The Nexus between Government Spending and Agricultural Output: Evidence from Zimbabwe

Published: Jul 15, 2025

Abstract:

  • Purpose: This study aims to examine the relationship between government spending and agricultural output in Zimbabwe, while also evaluating the effects of macroeconomic variables such as inflation, carbon emissions, rainfall, population growth, and temperature on agricultural output.

    Methods: The Autoregressive Distributed Lag (ARDL) model was employed using time-series data from 1980 to 2022. Data were sourced from the World Bank and the IMF. Diagnostic tests, including stationarity checks, cointegration analysis, and stability assessments (CUSUM and CUSUMSQ), were conducted to ensure the robustness of the model.

    Results: The findings reveal significant short- and long-run relationships between government spending and agricultural output. Government expenditure, rainfall, and population positively influenced agricultural productivity, whereas inflation and carbon emissions had a negative effect. The ARDL model explains 95% of the variation in agricultural output, indicating a strong model fit and predictive power.

    Conclusion: The Autoregressive Distributed Lag (ARDL) model demonstrated a positive relationship between government spending and agricultural output in both the short and long terms. Based on the results, the study concluded that sustained government support through subsidies, grants, and other resources has the potential to enhance agricultural productivity in Zimbabwe over time.

    Limitations: The study is limited by the availability and quality of historical data, which may constrain the precision of certain estimates.

    Contributions: This research assists the Ministry of Lands, Agriculture, Fisheries, Water, and Rural Development in developing targeted interventions to enhance the performance and resilience of Zimbabwe's farmers and agribusinesses. The findings can help the Reserve Bank of Zimbabwe align its policies with the evolving needs of farmers, especially post-COVID-19 and amid the Russia-Ukraine conflict.

Keywords:
1. Agricultural Output
2. ARDL Model
3. Macroeconomic Variables and FAO
4. Public Expenditure
5. Zimbabwe
Authors:
1 . Talent Kondo
2 . Simba Mustvangwa
3 . Victoria Masere
How to Cite
Kondo, T., Mustvangwa , S. ., & Masere, V. . (2025). The Nexus between Government Spending and Agricultural Output: Evidence from Zimbabwe . Journal of Governance and Accountability Studies, 5(2), 113–127. https://doi.org/10.35912/jgas.v5i2.2738

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References

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    Anderu, K. S., & Omotayo, E. O. (2020). Agricultural output and government expenditure in Nigeria. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 8(2), 101-110. doi:https://doi.org/10.22437/ppd.v8i2.9106

    Anoke, C. I., Odo, S. I., Chukwu, B. C., & Agbi, P. E. (2016). Testing the Applicability of Wagner’s Law in Nigeria. Journal of Research in Business and Management, 4(6), 33-45.

    Aragie, E., & Balié, J. (2021). Public Spending on Agricultural Productivity and Rural Commercialization: A Comparison of Impacts Using an Economy?Wide Approach. Development Policy Review, 39, 21-41. doi:https://doi.org/10.1111/dpr.12455

    Babatunde, S. A. (2018). Government Spending on Infrastructure and Economic Growth in Nigeria. Economic research-Ekonomska istraživanja, 31(1), 997-1014. doi:https://doi.org/10.1080/1331677x.2018.1436453

    Bathla, S. (2017). Public Investment in Agriculture and Growth: An Analysis of Relationship in the Indian Context. Changing Contours of Indian Agriculture: Investment, Income and Non-Farm Employment, 13-28. doi:https://doi.org/10.1007/978-981-10-6014-4_2

    Bhanumurthy, K., & Kumar, L. (2018). Climate change and agriculture in India: Studying long-term patterns in temperature, rainfall, and agricultural output. Management and Economics Research Journal, 4(2), 156-173. doi:https://doi.org/10.18639/MERJ.2018.04.670098

    Brooks, C. (2019). Introductory econometrics for finance: Cambridge university press.

    Bvumbi, M. N. (2017). An Analysis of the Implementation of Activity Based Costing at the Water Trading Entity. Master’s degree, University of South Africa.

    Chamba, L., & Tarirai, I. (2024). The Efficacy of Agricultural Financing on Agricultural Production in Zimbabwe. African Journal of Commercial Studies, 5(4), 273-288. doi:https://doi.org/10.59413/ajocs/v5.i.4.9

    Chandio, A. A., Yuansheng, J., & Magsi, H. (2016). Agricultural Sub-Sectors Performance: An Analysis of Sector-Wise Share in Agriculture GDP of Pakistan. International Journal of Economics and Finance, 8(2), 156-162. doi:https://doi.org/10.5539/ijef.v8n2p156

    Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95. doi:https://doi.org/10.35912/gaar.v1i1.1506

    Ciccone, A., & Ismailov, A. (2022). Rainfall, agricultural output and persistent democratization. Economica, 89(354), 229-257. doi:https://doi.org/10.1111/ecca.12405

    Diebold, F. X. (2017). Forecasting in Economics, Business, Finance and Beyond: University of Pennsylvania.

    Dynan, K., & Sheiner, L. (2018). GDP as a Measure of Economic Well-Being. Work. pap, 43. doi:https://doi.org/10.7208/chicago/9780226836348-002

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    Ewubare, D. B., & Udo, V. E. (2017). Public Sector Financing and Agricultural Output in Nigeria. International Journal of Economics, Business and Management Research, 1(2), 79-88.

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    Hayami, Y., & Ruttan, V. W. (2020). Population Growth and Agricultural Productivity Technological Prospects and Population Trends (pp. 11-69): Routledge.

    Kadir, S., & Tunggal, N. Z. (2015). The Impact of Macroeconomic Variables Toward Agricultural Productivity in Malaysia. South East Asia Journal of Contemporary Business, Economics and Law, 8(3), 21-27.

    Kondo, T., & Mutsvangwa, S. (2025). The dynamics of fiscal deficit and current account in 12 SADC countries. Journal of Governance and Accountability Studies, 5(1), 17-31. doi:https://doi.org/10.35912/jgas.v5i1.2499

    Latief, R., & Zhang, L. (2024). Nexus Between Government Agricultural Expenditures and Agricultural Credit: The Role of Sustainable Agricultural Growth and Sustainable Agricultural Income. Sustainable Development, 32(4), 3344-3355. doi:https://doi.org/10.1002/sd.2853

    Lencucha, R., Pal, N. E., Appau, A., Thow, A.-M., & Drope, J. (2020). Government Policy and Agricultural Production: A Scoping Review to Inform Research and Policy on Healthy Agricultural Commodities. Globalization and health, 16(1), 11. doi:https://doi.org/10.1186/s12992-020-0542-2

    Makamba, B. S. (2021). Agricultural Development Assistance and Agricultural Production in Zimbabwe. International Journal of Management Studies and Social Science Research, 3(4), 225-236.

    Makuwerere Dube, L. (2021). Command Agriculture and Food Security: An Interrogation of State Intervention in the Post-Fast Track Land Redistribution Era in Zimbabwe. Journal of Asian and African Studies, 56(7), 1626-1643. doi:https://doi.org/10.1177/0021909620979330

    Manzeke-Kangara, M., Muwaniki, C., Siziba, S., Chamboko, T., Mtambanengwe, F., & Wedekind, V. (2024). Evolution of Agricultural Extension in Zimbabwe: Emerging Technologies, Training Needs and Future Possibilities. South African Journal of Agricultural Extension, 52(2), 21-55. doi:https://doi.org/10.17159/2413-3221/2024/v52n2a14969

    Matandare, M. A. (2017). An Analysis of the Role of the Agriculture Sector: Case of Zimbabwe. International Journal of Scientific Research in Science and Technology, 3(8), 1255-1263.

    Matthew, A., & Mordecai, D. B. (2016). The Impact of Agricultural Output on Economic Development in Nigeria (1986-2014). Archives of Current Research International, 4(1), 1-10. doi:https://doi.org/10.9734/acri/2016/25489

    McLeay, M., & Tenreyro, S. (2020). Optimal Inflation and the Identification of the Phillips Curve. NBER macroeconomics annual, 34(1), 199-255. doi:https://doi.org/10.1086/707181

    Meintanis, S. G., Ngatchou-Wandji, J., & Allison, J. (2018). Testing for Serial Independence in Vector Autoregressive Models. Statistical Papers, 59, 1379-1410. doi:https://doi.org/10.1007/s00362-018-1039-4

    Mekonen, E. K. (2020). Agriculture sector growth and inflation in Ethiopia: evidence from autoregressive distributed lag model. Open journal of business and management, 8(06), 2355. doi:https://doi.org/10.4236/ojbm.2020.86145

    Mishra, S., Behera, M., & Behera, A. R. (2023). Agricultural Improvement of Marginalized Tribal Farmers Through Watershed Development: A Case Study in Odisha. Agrarian South: Journal of Political Economy, 12(3), 273-294. doi:https://doi.org/10.1177/22779760231186876

    Moyo, S. (2011). Three Decades of Agrarian Reform in Zimbabwe. Journal of peasant studies, 38(3), 493-531. doi:https://doi.org/10.1080/03066150.2011.583642

    Muhammad, A. A., Egwaikhide, C., & Alexander, A. (2020). Analysis of The Impact of Government Agricultural Expenditure on Agricultural Production Output in Nigeria: Evidence from Ardl Model 1981-2018. International Journal Of All Research Writings, 3(5), 74-83.

    Mujahid, N., Begum, A., & Noman, M. (2016). Impact of Trade on Economic Growth of Pakistan: An Ardl to Co-Integration Approach. Journal of Social Sciences and Humanities, 55(2), 47-58. doi:https://doi.org/10.46568/jssh.v55i2.80

    Musgrave, R. A. (1969). Theories of Fiscal Federalism. Public Finance = Finances publiques, 24(4), 521-536.

    Musonza, F., & Hlungwani, P. M. (2024). An Evaluation of Command Agriculture and Food Security Among Communal Farmers in Rural Zimbabwe. Journal of Land and Rural Studies, 12(2), 155-183. doi:https://doi.org/10.1177/23210249241233068

    Muwaniki, C., Wedekind, V., & McGrath, S. (2024). Agricultural Vocational Education and Training for Sustainable Futures: Responsiveness to the Climate and Economic Crisis in Zimbabwe. Journal of Vocational Education & Training, 76(2), 430-446. doi:https://doi.org/10.1080/13636820.2024.2317163

    Ogboru, I., Abdulmalik, F. A., & Park, I. O. (2018). Government Expenditure on Agriculture and its Impact on Unemployment Reduction in Nigeria: 1999–2015.

    Okunlola, F. A., Osuma, G. O., & Omankhanlen, E. A. (2019). Agricultural Finance and Economic Growth: Evidence From Nigeria. Business: Theory and Practice, 20, 467-475. doi:https://doi.org/10.3846/btp.2019.43

    Olubokun, S., Ayooluwade, E., & Fawehinmi, F. (2016). Government Expenditure, Inflation Rate and Economic Growth in Nigeria (1981-2013): A Vector Autoregressive Approach. Romanian Journal of Fiscal Policy (RJFP), 7(1), 1-12.

    Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. doi:https://doi.org/10.1002/jae.616

    Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American statistical Association, 94(446), 621-634. doi:https://doi.org/10.1080/01621459.1999.10474156

    Runganga, R., & Mhaka, S. (2021). Impact of Agricultural Production on Economic Growth in Zimbabwe.

    Setoboli, T., Tshuma, N., & Sibanda, E. (2024). Improving Agricultural Efficiency in Zimbabwe: A Labor Productivity Analysis. International Journal of Research and Innovation in Social Science, 8(3), 2193-2208. doi:https://doi.org/10.47772/IJRISS.2024.803153

    Shiyalini, S., & Bhavan, T. (2021). Impact of inflation and unemployment on economic growth: the ARDL Bounds testing approach for Sri Lanka. Himalayan Journal of Economics and Business Management, 2(1), 55-62. doi:http://dx.doi.org/10.47310/Hjebm.2021.v02i01.007

    Shrestha, M. B., & Bhatta, G. R. (2018). Selecting Appropriate Methodological Framework for Time Series Data Analysis. The Journal of Finance and Data Science, 4(2), 71-89. doi:https://doi.org/10.1016/j.jfds.2017.11.001

    Sibanda, M., & Ndlela, H. (2020). The link between carbon emissions, agricultural output and industrial output: Evidence from South Africa. Journal of Business Economics and Management, 21(2), 301-316. doi:https://doi.org/10.3846/jbem.2020.11408

    Smith, J. S. (2019). International Trade Promotion Methods for Smes in Low And Lower-Middle-Income Economies. International Journal of Financial, Accounting, and Management, 1(3), 131-145. doi:https://doi.org/10.35912/ijfam.v1i2.108

    Triadji, I., Busnetty, I., & Sihombing, P. (2024). Alternative Solution to Achieve Abnormal Returns on the Indonesian Stock Exchange. International Journal of Financial, Accounting, and Management, 6(3), 347-359. doi:https://doi.org/10.35912/ijfam.v6i3.2000

    Wagner, A. (1958). Three Extracts on Public Finance Classics in the theory of public finance (pp. 1-15): Springer.

    Zhu, Y., & Huo, C. (2022). The impact of agricultural production efficiency on agricultural carbon emissions in China. Energies, 15(12), 4464. doi:https://doi.org/10.3390/en15124464

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  2. Anderu, K. S., & Omotayo, E. O. (2020). Agricultural output and government expenditure in Nigeria. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 8(2), 101-110. doi:https://doi.org/10.22437/ppd.v8i2.9106
  3. Anoke, C. I., Odo, S. I., Chukwu, B. C., & Agbi, P. E. (2016). Testing the Applicability of Wagner’s Law in Nigeria. Journal of Research in Business and Management, 4(6), 33-45.
  4. Aragie, E., & Balié, J. (2021). Public Spending on Agricultural Productivity and Rural Commercialization: A Comparison of Impacts Using an Economy?Wide Approach. Development Policy Review, 39, 21-41. doi:https://doi.org/10.1111/dpr.12455
  5. Babatunde, S. A. (2018). Government Spending on Infrastructure and Economic Growth in Nigeria. Economic research-Ekonomska istraživanja, 31(1), 997-1014. doi:https://doi.org/10.1080/1331677x.2018.1436453
  6. Bathla, S. (2017). Public Investment in Agriculture and Growth: An Analysis of Relationship in the Indian Context. Changing Contours of Indian Agriculture: Investment, Income and Non-Farm Employment, 13-28. doi:https://doi.org/10.1007/978-981-10-6014-4_2
  7. Bhanumurthy, K., & Kumar, L. (2018). Climate change and agriculture in India: Studying long-term patterns in temperature, rainfall, and agricultural output. Management and Economics Research Journal, 4(2), 156-173. doi:https://doi.org/10.18639/MERJ.2018.04.670098
  8. Brooks, C. (2019). Introductory econometrics for finance: Cambridge university press.
  9. Bvumbi, M. N. (2017). An Analysis of the Implementation of Activity Based Costing at the Water Trading Entity. Master’s degree, University of South Africa.
  10. Chamba, L., & Tarirai, I. (2024). The Efficacy of Agricultural Financing on Agricultural Production in Zimbabwe. African Journal of Commercial Studies, 5(4), 273-288. doi:https://doi.org/10.59413/ajocs/v5.i.4.9
  11. Chandio, A. A., Yuansheng, J., & Magsi, H. (2016). Agricultural Sub-Sectors Performance: An Analysis of Sector-Wise Share in Agriculture GDP of Pakistan. International Journal of Economics and Finance, 8(2), 156-162. doi:https://doi.org/10.5539/ijef.v8n2p156
  12. Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95. doi:https://doi.org/10.35912/gaar.v1i1.1506
  13. Ciccone, A., & Ismailov, A. (2022). Rainfall, agricultural output and persistent democratization. Economica, 89(354), 229-257. doi:https://doi.org/10.1111/ecca.12405
  14. Diebold, F. X. (2017). Forecasting in Economics, Business, Finance and Beyond: University of Pennsylvania.
  15. Dynan, K., & Sheiner, L. (2018). GDP as a Measure of Economic Well-Being. Work. pap, 43. doi:https://doi.org/10.7208/chicago/9780226836348-002
  16. Enders, W. (2015). Applied Econometric Time Series Fourth Edition. New York (US): University of Alabama, 30.
  17. Ewubare, D. B., & Udo, V. E. (2017). Public Sector Financing and Agricultural Output in Nigeria. International Journal of Economics, Business and Management Research, 1(2), 79-88.
  18. FAO. (2017). The State of Food and Agriculture 2017. Retrieved from Rome: https://www.fao.org/3/I7658EN/i7658en.pdf
  19. Gujarati, D. N., & Porter, D. C. (2012). Basic econometrics: New York The McGraw-Hill, Inc.
  20. Hasanov, I. (2023). The Main Directions of Sustainable Development of the Agricultural Sector in the Context of Structural Changes. ??????? ??????, 124(12), 146-150. doi:https://doi.org/10.32839/2304-5809/2023-12-124-10
  21. Hayami, Y., & Ruttan, V. W. (2020). Population Growth and Agricultural Productivity Technological Prospects and Population Trends (pp. 11-69): Routledge.
  22. Kadir, S., & Tunggal, N. Z. (2015). The Impact of Macroeconomic Variables Toward Agricultural Productivity in Malaysia. South East Asia Journal of Contemporary Business, Economics and Law, 8(3), 21-27.
  23. Kondo, T., & Mutsvangwa, S. (2025). The dynamics of fiscal deficit and current account in 12 SADC countries. Journal of Governance and Accountability Studies, 5(1), 17-31. doi:https://doi.org/10.35912/jgas.v5i1.2499
  24. Latief, R., & Zhang, L. (2024). Nexus Between Government Agricultural Expenditures and Agricultural Credit: The Role of Sustainable Agricultural Growth and Sustainable Agricultural Income. Sustainable Development, 32(4), 3344-3355. doi:https://doi.org/10.1002/sd.2853
  25. Lencucha, R., Pal, N. E., Appau, A., Thow, A.-M., & Drope, J. (2020). Government Policy and Agricultural Production: A Scoping Review to Inform Research and Policy on Healthy Agricultural Commodities. Globalization and health, 16(1), 11. doi:https://doi.org/10.1186/s12992-020-0542-2
  26. Makamba, B. S. (2021). Agricultural Development Assistance and Agricultural Production in Zimbabwe. International Journal of Management Studies and Social Science Research, 3(4), 225-236.
  27. Makuwerere Dube, L. (2021). Command Agriculture and Food Security: An Interrogation of State Intervention in the Post-Fast Track Land Redistribution Era in Zimbabwe. Journal of Asian and African Studies, 56(7), 1626-1643. doi:https://doi.org/10.1177/0021909620979330
  28. Manzeke-Kangara, M., Muwaniki, C., Siziba, S., Chamboko, T., Mtambanengwe, F., & Wedekind, V. (2024). Evolution of Agricultural Extension in Zimbabwe: Emerging Technologies, Training Needs and Future Possibilities. South African Journal of Agricultural Extension, 52(2), 21-55. doi:https://doi.org/10.17159/2413-3221/2024/v52n2a14969
  29. Matandare, M. A. (2017). An Analysis of the Role of the Agriculture Sector: Case of Zimbabwe. International Journal of Scientific Research in Science and Technology, 3(8), 1255-1263.
  30. Matthew, A., & Mordecai, D. B. (2016). The Impact of Agricultural Output on Economic Development in Nigeria (1986-2014). Archives of Current Research International, 4(1), 1-10. doi:https://doi.org/10.9734/acri/2016/25489
  31. McLeay, M., & Tenreyro, S. (2020). Optimal Inflation and the Identification of the Phillips Curve. NBER macroeconomics annual, 34(1), 199-255. doi:https://doi.org/10.1086/707181
  32. Meintanis, S. G., Ngatchou-Wandji, J., & Allison, J. (2018). Testing for Serial Independence in Vector Autoregressive Models. Statistical Papers, 59, 1379-1410. doi:https://doi.org/10.1007/s00362-018-1039-4
  33. Mekonen, E. K. (2020). Agriculture sector growth and inflation in Ethiopia: evidence from autoregressive distributed lag model. Open journal of business and management, 8(06), 2355. doi:https://doi.org/10.4236/ojbm.2020.86145
  34. Mishra, S., Behera, M., & Behera, A. R. (2023). Agricultural Improvement of Marginalized Tribal Farmers Through Watershed Development: A Case Study in Odisha. Agrarian South: Journal of Political Economy, 12(3), 273-294. doi:https://doi.org/10.1177/22779760231186876
  35. Moyo, S. (2011). Three Decades of Agrarian Reform in Zimbabwe. Journal of peasant studies, 38(3), 493-531. doi:https://doi.org/10.1080/03066150.2011.583642
  36. Muhammad, A. A., Egwaikhide, C., & Alexander, A. (2020). Analysis of The Impact of Government Agricultural Expenditure on Agricultural Production Output in Nigeria: Evidence from Ardl Model 1981-2018. International Journal Of All Research Writings, 3(5), 74-83.
  37. Mujahid, N., Begum, A., & Noman, M. (2016). Impact of Trade on Economic Growth of Pakistan: An Ardl to Co-Integration Approach. Journal of Social Sciences and Humanities, 55(2), 47-58. doi:https://doi.org/10.46568/jssh.v55i2.80
  38. Musgrave, R. A. (1969). Theories of Fiscal Federalism. Public Finance = Finances publiques, 24(4), 521-536.
  39. Musonza, F., & Hlungwani, P. M. (2024). An Evaluation of Command Agriculture and Food Security Among Communal Farmers in Rural Zimbabwe. Journal of Land and Rural Studies, 12(2), 155-183. doi:https://doi.org/10.1177/23210249241233068
  40. Muwaniki, C., Wedekind, V., & McGrath, S. (2024). Agricultural Vocational Education and Training for Sustainable Futures: Responsiveness to the Climate and Economic Crisis in Zimbabwe. Journal of Vocational Education & Training, 76(2), 430-446. doi:https://doi.org/10.1080/13636820.2024.2317163
  41. Ogboru, I., Abdulmalik, F. A., & Park, I. O. (2018). Government Expenditure on Agriculture and its Impact on Unemployment Reduction in Nigeria: 1999–2015.
  42. Okunlola, F. A., Osuma, G. O., & Omankhanlen, E. A. (2019). Agricultural Finance and Economic Growth: Evidence From Nigeria. Business: Theory and Practice, 20, 467-475. doi:https://doi.org/10.3846/btp.2019.43
  43. Olubokun, S., Ayooluwade, E., & Fawehinmi, F. (2016). Government Expenditure, Inflation Rate and Economic Growth in Nigeria (1981-2013): A Vector Autoregressive Approach. Romanian Journal of Fiscal Policy (RJFP), 7(1), 1-12.
  44. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. doi:https://doi.org/10.1002/jae.616
  45. Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American statistical Association, 94(446), 621-634. doi:https://doi.org/10.1080/01621459.1999.10474156
  46. Runganga, R., & Mhaka, S. (2021). Impact of Agricultural Production on Economic Growth in Zimbabwe.
  47. Setoboli, T., Tshuma, N., & Sibanda, E. (2024). Improving Agricultural Efficiency in Zimbabwe: A Labor Productivity Analysis. International Journal of Research and Innovation in Social Science, 8(3), 2193-2208. doi:https://doi.org/10.47772/IJRISS.2024.803153
  48. Shiyalini, S., & Bhavan, T. (2021). Impact of inflation and unemployment on economic growth: the ARDL Bounds testing approach for Sri Lanka. Himalayan Journal of Economics and Business Management, 2(1), 55-62. doi:http://dx.doi.org/10.47310/Hjebm.2021.v02i01.007
  49. Shrestha, M. B., & Bhatta, G. R. (2018). Selecting Appropriate Methodological Framework for Time Series Data Analysis. The Journal of Finance and Data Science, 4(2), 71-89. doi:https://doi.org/10.1016/j.jfds.2017.11.001
  50. Sibanda, M., & Ndlela, H. (2020). The link between carbon emissions, agricultural output and industrial output: Evidence from South Africa. Journal of Business Economics and Management, 21(2), 301-316. doi:https://doi.org/10.3846/jbem.2020.11408
  51. Smith, J. S. (2019). International Trade Promotion Methods for Smes in Low And Lower-Middle-Income Economies. International Journal of Financial, Accounting, and Management, 1(3), 131-145. doi:https://doi.org/10.35912/ijfam.v1i2.108
  52. Triadji, I., Busnetty, I., & Sihombing, P. (2024). Alternative Solution to Achieve Abnormal Returns on the Indonesian Stock Exchange. International Journal of Financial, Accounting, and Management, 6(3), 347-359. doi:https://doi.org/10.35912/ijfam.v6i3.2000
  53. Wagner, A. (1958). Three Extracts on Public Finance Classics in the theory of public finance (pp. 1-15): Springer.
  54. Zhu, Y., & Huo, C. (2022). The impact of agricultural production efficiency on agricultural carbon emissions in China. Energies, 15(12), 4464. doi:https://doi.org/10.3390/en15124464