https://www.um.edu.mt/library/oar/handle/123456789/72959 Wed, 08 Apr 2026 16:23:17 GMT 2026-04-08T16:23:17Z https://www.um.edu.mt/library/oar/handle/123456789/74721 Title: Financial development and economic growth : an empirical investigation of three European Union Member - countries Authors: Adamopoulos, Antonios Abstract: Purpose: This paper investigates the relationship between financial development and economic growth for three European Union member countries, Greece, Ireland and UK. Design/Methodology/Approach: For this reason the existence of the long-run relationship between these variables applying the cointegration analysis is examined as suggested by Johansen and Juselious. Findings: Granger causality tests based on a vector error correction model (VECM) indicated that there is a causal relationship between financial development and economic growth in the three European Union’s member countries. Practical Implications: The Vector Error Correction specification forces the long-run behaviour of the endogenous variables to converge to their cointegrating relationships, while accommodates the short-run dynamics. Originality/Value: The study offers an in-depth insight into econometric modelling of economic growth. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/74721 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73477 Title: An analysis of the board of directors composition : the case of Maltese listed companies Authors: Baldacchino, Peter J.; Tabone, Norbert; Camilleri, Janice; Grima, Simon Abstract: Purpose: The objectives of this study were to analyse certain aspects of the Board composition of Maltese listed companies (MLCs), namely Board size, independence, expertise, gender diversity and the chairperson/CEO links, and how these may be improved. Design/Approach/Methodology: The study was designed around a qualitative approach of data collection. Semi-structured interviews were conducted with seventeen participants, consisting of fourteen company secretaries of MLCs, a representative of the Maltese regulator, a corporate advisor and a corporate lawyer. Findings: The nomination and appointment process of directors in MLCs relies mainly on networking, with a tendency to continuously appoint the same tried network of directors. This creates a barrier towards new talent being introduced into boardrooms. A general disagreement also persists as to what constitutes a truly independent Board member. Practical Implications: Practical experience often supplants academic qualifications when nominating and appointing directors. Moreover, female representation on the Boards of MLCs is still lacking. Notwithstanding the fact that the importance of having separate chairperson/CEO roles is acknowledged, there is likely to be strong resistance to any law rendering this mandatory. Originality/Value: Studies relating to the composition of the Board of Directors in smaller states such as the island state of Malta are infrequent. This paper provides information that is of particular value to listed companies in smaller states and their stakeholders, including regulators and sheds more light on the priniciple of proportionailty when dealing with requirements imposed by the authorities. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73477 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73476 Title: The case of the European south on entrepreneurship enhancement policies Authors: Vlados, Charis; Chatzinikolaou, Dimos; Demertzis, Michail Abstract: Purpose: This paper intends to give an introductory presentation and analysis, from a unifying perspective, of the different ways in which countries in the European South are pursuing policies to foster entrepreneurship and improve the business environment. Design/Methodology/Approach: By looking at Portugal, Italy, Croatia, and Greece, and using World Bank data through the “Doing Business” reports, this article intends to identify policies of entrepreneurship enhancement from 2008 onwards by classifying them in terms of micro-meso-macro analysis, trying to find out possible convergences and divergences. Findings: The findings of the study suggest a combination of micro- and macro-level policies with the meso-level being relatively under-utilised. Practical implications: The findings of the research introduce a need for a repositioned perception of the policies of entrepreneurship enhancement. The form of national entities as a “competitiveness web” of the different sub-system is heading towards this direction. Originality/Value: The study can contribute to the academic debate of exploring policies to foster entrepreneurship by conceptualising them through a multi-level filter. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73476 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73475 Title: Insurance market development, financial service export and economic growth : evidence from east African countries Authors: Leykun, Fentaw Abstract: Purpose: This article examines the long-run causal relationship between both insurance development and insurance and financial service export, and economic growth in 8 East African countries over the period of 2000-2018. Design/Approach/Methodology: Using the panel auto-regressive distributed lag (ARDL) and fixed effect (FE) estimation techniques, it finds a robust evidence for this relationship. Furthermore, this article tests and finds the complementarity relationship between both insurance and banking sector development, and insurance and human capital investment, especially for economies having well developed financial sector in relative terms. Findings: The research evidence raises questions regarding the impact that both, the faster growth of insurance activity and financial service export would have a positive effect on economic growth. Practical Implications: Insurance contributes to the economic growth in terms of promoting financial stability and reducing anxiety, substituting government security programs, facilitating trade and commerce, mobilizing savings, enabling efficient risk management, mitigating losses, fostering a more efficient capital allocation. Besides, insurance and financial service export, though buried in domestic real exports, is becoming a relevant issue of concern in the empirical research as to its contribution towards economic growth. Originality/Value: There is no such a detailed study in the field in the region under study. The conclusions are different for countries with a stock exchange and without a stock exchange market. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73475 2020-01-01T00:00:00Z