Vol 3 No 3 (2025)

• Fan Behavior, Team Success, and Stadium Demand: A Behavioral Economics Perspective from the NFL

  Yu Pang, Fengchen Wang

  This study investigates how team performance influences stadium attendance in the National Football League, using a 28-year panel dataset comprising 7,221 games from 37 teams. Employing fixed effects regression models, the analysis examines short-, medium-, and long-term performance indicators-including current season win percentage, historical playoff participation, and lifetime win rates-while accounting for stadium, economic, geographic, and match-level variables. The findings reveal that team performance significantly affects attendance, but its impact varies across the season. While early-season success has little effect, performance becomes increasingly predictive of attendance toward the end of the regular season and during the playoffs. Surprisingly, winning the Super Bowl in the previous season is associated with a decline in attendance the following year, suggesting a possible expectation saturation effect. Long-term team success enhances attendance, particularly in the early season. Additionally, outcome uncertainty, new stadiums, geographic proximity, and per capita income positively influence turnout, while rising unemployment is paradoxically linked to higher attendance. These insights carry implications for sports economists and practitioners, particularly in emerging markets. The methodology and behavioral patterns identified here may inform attendance strategies in professional leagues across Central and Eastern Europe, where fan behavior and infrastructure investments increasingly resemble those of mature sports markets.

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• Smart Urbanization and Green Infrastructure in Mitigating Climate Change in the Asia

  Unmana Sarangi

  The research paper entitled ‘Smart Urbanization and Green Infrastructure in mitigating Climate Change in the Asia Pacific Region’ is a study of the challenges and opportunities of urban planning in the Asia Pacific region with a focus on climate change. The paper advocates the importance of sustainable financing, transparent management and effective governance to achieve sustainable urban planning without compromising on climate challenges. The other aspects covered in the study include role of UNESCAP in promoting green infrastructure, UN Habitat and Sustainable Urbanization, Effects of Global Pandemic on Urbanization and Sustainable Development Goals, Trends in Urbanization and it trajectories in Asia Pacific, Cities and the Energy Crisis, Urban Planning Policies and Frameworks, Integrated Urban and Territorial Planning, Measures Adopted for Promoting Smart Urbanization and Green Infrastructure in Asia Pacific Region,  Issues concerning Green Resilient and Inclusive Cities, Capacity Building within urban climate resilience in the global south, Impact of Climate Change in the Wake of Rapid Urbanization in Cities in the Asia Pacific Region, the Global South and other regions and Urban Resilience Trust Fund(URTF) of Asian Development Bank in mitigating Climate Change in Asia Pacific region. It is observed that these issues are inter-linked and the overall focus of the study has been to examine these issues in the context of rapid pace of smart urbanization and green infrastructure taking place in the Asia Pacific and in developing strategies and suitable measures to resolving the burgeoning climate crisis which the Asia Pacific region is facing. It is learnt that the URTF has been a major instrument of ADB in providing technical assistance and investment grants in key thematic areas and in promoting integrated resilience planning, foster resilient infrastructure investments and facilitate a robust exchange of knowledge on climate and disaster risk mitigation in the Asia Pacific region.   Overall, the paper suggests sustainable, human-centered approaches and effective resource management for balanced urban development in the Asia Pacific region. It also emphasizes a holistic approach and ongoing collaboration for sustainability. The key limitations and challenges of the study are financial difficulties, privatization, short political cycles and institutional limitations that need to be addressed.

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• Exploring Informal–Formal Economy Linkages: New Evidence from the MIMIC Model Approach

  Chigozie Chukwu, Aleksandar Vasilev, Shrabani Saha

  This study investigates the size, dynamics, and macroeconomic implications of the informal economy (IE) in Nigeria, using a structural macro-modelling approach. The motivation stems from persistent macroeconomic underperformance in Nigeria, even with its rich resource endowments. This situation raises important questions about the economic activities that go unaccounted for outside of formal systems. While existing literature recognizes the importance of the informal sector in developing economies, it often lacks detailed, country-specific modeling frameworks that weave the IE into broader macroeconomic analysis. This study aims to bridge that gap by constructing and estimating a macroeconomic model that explicitly includes the informal economy to understand its interactions with key macroeconomic variables. Using the Multiple Indicators Multiple Causes (MIMIC) model, the study measures the size of Nigeria’s informal economy and simulates the impacts of changes in macroeconomic policy variables. The findings reveal that the size of the IE ranged from 27.8% to 65.61% of the official GDP. However, its existence outside the tax and regulatory framework undermines fiscal performance and the effectiveness of monetary policy. Moreover, the model illustrates how shocks in the formal economy affect the informal economy differently, emphasizing the importance of dual-sector policy consideration. This study adds to the existing literature by offering a robust modeling framework for analyzing informality in an oil-dependent economy. The policy implications suggest that reforms in tax administration, financial inclusion, and targeted formalization strategies are essential for enhancing macroeconomic management and fostering inclusive growth in Nigeria.

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• Public Debt and Economic Stability, the Moderating Effect of Governance: Evidence from SEA Countries

  Tuyen Le Nam, Tam Phan Huy

  This research examines the relationship between public debt, economic stability, and governance in Southeast Asian (SEA) countries, focusing on how governance quality moderates the impact of public debt on GDP growth and inflation. Using the System Generalized Method of Moments (GMM) on panel data of yearly data collected from Worldbank databank from 1960 to 2023, the study finds that while public debt can contribute positively to economic growth, its effectiveness is highly dependent on governance quality. Specifically, strong regulatory frameworks, political stability, rule of law, and control of corruption significantly influence the economic outcomes of public debt. The findings highlight that improved governance not only mitigates the inflationary pressures of public debt but also enhances its positive effects on growth. The research underscores the importance of strengthening governance structures in SEA countries to maximize the benefits of public debt and ensure sustainable economic stability. Future studies are recommended to explore additional governance factors and the differential impacts of domestic and external debt.

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• Cooperative Economics in Africa: Applicability and Suggestions

  Susan Akinwalere, Kirk Chang

  The current research investigates the concept of cooperative economics and examines its applicability in Africa, using Nigeria as research sample. Based on triangulation method, we critically review cooperative economics characteristics by consolidating diverse views of cooperative economics, foreign direct investment and David Ellerman’s theory. Research findings advance knowledge by clarifying merits and obstacles in facilitating economic growth. These include: inadequate employee ownership education and training, poor integrative cooperation, lack of decision making, and corruption. We advise African government to offer incentives for cooperative economics, as it will facilitate development of education and electricity, which in turn boosts business performance.

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• The Dispersion System and the Discursive Event: An Analysis of The Inauguration Speeches of the Presidents of the CRCMG

  Oscar Lopes da Silva, Anderson de Souza Oliveira, Giani David Silva, Laura Edith Taboada Pinheiro, Roberto Miranda Pimentel Fully

  This article highlights how, in advanced modern society, particularly since the 21st century, social media has become a source of knowledge and how digital influencers are important in disseminating various topics, including accounting. Discourse analysis over the years has shown an evolution in the discursive strategy used to legitimize and strengthen the image of the CRCMG (Regional Accounting Council of Minas Gerais) under different administrations. Our purpose is to analyze, through discourse analysis, the discursive contribution of digital influencers, seeking to understand them as enhancers of accounting discourse. To this end, we selected editorials written by presidents in CRC News over the last ten years, subjected their speeches to artificial intelligence analysis, and categorized them according to discourse analysis criteria. By selecting editorials from CRC News newspapers, we analyzed speeches by leading figures in the accounting field in Minas Gerais—that is, by Minas Gerais accounting influencers published in the last ten years. Althusser, Barthes, Chouliaraki, Fairclough, Maingueneau, Orlandi, Pêcheux, Ramalho, Resende, Sírio Possenti, among others, constitute our theoretical and bibliographic corpus. We concluded that the discursive formation of the CRC-MG presidents over the last ten years presented a set of historically and socially inscribed statements, relating to an enunciative identity associated with a social community, defining its objects of discourse, concepts, and thematic choices within the context of a professional organization.

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• Accounting Enforcement, Corporate Governance, and Solvency Crises: A Multiple-Case Study of Companies under Judicial Reorganization in Brazil

  Vidigal Fernandes Martins, Octavio Locatelli, Aldrin Teodoro Dutra, Reinaldo Barbosa de Azevedo

  This article investigates the accounting, regulatory, and institutional factors that contributed to the collapse of Brazilian publicly traded companies that filed for judicial reorganization between 2020 and 2024. Grounded in a critical theoretical framework that combines institutional accounting, weak enforcement, and symbolic governance, the study analyzes the cases of Americanas S.A., Light S.A., Oi S.A., and AgroGalaxy Participações S.A. The methodology applied is a multiple-case study, supported by document analysis of financial statements, audit reports, regulatory decisions, and judicial records. The findings reveal recurrent patterns of financial opacity, delayed loss recognition, improper asset capitalization, and underreporting of liabilities. Moreover, ineffective regulatory oversight by institutions such as the CVM, ANEEL, and ANATEL, as well as structural weaknesses in corporate governance, were consistently observed. The analysis confirms the hypothesis that accounting practices, although formally compliant with IFRS, were strategically used to misrepresent firms’ financial conditions. The study concludes that the informational crisis within the Brazilian capital market is systemic and requires institutional reforms to enhance accounting enforcement, coordinated regulatory supervision, and governance of digital reporting systems. This research contributes to the debate on financial information quality in low-accountability environments and offers proposals to rebuild investor trust in emerging markets.

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• Contextualizing Beijing’s Futuristic Economic Designs through BRI and CPEC to Enhance Its Diplo-Economic Influence and Role of Pakistan

  Dr. Hasan Yaser Malik

  China and Pakistan are enjoying friendly relations since the inception of People’s Republic of China in 1949; however relations reached the pinnacles once Pakistan backed diplomatic relations between People’s Republic of China and the U.S, which eventually lead to People’s Republic of China Permanent membership in UN in 1971 instead of Republic of China. Since, bilateral relations have been improving between China and Pakistan in including diplomatic, economic and military domains. Karakoram Highway has proved to be a unique masterpiece and legacy of trust between the two. The establishment and progress of China Pakistan Economic Corridor as a harbinger of Chinese Belt Road Initiative has proved to be yet another legacy. However this time, the Chinese emerging diplo-economic global power has become an eye sour for a few extra regional powers like U.S and its Western Allies, who are leaving no stone unturned to diminish the ever increasing regional and extra regional influence of China since 2017 particularly in geo-political domains of maritime affairs. China Pakistan Economic Corridor ever since 2013 is no exception to such efforts as any damage to it will not only affect the Chinese global prestige but can also upset the trust between the two. Hence it will be imperative to understand the possible challenges with a view to prepare and manage a timely response to any such efforts up till 2030.

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• Communication Matters: How It Shapes Relationship and Employee Performance

  Win Naing Soe

  Effective communication is a vital component in shaping professional relationships and enhancing employee performance within organizational settings. This study investigates the extent to which communication, alongside factors such as relationship-building and training provision, influences both qualitative and quantitative aspects of employee performance. Conducted in Yangon, Myanmar, the research employs a descriptive design and a quantitative approach, drawing on data from 388 respondents through structured survey questionnaires. Statistical techniques including regression analysis, correlation analysis, mediation analysis, and hypothesis testing using Jamovi software 2.6.2.0 were utilized to assess the relationships among the study variables. The findings revealed significant, though modest, positive correlations between communication and key workplace factors such as relationship-building, training, and employee performance. Relationship-building showed the strongest associations with both qualitative and quantitative performance, while training provision also contributed meaningfully to performance outcomes. Mediation analysis confirmed that building relationship significantly mediates the relationship between communication and employee performance. These insights underscore the interconnected nature of organizational communication and training opportunities in shaping workplace relationship and enhancing employee performance. Practically, the study offers valuable implications for organizational leaders and HR professionals seeking to optimize the effect of communication and invest in communication strategies that enhance employee outcomes. By addressing the factors highlighted in this research, organizations can create more supportive, engaging, and high-performing work cultures.

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