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            <title><![CDATA[Accounting-based CAPM: Symmetrical and downside risk approaches]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.3.2957</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The complexity of asset return variability justifies supplementing the standard Capital Asset Pricing Model (CAPM) formula with market risk measures based on firms’ fundamental analysis. Moreover, a key area of investigation involves the approach to downside pricing. The main objective of this study is to test non-standard CAPM extensions that incorporate accounting information. The results for the Frankfurt Stock Exchange indicate that profitability ratios constitute a significant source of systematic risk and generate a positive premium related to a company’s financial condition. Furthermore, in the case of large firms, sensitivity measures based on downside accounting betas demonstrate a clear advantage over their conventional counterparts.]]></description>
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            <title><![CDATA[How environmental media narratives shape the sustainability premium]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.3.2962</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This paper examines whether environmental narratives constitute an independent and state-dependent pricing channel in equity markets beyond conventional ESG scores and aggregate climate risk measures. Using more than 220 million US news articles, we construct indicators of environmental narrative sentiment and thematic intensity and analyse their effects on equal-weighted and value-weighted ESG portfolio premia. The empirical framework augments the Fama–French five-factor model with explicit climate risk and macroeconomic uncertainty controls and allows for delayed pricing effects. We find that environmental narratives, particularly attention-based measures, exert economically relevant effects on the equal-weighted sustainability premium, even after controlling for standard asset-pricing factors and climate-related risk indices, whereas the corresponding effects are substantially weaker in value-weighted portfolios. In contrast, aggregate ESG and climate risk measures display weak and unstable explanatory power once narratives are accounted for. The effects differ substantially across portfolio weighting schemes, while the lagged specifications provide more limited evidence of persistent delayed effects.]]></description>
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            <title><![CDATA[Rethinking corporate welfare: Unpacking its meaning and misconceptions]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.3.2814</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The main goal of the article is to propose a new definition of corporate welfare, a concept coined in the 1970s to describe the state’s support for entrepreneurs and counterbalance criticisms of the welfare state. Based on a critical review of the literature on historical origins and existing definitions, a new approach has been proposed, which offers objectivity, applicability, and integration with the concept of social welfare. Moreover, clearly embedding the concept of corporate welfare within the theory of market and state failures links the new definition with the existing theory of public economics and institutional economics. The discussion of corporate welfare is exemplified by two case studies to illustrate the boundaries of the proposed definition and demonstrate the adequacy of the theoretical framework (available in Appendix C).]]></description>
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            <title><![CDATA[Two Europes, two saving behaviours. An analysis of structural differences between EU-15 and CEE households]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.3.2874</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The aim of the article is to examine structural differences in household saving behaviour across European countries, arguing that European integration has not led to convergence in saving patterns. Using data from 27 EU Member States (1996–2023), it compares the EU-15 with post-2004 members through Lasso variable selection and fixed-effects panel models. By combining machine learning-based variable selection with panel regression, the study offers a novel analytical perspective on the determinants of household savings. The findings reveal significant structural differences between the two groups: taxation and monetary freedom show stronger associations with household saving in post-2004 member states, whereas education-related factors are more prominent in the EU15. These results suggest that policies should strengthen precautionary saving mechanisms and promote financial education to encourage household saving.]]></description>
            <category>ARTICLE</category>
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            <title><![CDATA[Household debt persistence and its drivers: Evidence from cross-country growth heterogeneity]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.3.2674</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Household indebtedness has been a major policy concern since the 2008 financial crisis. In the current context, understanding the drivers of household debt is a more pressing issue than ever, as they affect economic stability and resilience. The aim of the paper is to examine the determinants of household debt using a comprehensive dataset spanning 36 countries and the period from 2012 to 2022. We employ dynamic panel regression models to explore the drivers of household indebtedness. Our results indicate that the Consumer Confidence Index positively influences household debt across all samples, while the COVID-19 pandemic reduced debt levels. Similarly, bank policies that tighten lending standards reduce household debt, whereas greater credit availability encourages borrowing. On the other hand, a larger working-age population appears to reduce consumer indebtedness, while life expectancy contributes to its growth. This highlights the complex role of consumption-oriented explanations in shaping borrowing behaviour.]]></description>
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            <title><![CDATA[AI’s biggest secret: We can shape it]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.4267</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <category>ARTICLE</category>
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            <title><![CDATA[Unlocking digital trade in Southeast Asia: The roles of infrastructure and regulation]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.2693</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Digital trade is reshaping global commerce, yet the way infrastructure and regulation interact to drive outcomes in Southeast Asia remains poorly understood. We address that gap by combining a new composite index of digital infrastructure with international measures of regulatory openness: the OECD Services Trade Restrictiveness Index, the UN E-Government Development Index, and the E-Participation Index. Using panel data for nine ASEAN economies from 2010 to 2022 and fixed-effects regression models, we examine five outcomes: ICT goods exports and imports, digitally deliverable services exports and imports, and trade openness. The results challenge conventional assumptions. Infrastructure on its own does not reliably predict performance when rules and macroeconomic fundamentals are considered. Instead, institutions, particularly regulatory restrictiveness and participatory governance, emerge as decisive. This finding advances institutional theory in the digital trade domain and offers evidence that predictable, open, and inclusive rules are more powerful than infrastructure alone in shaping regional competitiveness.]]></description>
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            <title><![CDATA[Micro and small enterprise survival in contexts of poverty: Evidence from Peru]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.2969</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study analyses the determinants of micro and small enterprise survival in a high-poverty setting, drawing on a longitudinal cohort of 1,861 firms registered under REMYPE in Cajamarca province, Peru, where monetary poverty affects 44.5% of the population (2015–2024). Using Kaplan–Meier curves and Cox proportional hazards regression, we assess how firm size, geographic location, and economic sector shape closure risk over time. Firm size is the dominant determinant: microenterprises face a substantially higher closure risk than small enterprises, a gap that persists despite REMYPE benefits. Geographic location shows no significant effect, while the economic sector exerts a substantial influence, with essential services proving more resilient than discretionary ones. Closures cluster in the post-pandemic period rather than during the pandemic, consistent with a delayed crisis. The findings indicate that, under structural poverty, standard support mechanisms are insufficient and differentiated, size- and sector-sensitive policies are required.]]></description>
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            <title><![CDATA[Relative institutional maturity of export markets and export performance: The moderating roles of managerial capabilities and export intensity]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.2403</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study combines institutional theory with the capability perspective to investigate how the institutional characteristics of export markets served by firms from a post-transition economy affect their export performance. We analyse a dataset of 500 exporting firms from Poland, a post-transition economy, by using regression analyses. This research aims to explore how the relative institutional maturity of a firm’s export markets affects performance, as well as to establish the moderating role of managerial capabilities and export intensity for this performance effect. Relative institutional maturity is negatively associated with export performance only for exporters characterised by both low managerial capabilities and low export intensity. For firms with greater export exposure, this negative effect disappears, suggesting that accumulated international involvement may partly offset the challenges of operating in more institutionally mature markets.]]></description>
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            <title><![CDATA[Beyond normality: Capital market Value-at-Risk modelling using symmetric and asymmetric Laplace distributions]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.2807</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Evidence on parametric VaR employing both Laplace (exhibiting excessive kurtosis) and asymmetric Laplace (additionally being skewed), “tent-shaped” probability distributions is available, although it remains relatively limited. The research procedure in the paper pursued two primary objectives: to back-test both distributions and assess their ability to capture extreme events, and to determine whether the distribution that best fits the entire empirical distribution is also the one that performs best in back-testing in long-term. The indices considered include WIG30, BVP, CAC, DAX, FTM, HSI, NKX, SHC, SPX and TWSE. The tests were performed using daily data for period between 31 December 1998, and 30 June 2025. Across the ten markets studied, both distributions generally outperformed historical simulation and the normal probability distribution, with the asymmetrical Laplace distribution particularly outperforming the Laplace distribution in capital markets that are likely to be skewed for higher confidence levels (0.99 and 0.975) considered.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Unlocking innovation: Governance and firm-level innovation in selected Asian countries]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.2.2622</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study examines the association between governance and firm-level innovation in Indonesia and Philippines, offering insights for escaping the Middle-Income Trap (MIT). Using the 2023 World Bank Enterprise Surveys (WBES), we estimate cross-sectional logit models with stratified analyses by sector and firm size. Our findings reveal that while burdensome tax administration and informal payments are negatively associated with innovation in Indonesia, these payments paradoxically show a positive association in the Philippines, reflecting firms’ strategic adaptation to weak formal institutions. Across both countries, worker training emerges as the most consistent innovation driver, regardless of sector or firm size. By providing the first 2023 WBES-based comparison of how formal and informal governance obstacles shape firm-level innovation in two ASEAN economies, this study identifies critical pathways for governance reform and innovation-led growth.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Political connection and corporate ESG performance: Evidence from China]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2293</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[ESG has attracted widespread attention in China’s capital markets. This study investigates the impact of corporate executives’ political connections on firms’ ESG performance in China. Using panel data from A-share listed companies between 2009 and 2022, this study empirically tests whether politically connected executives influence ESG ratings. The results show a significant positive association between political connections and ESG scores. Mechanism analysis reveals that such connections improve ESG performance by enhancing media scrutiny, alleviating financing constraints, and increasing access to government subsidies. To address endogeneity concerns, we employ Two-Stage Least Squares (2SLS) regression, confirming the robustness of the findings. These results highlight the role of political capital in promoting sustainable corporate practices.]]></description>
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        <item>
            <title><![CDATA[Liquidity risk and liquidity timing in the cross-section of Indian equity mutual fund returns]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2746</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study examines how aggregate market liquidity influences the cross-section of Indian equity mutual fund returns through two mechanisms: (1) funds’ long-run exposure to liquidity risk, and (2) managers’ time-varying liquidity timing. Using a comprehensive sample from 2007–2024, we estimate rolling liquidity betas, form portfolios sorted by liquidity exposure, and compute a high-minus-low liquidity--beta return spread. The liquidity premium is positive and economically meaningful in tranquil and recovery regimes, but weakens or vanishes during systemic stress, consistent with state-dependent liquidity pricing. Adding a traded equity-liquidity factor to standard benchmarks explains a meaningful portion of the spread, while an independently constructed timing factor captures an additional 55%–64%, highlighting the importance of conditional beta management. Timing effects are concentrated among high-liquidity-beta funds, smoothing returns in normal markets but offering limited protection in crises. Findings are robust to alternative benchmarks, flow-adjusted timing specifications, and post-COVID subperiod definitions.]]></description>
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            <title><![CDATA[On productivism]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.3121</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[‘Productivism’ refers to an approach that prioritises the dissemination of productive economic opportunities throughout the entire economy and segments of the labour force. It differs from what has come to be called ‘neoliberalism’ by assigning governments and civil society significant roles in achieving this goal. Productivism puts less faith in markets and is suspicious of large corporations. It emphasises production and investment over finance and the revitalisation of local communities over globalisation. It also departs from the Keynesian welfare state by focusing less on redistribution, social transfers, and macroeconomic management, and more on creating economic opportunity by working on the supply side of the economy to create good, productive jobs for everyone. This article relates the contemporary labour market problems of advanced economies to the dualism literature in economic development, which focuses on the divergence between ‘modern’ and ‘traditional’ segments within poor economies. It then highlights the nature of the new challenges and why established models of economic growth and Keynesian social welfare need to be updated. It describes new modes of industrial policy required to deal with these challenges and questions whether our governments are up to it. It also discusses how the elements of this new strategy are drawing support from both sides of the political spectrum.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Demystifying Foreign Direct Investment dynamics in emerging economies: An ISM–MICMAC analysis]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2558</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Foreign Direct Investment (FDI) has emerged as a pivotal force in the economic development trajectory of emerging economies, catalysing growth, technological transfer, and global integration. The World Investment Report of 2025 states that, as of 2024, 57.5% ($867.2 billion) of all global FDI inflows went to emerging economies, up from just 16.4% ($222.7 billion) in 2000. The existing literature on FDI determinants mostly uses the multiple regression approach. However, we employ a novel approach using Interpretive Structural Modelling (ISM) coupled with MICMAC analysis. This qualitative methodology provides a holistic understanding of the hierarchical relationships and interdependencies among FDI drivers. A key finding of this study is that the three most significant factors influencing FDI in emerging economies are political stability, corruption, and the state of infrastructure. These factors significantly impact all other drivers in the system. The drivers were categorised into clusters using MICMAC based on their dependence and driving power.]]></description>
            <category>ARTICLE</category>
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            <title><![CDATA[Economic complexity and the shadow economy in Africa: An assessment of nonlinearity and asymmetry]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2610</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Recent literature reveals that economic complexity (EC) has important implications for shadow economy and has generated mixed empirical conclusions. This paper contributes to this debate by investigating the nonlinear and asymmetric effects of EC on shadow economy in 28 Africa countries between 1995 and 2020. Granger and Yoon’s (2002) approach is used to decompose the EC into positive and negative components, while the dynamic panel threshold regression, two-step system generalised method of moments, pooled mean group, augmented mean group, and common correlated mean group are employed as the estimation techniques. The results indicate that positive EC shocks reduce the size of the shadow economy, whereas negative shocks contribute to the growth of informality, thus suggesting the presence of asymmetry. The threshold of economic complexity was found to be 0.41.]]></description>
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        <item>
            <title><![CDATA[From digital mining to market prices: An empirical analysis of the relationship between energy consumption and price dynamics of Bitcoin and Ether]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2793</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study compares the relationships between Bitcoin and Ethereum’s energy consumption and price dynamics. Using daily frequency data, Augmented Dickey–Fuller (ADF), Phillips–Perron (PP), ARDL cointegration tests, and Toda–Yamamoto causality analysis were applied to evaluate the effects of cryptocurrency markets on energy demand from both short-term and long-term perspectives. The results indicate that there is a long-term cointegration relationship between energy consumption and prices for Bitcoin, and also unidirectional causality from prices to energy consumption. In contrast, ARDL boundary test results for Ethereum revealed no long-term relationship, and causality analysis also failed to detect any directional causality between price and energy consumption. This indicates that with Ethereum’s transition to a Proof-of-Stake mechanism, energy consumption has become independent of price movements. The findings reveal that the effects of crypto-currency markets on the energy economy vary according to technology-specific structural characteristics.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Forecasting cryptocurrencies in turbulent times: Evidence on parsimony versus model complexity]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2026.1.2652</link>
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            <pubDate>Fri, 10 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study examines short-term return forecasting for Bitcoin, Ethereum, and Litecoin over 2020–2024, comparing autoregressive benchmarks with Kitchen Sink and VARX-type models using point and density accuracy measures supported by Diebold–Mariano and Model Confidence Set inference. The results demonstrate that the AR(1) benchmark and parsimonious specifications incorporating cryptocurrency-specific variables consistently outperform the more elaborate linear frameworks considered, while the inclusion of macro-financial predictors offers limited benefits. Findings highlight the robustness of autoregressive dynamics for short-term cryptocurrency forecasting and underscore the importance of parsimony over model complexity. These results are consistent with a market environment characterised by high structural uncertainty, sentiment-driven trading and rapidly shifting regimes, in which additional macro-financial information contributes little to forecastability beyond short-run return momentum and crypto-specific volatility.]]></description>
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            <title><![CDATA[R&amp;D tax credits, innovative activity and the targeting approach]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2025.4.2306</link>
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            <pubDate>Thu, 05 Feb 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The aim of this study is to investigate whether the French R&amp;D tax credit targeted at small and medium-sized enterprises (SMEs) has a positive impact on innovative activity. The French institutional setting provides a unique research framework as the R&amp;D tax credit targeted at SMEs only applies to expenditures incurred during the development phase of R&amp;D projects instead of all eligible R&amp;D expenditures. In order to explore the effectiveness of the French R&amp;D tax credit, a regression discontinuity design (RDD) is applied by comparing targeted SMEs with larger firms not subject to the tax credit over the period 2014–2018. In general, we find that the French R&amp;D tax credit has a positive impact on innovative activity. Moreover, SMEs react more strongly to this incentive in their growth stage. The findings suggest, however, that this effectiveness in increasing SMEs’ innovation does not persist over time.]]></description>
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            <title><![CDATA[Perceived usefulness, ease of use, risk, and trust: Explaining BNPL user recommendation intention through behavioural models]]></title>
            <link>https://reference-global.com/article/10.18559/ebr.2025.4.2600</link>
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            <pubDate>Thu, 05 Feb 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The main objective of the article is to identify and evaluate the key determinants of consumer recommendation intention with Buy Now, Pay Later (BNPL) services, operationalised through the intention to recommend such services to others. The study investigates the influence of five core constructs: perceived usefulness, perceived ease of use, perceived trust, and perceived risk. Data are collected from a quota sample of 350 users of deferred payment services, selected in accordance with the demographic profile of BNPL users. The study employs PLS-SEM. The results show that perceived usefulness and perceived trust in the BNPL provider significantly boost recommendation intention. Perceived risk negatively impacts recommendation intention, while perceived ease of use has only a marginal effect. These results contribute to the existing literature by elucidating the behavioural mechanisms underlying BNPL usage and provide actionable insights for financial service providers aiming to enhance consumer recommendation intention and retention.]]></description>
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