References
- Afshan, S., Leong, K., Y., Najmi, A., Razi, U., Lelchumanan, B., Cheong, C., W., H., (2024), Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk, Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104432.
- Andriani, D., P., Tseng, F-Sh., (2023), Pricing and investment decisions when facing heterogeneous customers under different supply chain power structures, Alexandria Engineering Journal, 78, 390-405. https://doi.org/10.1016/j.aej.2023.07.057.
- Ardanaz, M., Cavallo, E., Izquierdo, A., Puig, J., (2021), Growth-friendly fiscal rules? Safeguarding public investment from budget cuts through fiscal rule design, Journal of International Money and Finance, 111. https://doi.org/10.1016/j.jimonfin.2020.102319.
- Barrett, S., Chaitanya, R., S., K., (2023), Getting private investment in adaptation to work: Effective adaptation, value, and cash flows, Global Environmental Change, 83. https://doi.org/10.1016/j.gloenvcha.2023.102761.
- Bazrkar, A., Moradzad, M., Shayegan, S., (2024), The Use of Artificial Intelligence in Employee Recruitment in the Furniture Industry of Iran according to the Role of Contextual Factors, Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 34(2), 86-109. Retrieved from https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/793.
- Bentler, P.M., (1990), Comparative Fit Indexes in Structural Models, Psychological Bulletin, 107, 238-246.
- Bentler, P. M., Bonett, D. G., (1980), Significance tests and goodness of fit in the analysis of covariance structures, Psychological Bulletin, 88(3), 588–606. https://doi.org/10.1037/0033-2909.88.3.588.
- Bhandari, A., Javakhadze, D., (2017), Corporate social responsibility and capital allocation efficiency, Journal of Corporate Finance, 43, 354-377. https://doi.org/10.1016/j.jcorpfin.2017.01.012.
- Biddle, G.C., Hilary, G., Verdi, R.S., (2009), How does financial reporting quality relate to investment efficiency?, Journal of Accounting and Economics, 48(2–3), 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001.
- Blais, C., St-Pierre, J., Bergeron, H., (2023), Performance measurement in new product development projects: findings from successful small and medium enterprises, International Journal of Project Management, 41(2). https://doi.org/10.1016/j.ijproman.2023.102451.
- Bollen, K.L. (1989), Structural Equations with Latent Variables. New York: John Wiley.
- Browne, M.W., Cudeck, R., (1993), Alternative ways of assessing model fit. In K.A. Bollen and J.S. Long (Eds.), Testing structural equation models (pp. 136-162). Newbury Park, CA: Sage.
- Chen, S., Guo, Q., (2023), Fintech, strategic incentives and investment to human capital, and MSEs innovation, The North American Journal of Economics and Finance, 68. https://doi.org/10.1016/j.najef.2023.101963.
- Chen, S., Devereux, M., B., Shi, K., Xu, J., (2021), Exchange rates, local currency pricing and international tax policies, Journal of Monetary Economics, 117, 460-472. https://doi.org/10.1016/j.jmoneco.2020.02.005.
- Chen, W., Zhong, X., Lan, H., (2023), Innovation for survival: The scope of negative attainment discrepancy and enterprise R&D investment, Industrial Marketing Management, 108, 190-204. https://doi.org/10.1016/j.indmarman.2022.12.002.
- Cohen, J., Cohen, P., West, S.G., Aiken, L.S., (2003), Applied multiple regression/correlation analysis for the behavioral sciences (3rd ed.). Mahwah: NJ: Lawrence Erlbaum.
- Cronbach L.J., (2004), My current thoughts on coefficient alpha and successor procedures. Educational and Psychological Measurement, 64 (3), 391–418.
- Dammak, W., Boutouria, N., Hamad, S., B., de Peretti, Ch., (2023), Investor behavior in the currency option market during the COVID-19 pandemic, The Journal of Economic Asymmetries, 28. https://doi.org/10.1016/j.jeca.2023.e00337.
- Diamantopoulos, A., Siguaw, J.A., (2000), Introducing LISREL. London: Sage Publications. https://doi.org/10.4135/9781849209359.
- Du, J., Shi, Y., Li, W., Chen, Y., (2023), Can blockchain technology be effectively integrated into the real economy? Evidence from corporate investment efficiency, China Journal of Accounting Research, 16 (2). https://doi.org/10.1016/j.cjar.2023.100292.
- Du, Y., Kim, P., H., Fourné, S., P., L., Wang, X., (2022), In times of plenty: Slack resources, R&D investment, and entrepreneurial firms in challenging institutional environments, Journal of Business Research, 145, 360-376. https://doi.org/10.1016/j.jbusres.2022.03.004.
- Duan, W., Li, H., Sun, J., Yang, G., (2022), Standardization of the strategy translation process, procedural fairness in budgeting and firm performance, China Journal of Accounting Research, 15 (3). https://doi.org/10.1016/j.cjar.2022.100254.
- Eisenhauer, J.G., (2008), Degrees of Freedom, Teaching Statistics, 30, 75-78. https://doi.org/10.1111/j.1467-9639.2008.00324.x
- Feng, Sh., Zhang, N., (2023), The impact of trade on the elasticity of labor demand— Nonlinear analysis based on the perspective of human capital, Economic Analysis and Policy, 79, 929-941.
- Gangi, F., Mustilli, M., Varrone, N., Graziano, D., (2023), Target firms’ characteristics and the effects of sovereign wealth funds’ investments: Does cultural context of SWFs matter?, Research in International Business and Finance, 65. https://doi.org/10.1016/j.ribaf.2023.101950.
- Gao, X., Qiu, M., Gong, S., Wang, Y., Zhang, Y., (2023), Information security investment for complementary and substitutable firms: The role of technology similarity, Expert Systems with Applications, 225. https://doi.org/10.1016/j.eswa.2023.120129.
- Gerged, A.M., Kuzey, C., Uyar, A., Karaman, A.S., (2023), Does investment stimulate or inhibit CSR transparency? The moderating role of CSR committee, board monitoring and CEO duality, Journal of Business Research, 159. https://doi.org/10.1016/j.jbusres.2023.113762.
- Goel, V., (2024), An Empirical Assessment of Microfinance and Its Associated Socioeconomic Development, Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 34(2), 110-139. Retrieved from https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/794.
- Grübler, J., and Reiter, O., (2021), Characterising non-tariff trade policy, Economic Analysis and Policy, 71, 138-163. https://doi.org/10.1016/j.eap.2021.04.007.
- Haka, S.F., (2006), A Review of the Literature on Capital Budgeting and Investment Appraisal: Past, Present, and Future Musings, Handbooks of Management Accounting Research, 2, 697-728. https://doi.org/10.1016/S1751-3243(06)02010-4.
- Ho, K.-Ch., Yan, Ch., Mao, Zh., An, J., (2023), Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China, Energy Economics, 127. https://doi.org/10.1016/j.eneco.2023.107050.
- Hooper, D., Coughlan, J., Mullen, M.R., (2008), Structural Equation Modelling: Guidelines for Determining Model Fit, The Electronic Journal of Business Research Methods, 6, 53-60. http://dx.doi.org/10.1037/0033-2909.107.2.238.
- Hu, Y., Bai, W., Farrukh, M., Koo, Ch.K., (2023), How does environmental policy uncertainty influence corporate green investments?, Technological Forecasting and Social Change, 189. https://doi.org/10.1016/j.techfore.2023.122330.
- Huo, P., Wang, L., (2022), Digital economy and business investment efficiency: Inhibiting or facilitating?, Research in International Business and Finance, 63. https://doi.org/10.1016/j.ribaf.2022.101797.
- Ilham, K. M., Vaqif, N. E., Calal, Z. E., (2023), The Examination of the Relationship Between Foreign Direct Investment and Trade in Turkey: ARDL Approach, Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 33(4), 117-144. Retrieved from https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/770.
- Jauhari, W. A., Ramadhany, Sh. Ch. N., Rosyidi, C. N., Mishra, U., Hishamuddin, H., (2023), Pricing and green inventory decisions for a supply chain system with green investment and carbon tax regulation, Journal of Cleaner Production, 425. https://doi.org/10.1016/j.jclepro.2023.138897.
- Joreskog, K. G., (1969), A General Approach to Confirmatory Maximum Likelihood Factor Analysis, Psychometrika, 34, 183-202.
- Joreskog, K. G., Sorbom, D., (1996), LISREL8: User’s reference guide. Mooresville: Scientific Software.
- Jöreskog, K.G., (2004), On Chi-Squares for the independence model and fit measures in LISREL. Retrieved from http://www.ssicentral.com/lisrel/techdocs/ftb.pdf.
- Kaiser, H.F., (1974), An index of factorial simplicity, Psychometrika, 39, 31–36. http://dx.doi.org/10.1007/BF02291575.
- Kimouche, B., Charchafa, I., (2024), Impact of Accounting Conservatism on Income Smoothing: Empirical Evidence from Algeria, Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 34(1), 37-55. Retrieved from https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/786.
- Kline, R. B., (2005), Principles and practice of structural equation modeling (2nd ed.). Guilford Press.
- Kou, G., Yüksel, S., Dinçer, H., (2023), A facial expression and expert recommendation fuzzy decision-making approach for sustainable business investments within the metaverse world, Applied Soft Computing, 148. https://doi.org/10.1016/j.asoc.2023.110849.
- Lai, F., Xiong, D., Zhu, Sha., Li, Zh., Tan, Y., (2023), Will geopolitical risks only inhibit corporate investment? Evidence from China, Pacific-Basin Finance Journal, 82. https://doi.org/10.1016/j.pacfin.2023.102134.
- Landesmann, M.A., Stöllinger, R., (2019), Structural change, trade and global production networks: An ‘appropriate industrial policy’ for peripheral and catching-up economies, Structural Change and Economic Dynamics, 48, 7-23. https://doi.org/10.1016/j.strueco.2018.04.001.
- Li, K., Xiang, Y., Zhou, Ch., Lin, R., (2023), Promote or inhibit: State-owned equity participation and family firms’ innovation investment, Journal of Innovation & Knowledge, 8 (2). https://doi.org/10.1016/j.jik.2023.100354.
- Lin, Y., Lu, Zh., Wang, Y., (2023), The impact of environmental, social, and governance (ESG) practices on investment efficiency in China: Does digital transformation matter?, Research in International Business and Finance, 66. https://doi.org/10.1016/j.ribaf.2023.102050.
- Lulaj, E., Dragusha, B., Hysa, E., (2023), Investigating Accounting Factors through Audited Financial Statements in Businesses toward a Circular Economy: Why a Sustainable Profit through Qualified Staff and Investment in Technology?, Administrative Sciences, 13(3), 72. https://doi.org/10.3390/admsci13030072.
- Lulaj, E., (2023), A sustainable business profit through customers and its impacts on three key business domains: technology, innovation, and service (TIS), Business, Management and Economics Engineering, 21(1), 19–47. https://doi.org/10.3846/bmee.2023.18618.
- Lulaj, E., (2024), Money Talks: A Holistic and Longitudinal View of the Budget Basket in the Face of Climate Change and Sustainable Finance Matters, Ekonomika, 103(1), 91–107. doi:10.15388/Ekon.2024.103.1.6.
- Lulaj, E., Gopalakrishnan, A., Kehinde Lamidi, K., (2024), Financing and Investing in Women-led Businesses: Understanding Strategic Profits and Entrepreneurial Expectations by Analysing the Factors that Determine Their Company Success, Periodica Polytechnica Social and Management Sciences. https://doi.org/10.3311/PPso.22532.
- MacCallum, R.C., Browne, M.W., Sugawara, H.,M., (1996), Power Analysis and Determination of Sample Size for Covariance Structure Modeling, Psychological Methods, 1 (2), 130-49.
- Marsh, H. W., Hocevar, D., (1985), Application of Confirmatory Factor Analysis to the Study of Self-Concept: First- and Higher-Order Factor Models and Their Invariance across Groups, Psychological Bulletin, 97, 562-582.
- McDonald, R. P., Marsh, H. W., (1990), Choosing a Multivariate Model: Noncentrality and Goodness of Fit, Psychological Bulletin, 107, 247-255.
- Mirza, N., Naeem, M., A., Nguyen, Th., Th., H., Arfaoui, N., Oliyide, J., A., (2023), Are sustainable investments interdependent? The international evidence, Economic Modelling, 119. https://doi.org/10.1016/j.econmod.2022.106120.
- Mulaik, S. A., James, L. R., Van Alstine, J., Bennett, N., Lind, S., Stilwell, C. D., (1989), Evaluation of goodness-of-fit indices for structural equation models, Psychological Bulletin, 105(3), 430–445. https://doi.org/10.1037/0033-2909.105.3.430.
- Mulaik, S.A., (2009), Factor Scores and Factor Indeterminacy, Foundations of Factor Analysis. 2nd Edition, Chapman and Hall/CRC, London, 369-404.
- Oderinwale, T., Papadaskalopoulos, D., Ye, Y., Strbac, G., (2020), Investigating the impact of flexible demand on market-based generation investment planning, International Journal of Electrical Power & Energy Systems, 119. https://doi.org/10.1016/j.ijepes.2020.105881.
- Ogunyomi-Oluyomi, O. O., George, E. O., Maku, O. E., Adelowokan, O. A., (2023), Domestic Investment and Economic Growth Nexus: Does Absorptive Capacity Matter in the African Countries?, Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 33(4), 45-69. Retrieved from https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/768.
- Olanrewaju, O., I., Kineber, A., F., Chileshe, N., Edwards, D. J., (2022), Modelling the relationship between Building Information Modelling (BIM) implementation barriers, usage and awareness on building project lifecycle, Building and Environment, 207. https://doi.org/10.1016/j.buildenv.2021.108556.
- Pourramezan, A., Samadi, M., (2022), A novel approach for incorporating incentive-based and price-based demand response programs in long-term generation investment planning, International Journal of Electrical Power & Energy Systems, 142. https://doi.org/10.1016/j.ijepes.2022.108315.
- Prasad, P., Duker, A., de Fraiture, Ch., Zaag, P.V.D., (2023), Irrigation development under uncertainty: A call for adaptive investment pathways, Environmental Science & Policy, 140 (104-110). https://doi.org/10.1016/j.envsci.2022.11.017.
- Prorokowski, L., (2014), Economic performance, export, systemic barriers and equity investments in innovative companies: Evidence from Poland, Qualitative Research in Financial Markets, 6(1), 33-65. https://doi.org/10.1108/QRFM-12-2011-0031.
- Reddy, R.K., Park, S-J., Mooty, S., (2022), Emerging market firm investments in advanced markets: A country of origin perspective, Journal of Multinational Financial Management, 65. https://doi.org/10.1016/j.mulfin.2022.100748.
- Restrepo, N., Uribe, J.M., (2023), Cash flow investment, external funding and the energy transition: Evidence from large US energy firms, Energy Policy, 181. https://doi.org/10.1016/j.enpol.2023.113720.
- Scalamonti, F., (2024), The foreign investments-growth nexus in underdeveloped countries: the state-of-art of research analysing a selected and recent empirical literature (2020-2022), Technological Forecasting and Social Change, 198. https://doi.org/10.1016/j.techfore.2023.122933.
- Sha, Y., Ma, Q., Xu, Ch., Tan, X., Yan, J., and Zhang, Y., (2023), Research on the balance optimization of investment demand and investment capability of power grid enterprises, Energy Reports, 9, 943-950. https://doi.org/10.1016/j.egyr.2023.05.151.
- Sheng, J., Xu, S., An, Y., Yang, J., (2022), Dynamic asset pricing in delegated investment: An investigation from the perspective of heterogeneous beliefs of institutional and retail investors, Economic Modelling, 107. https://doi.org/10.1016/j.econmod.2021.105716.
- Shi, J., Liu, X., Li, Y., Yu, C., Han, Y., (2022), Does supply chain network centrality affect stock price crash risk? Evidence from Chinese listed manufacturing companies, International Review of Financial Analysis, 80. https://doi.org/10.1016/j.irfa.2022.102040.
- Song, M., (2023), Ownership property, it investment and firm performance, The Journal of High Technology Management Research, 34(2). https://doi.org/10.1016/j.hitech.2023.100481.
- Spearman, C., (1927), The Abilities of Man. New York: MacMillan.
- Steiger, J.H., Lind, J.C., (1980), Statistically-Based Tests for the Number of Common Factors.
- Steiger, J.H., (1990), Structural Model Evaluation and Modification: An Interval Estimation Approach, Multivariate Behavioral Research, 25, 173-180.
- Sun, Y., Liu, S., Chen, S., (2023), Fund style drift and stock price crash risk – analysis of the mediating effect based on corporate financial risk, China Finance Review International, 13, 2, 183-206. https://doi.org/10.1108/CFRI-11-2021-0222.
- Tabachnick, B. G., Fidell, L.S., (2007), Using Multivariate Statistics (5th ed.). New York: Allyn and Bacon.
- Tamvada, J.P., Narula, S., Audretsch, D., Puppala, H., Kumar, A., (2022), Adopting new technology is a distant dream? The risks of implementing Industry 4.0 in emerging economy SMEs, Technological Forecasting and Social Change, 185. https://doi.org/10.1016/j.techfore.2022.122088.
- Teirlinck, P., Spithoven, A., (2013), Research collaboration and R&D outsourcing: Different R&D personnel requirements in SMEs, Technovation, 33(4–5), 142-153. https://doi.org/10.1016/j.technovation.2012.11.005.
- Wan, J., Lee, Ch-Ch., (2023), Corporate investment and the dilemma of the monetary policy: Evidence from China, Economic Analysis and Policy, 78, 106-121. https://doi.org/10.1016/j.eap.2023.03.002.
- Wang, H., (2023), Does the financial investment preference of renewable energy firms promote their advance towards sustainable development goals?, Renewable Energy, 218. https://doi.org/10.1016/j.renene.2023.119326.
- Wang, J., Zhu, Zh., Huang, X., (2023), Stock bubbles under sudden public crises: A perspective from the excessive financialization of firms, Finance Research Letters, 57. https://doi.org/10.1016/j.frl.2023.104189.
- Wang, Sh., Tian, W., Lu, B., (2023), Impact of capital investment and industrial structure optimization from the perspective of “resource curse”: Evidence from developing countries, Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103276.
- Wang, X., Zhu, L., (2023), How does export VAT rebates policy affect corporate investment efficiency? Evidence from corporate tax stickiness, Pacific-Basin Finance Journal, 82. https://doi.org/10.1016/j.pacfin.2023.102130.
- West, R. F., Meserve, R. J., Stanovich, K. E., (2012), Cognitive sophistication does not attenuate the bias blind spot, Journal of Personality and Social Psychology, 103(3), 506–519. https://doi.org/10.1037/a0028857.
- Wu, X., Guo, J., Song, Sh., (2023), Influence of international trade disputes on the world industrial economic system based on inoperability input-output model, International Review of Economics & Finance, 86, 787-803. https://doi.org/10.1016/j.iref.2023.03.033.
- Xiao, N., Zhou, J., Fang, X., (2023), Role of digital finance, investment, and trade in technological progress, Global Finance Journal, 57. https://doi.org/10.1016/j.gfj.2023.100853.
- Xuto, P., Bansal, P., Anderson, R., J., Graham, D., J., Hörcher, D., Barron, A., (2023), Examining the impacts of capital investment in London’s Underground: A long-term analysis, Transportation Research Part A: Policy and Practice, 175. https://doi.org/10.1016/j.tra.2023.103744.
- Zahid, R.M.A., Taran, A., Khan, M.K., Chersan, I-C., (2023), ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe, Borsa Istanbul Review, 23 (2), pp.350-367. https://doi.org/10.1016/j.bir.2022.10.012.
- Zhang, Y., Johan, S., Hughes, M., Fu, K., Scholes, L., Liu, J., (2023), The effect of lead investor’s human capital on funding performance: the moderating role of investment ambition, Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2023.101891.
- Zhang, Zh., (2023), Competition, investment reversibility, and equity risk premium, Journal of Banking & Finance, 154. https://doi.org/10.1016/j.jbankfin.2023.106899.
- Zhao, L., Fang, H., (2023), Investment incentives and the relative demand for skilled labor: Evidence from accelerated depreciation policies in China, China Economic Review, 73. https://doi.org/10.1016/j.chieco.2022.101786.
- Zheng, T., Lin, Sh., Chen, M., (2023), Tax enforcement and investment efficiency–Based on the China’s “VAT reform”, Finance Research Letters, 58. https://doi.org/10.1016/j.frl.2023.104605.
- Zhou, Y., Yang, J., Jia, Z., (2023), Optimizing energy efficiency investments in steel firms: A real options model considering carbon trading and tax cuts during challenging economic conditions, Resources Policy, 85. https://doi.org/10.1016/j.resourpol.2023.104042.
- Zhu, J., Zhang, J., Feng, Y., (2022), Hard budget constraints and artificial intelligence technology, Technological Forecasting and Social Change, 183. https://doi.org/10.1016/j.techfore.2022.121889.