Volume 18, Number 2, 2026

EN:

This study investigates how economic and socio-economic structures are associated with greenhouse gas emissions in Canada between 1990 and 2024. Moving beyond a narrow growth–energy perspective, it brings together economic growth, population density, energy consumption, renewable energy, financial development, income inequality, and trade openness within a unified time-series framework. The analysis employs a VECM to examine long-run equilibrium and short-run adjustment, while FMOLS provides robustness evidence for the long-run estimates. The findings show that emissions are positively associated with growth, population density, energy consumption, income inequality, and trade openness, but negatively associated with renewable energy and financial development. Short-run dynamics largely reinforce these long-run patterns, and the error-correction mechanism indicates gradual adjustment toward equilibrium. The results suggest that Canada’s emissions reflect not only energy intensity and scale, but also demographic, distributional, financial, and external-integration channels. Policy responses should combine energy transition with cleaner production, financial allocation, and socio-economic considerations.

EN:

The main objective of this study is to analyze the asymmetric effects of highly volatile inflation on income inequality in Türkiye between 1990 and 2023. Despite its high growth potential, Türkiye has a fragile economic structure and experienced a period of highly volatile inflation during the specified period. Such volatility may lead to imbalances in income distribution. Empirical studies specifically focusing on the asymmetric effects of inflation on income inequality in Türkiye remain limited. This study seeks to address this gap in the literature. Threshold regression and threshold Structural Vector Autoregression (SVAR) models are employed as suitable methodologies to investigate the relationship between inflation and income inequality. The Bai-Perron (1998) method is employed to determine threshold values, enabling inflation rates to be classified as either low or high, based on the period within the study's scope. The findings reveal a U-shaped relationship between inflation and income inequality, indicating that while low inflation reduces inequality, high and unstable inflation increases it. The study also examines the effects of human capital and economic growth by utilising various additional variables. It provides general implications and recommendations based on the findings.

EN:

This paper examines the effect of foreign direct investment (FDI) on innovation using country-level data for Europe regions. It also investigates the moderating role of institutional quality in this relationship. The results show that FDI has a negative effect on innovation in the host country. They also reveal that institutional quality plays a moderating role in this relationship. They point out that institutional items do not equally matter in the relationship between FDI and local innovation for Western Europe as for Eastern and Central Europe. These findings highlight the channels through which institutions can boost innovation from FDI.

EN:

This paper examines the combined impact of human capital and institutional quality on economic growth, using data from a panel of 62 developing countries between 2000 and 2020. Addressing heterogeneity and endogeneity using Panel-Corrected Standard Errors and dynamic System-GMM estimations, the results demonstrate that both education and institutional have a positive impact on economic growth, whether measured in aggregate or disaggregated forms.

A key finding is the complementary interaction between human capital and institutional. Education significantly promotes growth in upper-middle- and high-income countries with strong institutions, but has a weak or even negative effect in low-income countries with weak governance, suggesting the presence of institutional thresholds.

These results emphasise the vital role of institutions, such as property rights, political stability, regulatory quality, bureaucratic efficiency and corruption control, in enabling human capital to generate sustainable growth. The study underscores the need to align education policies with institutional reforms in developing economies.

EN:

This paper examines how firms' capital age and asset life influence their financing decisions, specifically focusing on debt maturity and leverage cycles. Using a comprehensive dataset of U.S. public firms from 1995 to 2023, we document that capital age is negatively related to both leverage and debt maturity, while asset life is positively associated with debt maturity and the length of debt cycles. We develop a dynamic model in which firms issue debt to finance investment and subsequently deleverage as capital ages to create financial slack for future replacement investments. Our model predicts that firms issue debt with a maturity that matches the useful life of their assets and with a repayment schedule that reflects the need to free up debt capacity as capital ages. These dynamics generate financing cycles where leverage and debt maturity decrease as capital ages. Cross-sectional tests reveal that the length of debt cycles and average debt maturity increase with asset life. Our findings help reconcile conflicting evidence on the maturity matching principle and demonstrate that both capital age and asset life are critical determinants of corporate financing choices.