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Economic openness, institutional quality and per capita income: Evidence from the Economic Community of West African States (ECOWAS)

100%
Nzeh I. C., Ogwuru H. O. R., Okolie D. O., Okolie J. I.
Research Papers in Economics and Finance
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2022
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vol. 6
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issue 2
50-67
EN
The controversy surrounding the actual impact of institutional quality and economic openness on economic growth is among the motivating factors for this study. The study seeks to investi- gate this relationship in the Economic Community of West African States (ECOWAS) by using the panel autoregressive distributed lag (ARDL) test with annual series covering the period from 2000 to 2020. Findings indicate that in the short-run, regulatory quality and FDI outflows had an adverse impact on the economic performance of the ECOWAS bloc. Furthermore, the long-run results show that trade openness, political stability and FDI outflows had an adverse impact on the economy of the bloc, while regulatory quality positively affected the economy. Consequently, the paper recommends that member countries in the ECOWAS bloc should put in place effective regulatory framework in the short and medium term to attract FDI inflows, while building a strong and stable political environment in the long term.
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Institutional quality as a determinant of FDI inflow: the case of Central and Eastern European countries

88%
Dorożyński T., Dobrowolska B., Kuna-Marszałek A.
Journal of Management and Financial Sciences
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2019
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issue 36
103-122
EN
In the article, we focus on the institutional aspects and their role in attracting foreign direct investment (FDI). Hence, the objective of the paper is to assess institutional quality in 17 countries of Central and Eastern Europe and to examine the relationship between the quality of institutions measured with the synthetic index of institutional quality and FDI inflow. This study is structured as follows. First, it explores the existing literature on factors of investment attractiveness, paying special attention to the importance of institutional efficiency. Then, we discuss FDI inflow into Central and Eastern European countries and select diagnostic variables that will later be used as the basis for the construction of a synthetic index of institutional quality (SIIQ). By composing a ranking of countries based on estimated values of the index, we could identify countries of similar institutional quality. In the last stage we analyse the correlation between SIIQ in individual countries and FDI inward stock as % of GDP. At the end we present conclusions.
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Intangible factors and productivity: Evidence from Europe at the regional level

75%
Kaasa A.
Business and Economic Horizons
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2018
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vol. Volume 14
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issue Issue 2
300-325
EN
This study investigates how a region’s labour productivity could be influenced by intangible factors such as social capital, government quality, cultural dimensions andreligion – factors that have not received much attention in the previous literature. As another novelty, regional-level data (78 regions of 22 European countries) were analysed. In order to take into account the relationships between various factors of productivity, the structural equation modelling approach is used enabling to find out both direct and indirect effects. The results showed institutional trust and civic participation to be the most important for productivity. Individualism appeared to have a positive and masculinity and power distance a negative total effect on labourproductivity.
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Sustainable growth rate, corporate value of US firms within capital and labor market distortions: The moderating effect of institutional quality

75%
Bagh T., Naseer M. M., Khan M. A., Pypłacz P., Oláh J.
Oeconomia Copernicana
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2023
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vol. 14
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issue 4
1211-1255
EN
Research background: Understanding how distortions in capital and labor markets affect corporate value and sustainable growth is crucial in today's economy. These distortions can disrupt resource allocation and economic sustainability. Additionally, the role of institutional quality in shaping these dynamics requires thorough exploration. Purpose of the article: We quantify the effect of capital and labor market distortions on corporate value and sustainable growth rate (SGR) and how this association is moderated by institutional quality. Methods: Stemming from the sample criteria, we calibrated a final sample of 1971 United States-listed manufacturing firms for 2012–2022. This research offers insights into market inefficiencies and institutional effects. Progressing towards objectives, we use advanced techniques like feasible generalized least squares and generalized methods of moments. These methods help us rigorously analyze complex relationships among study variables. Findings & value added: Three key findings emerge: first, capital and labor market distortions have a negative and significant influence on corporate value and sustainable growth. Our primary finding implies that increasing distortions significantly reduce sustainable growth's value and potential. Second, we find institutional quality has a positive significant effect on corporate value and sustainable growth. Third, institutional quality positively moderates the association between capital and labor market distortions, corporate value, and sustainable growth. Findings suggest that institutional quality, as a potential mechanism, improves the efficiency of resource allocation and optimizes the sustainable economic system to lessen the negative effect of factor market distortions on corporate value and SGR. Besides, we conduct robustness checks to validate our findings. Finally, we offer policymakers and stakeholders actionable insights.
5
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"Klątwa surowcowa" a czynniki geograficzne i instytucjonalne

63%
Kożuchowski A.
Gospodarka Narodowa. The Polish Journal of Economics
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2010
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vol. 239
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issue 4
21-45
EN
The paper uses a set of international data to analyze the impact of countries’ resource abundance on their long-term economic growth. In particular, the author focuses on explaining the essence of what is known as the "resource curse". He uses two groups of determinants, geographical and institutional. The paper begins with a look at the gist of the problem, with the author discussing the rationale behind the research. This is followed by a discussion of other research reports on the subject and a short description of other authors’ findings. In the next part of the paper, Kożuchowski describes his own research method and the set of variables that he uses for his OLS-regression model. The parameters are estimated with the use of geographical and institutional variables, separately for each group, and the final versions of the models are selected on the basis of a set of reliable statistical tests, Kożuchowski says. The author makes several assumptions about "the resource curse". His research shows that key factors of growth include economic openness and political stability, while most geographical factors are not statistically or intuitively significant, Kożuchowski says. The author emphasizes the role of soft data for that kind of research. The results show that such variables adequately reflect the institutional position of countries, Kożuchowski concludes.
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Institutional Quality and its Impact on FDI Inflow: Evidence from the EU Member States

63%
Dobrowolska B., Dorożyński T., Kuna‑Marszałek A.
Comparative Economic Research. Central and Eastern Europe
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2021
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vol. 24
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issue 4
23-44
PL
Celem artykułu jest ocena jakości instytucjonalnej w 28 państwach członkowskich UE oraz próba oceny zależności pomiędzy jakością instytucjonalną a poziomem napływu zagranicznych inwestycji bezpośrednich (ZIB). Opracowanie ma następującą strukturę. Po pierwsze, dokonaliśmy przeglądu badań poświęconych związkom między jakością instytucjonalną a atrakcyjnością inwestycyjną. Następnie omówiliśmy napływ ZIB do krajów UE i wybraliśmy zmienne diagnostyczne, które posłużyły za podstawę do dalszej analizy. W tym celu posłużyliśmy się miernikami Globalnego Indeksu Konkurencyjności. W kolejnym etapie wykorzystując rankingi i metody statystyczne podzieliliśmy państwa członkowskie UE na grupy o zbliżonym poziomie jakości instytucjonalnej. Następnie zbadaliśmy zależności między podobnymi do siebie grupami krajów oraz grupami państw uszeregowanych według wartości napływu ZIB jako % PKB. Badanie wykazało, że państwa członkowskie UE różnią się wyraźnie pod względem jakości instytucjonalnej. Wyniki analiz statystycznych dały podstawę do pozytywnej weryfikacji hipotezy o pozytywnym związku między poziomem jakości instytucjonalnej a atrakcyjnością inwestycyjną.
EN
The aim of the article is to assess institutional quality in 28 EU Member States and to examine the relationship between the quality of institutions and FDI inward stock as % of GDP. This study is structured as follows. Firstly, we reviewed studies dedicated to the relationship between institutional quality and investment attractiveness. Then, we discussed FDI inflow into the EU countries and selected diagnostic variables that later served as the basis for our research in which we used categories of the Global Competitiveness Index. Based on rankings and using statistical methods, in the next stage, we divided the EU Member States into groups representing similar institutional quality. Then we investigated the relationships between groups of countries similar to one another when it comes to institutional quality and groups of countries ranked in ascending order by the value of foreign direct investment inflow measured as FDI inward stock as % of GDP. The study demonstrated that the EU Member States differ with respect to institutional quality. The results of the statistical analysis have provided grounds to positively verify the hypothesis about a positive relationship between the level of institutional quality and investment attractiveness.
7
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Comparative Study Of The Role Of Institutions In Shaping Inventive Activity In Mid-Range Emerging Economies

45%
Ervits I., Żmuda M.
Comparative Economic Research. Central and Eastern Europe
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2016
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vol. 19
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issue 4
85-105
PL
Celem artykułu jest ukazanie znaczenia instytucji w kształtowaniu poziomu narodowej działalności wynalazczej. „Wynalazczość”, jako część składowa procesu innowacji, mierzona liczbą przyznanych patentów, uważana jest za jedną z sił napędzających wzrost gospodarczy. W ujęciu ekonomii instytucji, czynnikiem stymulującym wzrost gospodarczy są sprawne instytucje. Stąd artykuł bada zależność między krajową zdolnością patentową, a jakością krajowych instytucji. W wyniku przeprowadzonej analizy, zaobserwowano wystąpienie efektu „progu działalności wynalazczej“. Efekt ten obrazuje, że w momencie osiągnięcia przez kraj określonego poziomu rozwoju otoczenia instytucjonalnego, w rezultacie poprawy klimatu sprzyjającego powstawaniu innowacji, liczba zgłaszanych wniosków patentowych zaczyna szybko wzrastać. Artykuł wzbogaca międzynarodowy dorobek naukowy, potwierdzając znaczenie fundamentalnych instytucji, jak rządy prawa i wolność wypowiedzi, w stymulowaniu krajowej innowacyjności. Ukazano, że kraje na średnim poziomie rozwoju, w tym gospodarki Europy Środkowo-Wschodniej, w których jakość instytucji nadal nie osiągnęła poziomu krajów najwyżej rozwiniętych, nie przekroczyły jeszcze „progu działalności wynalazczej”. Jednak w tych spośród państw regionu, które jako pierwsze przystąpiły do Unii Europejskiej, w wyniku harmonizacji otoczenia instytucjonalnego, nastąpiła intensyfikacja działalności patentowej.
EN
The objective of this paper is to investigate the effects of institutions on national rates of inventive activity. Invention, part of the innovation process, is acknowledged as one of the driving forces behind economic growth, and patent statistics are frequently used as a measurable indicator of inventive output. Thus this paper explores the relationship between national patent statistics and measures of institutional quality. As a result of our research, the effect of the “threshold of inventive activity” was observed. This effect demonstrates that when countries reach a certain level of institutional development and attain a general institutional climate conducive to inventive activity, the number of patent applications begins to sharply increase. The paper contributes to the body of evidence that confirms that a combination of fundamental institutions like the rule of law or freedom of expression, which are not necessarily aimed at boosting innovation, create an overall environment conducive to patenting. We demonstrate that “mid-range emerging economies”, including those in Central and Eastern Europe (CEE), where the quality of institutions is lagging behind more developed counterparts and/or their influence is weak or sporadic, have not yet reached the threshold of inventive activity yet. However, those CEE countries that have acceded to the European Union first have made visible progress with respect to institutional quality and invention.
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