From Macro to Micro: A Study of the Impact of Stock Market Development and Behavioral Factors on Charitable Donations During the COVID-19 Pandemic.
Chapter 1: The Impact of Stock Market Development on Economic Growth in Saudi ArabiaThis study investigates the relationship between stock market development and economic growth in Saudi Arabia within the context of the country's Vision 2030 initiative aimed at economic diversification and reducing oil dependency. Bridging a research gap, the study employs the Market Development Index developed by the International Monetary Fund (IMF) to analyze the link between market sector development and economic growth. Three critical indicators from the IMF - Financial Markets Access Index, Financial Markets Depth Index, and Financial Markets Efficiency Index - are utilized to measure financial market development. Economic growth is assessed using the growth of real non-oil GDP sourced from the Saudi Central Bank (SAMA). The study covers annual data from 1980 to 2020 and employs the Autoregressive Distributed Lag (ARDL) approach. The findings indicate no significant long-run relationship between stock market development and economic growth. These results contribute to the existing literature and shed light on the intricate dynamics between financial market development and economic growth in Saudi Arabia, supporting the need for further research in this area. Chapter 2: The Impact of Celebrities on Charitable Donations: A Controlled Study During the COVID-19 Pandemic The paper investigates the effectiveness of celebrity endorsements on charitable giving during the COVID-19 pandemic. Participants' donation decisions were compared after exposure to celebrity and non-profit expert endorsements. Logistic regression and Ordinary Least Squares regression were used to analyze the impact of independent variables on the likelihood and total amount of donations. Findings suggest that celebrities did not significantly affect overall donation behavior, consistent with previous research. The study found no significant difference between celebrity and expert endorsements in terms of donation decisions, underscoring that the primary challenge for non-profit organizations is outreach, as the choice of messenger appears to have minimal impact on donation decisions. Chapter 3: Donation Decisions During the COVID-19 Pandemic: Racial Disparities and Risk Preferences this study investigates donation decisions during the COVID-19 pandemic, specifically examining racial disparities in charitable giving and the relationship between risk preferences and donations. The analysis is based on the financial contributions made by the average US citizen to food banks in the fourth quarter of 2020. The study finds that a substantial portion of the population (57%) was willing to support charitable causes during this challenging period. Additionally, it reveals that Black participants were more likely to donate and, on average, donate more than individuals from other racial groups. This finding aligns with previous evidence highlighting the generosity of Black individuals in charitable giving. Contrary to some prior results, the study uncovers that risk-averse individuals, as indicated by their frequent use of masks during the pandemic, were more likely to donate. These insights shed light on the role of empathy and donation motivations, offering valuable implications for fundraising campaigns targeting diverse racial groups and individuals with different risk preferences.]
Celebrities, Covid19, Donation, Saudi Arabia, Stock Market, Economics
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