This study compares the impact of trade openness on gross domestic product (GDP) growth and human development for a panel of ASEAN countries from 2001 to 2021. Our results show that trade has a positive impact on GDP growth but a negative impact on human development due to environmental...

Environmental, social, and governance (ESG) activities have recently become a widely discussed topic, but clear strategies on whether firms should focus on concentrating or reducing their ESG activities have not been developed. This study develops a strategic approach to ESG investments, which...

This study examines how global risk aversion affects future real economic activity (REA). We propose a new international real business cycle (RBC) framework with a stochastic global risk aversion spillover process by extending the RBC model. Our model reflects output competition and risk...

This study examines the predictive ability of various risk aversion indicators for future real economic activity (REA). Theoretically, the consumption capital asset pricing model and real business cycle model framework explain the role of the investor’s risk aversion. However, we show that...

This study aims to examine the impact of option incentives on corporate innovations in the representative emerging and transition economy. By utilizing the Chinese dataset, we find a noteworthy positive impact of option incentives on two dimensions of innovation: inputs and outputs. These...