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The Impact of Government Expenditure on Education in the ESG Models at World Level

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  • Leogrande, Angelo
  • Costantiello, Alberto

Abstract

In this article, we estimate the value of Government Expenditure on Education-GEE in the context of Environmental, Social and Governance-ESG dataset of the World Bank. We use data from 193 countries in the period 2011-2020. We use Panel Data with Fixed Effects, Panel Data with Random Effects, Pooled Ordinary Least Squares-OLS, and Weighted Least Squares-WLS. Our results show that the value of GEE is positively associated among others to “Case of Death, by communicable disease and maternal, prenatal and nutrition conditions”, and “Unemployment”, and negatively associated among others to “Hospital Beds” and “Government Effectiveness”. Furthermore, we apply the k-Means algorithm optimized with the Elbow Method and we find the presence of four clusters. Finally, we confront eight machine learning algorithms for the prediction of the future value of GEE. We found that the Polynomial Regression is the best predictive algorithm. The Polynomial Regression predicts an increase in GEE of 7.09% on average for the analysed countries.

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  • Leogrande, Angelo & Costantiello, Alberto, 2023. "The Impact of Government Expenditure on Education in the ESG Models at World Level," SocArXiv 4wctx, Center for Open Science.
    • Handle: RePEc:osf:socarx:4wctx
    DOI: 10.31219/osf.io/4wctx
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    1. Costantiello, Alberto & Leogrande, Angelo, 2023. "The Impact Of Research And Development Expenditures On Esg Model In The Global Economy," SocArXiv xy6ew, Center for Open Science.
    2. Muhammad Afi Ramadhan & Ratna Mulyany & Evi Mutia, 2023. "The irrelevance of R&D intensity in the ESG disclosure? Insights from top 10 listed companies on global Islamic indices," Cogent Business & Management, Taylor & Francis Journals, vol. 10(1), pages 2187332-218, December.
    3. Costantiello, Alberto & Leogrande, Angelo, 2023. "The Ease of Doing Business in the ESG Framework at World Level," MPRA Paper 117086, University Library of Munich, Germany.
    4. Alexandre Clément & Élisabeth Robinot & Léo Trespeuch, 2022. "Improving ESG Scores with Sustainability Concepts," Sustainability, MDPI, vol. 14(20), pages 1-15, October.
    5. Costantiello, Alberto & Leogrande, Angelo, 2023. "The Role of Political Stability in the Context of ESG Models at World Level," MPRA Paper 116887, University Library of Munich, Germany.
    6. Laureti, Lucio & Costantiello, Alberto & Leogrande, Angelo, 2023. "The Role of Government Effectiveness in the Light of ESG Data at Global Level," MPRA Paper 115998, University Library of Munich, Germany.
    7. Alberto Costantiello & Angelo Leogrande, 2023. "The Impact of Voice and Accountability in the ESG Framework in a Global Perspective," Working Papers hal-04043775, HAL.
    8. Giovanni Ferri & Angelo Leogrande, 2015. "Was the Crisis Due to a Shift from Stakeholder to Shareholder Finance? Surveying the Debate," Euricse Working Papers 1576, Euricse (European Research Institute on Cooperative and Social Enterprises).
    9. Cojoianu, Theodor F. & Hoepner, Andreas G.F. & Lin, Yanan, 2022. "Private market impact investing firms: Ownership structure and investment style," International Review of Financial Analysis, Elsevier, vol. 84(C).
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    12. Leogrande, Angelo, 2023. "The Rule of Law in the ESG Framework in the World Economy," MPRA Paper 116293, University Library of Munich, Germany.
    13. PoTsang B. Huang & Ching-Chow Yang & Maria Magdalena Wahyuni Inderawati & Ronald Sukwadi, 2022. "Using Modified Delphi Study to Develop Instrument for ESG Implementation: A Case Study at an Indonesian Higher Education Institution," Sustainability, MDPI, vol. 14(19), pages 1-21, October.
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    1. Leogrande, Angelo & Leogrande, Domenico & Costantiello, Alberto, 2023. "The Role of Unemployment in the ESG Model at World Level," MPRA Paper 117845, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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