Search Results (40)

This paper examines arbitrage opportunities available in one of the largest wholesale electricity markets in the world, the Midcontinent Independent System Operator (MISO) electricity exchange. While prior research suggests that market efficiency on the exchange has increased over time, this study reveals that historical pricing information can still be used to generate positive returns. I find that a trading rule based on prior spot and forward prices generates statistically and economically significant risk-adjusted returns across the entire MISO footprint. These returns may in part be explained by the relatively small number of financial traders in the market and the ability of generation owners to exercise market power. Full article

Achieving sustainable models is a crucial challenge today, where government actions play a fundamental role. Therefore, this study aims to analyze the impact of fiscal decentralization on CO₂ emissions in 40 economies between 2000 and 2020. To this end, an unbalanced panel was constructed, and the Method of Moments Quantile Regression (MMQR) was employed. As a robustness check, Driscoll and Kraay’s standard errors approach was used. The MMQR results indicate that fiscal decentralization has a positive and significant effect across all quantiles of CO₂ emissions. Additionally, it was found that revenue-side decentralization has a greater impact on the lower quantiles of CO₂ emissions, while expenditure-side decentralization has a stronger effect on the upper quantiles. The findings also reveal that renewable energy mitigates CO₂ emissions, whereas economic growth, resource rents, and information and communication technologies increase them, although the latter with lower statistical significance. These findings are expected to serve as a basis for public policy formulation aimed at improving environmental quality. Full article

This article reflects on the necessity of employing renewable energy sources in the modern era to mitigate the negative environmental impact caused by traditional energy sources and address environmental pollution. Through research conducted in Azerbaijan and Hungary, it analyses the influence of economic growth on the ecological environment and renewable energy production. Due to limitations in the general dataset, the study considers the period of 1997–2022 for CO₂ emissions causing environmental pollution, 2007–2022 for renewable energy production in Azerbaijan, and 2000–2021 for the same in Hungary. Information regarding wind and solar energy in Azerbaijan has been available since 2013. Temporal sequences have been utilised in the research, employing Augmented Dickey–Fuller and Phillips–Perron (PP) unit root tests to examine the stationarity of the time series. An Autoregressive Distributed Lag (ARDL) model has been constructed, and the credibility of the model has been verified using Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Canonical Cointegrating Regression (CCR) models. The findings reveal that in Azerbaijan, the long-term impact of economic growth on hydro-energy has been negative, while dependence on biomass and waste has been insignificant but positive. The influence on wind and solar energy production has also been negative and insignificant, akin to hydro-energy production. However, energy supply from renewable sources has been positively affected by the aggregate indicator of economic growth, albeit insignificantly. The impact of economic growth on carbon dioxide has been significant in two magnitudes, whereas in other cases, it has been insignificant but positive. In Hungary, economic growth has positively affected renewable energy production. However, the impact on carbon dioxide has been negative, meaning that this indicator has decreased as economic growth has increased. The study concludes that the impact of economic growth on indicators of both countries has been more effective in Hungary, which can be attributed to economic development. Full article

Return on assets (ROA) is a critical metric in assessing a company’s sustainability, especially in light of supply chain disruptions. Within the renewable energy sector, such disruptions often lead to a decline in ROA. Through the utilization of a within-between random model, this study uncovers the necessity for distinct strategies both prior to and during supply chain disruptions to maintain a high ROA. Pre-disruption, emphasis should be placed on securing additional funding for research and development (R&D) initiatives and expanding market reach. However, amid disruptions, sustaining a high ROA demands a strategic pivot. Specifically, renewable energy firms should scale back expansion efforts, redirect cash toward R&D, and exercise caution when venturing into new international markets, particularly in the absence of substantial government subsidies. Notably, this paper focuses solely on large-scale listed companies, overlooking potential innovative strategies employed by smaller-scale companies—an area ripe for future investigation. Despite this limitation, our findings offer valuable insights into enhancing sustainable performance within the renewable energy sector. Full article

Due to environmental concerns, electric vehicles (EVs) are gaining traction over fossil fuel-based vehicles. For electronic devices, including vehicles, copper is the key material used for building. This situation draws attention to the impact of copper prices, crude oil prices, and exchange rates on the economic viability of using EVs over fossil fuels. We use the volatility spillover effect (VSE) to determine the financial viability of these two types of vehicles in the context of environmental issues. Daily data on copper prices, crude oil, exchange rate, and the BSE100 ESG (“Bombay Stock Exchange 100 Environmental, Social and Governance”) index are taken from 1 November 2017 to 20 September 2022. Two popular multivariate GARCH (“Multivariate Generalized Autoregressive Conditional Heteroscedasticity”) family models, i.e., the BEKK (“Baba–Engle–Kraft–Kroner”)-GARCH (BG) and DCC (“Dynamic Conditional Correlation”)-GARCH (DG) models, are utilized to find volatility connections between these variables. These are appropriate GARCH models to observe the volatility dependence of one market on another market. It is found that there exist volatility effects of copper and exchange rate on the S&P BSE100 ESG Equity Index Price, which we will refer to here as ESG. However, crude oil is found to be insignificant for ESG. The novelty of this study is in the use of volatility spillover to determine economic viability. The volatility effects of copper prices are positive for ESG in the short run and negative for long-term volatility. The exchange rate has a positive volatility effect on ESG in the long run. Surprisingly, we find that EVs are technologically better than fossil fuel-based vehicles as a possible sustainable energy source. We observe studies that have raised similar concerns about EVs’ lack of business sense compared to fossil fuels. However, using VSE to explore financial viability offers a fresh perspective. Based on the findings of the current study, it is recommended that policymakers and researchers revisit their support for EVs as an alternate and sustainable source of energy. Full article

The integration of bioeconomy principles in bionic production holds promise for enhancing sustainability and resource efficiency. This scientific article aims to investigate the potential of bioeconomy-driven approaches in bionic production, focusing on the utilization of renewable biological resources, sustainable manufacturing techniques, and circular design strategies. The research questions guide the exploration of resource utilization, manufacturing techniques, waste reduction, environmental impact assessment, and economic considerations. The article presents a conceptual framework that integrates bioeconomy principles throughout the life cycle of bionic products, validating the proposed concepts and methodologies. By embracing bioeconomy principles, this article highlights the potential of bionic production to contribute to sustainable development, resource conservation, and the transition toward a bioeconomy. Full article

The global economy and the financial sector have suffered due to the COVID-19 epidemic. The banking industry has seen an increase in digital channels and payments, consumer behavior changes, regulatory and supervisory relief, and new operational resilience challenges due to the COVID-19 pandemic. Therefore, seniors have had to adopt new channels and technologies instead of traditional cash and traditional channels. However, older people in India are not tech-savvy and avoid e-banking. Thus, stakeholders (e.g., bank authorities, governments) must focus on variables affecting the older population’s use of e-banking to reduce financial isolation. Thus, this study uses an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework to examine senior citizens’ intentions to use e-banking. Data from “456” senior citizens from central India were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) techniques. The study identified different significant predictors (e.g., performance expectancy, effort expectancy, perceived risk, self-efficacy, perceived trust, and anxiety) of older users’ intention to use e-banking post-COVID-19. This is the first study from central India to determine elderly people’s intention to use online banking during and after the COVID-19 pandemic. The findings will help bank authorities and other stakeholders increase senior citizens’ financial inclusion in India. Full article

The COVID-19 crisis battered the Japanese economy. The purpose of this paper is to investigate whether the pandemic has left scars. To this end, it employs out-of-sample forecasting models and detailed stock market data for 30 sectors and disaggregated current account data for the 3 years after the first case occurred. The findings indicate that stock prices in sectors such as tourism, education, and cosmetics remain far below forecasted values after three years. Office equipment and semiconductor stock prices initially fell more than predicted but have since recovered. Other sectors such as bicycle parts and home appliances gained at first but are now performing as expected. Sectors such as home delivery and electronic entertainment continue to outperform. The results also indicate that income flows from Japanese investments abroad are much larger than forecasted, keeping the Japanese current account in surplus even as imports of oil and commodities have created persistent trade deficits. Since the travails of hard-hit sectors such as tourism reflect their exposure to the COVID-19 pandemic rather than bad choices made by firms, policymakers should consider employing cost-effective ways to stimulate economic activity in these sectors. Full article

This paper considers a time-varying parameter vector autoregression model to analyze the varying impact of three types of structural oil shocks (the supply-side shock, the aggregate demand shock, and the oil-specific demand shock) on the European stock market since the 1990s. Our findings show that the three types of oil shocks heterogeneously influence stock market returns in the euro area, and that this influence considerably changes over time during the period considered. First, an unexpected increase in oil supply appears to exert a positive but generally declining effect in the period before the Global Financial Crisis (GFC) of 2007–2009, which descends into negative values after the GFC. Second, an unanticipated increase in aggregate demand triggers a generally positive effect on stock market returns in the euro area. However, in the period from 2003 to 2005, stock market returns responded negatively, which could be attributed to the so-called growth-retarding effect. Third, an unexpected increase in oil-specific demand instigates a negative response in the pre-GFC period (considering the response 4–5 months after the shock), although this changes to a positive effect thereafter. Interestingly, irrespective of the origin of oil price fluctuations, oil price increases are associated with positive European stock market returns after the GFC. This signals a greater degree of oil market financialization. Full article

This study builds upon the venture growth literature and venture legitimation mechanisms and investigates how venture firms in China can acquire legitimacy and necessary resources from state stakeholders for venture growth during the COVID-19 pandemic. To offer a context-specific perspective of Chinese ventures’ legitimation strategies, we discuss that under Chinese state capitalism, these ventures need to follow lingering socialist values, such as equality and social stability, to be recognized as appropriate business operations by state audiences. Furthermore, we discuss that access to necessary resources for venture growth is limited during crises. Based on the understanding of particular contexts of Chinese state capitalism and the COVID-19 pandemic, we examine how various sets of a venture’s identity, associative, and organizational mechanisms influence venture growth during crises in China. In addition, we consider serial entrepreneurship as a contextual factor affecting the effectiveness of causal effects. This study applies the fuzzy-set qualitative comparative analysis method to take a configurational approach and identify multiple concurrent causality of legitimacy mechanisms on venture growth. We conduct a survey and analyze data from 107 entrepreneurs of Chinese technology ventures during the COVID-19 pandemic. Findings show that Chinese ventures with or without repeat entrepreneurs can actively utilize various sets of legitimation mechanisms to acquire legitimacy and necessary resources from Chinese state audiences for venture growth during adversity. This study provides comprehensive understanding and practical implications on Chinese ventures’ legitimation strategies for venture growth during crises. Full article

Green finance is significant since it is the first organized effort by the financial industry to link financial performance with a positive environmental impact. Green finance products are being developed appropriately to achieve sustainability. The present study employs a fundamental bibliometric methodology to assess the current state and progress of academic research on green finance. 1748 papers are taken for this study. Data are extracted from a scholarly database i.e., SCOPUS and for network analysis, VOSviewer software is used. The present paper is focused on six research questions. Information is gathered to examine the above research questions and network maps are applied. We examined year-wise document publications, types of documents, subject areas, most influential articles, different journal sources, co-authorship of countries, and co-occurrence of keywords of green finance. We categorized keywords into clusters and discovered new trends in green finance. The paper also highlighted the recent issues and challenges. The study has also certain limitations and it is concluded by providing implications and suggestions for future studies. At last, this paper will give more insights to researchers, academicians, and others to discover the research gaps in this field of green finance. Full article

Understanding how employees act at work to save energy and the meaning for sustainability and environmental protection is essential. This research aimed to analyze the influences of Subjective Norms (SN), Descriptive Norms (DN), and Environmental Knowledge (EK) on employees’ intention to save energy (ISE) in the Philippines (PH) and the Dominican Republic (DR). The effects of SN, DN, and EK on ISE were evaluated by comparing two developing countries and the mediation effect of EK on the relationship between DN, SN, and ISE. Confirmatory factor analysis (CFA), followed by structural equation modeling and path analysis based on samples collected from employees from DR (340) and PH (339), was performed. Also, construct convergent and discriminant validity were assessed using composite reliability, maximal reliability, average variance extracted, and maximum shared variance. The findings of this study indicate that SN influences ISE positively among employees in PH (β = 0.15, p < 0.05) but not among employees in DR. Descriptive Norms positively influence ISE among employees in PH (β = 0.47, p < 0.01) and DR (β = 0.27, p < 0.01), while EK has a positive and significant influence on the ISE among employees in PH (β = 0.22, p < 0.01) and not in DR. There is a partial mediation effect between SN and EK on ISE when EK is the mediator in PH, and no mediation effects for RD. The intention to save energy is significant in economic terms because reducing energy consumption can help decrease energy costs and improve business profitability and competitiveness; in social terms, it can reduce energy consumption worldwide and improve social health, reducing gas emissions and pollution. Full article

In the last decade, information systems (ISs) have made dynamic developments in light of their ability to enhance the performances of businesses. In relation to this, an organization that is effectively and efficiently managed often displays optimum performance using financial systems such as electronic accounting (e-accounting). Thus, essentially, e-accounting is utilized for the automation of operational processes and for improving business efficiency and performance. More currently, e-accounting dynamic development has laid credence to the performance of businesses in a way that the influence cannot be exaggerated. Nevertheless, past studies evidenced that successful e-accounting depends on critical success factors, and hence this study primarily aims to conduct an evaluation of e-accounting using DeLone and McLean’s information system model (DM ISM) among firms in Jordan. More specifically, this study determines the influence of information quality, system quality, service quality, system usage, and user satisfaction on business performance. The current study adopted a quantitative method, applying a self-administered survey questionnaire for the purpose of data collection from 104 e-accounting users. This study employed partial least squares structural equation modeling (PLS-SEM) to validate the data, and based on the findings, system quality and information quality affect system use; service quality of e-accounting had no significant impact on use, but e-accounting use had a significant influence on the satisfaction of users. Moreover, e-accounting system use and user satisfaction positively influence business performance. This study is an extension of the current IS literature, particularly of those focused on determining the effects of e-accounting benefits. This study validated the proposed model in the context of Jordanian firms and contributes to both the literature on and practice of e-accounting. This study provided implications, limitations, and recommendations for future research. Full article

During the COVID-19 pandemic, educational systems had to adapt to the social and health situation immediately. This led to the appearance of the asynchronous teaching model. Throughout the pandemic at an educational level, we can distinguish three phases, eminently online, hybrid, and face-to-face. However, the perception of educational quality in these three educational moments, considering the psychometric profile and cultural differences comparing Ibero-American countries, has not been studied. The study aims to analyze the psychological profile, and perception of quality in the teaching–learning processes at the university stage, during the three processes of educational transition during COVID-19: online, hybrid, and face-to-face. Thus, 1093 university students from Ibero-American countries were studied. Through a questionnaire, demographic, academic, and psychological variables were analyzed during three phases of the pandemic. Data suggest that Latin American students had higher levels of trait anxiety and stress perception, as well as higher levels of loneliness, during the online teaching phase (lockdown), but higher grades and higher levels of motivation compared to Europeans. Indeed, Latin Americans showed greater convenience, and preference for online learning methods. However, during the face-to-face teaching phase, European students presented greater motivation and grades, showing a greater preference for this method of learning than Latin American students. Factors such as resilience, a more unfavorable and pronounced pandemic evolution, and greater social inequities, may explain the present results. Furthermore, the present study suggests that despite the effect of the pandemic on mental health, online education is postulated as an effective teaching–learning alternative. Indeed, online teaching models have come to stay, not as a substitute, but as a tool, an essential focus of attention on these models should be conducted in European countries, while the governments of Latin American countries ensure that the infrastructures and resources are equitable to be able to correctly implement this teaching model. Full article

The issuance of green bonds has been increasing since 2016 in China, and the number of papers covering the topic is growing. In previous studies on greenium, not much has been investigated from the institutional investors’ perspective. The study estimates the institutional investors’ level of greenium by surveying the institutional investors in Shanghai, China, from October 23 to 1 November 2021, using the double-bound dichotomous choice (DBDC) contingent valuation method (CVM). The study also analyzes the effects of variables that are known to be important for the green bond based on previous studies. The study identifies that there is a greenium level of 0.47%. Among the seven variables tested with logit regression models, the credit and currency of the bond had a positive effect on the greenium. The study provides helpful insights for issuers’ strategic planning and could be a stepping stone to increasing issuance not only for the Chinese green bond market but also for the global green bond market. Full article