Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment

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dc.authoridGyamfi, Bright Akwasi/0000-0002-7567-9885
dc.authoridBekun, Festus Victor/0000-0003-4948-6905
dc.contributor.authorShahbaz, Muhammad
dc.contributor.authorGyamfi, Bright A.
dc.contributor.authorBekun, Festus Victor
dc.contributor.authorAgozie, Divine Q.
dc.date.accessioned2024-09-11T19:52:12Z
dc.date.available2024-09-11T19:52:12Z
dc.date.issued2022
dc.departmentİstanbul Gelişim Üniversitesien_US
dc.description.abstractBackground: Technological innovation and its paradigm, that is, the Fourth Industrial Revolution-4IR, have shown strong impact on income levels of adopters across the globe. To this end, this analysis examines the impact of bank funding and institutional quality on technological advancement. Objectives: This study adds additional variables such as high-technology exports and foreign direct investment (FDI) as control variable. Our study period spans from 2000 to 2018 on an annual frequency for E7 economies (Brazil, Indonesia, Mexico, India, Turkey, Russia, and China). Research Design: This study leverages on cross-sectional ARDL, Augmented Mean Group (AMG), and Common Correlated Effects Mean Group Estimates (CCEMG) estimation techniques to examine long-run relationship between the outlined variables. Subjects: Empirical findings show that institution quality, bank finance, income, high-technology exports, and foreign direct investments exert a positive effect on advancements in technology. Furthermore, the interaction between bank finance and institution quality on technological advancement is also positive and statistically significant. Based on the findings, it is concluded that large-scale funding is crucial for businesses to leverage revolutionary technology. Likewise, access to large capital sources if made easier encourages technology affordance as well as innovation and operational excellence. Thus, economies with established legal and financial systems stand to offer businesses such security, which encourages business innovation. Conclusions: Consequently, E7 economies ought to improve their financial and legal systems to boost financial security, creativity, and competitiveness of businesses.en_US
dc.identifier.doi10.1177/0193841X221112547
dc.identifier.endpage803en_US
dc.identifier.issn0193-841X
dc.identifier.issn1552-3926
dc.identifier.issue6en_US
dc.identifier.pmid35927223en_US
dc.identifier.scopus2-s2.0-85135513395en_US
dc.identifier.startpage779en_US
dc.identifier.urihttps://doi.org/10.1177/0193841X221112547
dc.identifier.urihttps://hdl.handle.net/11363/7925
dc.identifier.volume46en_US
dc.identifier.wosWOS:000836721400001en_US
dc.identifier.wosqualityQ4en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.language.isoenen_US
dc.publisherSage Publications Incen_US
dc.relation.ispartofEvaluation Reviewen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.snmz20240903_Gen_US
dc.subjecttechnological noveltyen_US
dc.subjectbank fundingen_US
dc.subjectFourth Industrial Revolutionen_US
dc.subjectinstitutional qualityen_US
dc.subjectE7en_US
dc.subjecteconomiesen_US
dc.titleToward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investmenten_US
dc.typeArticleen_US

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