorporating more renewable energy resources such as hydro, wind, geothermal. Additionally, the regulatory bodies should strictly implement improved energy efficiency in the various sectors that complement total proper urban land usage as the urban population to total population significantly impelled an upsurge in environmental deterioration in China.

Tourism and sustainable development in China: a review.

The adaption of the open-up reform policies in China some three decades ago has resulted in a rapid economic transformation of which the tourism sector has equally witnessed fast development. Therefore, the essence of this article is to review the evolution and expansion of the tourism industry in China and its obligation to observing international sustainable development policies and practices. Indications of the current policy regime, establishment, and institutions, sustainable development strategies to ensure continuity and availability of resources for future use, environmental sustainability laws and regulations, and promotional events for the development of the tourism industry are made available in this article. In effect, this article reviews how the activities of the tourism sector impacts on the environment. The findings show that China in its quest to be a world leader of tourists' destination has impacted negatively on the environment which by extension affect the economy and society at large. On the other hand, as a leading nation in the United Nations, China has in contemporary times adapted sustainable development strategies to help safeguard the environment. However, more needs to be done in the area of advanced technology and renewable energy.

The spatial effect of tourism economic development on regional ecological efficiency.

The process of tourism economic development is accompanied by the consumption of energy and environment. It is of a big significance to measure the level of tourism economic development and regional eco-efficiency correctly to clarify the relationship between them, as it contributes to realizing the high-quality development of the tourism economy and the construction of "beautiful China". On the basis of the panel data of China's 30 provinces and cities from 2002 to 2016, the paper intends to evaluate the regional eco-efficiency and tourism economic development level by using the super-efficiency DEA model and the grey entropy weight method, and then construct spatial panel econometric model which is based on the previous data to deeply discuss the influence of tourism economy development on regional ecological efficiency and its spatial effect. The research shows that (1) regional ecological efficiency has significant spatial dependence and spatial aggregation characteristics. With the passing of time, this kind of positive spatial autocorrelation is gradually strengthened. (2) In the long-term development, tourism economic development and regional ecological efficiency show a more obvious "Kuznets curve" effect. (3) The "U"-curve relationship between urbanization, environmental regulation, and regional eco-efficiency was confirmed. (4) In the process of tourism economic transformation and development, industrial pollution control, environmental regulation, technological level, urbanization, and investment openness are the main factors that affect the improvement of ecological efficiency in the local region. (5) Tourism economic development and urbanization levels have different spatial spillover effects in different periods, while investment openness has obvious positive spillover effects.

The impact of foreign direct investment on sustainable development in China.

The purpose of this paper is to investigate the impact of foreign direct investment (FDI) on sustainable development (SD) in China by using a regression model. Based on a panel date ranging from 1996 to 2016, this study makes an assessment of how development is sustained by means of an impose response function model. The findings revealed that, first, FDI has an insignificant influence on environmental quality in the long run but aids in financing physical capital deficits. Second, there exists the presence of the pollution halo hypothesis. In addition, in the short-term, pollution variables (sulfur dioxide and smoke and dust) cause significant variances on the amount of FDI inflows into China. However, they significantly lose their variation effect to FDI inflows in the long run due to the utilization of advanced technologies. Lastly, it is recommended that stricter environmental policies and strategies are implemented to curtail foreign investors from defaulting.

Impact of board characteristics on environmental disclosures for listed mining companies in China.

This paper examines the impact of board characteristics on environmental accounting information disclosure for listed mining companies in China. Board characteristics were categorized into board size, independence characteristics, diversity characteristics, behavioral characteristics, and incentive characteristics. The study further extended to analyze the impact of board characteristics on environmental disclosure before and after the promulgation of Environmental Information Disclosure Degree (EIDD). Using multiple regression analysis with a sample of 34 listed mining companies from both Shanghai and Shenzhen Stock Exchanges covering 2000-2018 period, we find a significant positive correlation between board size and Environmental Accounting Disclosure Index (EADI). Also, board independence measured by independent directors and the separation of the chief executive officer from board chairman revealed a positive and significant relationship with EADI. Similarly, behavioral characteristics measured by board meeting were positively correlated with EADI at 1% significant level. In terms of diversity characteristics, both females on board and foreign nationals revealed a negative and insignificant relationship with EADI, while incentive characteristics saw an inconclusive correlation with EADI. Our findings are useful to top managers and regulators who are interested in improving corporate governance practices and environmental information disclosure.

An empirical model on the impact of foreign direct investment on China's environmental pollution: analysis based on simultaneous equations.

This paper analyses the link between foreign direct investment (FDI) and economic growth and their subsequent impact on environmental pollution in China. The simultaneous equation method was used with data from 31 provinces in China covering the period between 1995 and 2016. The findings indicate that the effect of FDI on economic growth, industrial structure, and environmental pollution control positively impacts on China's industrial pollution control and environmental conditions, implying that China should encourage foreign capital investments that come with advanced production technology and green production processes. This will enhance efficient resource utilization, adherence to environmental standards, and ensuring sustainable economic development.

Economic development and environmental sustainability-the case of foreign direct investment effect on environmental pollution in China.

This research reviews and analyses the environmental catastrophes in China with regard to its adherence of global environmental policies and practices. The research makes available evidence of the present policy regime and institutions, strategies for curbing emission, environmental legislations and regulations and measures to provide a sustainable environment for the present and future generations. This paper reviewed how the environment is affected by the emissions. The findings revealed that China adheres to global policies and practices. China also receives local and international support in terms of assistance in dealing with environmental challenges. It was also revealed that carbon dioxide was not included in the list of pollutants to be taxed by the environmental protection tax law. Furthermore, the government needs to be strict at the local and district levels in enforcing the law to ensure professionalism and attainment of set standards.

Entities contribution to total employment in China after 1978 reforms: urban and rural perspective.

The paper specifically looks at the rural-urban interaction and contribution of various entities or agents to the total employment in China, rural China, and urban China. The study concentrated on the total employment after 1978 reforms. The paper looked at the 1978-2004 reform and after 2004 reform. It was revealed that 1978-2004 reform hindered the flow of labor from rural to urban but after 2004 reform promoted the flow of labor force from rural to urban China the development, which resulted in a drastic reduction in the rural labor force. Before the reforms, state- and collective-owned units were the only entities that were employing people in China. Even though private enterprises were allowed after the reforms, the leading role of the state- and collective-owned units persist. State-owned units contribute immensely to the total employment in China and urban employment, but its contribution to employment in rural China is negative. Collective-owned and cooperative units show a positive contribution to employment in rural areas but its contribution to the total employment in China is negative. Units with funds from Hong Kong, Macao, and Taiwan and rural private enterprises also contribute positively to total employment in China. Cooperative units, joint holding corporations Ltd., foreign-funded units, and rural self-employed individuals contribute negatively to the total employment in China. Collective-owned and cooperative units contribute negatively to employment in the urban areas. Urban and rural private enterprises and rural self-employed individuals contribute positively to urban employment.

Human capital accumulation and its effect on agribusiness performance: the case of China.

This study investigates the effect of accumulated human capital on the performance of agribusinesses in China. Four hundred fifty agribusiness owners were interviewed for the study. Growth in sales over the last 5 years was used as a measure of performance. The following variables were reviewed and captured as those constituting human capital: education, raised in the area, parents being entrepreneurs, attending business seminars/trade fairs, managerial experience, similar work experience, cooperative membership, and training. Logit regression model and inferential statistics were used to analyze the data. The logit regression model was used to analyze the effect of accumulated human capital on growth in sales. The inferential statistics on the other hand was used to measure the association between age, education, sex, provinces, and the categories of growth. Our study found that parents who are entrepreneurs and attend business seminars/trade fairs, as well as have managerial experience, similar work experience, education, and training, display a statistically significant positive effect on the growth in sales.