A substantial body of research links poverty and income inequality to higher crime rates, particularly violent crime. While prior studies have examined these relationships independently, few have explored their potential interaction. Drawing on established theories of absolute and relative deprivation, it is hypothesized that there is an interaction effect between income inequality and poverty, such that the impact of income inequality on violent crime becomes stronger as poverty levels rise. In other words, the interaction effect suggests that as the gap between the "haves" and the "have nots" widens - both in relative and absolute terms - those in the economically disadvantaged group likely experience more intense frustration, thus increasing the likelihood of violent responses. Using U.S. state-level data from 2014 to 2022, the analysis reveals a significant and positive interaction effect; the influence of income inequality on violent crime becomes stronger as poverty levels rise. These findings advance the literature by highlighting the need to consider how structural conditions work together to shape crime patterns. They also suggest that crime-reduction policies should simultaneously address poverty and income inequality. Specifically, interventions that focus on income-smoothing, such as progressive taxation and expanding access to education and employment opportunities, are likely to have the most significant potential to lower violent crime rates. These targeted interventions in areas experiencing both high poverty and high inequality may be particularly effective in reducing violent crime and improving outcomes for socioeconomically marginalized populations.
The transition from centrally planned economies toward market-oriented economies provides a unique context for fostering entrepreneurship. However, entrepreneurship is related to many social and economic issues, but its association with democracy lacks empirical validation and remains largely theoretical. This study explores the relationship between democracy and entrepreneurship in transitional economies. Comprehensive measures of ET and DCs are employed for empirical investigation, which are often overlooked in the context of transitional economies. The panel data of 15 transitional economies from 2014 to 2019 are analyzed. Panel data techniques such as Fixed Effects model with Driscoll-Karaay Standard Error (FE-DKSE), Feasible Generalized Least Squares (FGLS), and Panel-Corrected Standard Error (PCSE) methods are used for empirical analysis. The findings indicate that ET and DCs are associated in transitional economies. A positive and statistically significant relationship exists between ET and DC. DC boosts ET in these transitory nations. The inclusion of other covariates, such as financial development (FD), foreign direct investment (FDI), and technological innovations, does not affect the core findings. These covariates also have favorable effects on ET in these countries. The empirical results suggest that democracy in transitional economies, by ensuring accountability and reducing organizational uncertainty, creates an environment conducive to entrepreneurial activity.
This study examines rural–urban linkages in Pandeglang Regency, Banten Province, by developing a composite index to assess their role in balanced local economic development. Using the Village Potential Statistics (PODES) 2024 as the primary data source, the index operationalizes seven dimensions: physical infrastructure, economic interaction, population mobility, technology, social interaction and communication, services, and political–administrative linkages. The analytical framework integrates min–max normalization, Rank Order Centroid (ROC) weighting derived from expert judgments of government, community, and academic respondents, and aggregation across 326 villages. Composite scores are aggregated and classified into five linkage categories to identify the relative strength of rural–urban linkages across villages. Most villages were classified as moderate (35.89%) or low (30.37%), with only a few classified as very high or very low. Social interaction and political–administrative linkages constitute the most pronounced dimensions of rural–urban linkages, underscoring the maturity of institutional and social ties between these areas. Conversely, population mobility and service access are the weakest dimensions, indicating enduring structural barriers in transportation infrastructure, spatial accessibility, and equitable service provision. This suggests that linkages are socially and institutionally established but not yet fully effective in driving local economic development due to infrastructure and accessibility gaps. Policy efforts should prioritize improving transport connectivity, service provision, and market access to strengthen mobility and economic integration. Enhanced coordination across administrative levels is also essential to translate existing linkages into more inclusive and sustainable development outcomes.
Tax complexity remains a persistent barrier to compliance and the full use of incentives. Global reforms aim for structural simplicity, but empirical evidence on their effects regarding tax distribution and burden is sparse. To lower compliance costs, the Korean government consolidated fragmented investment tax credit provisions into a single provision in 2018. We examine whether simplifying tax credit provisions increases tax credit utilization and promotes tax equity. We draw on 30,075 firm-year observations from administrative tax returns covering 2015–2019. We apply a DID design to estimate the reform’s effects on ETRs, tax credit utilization, and equity. The treatment effect is measured by a firm’s prior experience with tax credits. We measure horizontal equity by the CV ratio and vertical equity by the Reynolds‑Smolensky, Kakwani‑Progressivity, and Suits indices. We find that tax credit utilization increases significantly after the simplification and is linked to lower ETRs. The effect is larger for firms with greater prior experience with tax credits, suggesting the simplification lowers information costs. Horizontal equity improves due to increased access to tax credits among lower-bracket firms. Vertical equity does not improve and, in some cases, declines as high-income corporations exploit the simplified provisions more aggressively, leading to a regressive redistribution effect. Structural simplification advances administrative efficiency and horizontal equity. Meaningful improvements in vertical equity, by contrast, require additional reforms, such as adjustments to deduction rates and expansions of eligible assets.
This study examines whether exchange rate risk is priced in stock market returns in partially segmented Southeast Asian economies and whether this exposure is asymmetric. Using monthly data from January 2010 to December 2024 for Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, the study constructs a market-level panel of domestic equity index returns, nominal bilateral U.S. dollar exchange rate changes, real bilateral exchange rate changes adjusted for inflation, and global equity returns proxied by the MSCI ACWI. The standard exchange rate exposure regression is extended by estimating nominal and real exchange rate effects separately and by allowing depreciation and appreciation regimes to differ. After panel specification and diagnostic tests, the models are estimated using generalized least squares and the difference generalized method of moments. The results show that both nominal and real exchange rate changes are significantly priced in Southeast Asian stock returns. Local currency depreciation is associated with lower market returns, while the interaction terms confirm asymmetric exposure, indicating that the magnitude of the effect differs across exchange rate regimes. This study contributes to the existing literature by documenting asymmetric nominal and real exchange rate exposure in six Southeast Asian stock markets, showing that local currency depreciation lowers market returns while managed exchange rate regimes do not fully eliminate equity-market currency risk. These findings support deeper local-currency bond markets, foreign exchange derivatives, and regional financial cooperation to improve hedging capacity and market resilience.
This research aimed to investigate the effect of debt levels and the moderating role of a country’s institutional factors influencing the choice of fair value models in ASEAN property and real estate companies. The examination of a country's institutional factors as a moderating variable was important since debt policy reflects corporate strategy and national governance. Logistic and moderation regression analyses on 328 companies from 2018 to 2023 showed that higher levels of corporate debt reduced the probability of adopting the fair value model, as inflated asset valuations were avoided. The moderating influence of the country's institutional factors increased the negative effect. Furthermore, this research added empirical evidence about using positive accounting and new institutional theory to explain the selection of policies in cross-country research because the complexity of developing and implementing standards was different. The results showed that developing countries did not use the fair value model, following the inability to maintain banking trust as the primary source of funding. The Ministry of Finance and similar authorities in the five ASEAN countries should coordinate with professional associations to prepare accounting systems and relevant regulatory documents, as well as support reducing the gap between IFRS and local standards to create favorable conditions for companies in applying IFRS in the future.
Over the past half-century, China has been evolving into the second-largest economic system, which creates endogenous innovation as a key driver of growth. Yet, a scientific inquiry into whether or not this nation can technologically keep pace with the United States (U.S.) remains unexplored. The purpose of this research is to explore China’s possibilities for technological convergence with the frontier, evaluating the logistic against exponential variants within the neo-Schumpeterian diffusion paradigm. The study also assesses how education and other structural capacities—including governance quality, financial capacity, openness policies, and digital infrastructure—condition China’s standing vis-à-vis the frontier. To this end, Bayesian mixed regressions are applied to the Chinese and U.S. time-series data spanning 1996–2022. The research findings indicate that this country’s technological convergence predominantly occurs through implementation rather than innovation. An increasing contribution from innovation-oriented human capital and R&D activities signals China’s steady evolution toward innovation-driven expansion. Policy implications include enhancing the quality of education, strengthening institutional, innovation, and financial capacities, and promoting a balanced combination of technology absorption and generation for China and other emerging economies.
This paper investigates how provincial environmental governance shapes firms’ technology upgrading during the COVID-19 shock and early recovery in Vietnam. Using 1,886 firm-year observations for 2019–2021, the analysis combines the environmental governance sub-index of the Provincial Governance and Public Administration Performance Index with listed firms’ financial statements from FiinPro and applies panel regression models with rich fixed effects and event-time specifications to estimate the impact of environmental governance on corporate technology investment. The results reveal a robust positive association between effective environmental governance and technology upgrading, with stronger effects for pollution-intensive firms, financial institutions, and firms headquartered in export-oriented Southeast provinces. Event-time estimates further show that this relationship intensifies during the lockdown period and remains significant in the initial reopening phase, suggesting that capable local administration lowers uncertainty and transaction costs for digital and green investment when firms are under stress. These findings indicate that environmental governance functions as an important but often overlooked driver of the digital–green shift in an emerging economy context. Policymakers can foster resilient, innovation-led growth by strengthening provincial environmental governance capacity, integrating environmental management with industrial and digital transformation programs, and targeting support to small and medium-sized enterprises that face greater constraints in financing and implementing digital–green technologies.
Accounting conservatism (AC) is a fundamental element of financial reporting and indicates the quality of accounting information. It is particularly crucial in assessing the usefulness of accounting information as it determines a company's cost of capital in the bond market based on accounting information. This study analyzes the relationship between AC and bond credit ratings and whether this relationship differs depending on the company's ownership structure, specifically between Chinese-owned and privately held companies. This study utilizes the ordered probit regression methodology using financial data from the CSMAR database and Wind database for 2015-2019, using STATA. The results suggest two key findings. First, higher levels of AC are associated with higher credit ratings in the bond market. This finding is consistent with previous studies on AC. Second, Chinese government ownership negatively affects the relationship between AC and credit ratings. This implies that the impact of Chinese government ownership on the credit ratings of Chinese government-owned companies is already reflected in the bond market, meaning that ownership alone does not affect the relationship. Conversely, it implies that the level of AC and the type of private enterprise positively impact the process of determining the credit rating of private enterprises. These results imply that Chinese government-owned enterprises may be at a disadvantage compared to private enterprises in the bond market. However, the results also have policy implications, suggesting that Chinese government-owned enterprises are less significantly affected by credit ratings in the bond market due to their relatively strong government oversight and control.
There is a high demand for condominiums in Pattaya, Thailand, the tourist destination and business hub. It is an economic and strategic location within the Eastern Economic Corridor (EEC). An accurate rental price estimation is crucial for investors, tenants, real estate developers, and policymakers. The traditional methods such as regression analysis have limitations in terms of requiring linear relationships and capturing the complex data. This study applied Artificial Neural Network (ANN) to predict the condominium rental prices in Pattaya by using factors of distance to the beach, property size, building age, number of bedrooms and bathrooms, floor level, room type, and sea view. A dataset of 983 rental lists was used for ANN model training, validation, and prediction optimization. The study compares prediction from ANN and stepwise multiple regression analysis. The results identify that ANN provides the superior prediction accuracy over the multiple regression analysis, while the regression model offers the relative influence of each factor. This study identifies the effectiveness of ANN in condominium rental price prediction and highlights the importance of combining ANN method and traditional method to enhance the prediction accuracy and performance in Thai real estate market.
The COVID-19 pandemic severely impacted informal workers in terms of employment and income, especially in tourism-dependent economies such as Goa in India. The paper examined the socioeconomic vulnerabilities experienced by informal workers during the COVID-19 pandemic, with particular attention to gender, employment sector, and migrant status. Using a mixed methods approach, the study collected data from 250 informal workers employed in Goa's formal and informal sectors to examine employment vulnerability. Findings from the binary logistic model indicated that a significant proportion of informal workers lost their jobs during the lockdown, with women, migrants, and daily wage earners facing the highest risks. Informal workers employed in the informal sectors are more susceptible to job loss, and their chances of reemployment are lower compared to their counterparts in the formal sectors. Due to multiple job roles and caregiving responsibilities for their families, women are more likely to experience job loss and less likely to regain employment after the pandemic. The lack of social security and challenges related to reverse migration increase the vulnerability of migrant workers during the pandemic. Education serves as a protective buffer, as higher levels of education decrease the likelihood of job loss. The paper strongly advocates for urgent, targeted policy interventions, including expanded social security, sector-specific relief programs, and alternative livelihood options to enhance resilience in tourism-dependent informal economies. The findings contribute to a better understanding of the labor market disruptions caused by the pandemic and highlight the importance of developing inclusive recovery strategies.
The agricultural sector has long played an important role in the economic development of each country, especially for an economy like Vietnam. Considered one of the key sectors, the role of the agricultural sector is not only reflected in providing food for society but also as a driving force for the strong development of many other economic sectors. This study focuses on analyzing the factors influencing dividend policy among agricultural companies in Vietnam. Based on survey data from 130 firms in the sector and employing an empirical approach using a multiple regression model, the research develops an analytical framework consisting of five key factors: profitability, investment strategy, corporate governance structure, business environment, and industry characteristics. The findings indicate that profitability has a positive impact on dividend policy, while investment strategy exerts a negative influence, as firms tend to retain earnings for expansion purposes. Corporate governance and the business environment show a positive effect, highlighting the role of transparent management and stable external conditions in shaping dividend policy. Meanwhile, the volatile nature of the agricultural industry places pressure on dividend payout decisions. The results not only reinforce the scientific basis for formulating dividend policies tailored to the specific features of the agricultural sector but also provide practical insights for business managers, investors, and policymakers in guiding development strategies, attracting capital, and enhancing the credibility of Vietnamese agricultural firms in an increasingly integrated global economy.
Household livelihood assessment is an integral approach to determining the status of the development of rural people and society. Therefore, this study aims to explore the status of the livelihood and adaptation strategies of ethnic mountain people. A capital-based livelihood assessment was conducted on households living in Mount Qingcheng in Sichuan, China, under the guidance of the sustainable livelihood framework. Primary data were gathered through a semi-structured household survey of 42 ethnic mountain households complemented by two focus group discussions with community representatives. This study reveals that ethnic mountain households possess low levels of human capital (education, health, and vocational skills), limited natural capital (cultivable land and homestead areas), scarcity of physical capital (poor housing, production tools, vehicles, and durable assets), limited access to financial capital (income, borrowing informal and formal loans, and charity), and poor social capital (loose social networks within relatives, low opportunities for financial help, and job facilities). The analysis revealed a positive relationship between family size and household income, and cultivable land area. Cultivable land and homestead size are significantly positively related to dwelling quality (0.20*), financial security (0.60*), ease of obtaining informal loans (0.20*), and access to formal loans (0.30*). The major adaptation strategies depend on agriculture, off-farm income activities, social networks, traditional ecological knowledge (TEK), and migration for work. This study recommends that a continuous development program be implemented to help protect the culture and enhance the livelihood security of ethnic mountain people.
Commercial gambling is expanding in Kazakhstan amid digitalization and regulatory change, yet population-based estimates of participation and harm remain limited. This study provides a national baseline to inform product-specific harm-reduction policy. A cross-sectional, dual-language (Kazakh/Russian) survey of adults aged 18–60 (N = 1,015) was conducted in April–May 2025 using stratified quotas and post-stratification weights (sex, age, region) to generate population estimates. Measures included past-year gambling participation and intensity, the nine-item Problem Gambling Severity Index (PGSI; 12-month frame), and attitudes toward regulation and self-exclusion. Weighted proportions are reported for the full sample and, where relevant, past-year gamblers. An estimated 46.7% of adults (95% CI 43.6–49.8) gambled in the previous 12 months; 18.5% (95% CI 16.3–21.0) reported weekly or more frequent play. Among past-year gamblers (n = 474), 44.7% gambled weekly or more, 8.9% reported expenditure exceeding 50% of income, and 3.6% reported spending approximately all income on gambling. PGSI items indicating harm were frequently endorsed (e.g., chasing losses 82.5%; spending more than could be afforded 74.7%). Among non-gamblers, 68% viewed gambling “extremely negatively”; most favored strict regulation, with roughly three-quarters supporting a complete ban and about two-thirds endorsing mandatory youth risk education. Gambling in Kazakhstan is widespread, with substantial self-reported harm and strong public support for restrictive controls.
This study provides an in-depth empirical analysis of the determinants of regional economic growth in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on the roles of financial industry agglomeration, innovation, environmental regulation intensity, urbanization, and population density from 2007 to 2021. Utilizing a comprehensive panel dataset across 21 cities and employing advanced econometric techniques including the Method of Moments Quantile Regression this research uncovers robust evidence that financial development and innovation are consistent and powerful drivers of economic growth, regardless of city size or developmental stage. The findings indicate that, although advancement and innovation in the financial sector are universal drivers of economic performance, the impacts of environmental regulation and urbanization are more complex and highly heterogeneous across various quantiles of economic growth. Specifically, environmental regulation tends to promote growth in less developed cities but may impose constraints in more developed urban centers, whereas urbanization is more influential at early stages but diminishes as a city grows. The supported long-term cointegrating relationships between the variables also highlight that the regions involved require uniform, region-specific measures to maintain balanced, sustainable, and innovation-driven growth. These findings contribute to existing research in regional economics and offer transparent, applicable policy insights for decision-makers aiming to facilitate inclusive and resilient urban growth within one of China's most vibrant metropolitan areas.
This study investigates the economic feasibility and environmental benefits of integrating Palm Kernel Oil (PKO)-based bio-aviation fuel (BAF) into Indonesia’s domestic aviation sector. Drawing on data from major flight routes and applying a Hydroprocessed Esters and Fatty Acids (HEFA)-based emissions model, the analysis calculates CO2 emission reductions of 74%–84% compared to conventional fossil jet fuel, providing strong evidence of its environmental potential. The cost-revenue model, combined with ARIMA-based price forecasting, reveals that despite isolated instances of positive profitability, such as on the Jakarta–Medan route in 2023, PKO-based BAF remains economically unviable under current market conditions, largely due to the persistent cost gap with fossil jet fuel. Price forecasts indicate sustained PKO price levels between USD 1170–1193 per metric ton and carbon credit prices averaging USD 77 per metric ton through 2026, suggesting limited opportunity for natural market correction. Sensitivity analysis identifies that carbon prices would need to rise by up to 182% to achieve breakeven, emphasizing the urgent need for robust policy measures, including minimum carbon pricing, fiscal incentives, and investment in supply chain efficiencies to make BAF adoption viable. This research advances the sustainable aviation fuels (SAF) literature by integrating emissions modeling, economic analysis, and market forecasting in the context of an emerging economy, providing a novel contribution to discussions on aviation decarbonization. The findings offer actionable insights for policymakers, industry stakeholders, and researchers aiming to design effective interventions and shape the future of sustainable aviation in Indonesia and similar emerging markets.
The purpose of this study is to investigate the impact of authentic leadership capabilities and managerial coaching skills on individual performance, taking into account organizational virtuousness and individual creativity as mediating variables among financial sector workers in Surabaya City, Indonesia. The sample of this study comprises 384 respondents from finance firms in Surabaya, collected through a survey distributed via Google Forms. The analysis employed Structural Equation Modeling (SEM) using Smart PLS to examine the data. The research findings indicate a positive and significant correlation between authentic leadership and employee performance within Surabaya's financial sector. Conversely, a manager's coaching skills do not have a significant impact on individual performance. Organizational virtuousness emerged as a mediator in the relationships between authentic leadership, managerial coaching skills, and individual performance, emphasizing its role in enhancing employee performance. Additionally, individual creativity acted as an intermediary in the relationship between managerial coaching skills and individual performance. Therefore, managerial recommendations include promoting authentic leaders who endorse ethical practices within the organization and encouraging innovative work among employees to improve overall performance standards.
SMEs (Small and Medium Enterprises), accounting for more than 97% of enterprises in Vietnam, play a pivotal role in driving socio-economic progress. This paper explores how foreign direct investment (FDI) and trade openness (TO) influence SME development, drawing on annual data for the period 1991–2023. Using secondary information from the World Bank, the General Statistics Office, and the Ministry of Planning and Investment, two multiple regression models are constructed to analyze the effects of FDI and TO on the population of SMEs and their aggregate revenue. Results indicate that FDI and TO jointly explain 98.9% of the variation in SME numbers and 98.2% of SME revenue. Specifically, a 1 billion USD increase in FDI is associated with an additional 25,942 SMEs, while a 1 percentage point rise in TO corresponds to 1,832 more SMEs, both confirmed at the 1% significance level. Concerning revenue, each 1 billion USD in FDI raises SME revenue by approximately 8.273 billion USD, and each 1% increase in TO contributes about 1.062 billion USD, also confirmed at the 1% significance margin. These findings underscore the complementary roles of FDI and TO in fostering SME expansion and performance. The study recommends targeted FDI attraction policies, capacity-building programs for SMEs to integrate into global value chains, and balanced trade liberalization to sustain long-term SME growth in Vietnam.
The construction of the Maros–Watampone national road, which passes through the Bantimurung-Bulusaraung National Park (TN Babul), reflects a dilemma between the need for infrastructure development and environmental conservation in a tropical protected area. This area holds high ecological value as a habitat for various endemic and protected species, yet it is also targeted as part of a national strategic project. This study offers a strategic approach that combines SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and the TOWS Matrix to develop adaptive and sustainable conservation area management strategies. SWOT analysis identifies internal and external factors in area management. The TOWS Matrix helps create practical and relevant strategic combinations. The analysis shows that TN Babul is in Quadrant II of the SWOT matrix. This highlights the need for diversification strategies to reduce internal weaknesses and capitalize on external opportunities. The novelty of this research lies in combining ecological, social, and institutional data to create evidence-based conservation strategies. The resulting strategies include adding green infrastructure to road design, improving data-driven biodiversity monitoring systems, supporting and educating local communities, and strengthening regulations and conflict risk management between people and wildlife. This approach not only provides technical solutions to the impacts of development but also proposes a transformation toward more participatory and inclusive conservation governance. This research makes a significant contribution to the development of data-based conservation policy models for protected areas under pressure from infrastructure development in Indonesia.
This study explores the impact of household debt on subjective well-being in Abu Dhabi, aiming to identify key factors that distinguish indebted from non-indebted individuals. Using data from 32,406 heads of households in the fourth cycle of the Abu Dhabi Quality of Life Survey, the analysis applies discriminant analysis to determine the well-being indicators that best differentiate between the two groups. ANOVA is also used to examine variations among indebted individuals by gender, nationality, age, education, and marital status. Eight indicators emerged as significant discriminators: income satisfaction, ability to meet essential expenses, perceived relative income, mental health, trust in others, family satisfaction, friends' satisfaction, and life satisfaction. Notably, subjective physical health did not emerge as a significant factor. The discriminant model achieved a classification accuracy of 89.55%. Further analysis revealed that women, younger individuals, Emiratis, those with lower education levels, and divorced or separated individuals reported greater vulnerability when in debt. The findings indicate that debt affects not only financial conditions but also emotional and relational aspects of life. The study highlights the need for integrated policy responses, including financial literacy programs, targeted mental health support, and inclusive social interventions to address the broader impacts of indebtedness in the Gulf context.
