The International Review of Administrative Sciences publishes original contributions on a wide range of topics related to public administration. The topics covered include the administration of international agencies and national civil services, the organization of central governments and regional administrations and the relationships between them. It also focuses on personnel management, administrative reform and public finance, and on the theory, philosophy and history of administration.
Sabrina T. Howell, Sabrina T. Howell, Marina Niessner
et al.
Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise ${\$}$12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the enterprise. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
African countries have undertaken various reforms that have significantly changed their governance architecture to ensure good public procurement systems and practices, which are a prerequisite for effective public investment and economic growth. However, they continue to face public finance management challenges as the citizenry continue demanding transparency, accountability, and improved efficiency in managing public finances. This study analyses the status and impact of public procurement systems and practices on economic growth in Africa. It applies statistical approaches on data from the Africa Integrity Indicators Surveys, to examine the status of public procurement systems and practices from 2014 to 2023 based on identified indicators from the surveys. Then it assesses their impact on economic growth using an extended Mankiw et al.’s (1992) version of the Solow model approach. The results show that most of the countries performed relatively poorly over the study period, signifying the prevalence of weak public procurement systems and practices in Africa. They also show that public procurement systems and practices have had a negative impact on economic growth, with the results being more pronounced in natural resource-poor countries. Signifying the need for strong and effective institutions and legal frameworks for public procurement and anti-corruption systems, processes, and practices.
Abstract This study explains the role of economic uncertainty as a bridge between business cycles and investors’ herding behavior. Starting with a conventional stochastic differential equation representing the evolution of stock returns, we provide a simple theoretical model and empirically demonstrate it. Specifically, the growth rate of gross domestic product and the power law exponent are used as proxies for business cycles and herding behavior, respectively. We find stronger herding behavior during recessions than during booms. We attribute this to economic uncertainty, which leads to strong behavioral bias in the stock market. These findings are consistent with the predictions of the quantum model.
The global energy sector is undergoing a transformative shift driven by the urgent need to transition to clean and digital energy solutions. Start-ups are at the forefront of this transformation, providing innovative technologies to tackle critical challenges in energy production, distribution, and consumption. This study explores the influence of market entry registration procedures and regulatory frameworks on the growth and success of start-ups in the clean and digital energy sectors, highlighting their role in driving global energy transitions. This research aims to understand how procedural complexity, regulatory quality, and associated costs impact entrepreneurial activity in clean and digital energy industries. Employing a comprehensive methodology based on panel data analysis, the study examines multi-country datasets from authoritative sources, such as the International Energy Agency and the World Bank, spanning two decades. Fixed and random effects models are utilized to reveal nuanced relationships between regulatory conditions and start-up proliferation. By identifying key barriers and enablers, the research provides actionable insights into fostering an environment conducive to innovation and entrepreneurship. The findings underscore several critical aspects of market entry dynamics. Streamlined registration procedures emerge as a pivotal factor in promoting start-up growth, reducing the administrative burden and enabling quicker market access. Conversely, high capital requirements and extended registration timelines act as significant deterrents, limiting the ability of new ventures to scale effectively. Regulatory quality is shown to play a crucial role in fostering an innovation-friendly environment, with higher-quality frameworks positively correlated with entrepreneurial success. Additionally, the study reveals the synergistic effects of entrepreneurial ecosystems, where broader business activity enhances opportunities for start-up development. These results highlight the dual nature of regulatory frameworks, which can either facilitate or hinder start-up activity. While effective regulations provide necessary oversight and ensure market stability, overly burdensome procedures can stifle innovation and deter market entry. Policymakers are urged to strike a balance by simplifying procedural requirements, reducing capital thresholds, and maintaining robust regulatory oversight to foster a thriving ecosystem for clean and digital energy start-ups. The study’s contribution is particularly timely, given the accelerating pace of global energy transitions and the increasing focus on achieving sustainability goals. The actionable insights offered here can guide policymakers and stakeholders in creating regulatory environments that catalyze innovation and entrepreneurship. By enabling start-ups to navigate market entry challenges effectively, governments can harness their potential to drive technological advancements and contribute meaningfully to a sustainable energy future. Future research directions include cross-country comparative analyses to identify best practices and longitudinal studies to examine the long-term impacts of regulatory optimization on entrepreneurial ecosystems. The findings of this study provide a foundation for ongoing efforts to align regulatory practices with the goals of a decarbonized and digitally integrated energy landscape, ensuring a resilient and inclusive energy transition.
We construct correlation-based networks linking 86 assets (stock indices, bond indices, foreign exchange rates, commodity futures, and cryptocurrencies) and analyze the impact of asset selection on portfolio optimization using different centrality measures (including degree, eigenvector, eccentricity, betweenness, PageRank, and hybrid centralities). In times of a global crisis, peripheral assets located in cross-market networks are more suitable for investment. By comparing portfolio performance based on different centrality measures, we find that (i) hybrid, eigenvector, and PageRank centralities can best improve portfolio performance; (ii) degree centrality is suitable for larger portfolios; and (iii) eccentricity and betweenness centralities are unsuitable for network optimization portfolios. In response, we explain them based on the construction principle of centrality measures. Additionally, our optimal portfolios suggest that investors pay more attention to the role of emerging countries, which are less exposed to external shocks and whose financial markets are more likely to remain stable.