Browsing by Author "Sadik-Zada, Elkhan Richard"
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Item Deep-sea fisheries as resilient bioeconomic systems for food and nutrition security and sustainable development(Elsevier, 2023) Gatto, Andrea; Sadik-Zada, Elkhan Richard; Ozbek, Sürmeyapopulation, contributing to a substantial shift toward fishing in the mesopelagic zone. These areas contain a potentially huge amount of fish biomass. Considering that the global population will demand an increase of 60% in food production by 2050, it appears that exploiting the mesopelagic resources is simply a question of time. The present paper reviews the major risks and opportunities related to the exploitation of mesopelagic fisheries. Due to the significance of the uncertainties related to the stock of fish resources, environmental and biodiversity effects of the deep-sea fisheries, this inquiry advocates for the enhancement of sustainable small-sized deep-sea fishery practices on the one hand side and a global moratorium on large-scale mesopelagic fishing on the other hand. Deep seas could provide substantial resources for combating global food insecurity and facilitate a substantial improvement of the nutritional status in the regions plagued by a high incidence of infant mortality and disproportional poverty headcount ratios. For the sake of global and regional food and nutrition security, the exploitation of the biological resources of the mesopelagic zone is a legitimate target, whereby environmental sustainability is the major precondition for the rollout of these kinds of fishing activities.Item Do Share Allocations to the Indigenous Investor Drive the Demand for IPOs?(MDPI, 2023) Tajuddin, Ahmad Hakimi; Gopal, Kanesh; Mohd-Rashid, Rasidah; Mehmood, Waqas; Sadik-Zada, Elkhan RichardThe purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data on 348 IPO firms listed on Bursa Malaysia over a span of 17 years from 2002 to 2018 were examined using a cross-sectional regression analysis. The findings demonstrated no significant impact arising from the fractions of shares allocated to Bumiputera investors on the oversubscription ratios, except that the revised guidelines on the Bumiputera equity requirement had a significant negative influence on oversubscription. Further tests showed that the influence of such share allocation on oversubscription was moderated by firm size, which was proxied by market capitalization. The findings lend support to the signaling theory, indicating that the demand for IPOs will be slightly higher for larger firms listed in bigger markets.Item Do share allocations to the indigenous investor drive the demand for IPOS?(MDPI, 2023) Tajuddin, Ahmad Hakimi; Gopal, Kanesh; Sadik-Zada, Elkhan RichardThe purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data on 348 IPO firms listed on Bursa Malaysia over a span of 17 years from 2002 to 2018 were examined using a cross-sectional regression analysis. The findings demonstrated no significant impact arising from the fractions of shares allocated to Bumiputera investors on the oversubscription ratios, except that the revised guidelines on the Bumiputera equity requirement had a significant negative influence on oversubscription. Further tests showed that the influence of such share allocation on oversubscription was moderated by firm size, which was proxied by market capitalization. The findings lend support to the signaling theory, indicating that the demand for IPOs will be slightly higher for larger firms listed in bigger markets.Item Drivers of CO2-Emissions in Fossil Fuel abundant settings: (Pooled) mean group and nonparametric panel analyses(Multidisciplinary Digital Publishing Institute (MDPI), 2020) Sadik-Zada, Elkhan Richard; Loewenstein, WilhelmThe present inquiry addresses the income-environment relationship in oil-producing countries and scrutinizes the further drivers of atmospheric pollution in the respective settings. The existing literature that tests the environmental Kuznets curve hypothesis within the framework of the black-box approaches provides only a bird’s-eye perspective on the long-run income-environment relationship. The aspiration behind this study is making the first step toward the disentanglement of the sources of carbon dioxide emissions, which could be employed in the pollution mitigation policies of this group of countries. Based on the combination of two strands of literature, the environmental Kuznets curve conjecture and the resource curse, the paper at hand proposes an augmented theoretical framework of this inquiry.Item A note on revenue distribution patterns and rent-seeking incentive(EconJournals, 2018) Sadik-Zada, Elkhan Richard; Loewenstein, WilhelmThis paper presents a simple model of rent-seeking incentive to explain the emergence and dominance of the rapacious rent-seeking policies in a number of oil abundant developing and transition economies. The Hubbertian distribution of the commodity exports over time, the magnitude of these revenues, and the availability of offshore havens for the illicitly appropriated rent explain the shift from productive public policies to rapacious rent-seeking. In addition, we show that the existence of the well-functioning democratic institutions prior to the revenue boom precludes the emergence of rapacious rent-seeking institutions due to prohibitively high costs of rent-seeking. The paper complements the existing literature by delivering a novel theoretical rationale for the predisposition of the oil-rich countries to the resource curse.Item Privatization and the role of sub-national governments in the Latin American power sector: A plea for less subsidiarity?(International Journal of Energy Economics and Policy (IJEEP), 2018) Sadik-Zada, Elkhan Richard; Löwenstein, Wilhelm; Ferrari, MattiaIn this paper, we explore the cross-national impact of privatization in the network industries on the access to network services. We focus on the assessment of the electricity sector in 20 Latin American countries and analyze the time series between 1985 and 2010. To control for the relevance of the subsidiarity (social commons) argument (Byrne and Mun, 2001; 2003) we assess the interaction between commodification and the role of the sub-national governments in the power sector. Privatization has a statistically significant positive effect on the level of electricity access. In the absence of federalism, privatization in the electricity sector has a greater impact on electrification than in the case with federalist government system. Federalism has a positive impact on the electricity access if electricity is generated and supplied mainly by the state-owned enterprises. Another interesting finding is the relationship between the degree of subsidiarity and electrification: A higher the degree of subsidiarity has a negative effect on the electrification. This could be a result of the increasing transaction costs and rent-seeking behavior in the decentralized settings. The study complements the existing literature by analyzing the privatization reform from the subsidiarity perspective.Item Resource rents, savings behavior, and scenarios of economic development(Elsevier, 2023) Sadik-Zada, Elkhan RichardThe paper revisits the nexus between natural resources and economic growth from the lens of development economics. It augments the traditional dual-sector economy model by the assumption that in addition to capitalists, also workers contribute to the capital accumulation through private savings out of their wage income. The proposed differential game theory model of the interaction between the public and the elites identifies two realistic open loop Nash and three Stackelberg scenarios for the management of the commodity driven budget surplus. Based on the conventional transversality conditions, the model detects a progressing decay of social cohesion and institutional quality. It shows that at the early stages of the exploitation of the natural resource riches, both the public and elites enable a rather modernization-friendly scenaros. At the rather advanced stages of the exploitation of natural resources both groups try to maximize their short-term private benefits and by doing so protract or even inhibit the process of economic modernization. The study finds that the savings behavior of the workers has a positive modernization effect. Nevertheless, workers’ savings cannot fully offset the negative modernization effects of the inferior management of natural resource revenues.