The triple helix in developed countries: when knowledge meets innovation?

This paper deals with innovation viewed through the triple helix model as a milestone in the contemporary society of knowledge-based economies. Our goal is to empirically investigate the (in)efficient utilisation of academia, industry and government as three helices in order to boost innovations. Therefore, we construct a sample of 30 developed OECD countries with data covering the period from 2006 to 2018 and set up an input-oriented BCC data envelopment analysis that employs variables with non-negative average values over the entire period to calculate their efficiency scores. Our estimates from the radial models show that countries could reduce their inputs by a mean value of 11.9 per cent and keep their level of innovations in the triple helix model and by a mean of 5.8 per cent on average in the extended quintuple helix model. We find higher total inefficiencies in the non-radial models, which amount to 25.3 per cent on average in the triple helix model and 21.8 per cent on average in the quintuple helix model. The breakdown of the inefficiency score for different inputs reveals that countries have the largest potential for reducing CO2 emissions and the least room to reduce the Education Index and Civil Society Participation.

Is conservatism good news? The case of stocks of Jakarta Islamic index.

This study examines the role of Sharia stocks to affect the association between conservatism and crash risk. Sharia stocks are represented by the Jakarta Islamic Index (JII) stocks. We use Sharia stocks as a moderating variable to provide contextual issues in discussing conservatism and crash risk. Our findings show that conservatism reduces the crash risk for Sharia stocks. The test also suggests that conservatism cannot affect crash risk for non-Sharia stocks. The examinations are also consistent with the belief that Sharia, as a set of religious norms, helps minimize future risk. This paper contributes to the literature on religion and corporate behaviors by adding a contextual factor, Sharia stocks in Indonesia.

Towards a 'wide' role for venture capital in OECD countries' industry 4.0.

This paper focuses on the current theoretical views of venture capital that predetermines a "narrow" treatment. In the light of the existing "narrow" treatment, venture investors seek private commercial interests in financial support for Industry 4.0, ignoring other interests that fall beyond the limits of the current "narrow" treatment of venture capital. A "wide" treatment of venture capital 4.0 proposed in this paper allows for improving venture investors' market strategies. Implementing this treatment, they will strive for providing a whole range of advantages for society. Due to this novel approach, venture capital 4.0 might become a tool of corporate social responsibility. To substantiate this novel approach, this paper considers data for 2020 that reflect the influence of venture capital 4.0 on the economy in the period of its stability for 33 countries of the OECD, including developed and developing countries. Econometric modelling based on the official statistics data proves that Industry 4.0 venture capital will help achieve such growth goals as innovative development, global competitiveness, and increasing digital competitiveness. The limitations of this research are due to the impossibility of achieving such goals as sustainable development, economic growth, and implementation of human potential; what's more, the specifics of developing countries have not been studied sufficiently. The conclusions are oriented mainly at developed countries and could merely partially be applied to developing countries. During further research, it is expedient to explore - more thoroughly - the experience of the influence of Industry 4.0 venture capital on emerging economies.

Customer engagement in innovative smart grid deployment projects: evidence from Russia.

In recent years, Russian power grid companies have significantly intensified their planning and implementing innovative projects to introduce various elements of smart grid technology. The global experience shows that the best potential outcome from smart grid technologies largely relies on the customers' readiness and adoption. To this end, we assess the Russian consumers' awareness and readiness regarding smart grid technologies by conducting a comprehensive survey. Our empirical study showed that, in general, Russian consumers are unaware of the various aspects of smart grid technologies. On the contrary, a significant share of respondents believes that smart grid technologies can reduce their energy consumption burden through gaining efficiency. The low level of awareness would be detrimental to accrue smart grid innovative projects' potential socio-economic and environmental benefits. We propose several recommendations for policymakers and managers of grid companies for the elimination of the identified risks.

Multiplexing efficiency of environmental taxes in ensuring environmental, energy, and economic security.

This paper assesses the multiplexing efficiency of environmental taxes in ensuring environmental, energy, and economic security which is an integral part of sustainability in six European countries that are leaders in the Environmental Performance Index. This study aims to confirm the hypothesis that environmental taxes and payments could simultaneously affect changes in important environmental, energy, and economic security as well as sustainability parameters. Not all the previously selected taxes, which affect the parameters of all three areas of environmental, energy, and economic sustainability and security can ensure their simultaneous growth. Calculations made for the period 1994-2019 showed that in the system of environmental taxation of Denmark, five environmental taxes and fees provide an increase in the integrated level of environmental, economic, and energy security and sustainability; in Belgium, two environmental taxes are characterized by multiplex efficiency; in France, seven environmental taxes and payments; in Austria, four; in Finland, one; and in the UK, four. The paper's findings could create the basis for improving environmental taxation systems in the countries to increase comprehensive national security growth and ensure sustainable development path of the countries.

Do stock markets love misery? Evidence from the COVID-19.

This study examines the impact of the change in the Barro Misery Index (BMI) and the novel coronavirus (COVID-19) cases and deaths on the stock markets' returns and volatility. Based on a sample of 76 different countries, we find that an increase in BMI adversely affects the stock returns and increases stock volatility. We also find that an increase in BMI coupled with an increase in percentage cases of COVID-19 adversely affect stock returns and increases volatility. We find that the impacts of BMI on stock returns and volatility are driven by real GDP changes, unemployment rate, and long-term interest rate instead of inflation rates, especially for the developed countries. Our findings are consistent with Barro (1999), which indicates that the BMI represents a better measure relative to the original misery index in predicting the economic outcome, especially during the COVID-19 pandemic. We also find that the impacts of BMI components on stock returns and volatility for the developed countries are different from the emerging markets.

Corporate Social Responsibility Amid Social Distancing During the COVID-19 Crisis: BRICS vs. OECD Countries.

This paper compares today's corporate management in developing markets (BRICS countries) vs. developed markets (the OECD countries). The influence of determining a new social corporate management season considering social distancing amid the COVID-19 pandemic on emerging markets' economic growth is ascertained and set apart from corporate management in developing markets. This paper helps clarifying and better understanding the role of corporate social responsibility in the conditions of an economic crisis against the background of the COVID-19 pandemic. This work provides scientific arguments that allow solving critical discussions regarding the advantages (growth of quality of life, an increase of business's competitiveness) and costs (limitation of economic growth, non-commercial use of profit, and increased price for goods and services) of domestic production and consumption. In the long-term, responsible financial practices return all investments and allow countries to better cope with a crisis. The research supplies a new view of corporate social responsibility as a measure of crisis management. It reflects its advantages at a time of social distancing in the conditions of the COVID-19 pandemic. The institutionalization of corporate social responsibility in emerging countries is not predetermined by internal factors (approach to doing business or organizational culture), if not by external factors (market status, state regulation, and consumer awareness). These circumstances prove the high complexity of strengthening corporate social responsibility in developing countries. In the conditions of social distancing - due to the COVID-19 pandemic - corporate social responsibility goes to a new level. In both developing and developed countries, one of the most widespread manifestations of corporate social responsibility is the entrepreneurship's transition to the remote form of activities. This envisages the provision of remote employment for workers and the online purchase of goods and services for consumers.

How do equity markets react to COVID-19? Evidence from emerging and developed countries.

Based on the supply of stock market returns hypothesis, we argue that the unprecedented adverse shock of COVID-19 on the countries' economic growth translates into a negative shock to the stock markets. According to the institutional theory, we also argue that the impact of COVID-19 in emerging countries is different from developed countries. Based on the overreaction hypothesis, we expect that the market reaction during the stabilizing period of COVID-19 spread is different from the market reaction during the infection period. Using high-frequency daily data across 53 emerging and 23 developed countries from January 14 to August 20, 2020, we find that COVID-19 cases and deaths adversely affect stock returns and increase volatility and trading volume. Cases and deaths affected stock returns and volatility in the emerging markets, while only cases of COVID-19 affected stock returns, volatility, and trading volume in the developed markets. COVID-19 cases and deaths are related to returns, volatility, and trading volume for emerging countries during the rising infection of COVID-19 (pre-April 2020), while cases and mortality rates are related to returns, volatility, and trading volume in developed countries during the stabilizing spread (post-April 2020). Therefore, the emerging markets' investors seem to react to COVID-19 cases and mortality rates differently from those in the developed markets across two different periods of COVID-19 infection.

Let's lessen conditionality in times of force majeure events. The archaic righteousness of the policy of conditionality of international Institutions amid COVID-19.

This article investigates how international decision-making's conditionality aids countries during strenuous economic conditions imposed by the COVID-19 pandemic. It examines and contrasts the European Union's conditionality policies, the International Monetary Fund, and the World Bank as the more influential and leading groups of institutions. The article reveals notable policy differences. As opposed to that of the IMF and WB, the EU's approach is more comprehensive and not confined to economic considerations. Those variations aside, the article draws on the same premise: expectations of compliance with the set conditions. While in-depth, structural requirements could guide ordinary decision-making and build up resilient national institutions and policies, this article questions the merits of large-scale comprehensive terms in the face of a situation created by a force majeure or a humanly uncontrollable event such as the COVID-19 pandemic. With no more initial research addressing the specific question of the application and adequacy of conditionality to force majeure emergencies or pandemic situations of the scale of COVID-19, this article argues in favor of a measured and targeted response limited to the development, design, or determination of policy choices that tackle the intended purpose. Also, for validly practical considerations that search for to ensure the better use of aid and avoid distracting or overburdening the recipient countries to the point of risking losses of devastating proportions, the article proposes to revise and limit conditionality during force majeure events to the essential aspects of transparent management of funds for the sole intended purpose. This in itself is a distinct democratic exercise of efficient and accountable public management decision-making.

Evaluation of the Italian transport infrastructures: A technical and economic efficiency analysis.

•The deregulation process played a key role in terms of airport efficiency.•The technical efficiency of 32 Italian airports has been evaluated•The methodological approach has been twofold: DEA and Tobit model•The main results show that efficiency is independent of an airport's size.•The findings highlight the decisive role of public shareholders in small airports.

Strategic business risk evaluation for sustainable energy investment and stakeholder engagement: A proposal for energy policy development in the Middle East through Khalifa funding and land subsidies.

This article projects business risk through deferent industrial scenarios in concentrated solar investments in the United Arab Emirates (UAE). Nationwide, the government seeks a sustainable solution through energy policy development and engagement of the stakeholders for clean energy generation at wider level in the long run. Support has been extended through various support schemes. In the current study, Monte Carlo simulations and net present value (NPV) risk are used to analyse the return on investment. A 5 MW concave solar panel project is evaluated. We have assessed the impact of local factors on profits through NPV. The study proposes that a higher NPV is expected if the concave solar panel project is financed 50% by Khalifa funding. The study also proposes a robust policy and highlights the opportunity of business profitability if the government subsidises land leasing with respect to each scenario. Additionally, the study also proposes a policy to maintain the interests of investors in the UAE.

Data set of balance of Russia's regional economy in 2005-2024 based on the methodology of calculation of "underdevelopment whirlpools".

The article shows the possibilities of Data Set "Interactive Statistics and Intelligent Analytics of the Balanced State of the Regional Economy of Russia in Terms of Big Data and Blockchain - 2020". For creation of the data set, we formed time rows of the values of the selected indicators, which characterize the balance of Russia's regional economy. The indicators are systematized and classified into two categories. The first category includes the indicators of the level of socio-economic development: GDP per capita and "underdevelopment whirlpools", balanced financial result of companies' activities, population's employment level, and balance of the regional budget, calculated by finding the difference between revenues and expenditures. The second category includes the indicators of potential of socio-economic development: investments into fixed capital per capita, share of innovations-active organizations, share of innovative products, and digitization level. The data are collected in a table, based on which - with the help of programming and web-design - a data set is created - an interactive platform for working with data. The data set is available in Russian and English at the official web-site of the Institute of Scientific Communications [12]. The data set unifies and transfers into the digital form the data on the level and potential of Russia's regions' potential of socio-economic development. The data set allows for flexible setting of data for any research. The data set allows - based on the statistics of a region's socio-economic development - determining its position in the Russian national ranking, category by the "TRMS" matrix, calculating the integral index for each region, and comparing its values. Using the proprietary methodology of calculation of "underdevelopment whirlpools" of Prof. Popkova, the data set reflects the balance of Russia's regional economy in 2005-2024. The data set allows for automatic visualization of data by creating a blockchain polygon of region's socio-economic development, which includes the chronogram of the region's development and the process of region's pulling into an "underdevelopment whirlpool". The data set's data are presented in the form of an interactive map of Russia's regional economy. Map's color shows categories that are assigned to regions and the borders of regions, as well as information on each region's position in the 2020 rating. The data set allows for large-scale studies of Russia's regional economy with application of technologies of Big Data processing, machine learning, and intellectual analytics.