Suchergebnisse

Purpose
This paper aims to investigate the impacts of green bond issuance on the environment while taking into account the moderating role of issuing countries' institutional quality.


Design/methodology/approach
The analysis is based on a longitudinal data set covering 171 countries and territories during 2007–2018. The authors rigorously account for endogeneity issues using two-stage least squares estimation and a set of instrumental variables for green bond issuance volume.


Findings
The overall results confirm the positive environmental impacts of green bonds in reducing carbon dioxide and greenhouse gas emissions, enhancing renewable energy consumption rate and accelerating the progress towards sustainable development goals (SDGs). However, these effects are contingent upon the levels of institutional development of the issuing countries in a way that green bond issuance only benefits the environment when the institutional quality has reached a minimum level.


Practical implications
The results provide important policy implications for countries in their efforts to prevent environmental degradation and achieve SDGs.


Originality/value
This paper contributes to the existing literature by providing a macro-level evaluation of the environmental impact of green bonds, hence, enabling policy implications to be drawn for countries to achieve their SDGs. The analysis is more comprehensive using a wide range of indicators for environmental performance. To the best of the authors' knowledge, this paper is also one of the first attempts to examine the moderating effect of institutions on the environmental impact of green bonds.

Purpose
The purpose of this paper is to empirically investigate the impact of corruption on foreign direct investment (FDI) and its two major modes of entry: greenfield investment (greenfield) and cross-border mergers and acquisitions (M&As).


Design/methodology/approach
Data are collected from 131 countries. Modern econometric techniques, including the generalized method of moments (GMM) estimator, two-stage least square estimator and two-step system GMM estimator, are used to evaluate the impact of corruption on FDI activities.


Findings
The empirical results illustrate that corruption is a deterioration factor that significantly hinders FDI inflows. However, this finding turns out to be contradictory when the two major components of FDI – greenfield investment and cross-border M&As – are separately examined. Specifically, while corruption consistently discourages cross-border M&As over time, it appears to exert positive effect on greenfield investments.


Originality/value
This is among the first to empirically examine the impact of corruption on FDI and its modes of entry in a number of countries spanning different time windows. In this sense, this paper also captures the changing nature of societies and economic conditions overtime and, therefore, enable academic researchers, policy-makers and business practitioners to draw broad inferences from the empirical results.

PurposeThe purpose of this paper is to contribute to this literature on developing countries by investigating the determinants of job satisfaction in Vietnam where the economics literature on this issue is virtually non-existent. The authors also contribute to the literature on income comparison by extending beyond the within-firm co-worker income comparison.Design/methodology/approachThe authors estimate a generalized order logit model for job satisfaction as statistical tests suggest that the parallel-lines assumption, which is often invoked in previous studies using the standard logit model, does not hold.FindingsFor Vietnam, the authors find that absolute and relative incomes as well as human resource practices such as efficiency wage and training policy have an impact on workers' satisfaction. Workers in the foreign direct investment (FDI) sectors behave a bit differently from their peers in the domestic sector.Originality/valueTaking advantage of a unique matched employer–employee data set collected in 2008 by the North-South Institute (Canada) and the Vietnam Academy of Social Sciences, the authors are able to investigate the impact of a number of important job characteristics on job satisfaction such as absolute and reference incomes, wage policy, training plan for workers, union membership and job position, and, at the same time, to disentangle the possible differences in job satisfaction of workers in domestic vs FDI firms.

AbstractHow does government recentralization reform affect corruption? We utilize the pilot recentralization reform that transforms the legislative function, power, and responsibility of the district‐level authorities to the higher level of the government organ in Vietnam as a quasi‐natural experiment to address the aforementioned question. We find strong evidence that recentralization reform leads to lower corruption. The result illustrates that, among the firms which have the highest probability of making a bribe payment, those incorporated in jurisdictions experiencing the recentralization reform are 4.3% less likely to pay a bribe. In addition, the perception that bribery is a common and necessary practice is also significantly lowered in the post‐recentralization period. We further show that the impact of recentralization is stronger for firms which lack a political connection. Overall, these results shed light on the real impact of the government recentralization reform and also the determinants of corruption, thereby providing important policy implications for policymakers to create a more conducive business environment.

The epidemiology of typhoid fever in Lao People`s Democratic Republic is poorly defined. Estimating the burden of typhoid fever in endemic countries is complex due to the cost and limitations of population-based surveillance; serological approaches may be a more cost-effective alternative. ELISAs were performed on 937 serum samples (317 children and 620 adults) from across Lao PDR to measure IgG antibody titers against Vi polysaccharide and the experimental protein antigens, CdtB and HlyE. We measured the significance of the differences between antibody titers in adults and children and fitted models to assess the relationship between age and antibody titers. The median IgG titres of both anti-HylE and CdtB were significantly higher in children compared to adults (anti-HylE; 351.7 ELISA Units (EU) vs 198.1 EU, respectively; p<0.0001 and anti-CdtB; 52.6 vs 12.9 EU; p<0.0001). Conversely, the median anti-Vi IgG titer was significantly higher in adults than children (11.3 vs 3.0 U/ml; p<0.0001). A non-linear trend line fitted to the anti-CdtB and anti-HlyE IgG data identified a peak in antibody concentration in children <5 years of age. We identified elevated titers of anti-HlyE and anti-CdtB IgG in the serum of children residing in Lao PDR in comparison to adults. These antigens are associated with seroconversion after typhoid fever and may be a superior measure of disease burden than anti-Vi IgG. This approach is scalable and may be developed to assess the burden of typhoid fever in countries where the disease may be endemic, and evidence is required for the introduction of typhoid vaccines.