governance

Organizational governance encompasses the structures, processes, and methodologies employed by an organization to communicate, direct, organize, and control its activities. Serving as a mechanism for knowledge integration and sharing, organizational governance establishes channels for disseminating knowledge, fostering cooperation among members, and empowering individuals to create, acquire, and share knowledge. It involves leveraging appropriate technologies for storing, transferring, and sharing knowledge, along with continuous monitoring and evaluation of knowledge management processes. Building an organizational culture rooted in trust and knowledge sharing is essential, especially when individuals are willing to share their knowledge. Essentially, organizational governance plays a pivotal role in enhancing organizational excellence at all levels of the organization. It contributes to heightened productivity, efficiency, and effectiveness by promoting better organization, facilitating accurate communication, improving risk management, and providing enhanced access to human and financial resources through the application of effective governance methods. Successful organizational governance necessitates informed policy-making, and a thorough analysis of research in this domain can drive progress. Therefore, the purpose of this research is to analyze the trends in published scientific literature on organizational governance within the Clarivate Database.

This applied research utilizes a descriptive method and a scientometric approach to analyze the trends in scientific publications on organizational governance within the Web of Science reference database. The statistical population comprises 249 scientific outputs published between 1981 and 2021 in the Clarivate Database. To assess publication and citation patterns concerning governance indicators—such as responsibility, political stability, effectiveness, supervisory quality, rule of law, and corruption control—global governance indicators are referenced. VOSviewer and Excel software are utilized for data analysis.

Analysis reveals an upward trend in scientific outputs related to organizational governance from 1981 to 2021, with a predominant focus on economics, public administration, and government. Notable authors include Philatoto, Leiblein, and Jackson, while countries such as the United States, England, Canada, Germany, the Netherlands, and China, along with universitieslike Stanford, the University of Illinois, the University of Arizona, the University of Georgia,the University of Copenhagen, and Harvard University, are at the forefront of publishing outputson organizational governance. Top-performing countries in governance indicators include the Netherlands, Canada, Germany, the United Kingdom, Taiwan, France, the United States, Spain, Italy, and China. Co-authorship, co-referencing, and scientific collaboration are relatively limited and dispersed, with countries such as the United States, England, Malaysia, and Brazil exhibiting higher levels of interaction. Key topics in organizational governance include governance, management, innovation, systems, organizational and corporate performance, trust, networks, information technology, and collaboration. The study concludes that innovation and technology, particularly in effectivee-governance, play a crucial role in enhancing transparency, improving information accessibility,and boosting overall organizational performance. They enhance management processes, including reporting and control, while fostering new channels for communication and collaboration among organizational members, resulting in accelerated progress.The facilitation of governance processes has been shown to correlate with increased productivity, efficiency, and effectiveness. Notably, the research indicates a negative relationship between the number of documents and governance indicators, suggesting that fluctuations in scientific publication output influence corresponding changes in governance indicators. However, a strong positive correlation exists between citation rates and governance indicators across countries. This highlights the reciprocal relationship between scientific production and citation rates on governance indicators. It emphasizes that countries with strong governance performance often experience higher rates of publication and citation of scientific outputs.

In conclusion, analyzing scientific outputs in organizational governance can inform effective scientific policies, reveal new subject areas and research gaps, outline research directions, promote the generation of new knowledge, and encourage further research initiatives. Additionally, it fosters the anticipation of future scientific developments, identifies influential contributors in the scientific community, establishes improved connections and collaborations across various fields, and promotes overall scientific advancement in the area of organizational governance.

Governance has always been a key focus throughout history across various levels of authority. The rise and expansion of the financial technology (Fintech) industry have introduced new and diverse challenges for policymakers, highlighting the growing need for an appropriate governance framework. Current global studies on Fintech governance primarily focus on the business and organizational levels, and limited research has been conducted on this topic in Iran. On a macro level, only a few studies have explored the governance of Fintech beyond the enterprise level, although it is seen as a growing field. Therefore, the need for macro-level governance in Fintech is evident both globally and in Iran. This study aims to address the question: What are the governance dimensions and components applicable to the Fintech industry? Based on this, the research seeks to develop a comprehensive framework for governance in Fintech.

Methods and Materoal:

This research follows a mixed-methods approach. In the qualitative phase, key terms such as governance, Fintech, and Fintech governance were selected as the foundation for reviewing previous studies. Using meta-synthesis and content analysis, various topics related to governance and Fintech governance were collected and categorized. Data were gathered from the Scopus and Science Direct databases, and studies were filtered based on the relevance of their titles, abstracts, methodologies, and findings. A total of 28 articles were selected for meta-synthesis, and content analysis was conducted to identify governance components relevant to the Fintech industry. Some studies directly addressed governance components applicable to Fintech, while others discussed challenges within Fintech that require governance. Both aspects were incorporated into the proposed framework, leading to an initial framework of governance components for Fintech.In the quantitative phase, the identified components were validated using the fuzzy Delphi method and potential correlations among them were explored through exploratory factor analysis (EFA). The fuzzy Delphi method was conducted using Excel with input from 15 experts, while EFA was performed using SPSS with data from 217 experts. These experts held advanced degrees in fields such as industrial management, IT management, strategic management, and public administration, with at least five years of experience in governance or Fintech management. Their insights were collected via a standardized questionnaire and analyzed accordingly. Ultimately, the final framework, comprising validated dimensions and components for Fintech governance, was presented.

Resultss:

The meta-synthesis of articles on governance, Fintech, and Fintech governance identified seven components: policymaking, foresight, facilitation, regulation, infrastructure development, monitoring, and evaluation. Expert opinions on these seven governance components, as well as on Fintech and Fintech governance, were collected through a standardized fuzzy Delphi questionnaire. Standard fuzzy Delphi calculations were then applied, and the fuzzy values for each component were determined. After fuzzification, a defuzzification process was conducted to convert fuzzy values into definitive ones. The final definitive values for each component were calculated as follows: policymaking (0.82), foresight (0.71), facilitation (0.79), regulation (0.81), infrastructure development (0.71), monitoring (0.77), and evaluation (0.76). According to the fuzzy Delphi method, the acceptable definitive value for each component is 0.7, indicating that all components meet the acceptable threshold, thereby confirming all seven components.After confirming the components, it was necessary to examine whether any latent internal correlations existed between them, allowing for their reduction into broader factors. To this end, the Kaiser-Meyer-Olkin (KMO) measure of sampling adequacy and Bartlett's test of sphericity were applied to the components based on expert opinions. The KMO value was found to be 0.787, indicating that the components could be reduced to a number of underlying factors and that the sample size was sufficient. Additionally, Bartlett's test showed good correlations among the components within each factor.To ensure the accuracy of the component categorization, the dimensions were first identified, and each dimension was then named according to the nature of the variables within it. The variance for each component was calculated, and the total variance explained by the extracted dimensions after rotation was determined. These values, known as eigenvalues, indicate the factors that remain in the analysis and the dimensions that can be extracted. Three factors, in total, accounted for 47.7% of the variance across all variables. These three dimensions were named regulation, strategy, and provision. According to Table 1, the components of monitoring and evaluation fell under the "regulation" dimension, the components of policymaking and foresight were grouped under the "strategy" dimension, and the components of facilitation, infrastructure development, and regulation were placed under the "provision" dimension.The consolidation of these dimensions and components of governance for Fintech forms the final framework that this research aims to achieve.

Conclusion and Recommendations:

In governance, some tasks are fundamental, while others are specific to the needs of the Fintech industry and must be governed. The integration of these two approaches forms the proposed governance framework. Current discussions on Fintech governance mainly focus on the organizational and business levels, with limited recent research, both in Iran and globally, addressing macro-level governance for Fintech. According to Rostoy (2019), the unique challenges and issues introduced by Fintech require a new form of governance, which strengthens the foundation of this study.By compiling and summarizing governance components and key issues for Fintech governance, seven components were identified: foresight, policymaking (Taati et al., 2021; Payandeh & Afghahi, 2023), facilitation, regulation (Sharifzadeh & Gholipour, 2003), infrastructure development (Rostoy, 2019), monitoring, and evaluation (Abrahams, 2015). After validating these components, latent correlations between them were identified, resulting in three dimensions: strategy, provision, and regulation. The strategy dimension includes foresight and policymaking, the provision dimension includes facilitation, infrastructure development, and regulation, and the regulation dimension covers monitoring and evaluation. These three dimensions form a cyclical and iterative process, with governance beginning with strategy as its foundation.Strategic foresight and policymaking are critical to starting the governance process. Policymakers and decision-makers at the national level must implement governance through strategic planning and foresight. The consideration of macro trends and the Fintech industry’s outlook is crucial for governance under the foresight component. Policymaking involves the development of national and sectoral strategies and policies that, together with foresight, form the strategic governance process.The provision aspect focuses on preparing the governing authorities to foster and support the growth of the Fintech industry. This includes measures such as facilitation, infrastructure development, and regulation. Facilitation, for instance, can be implemented both through soft measures (like legislation) and hard measures (such as platform and system development). The governing body, as the supreme authority, is well-positioned to oversee critical national issues like the economy and national security, thus possessing both the legal and technical power to facilitate Fintech growth. Governance is also evolving toward greater regulation, which is highly relevant and applicable to the Fintech industry.Finally, in the last phase of the governance cycle, regulation occurs through monitoring and evaluation. To fulfill its duties towards the public good and oversee the performance of Fintech companies, the governing body must monitor the industry and evaluate its performance to ensure accountability and, if necessary, exert control and make corrections. In other words, through regulation, the Fintech industry is held accountable for its performance, and this accountability is achieved through monitoring and evaluation.Given Iran’s political-economic structure, governance over industries, and the prevailing Islamic laws and regulations, the proposed governance framework for Fintech is applicable to Iran as well. This governance model, with a 360-degree perspective on both the specific challenges of Fintech and the general duties of governance, ensures the alignment of the Fintech industry with Iran’s macroeconomic policies. Furthermore, collaboration and synergy between the Fintech industry and the governing authorities will lead to the growth and development of the sector while ensuring the protection of public interests and citizens' rights. As such, all three pillars of governance, as outlined by Graham et al. (2003), will be balanced: the governing body fulfills its responsibilities toward society, the industry achieves its desired growth, and society benefits from the industry's advancements while safeguarding its rights.Recommendations for the use and further development of this governance framework are as follows. First, national-level policymakers should expand the seven governance components identified in this study and apply them in accordance with their duties and responsibilities to govern the Fintech industry. Second, clarity in definitions and processes related to each component or dimension will be beneficial for both Fintech and the governing body, helping to avoid many challenges and conflicts in practice, which should be addressed by the governing body as needed. Third, while the authors have endeavored to create comprehensive dimensions and components for governance, there is room for the addition of further components and the extraction of new dimensions. Future researchers are encouraged to explore and expand upon these aspects.

In the contemporary world, governance methods and its concept have undergone many changes. Today, governance has changed from a central process to a distributed process and from an independent form to a network form. Resolving social conflicts (avoidance of government), reducing the complexity of governance issues and neutralizing the effect of numerous non-constructive factors, treating the weakness of the culture of participation in society, correcting cognitive biases, compensating for limited resources, moving with the intellectual foundations and value system of the people, role-playing and The ability of international consensus depends on the strengthening of the country's cultural and civilizational foundations, and each of them is possible by strengthening the historical elements of Iranian culture and art. A few examples of the country's facilities for good governance in this field are briefly mentioned. The examples listed in the article indicate the need to deal with the "governance of manuscripts" and to identify and make the cultural capacities of this area more active in different sectors and to optimally organize the capacities for the best use of Iran's rich cultural resources.

The current research was conducted to provide a framework for ethical policy in higher education governance based on the integrity of governance. The integrity of governance is an integrated, comprehensive and comprehensive view of ethics in governance that provides a suitable framework for ethical policymaking. Like other micro-based organizations, universities need the moral development of all their actors. In addition, governance oversees all stakeholders' participation and attention to the decision-making system at the highest policymaking level. Therefore, the integrity of governance is trying to develop ethics on the one hand during all ethical cases and on the other hand among all the people of the organization. From this point of view, integrity and governance are highly relevant, similar in various aspects, and easily integrated and compatible. This adaptability will make integrity work, and effective as a framework for ethical policymaking in higher education governance.A qualitative approach and a narrative review method were used in four steps to present this ethical policy based on integrity in governance. The research community was all the scientific documents of domestic and foreign scientific databases, 114 documents were initially reviewed. Finally, 40 scientific documents were selected and analyzed as a sample. In order to analyze the findings, open and axial coding (primary and secondary) was used. In open coding, meaningful arguments and evidence are extracted and then categorized based on semantic similarity, which is called primary axial coding. After that, the created categories are again organized in the form of larger categories, which is called secondary axial coding. The results showed that ethical policymaking in universities and higher education centers requires 4 key dimensions.The first dimension is ethical policymaking which oversees the perfection and integrity of governance, which has components such as completeness, flawlessness, integrity, and interconnectedness. In its first meaning, integrity refers to the completeness of a phenomenon, and this completeness is completed by the integration and interconnection of all its components. The policies of this dimension are trying to support and operationalize these two components.The second dimension is the ethical policy-making that monitors the integrity and authenticity of governance. This dimension has components such as self-honesty, matching words and actions, matching values and relevant moral norms, and matching laws. The basic challenge of ethics starts when behaviors are not based on values, beliefs, and moral principles. In other words, people are not committed to the value system and the beliefs and principles that they express in terms of action, and there are obvious conflicts between the system of values and beliefs and people's behavior. Another aspect of such violation of integrity is failure to adhere to what is said, and in this case, a person reduces his integrity by not fulfilling his commitments and promises.The third dimension has emphasized ethical policymaking regarding the adaptation and resilience of governance, which includes adaptation and resilience in adversity as well as adaptation and connection with the environment. It shows the complete unity and continuity of the person with the environment and adaptability to the conditions. People and systems with integrity have high adaptability and resilience with themselves and the surrounding environment because they have acquired this adaptability and resilience from being complete, healthy and flawless. also, they have high degrees of adaptability, flexibility, and resilience. It is the result of such completeness.Finally, in the fourth dimension, ethical policy-making refers to the virtue and ethics of governance. It could be argued that one of the definitions and structures that describes integrity is the issue of virtue and ethics, and it seems that the more complete, healthy, and flawless a person is, the more ethical codes and behaviors he manifests. Gives. In other words, the integrity of the human being causes intellectual and practical moral developments. A human being is defined by their integrity, which is reflected in their morals. When that integrity is compromised, a person's morals suffer as a result. This dimension includes components such as responsibility, conscious and open action based on moral reflection, value or virtue, and exemplary moral behavior.It is suggested to use the concept of governance in order to develop ethics in universities, and in the field of governance, using the concept of integrity will lead to the comprehensiveness and integrity of ethical policies, because integrity is a complete, comprehensive, barrier and representative of ethics and its policies. Integrity develops a vision and a perspective in ethical policymaking in which the completeness, health and flawlessness of human beings, which are indicated by the above-mentioned four dimensions, are developed in universities. It is clear that integrity displays a sublime and complex level of ethics, and this level of complexity and moral excellence will be highly relevant to the academic system and academics.

Fintechs or financial startups are progressively impacting the financial services value chain every day. Fintechs has provided the country's financial markets governors with an irreplaceable opportunity to reform the country's financial system mechanisms. The ecosystem development of these innovative businesses in the financial system is demanding as the prudential requirements of the financial system, and the obstacles that generally exist for innovative businesses. This descriptive research investigates the systemic problems of fintech ecosystem development and its solutions. The analytical texts published in one year and 49 semi-structured interviews with experts were analyzed with a deductive thematic analysis methodology based on Nicoletti's model. Then, the systemic network problems besides institutional mapping of the fintech ecosystem have been extracted; also its validity has been discussed in five focus groups. Then, the existing problems for the development of the fintech business ecosystem are categorized into six sectors: policy, regulation, and supervision (28 problems) such as the lack of a fintech development vision, science production, and promotion (4 problems) such as the lack of fintech scientific field in universities, investment (4 problems) such as the lack of investment statistics in fintech, financial solutions (10 problems) such as weakness in the inclusive financing system, and fintech demand (4 problems) such as low urgency of fintech with financial regulatory bodies. Ultimately, based on the issues raised, the policy implications of this research are presented to facilitate the governance of the

Virtual interactions have become an increasingly important part of life for consumers and businesses over the past decade. During the COVID-19 pandemic, this trend has accelerated, and attract more focus on Metaverse. So big companies have moved toward developing Metaverse. But Metaverse is still confusing and unknown to many. The data collected by Metaverse from users is much broader and more accurate than simple Internet activities, because it also arises from the general behavior of the user (including physiological responses, their movements and even brainwave patterns), so the discussion of rights and regulations in Metaverse is very urgent and necessary. Accordingly, the purpose of this paper is a comparative study of the rules and policies of the selected countries in order to localize them for Iran. The approach of this research is a comparative study and its purpose is descriptive-comparative based on updated content. The sample available in this study included three countries consists of as European Union, China and India. In this study, after examining the research issue, approaches adopted in selected countries are discussed. The findings of this study show that the countries under study have laws and regulations that can be deterrent in the field of Metaverse challenges, including online safety law, data and privacy protection, intellectual property, ownership of digital assets, etc., but in our country many of these laws still not approved or not well implemented. Therefore, in addition to reviewing Metaverse and setting specific regulations of it, more general laws must be amended, approved and implemented in our country and legal preventive measures such as the approval of the laws and regulations required in Iran, should be carried out.

The present study deals with the maturity model in Mazandaran university libraries at maturity levels. The purpose of this study was to determine the maturity level of university libraries in Mazandaran province in order to enhance the maturity levels and express the status quo and propose a maturity model compatible with the requirements of academic libraries.

The present study is of applied type. Using the qualitative approach of digital library texts and maturity model, quantitative analysis was used to determine the maturity level of university libraries in Mazandaran province. The study population consisted of 10 experts and 210 experts and librarians who completed and returned questionnaires by e-mail and in person. The data were analyzed by SPSS software and confirmatory factor analysis. Structural equation modeling was performed using Smart PLS software.

According to the findings and review of codes and ranking of research indicators, the code of hardware and software systems is in the first place, which indicates the importance of hardware and software systems and the necessary conditions in the maturity of academic libraries. Information systems, users and data quality, collection and organization, management, Internet and network, organization and employees are the next most important priorities, respectively.

In fact, the maturity level of university libraries in Mazandaran province is at level 2 and they a re relatively far from reaching the ideal level (level 5)

The development of sciences, technology and innovation is one of the main concerns of any country, such as Islamic Republic of Iran. One of the new approaches in development is the governance model. In this theory, changing the paradigm of the role of government and government provides the basis for equal participation of civil society, private sector and government in the decision-making process. In this regard, using the experiences of other countries, can be effective (by considering the underlying conditions).The purpose of this article is to introduce and study the macro-structure of the system of science, technology and innovation and how to interact and cooperate with each other. In other words, the purpose of this article is the governance of the science, technology and innovation system. This research is descriptive study and based on analysis and study of documents and resources (library studies). The three countries of Portugal, Norway and Japan were compared with Iran in terms of three indicators of institutional separation, coordination mechanism and financing. Finally, according to the results of the article, it was suggested in the short term, following the governance model of Portugal and for minimizing overlaps, the distinction between thematic areas should be considered; in the long term, according to the Norwegian governance model, the solution is to strengthen the Ministry of Science and the high concentration of government budgets in it. And also, for strengthening the Supreme Council of Science, Research, and Technology (SCSRT) under the Ministry of Science, Research and Technology (MSRT) that has active role in allocating and directing research and technology budget is maintained. According to the model of governance in Japan, a close relationship should be established between the MSRT with Iran National Innovation Fund (INIF).

The purpose of this study is to shed light on the legal and functional overlaps exist among the main actors at the governance level of Iran's science, research, and technology system (i.e. supreme council of science, research, and technology (SCSRT), ministry of science, research, and technology (MSRT), vice president for science and technology (VPST). The research method is desk research of the existing documents and reports and analyzing their content based on the technology supply and demand model in order to find the above-mentioned overlaps regarding 10 categories. The time scope of the research is 2004-2019 for reviewing the legal documents and performance reports. The focus group method has been used to propose the division of authorities and duties among the actors. The results demonstrate that regarding the category "financial support and grant", more legal duties have been defined for SCSRT; however, the performance of VPST is more significant. Regarding the other supply-side category, that is, "supporting human resources, joint research, and networking", less overlap exists among the actors. The most legal duties and functional outputs are related to SCSRT and MSRT. In the field of "legislation and standardization", the main legal duties are listed under the legal duties of the SCSRT. Systemic policies can be mainly seen in the performance of the VPST. Based on our findings, it is necessary to redefine the authorities and duties of the SCSRT concerning financial policies, to continue human resources policies, supporting joint research, and the network under MSRT. It is also recommended that VPST and SCSRT focus on "demand stimulation and systemic policies" and "legislation and coordination", respectively.s

In December 2019, the world came across the discovery of an unknown virus from the Corona family in Wuhan, China; The virus, which was initially thought by many policymakers and the people of the world, will spread to certain areas, as in other cases, and mechanisms to control it will soon be identified. But over time, with the spread of the virus to all 205 countries around the world, the notion that we are dealing with simple and common phenomena has completely disappeared. governments and policymakers around the world, a variety of measures have been put on the agenda to reduce the effects of the coronavirus, which may have varied due to the unknown nature of the virus and its consequences in different countries. In this study, an attempt has been made to collect information about the policies, actors and actions of different countries over the time of the Corona outbreak, in addition to using the Oxford University database, to present a report and analysis of the measures taken and then to compare the analytical descriptive method. Governance and policy-making of governments should be compared with the Corona phenomenon from the three perspectives of governance officials, governance issues and policies, and governance diversity, and the similarities and differences in governance of these countries should be identified. Finally, by comparing these policies with the country's performance style, lessons learned and conclusions can be drawn during this period.

Policy making is a fundamental function of governments which is the intervention process in order to achieve results and realize the government’s political vision. Accordingly, the study of public policy seeks describing and explaining the governments’ policy making and the way in which it is affected and changed. different frameworks and approaches have been introduced with the aim of explaining and prescribing in the field of public policy. The common point of these approaches is paying attention to the dynamics of actors, the contexts and their impact on policy making from prioritizing an issue in the policy environment to evaluatation and feedback on the policies implemented on that issue. Based on this, the field of science, technology and innovation as one of the most important public problems that directly affects society and its national competitiveness is always influenced by government interventions either directly or indirectly. In the field of science, technology and innovation policy, the concept of governance, due to addressing the roles and interactions of role-makers that lead to policy-making, has always been at the center of the policy-making process for researchers and policymakers. This paper, while analyzing the foundations and concepts of public policy and governance, highlights the implications of these two theoretical areas in the field of science, technology and innovation, and the case study of the ICT sector portrays one of the uses of these topics.

Recent developments in the field of information and communication technology in recent years have led to the start of a new era of reform in the public sector. These reforms, through the use of ICT tools, have led to changes in the policies, processes and functions of the public sector. E-government’s executive plans, edemocracy and the move towards electronic governance not only aim to provide citizens with services as much as possible, but also to improve the efficiency and effectiveness of the public sector, increase public participation in public and political affairs, and create transparency and accountability in state-owned design. ST In this regard, electoral democracy is seen as a leverage for transparency in the political arena of the government. The introduction of the egovernment plan and the move towards e-government, coupled with the continued development of information and communication technology, has led to the consensus that using these new technologies as soon as possible in all areas of service delivery to the community of executives, and ultimately The use of these new technologies in the political, governmental and managerial fields will bring about greater participation and interaction between people and government institutions. In this paper, after reviewing the chief concepts and aspects related to e-government, e-governance, e-governorship, and electoral democracy, and their case comparison, examine the challenges posed by the implementation of e-democracy and e-government in the world and Iran, and will ultimately address the future of e-governance.

Research & development and technology progress cause productivity increase, enhancement and mobility of production factors and more variety in products. The important question is why some countries assign a higher percentage of their GDP to research and development? Good governance will cause increase in research and development costs to the Gross Domestic Product by providing desirable institutional framework. The main objective of this study is to evaluate the effect of governance on R&D intensity by using the data of the selected developed and developing countries over the 1996-2011 periods. The relationships between variables estimated by using the generalized methods of moments (GMM). As well as the net flow of foreign direct investment to GDP ratio, an indicator of human capital, industry value added sector to GDP ratio, imports of goods and services and abundance of natural resources are considered as control variables. Results obtained from this study show that improvement of the governance index has a positive and significant effect on the research and development intensity in both studied countries. The estimated coefficients of the net foreign direct investment to GDP ratio variable and human capital are positive and significant in both groups. However, the estimated coefficients of the industry value added sector to GDP ratio is positive and significant in developed countries and negative insignificant for developing countries. As well as the ratio of imports of goods and services have negative and insignificant impact for both studied countries and The coefficient of resource abundance index is positive and significant in developed countries and negative insignificant for developing countries.