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Impact of corporate social responsibility on tax avoidance: evidence from Tunisian context
No full textThis paper aims to explore the relationship between corporate social responsibility and tax avoidance among publicly listed banks, based on their annual reports and websites within a developing market, specifically Tunisia. The necessary data were collected from the annual reports of a sample of nine Tunisian banks listed on the Tunis Stock Exchange (BVMT) for the period from 2012 to 2018. According to the estimated results, it can be concluded that the less involved banks are in economic and environmental activities, the more likely they are to engage in fraudulent tax-related behaviors. The findings indicate that a bank’s tax avoidance is influenced by the nature of its social responsibility activities. In particular, banks that participate in social initiatives are less prone to evade taxes
Impact of Liquidity Risk Management on Profitability of Canadian Banks
No full textThis study analyzes the impact of liquidity management on the performance of banks in Canada. The Canadian economy is significantly reliant on the banking sector, which plays a vital role by offering financial services, including lending to corporate, commercial, and retail clients. The stability of the banking system is essential for the continuity of successful economic activities within the country. Strong liquidity ratios are indicative of financial stability and serve as a foundation for customer confidence. This study employs descriptive, correlation, and regression analyses and compares the liquidity and performance of Canadian banks during the period from 2022 to 2024, using financial data primarily obtained from banks’ financial statements. The findings indicate that the relationship between liquidity and profitability is mixed, varying from positive, sometimes negative or insignificant according to the specific variables and factors considered in the analysis. In general, a stable liquidity position contributes to greater stakeholder confidence, improved business activity, and higher income and profitability. Regulatory authorities should maintain vigilant oversight of banks’ liquidity metrics to safeguard financial stability. External influences such as ongoing tariff conflict with United States and unstable geopolitical conditions can significantly affect bank performance and erode customer confidence. To address such challenges, banks should maintain sufficient buffer assets to meet liquidity demands. Deposit runs, whether triggered internally or externally, can become unmanageable; therefore, a conservative liquidity approach is necessary to preserve customer trust. Complex and high-risk financial products must be rigorously monitored. Additionally, concentration risk should be managed such that banks diversify their exposure across different sectors of the economy, ensuring that under-performance in a single industry segment does not jeopardize the overall stability of the banking sector
L'impact du changement climatique sur les pays du Maghreb
No full textA global climate change is a change in the climate of the entire planet. Climate change can occur naturally (ice age) so Earth's natural climate has always changed and will continue to change.
Today, climate change differs from previous changes in its speed and magnitude because the greenhouse effect is a phenomenon that will affect the Earth's temperature. Greenhouse gases, especially water vapour, carbon dioxide, methane and nitrous oxide, trap the sun's heat, preventing the radiation from dissipating into space, however without these natural gases, Earth's average temperature would be -18°C.
In this work, we will see what are the consequences of these climate changes on the economies of the Maghreb (Algeria, Morocco and Tunisia), in a global context. As well as the efforts to circumvent them
Environmental Risks and Sovereign Credit Ratings: Evidence from Developed and Developing Economies
No full textThis study investigates how climate-related risks influence sovereign credit ratings on a two-dimensional scale, considering both the Climate Vulnerability Index and the Climate Resilience Index. Using a panel cross-sectional dataset covering fifteen developed and developing countries from 2020 to 2024, the research evaluates how the Climate Vulnerability Index and Climate Resilience Index, along with macroeconomic control variables such as gross domestic product per capita, debt-to-gross domestic product ratio, and inflation, affect sovereign creditworthiness. The results remain consistent across robustness tests, and neither the lagged indicators nor indices derived from principal component analysis demonstrate significant predictive power. These findings are supported by graphical data, including scatter plots and heat maps. Although the theoretical expectation is that higher climate vulnerability would lead to lower ratings, the data do not offer strong empirical support for this relationship within the study period for developed and, alternatively, for developing nations. The study concludes that current methods for assessing sovereign credit ratings do not necessarily account for climate-based risks, at least in developed countries over this time frame. Policy recommendations emphasize greater transparency and the integration of climate indicators into credit models, closing resilience gaps through national government action, and prompting international financial institutions to encourage the standardization of climate risk procedures, particularly for developing nations. This study contributes to the evolving discourse on sustainable finance by identifying compromises in climate-adjusted credit assessment and proposing methods and institutional reforms. Concrete policy recommendations include the integration of forward-looking climate indicators into sovereign credit models, the adoption of climate stress testing by rating agencies, and the promotion of standardized climate risk disclosure frameworks, especially in developing economies
The impact of liquidity risk on bank financial performance
No full textThis study investigates how liquidity risk affects the performance of deposit money banks in Tunisia, while also examining the moderating influence of nonperforming loans on this relationship. Using a two-step system generalized method of moments (GMM) estimator, the analysis is conducted on a sample of 50 listed banks across six Tunisian countries—Nigeria, Ghana, South Africa, Zambia, Kenya, and Tanzania. Bank performance is measured through return on assets (ROA) and return on equity (ROE), with net interest margin (NIM) serving as a robustness indicator. The results reveal that liquidity risk has a significant and negative impact on bank performance, indicating that higher liquidity risk reduces profitability. Similarly, nonperforming loans negatively and significantly influence bank performance, and their interaction with liquidity risk further exacerbates this adverse effect. These findings are consistent across alternative performance metrics and econometric models that address potential endogeneity issues. Overall, this study provides one of the earliest cross-country empirical insights into how liquidity risk affects DMB performance in Tunisia and contributes to the literature by integrating the joint effect of liquidity risk and nonperforming loans, thereby highlighting the compounded challenges facing banks in the region
Economic, Social, and Institutional Drivers of FDI: A Comparative Study of Developed and Developing Economies
No full textThis study examines the determinants of foreign direct investment inflows by categorising them into three overarching dimensions, which are economic, social, and institutional. Recognising the heterogeneity of global economies, the analysis differentiates between developed and developing countries according to income classifications. Based on panel data for 178 countries covering the period from 1996 to 2019. The empirical results reveal notable differences in the drivers of foreign direct investment across income groups. In developing countries, economic factors such as market size, trade openness, and macroeconomic stability emerge as the most influential determinants. This explains that investors in less mature markets place the greatest importance on strong economic fundamentals. In contrast, in developed economies, social factors, including infrastructure quality, education levels, and human capital development, play a more prominent role in attracting foreign direct investment. This reflects investors’ greater responsiveness to social infrastructure and workforce capabilities in advanced markets. Institutional factors such as governance quality, regulatory frameworks, and political stability show a weak and statistically insignificant relationship with foreign direct investment inflows in both developed and developing countries. This finding challenges the prevailing view that strong institutions are a prerequisite for attracting foreign investment and indicates that their influence may be context-dependent or overshadowed by more immediate economic and social considerations. Overall, the study provides a nuanced understanding of the heterogeneous nature of foreign direct investment determinants and highlights the need for policy strategies that are tailored to the specific developmental stage and structural characteristics of each country. These insights can help policymakers align economic and social development priorities more effectively with the objective of enhancing foreign direct investment attractiveness
Hilbert spaces and narrative economics: A formal operator-theoretic framework for story-driven macroeconomic dynamics
No full textNarratives shape beliefs, influence expectations, propagate through populations, and affect
macroeconomic dynamics. Behavioral economics has documented systematic deviations from
rationality, while narrative economics emphasizes that stories spread epidemically and move
asset prices, consumption, investment, and policy. This paper develops a rigorous mathematical
framework integrating these insights using Hilbert-space methods and operator theory. Beliefs
and narratives are represented as vectors in a complete inner-product space; propagation,
distortion, and contagion are modeled by linear and nonlinear operators; and macroeconomic
expectations emerge as projections of narrative vectors onto relevant economic directions. We
derive conditions for viral amplification, exponential forgetting, the existence and uniqueness
of stationary narrative states, and the stability of narrative-driven inflation and output expectations.
Behavioral distortions such as availability, anchoring, and herding are formalized as
nonlinear perturbations. The framework provides a unified structure for incorporating narratives
into modern macroeconomic theory without abandoning mathematical rigor
Assessing global interest in financial inclusion information
Get PDFThis paper investigates the general level of interest in financial inclusion information using global data. Descriptive statistics and correlation analyses were used to assess the global interest in financial inclusion information. Using Google Trends monthly data from 2004 to 2021, the results show that the term ‘financial inclusion’ was more popular on the web in year 2017 than in any other year. Secondly, the highest level of interest in the term ‘financial inclusion’ by internet users was recorded in non-crisis months particularly after the global financial crisis but before the COVID-19 pandemic while the lowest interest in the term ‘financial inclusion’ by internet users was recorded in crisis months particularly during the global financial crisis and during the COVID-19 period. Thirdly, web search for information about financial inclusion was more popular in Zimbabwe, Rwanda, Fiji, Uganda and Zambia, while news search for information about financial inclusion was more popular in Fiji, India, Malaysia, Kenya, Singapore and Nigeria. This suggests that there was more interest in the term ‘financial inclusion’ among internet users in developing countries than in developed countries. Also, there is a negative correlation between interest in financial inclusion information and the level of country development
Évaluation de système de financement des établissements publics à Madagascar
Get PDFThis article highlights the assessment of educational achievement in Madagascar in relation to the actions taken during fund transfers to public schools. Public aid for education requires an in-depth study in order to improve future financing actions whose objective is to minimize school dropout and also increase access to school. Thus, we start from the analysis relating to the different theories and the investment of human capital, then the empirical evaluation of education financing to public schools for the case of Madagascar. The result of this study highlights the importance of education financing to cover the gaps in educational achievement in Madagascar, including the transparent, efficient and equitable management of funds allocated to education
Several seasonal adjustment strategies in problematic contexts
Get PDFThe past few years have been marked by the occurrence of many unexpected events that have had many social and economic repercussions, with the COVID-19 pandemic and rising tensions in energy commodity markets standing out above the others. This period of great uncertainty has also had a considerable effect on the production of official economic statistics, undermining the goodness and the predictive capacity of short-term stochastic models. In this condition of extreme unpredictability, there is a need for a strategy of monitoring and reviewing the seasonal adjustment models and anomalous observations, especially over the period 2020-2023. In this work several intervention strategies were defined and tested, focusing over series that manifested a distinct break in their dynamic. Temporary level shifts, included with their lagged versions, have proven to be a particularly useful tool.
The outcomes reveal that the policies we considered are effective, and the TRAMO-SEATS procedure manages to be helpful in both ordinary and extraordinary conditions. The whole data analysis has been conducted with JDemetra+ that is a complete and flexible tool in performing several statistical estimates and tests