• Energy Research
• 2021-2025close
• 8. Economic growth close
• Sustainability close

In the context of the globalization and internationalization of economies, to efficiently attract financial and intellectual capital that is necessary for business sustainability, the mechanisms of corporate governance have to be based on gaining the trust of all the interested parties. These objectives require an organizational culture and a climate which is based on correctness, responsibility, transparency, and efficiency, in which ethical principles govern the spread of behaviors in the entire entity. This research identifies the relation between the corporate governance and the entities’ financial performance using the specific context of Romania. The findings of this study reveal new insights on the corporate governance and financial performance based on a sample of companies listed on the Bucharest Stock Exchange. The results show a positive correlation between the net accounting results, earnings per share, and the duality of the CEO, and a negative correlation between price per share and the duality of the CEO.

In the transition from linear production systems, unsustainable from the point of view of resources, to a model that finds strength in environmental, social and economic sustainability, the circular economy paradigm is the foundation that facilitates the planetary agro-ecological transition. The European Union has taken a number of steps (including the Circular Economy Package of Directives) shaping circularity as a wide-ranging driver measure involving many sectors. The paper intends to provide a regulatory framework on the current general situation regarding circularity in European Union, in order to extrapolate and give evidence to the aspects that intersect the agri-food sector. This is not only because they are poorly addressed in the literature, but also because there is a lack of regulatory instruments on the circular economy specifically addressing this area of interest. For this purpose, the analysis focuses on waste and residue/scrap management issues, recognized by law as by-products and end-of-waste status, as they are covered by circular economy legislation and as they can be applied to the agri-food sector. The latter allow the implementation of circularity strategies in the agri-food sector and, given the numerousness of production chains and the peculiarities of each of them, various regeneration and/or reuse processes of specific resources may be depicted. The intent is to provide useful knowledge on how to implement sustainable waste management, also proposing a concrete case on a by-product of olive oil processing, through which it is possible to highlight how the correct application of regulations favors the adoption of circular economic and management models in the firms involved, as well as informing the relevant economic operators on the possible profiles of legal liability that may arise from insufficient knowledge. Furthermore, this paper delves into the European Green Deal’s Strategy as it enriches the circular economy paradigm with new facets. NextGenerationEU and the National Recovery and Resilience Plan financially support this strategy in the aftermath of the socioeconomic crisis from COVID-19 in the EU Member States. This is in order to achieve the objective of achieving the agro-ecological transition.

Achieving economic development is one of the most important economic goals of every country. Identifying the determinants of economic growth, is a useful tool for adopting appropriate economic policies. This study, therefore, empirically examines the impact of trade openness, foreign direct investment, and financial development on economic growth, across 62 countries over the period 1995–2016. These countries are divided into two groups: low-income and high-income countries. We employ the pooled mean group (PMG), mean group (MG), and dynamic fixed effect (DFE) estimation techniques on the cross-country panel data. The findings show a positive long run association between trade openness, foreign direct investment (FDI), financial development, labor, government expenditure, and economic growth in low-income countries, with a positive and negative short run effect from capital and government expenditures, respectively. For high-income countries, a positive long run association between trade openness, FDI, capital, and economic growth exist. The short run estimates indicate a positive effect on trade openness and capital as well as a negative effect on government expenditure. Our study shows that the adoption of policies that improves access to skilled labor and international trade, affect the attainment of a sustainable economic development.

The proposition that living in the largest urban agglomerations of an advanced economy reduces the average wellbeing of residents is known as the urban wellbeing paradox. Empirical tests using subjective wellbeing have produced mixed results and there are two reasons for being cautious. Firstly, the default reliance on the conditional mean can disguise uneven effects across the wellbeing distribution. Secondly, relying on respondents to define their settlement size does not ensure a consistent measure of the agglomeration. I therefore apply quantile regression to the life satisfaction and happiness measures of wellbeing as collected by the 2018 European Social Survey (ESS9) and employ a consistent local labour market-based definition of agglomeration—The Functional Urban Area (FUA). I compare three countries as proof of concept: one with a known strong negative (respondent defined) agglomeration effect (Austria), one with a slight negative effect (Czech Republic), and one where living in the main agglomeration is positively associated with average wellbeing (Slovenia). The uneven wellbeing effect of living in the largest agglomeration in each country raises questions about who benefits in which cities.

The present study aims to demonstrate the significance of religious tourism and its impact on both the economy and socio-culture. Religious tourism provides a sacred and spiritual environment that has the potential to shape the motivational state of individuals searching for cultural and religious landmarks and destinations to support their spiritual well-being. Hence, it is imperative to maintain close relationships between religion, culture, and tourism as they play a crucial role in promoting spirituality and human development, particularly in the context of globalization and sustainable economic development. In the latter part of the paper, research was conducted to formulate strategies aimed at the development of religious tourism in the northeast region of Romania, which is an economically underprivileged area with significant untapped tourist potential. The findings suggest that via improvements in infrastructure, the creation of a favorable business environment, enhanced promotion, development of accommodation facilities, and improvement in services, the area can achieve a higher quality of life and sustainable development.

The main purpose of this study is to examine the impact of employer branding on employee retention and the mediating effect of the relational psychological contract between employer branding and employee retention among employees of the banking sector in Saudi Arabia. A cross-sectional survey is used to gather data from 459 employees working in the banking sector. The study findings reveal that employer branding is positively and significantly related to relational psychological contracts and employee retention. Furthermore, a relational psychological contract significantly mediates the relationship between employer branding and employee retention. The current study is considered the first to provide empirical evidence of the role of the relational psychological contract as a mediator between employer branding and employee retention. As a result, the current study will extend the employer branding literature by recognizing a new way through which employer branding impacts employee retention. Theoretical and practical implications are discussed.

In recent years, the global economy has become more closely related among countries, and people’s pursuit of economic growth has caused the destruction of the environment. This paper selected panel data from 30 provinces in China from 1997 to 2020 to investigate the dynamic relationship between trade liberalization, financial development and carbon dioxide emissions by constructing a PVAR model. We also consider technology as an important variable for studying the effect on carbon dioxide emissions. We draw the following conclusions. First, financial development promotes carbon dioxide emissions, while trade liberalization has no significant impact on carbon dioxide emissions. Second, China’s trade liberalization promotes financial development, which has limited support for international trade. Third, there is a two-way causal relationship between financial development and carbon dioxide emissions, and there is also a two-way causal relationship between trade liberalization and financial development. Finally, there is a significant inverted “U” curve relationship between trade liberalization and innovation efficiency, environmental regulation and innovation. According to the results, we believe that openness to trade impacts emissions of carbon dioxide, opening a new function path: namely, trade openness and financial development result in high carbon dioxide emissions; consequently, China has relied on this process in the development of their financial system.

The subject of research in the paper is the capital structure of companies in the Republic of Serbia. The research sample consists of companies that operated in the manufacturing industry in the Republic of Serbia in the period 2006–2020. The aim of the research is to identify firm-specific variables that have significant influence on the capital structure of the analyzed companies. Using a panel data methodology, three leverage models were estimated: long-term leverage, short-term leverage, and total leverage. The research results confirm the importance of company size, profitability, tangibility, and risk in determining the capital structure of companies in the Republic of Serbia. However, the research results show that size, profitability, and tangibility of assets have the opposite effect on long-term leverage compared to short-term and total leverage. That is, the behavior of companies in the Republic of Serbia in the case of long-term leverage is in accordance with the predictions of the trade-off theory, while in the case of short-term and total leverage, the behavior of companies can be explained by the pecking order theory.