Search Results (53)

This study analyses the typology, legal framework and tax implications of investment funds in the European context, with particular emphasis on the distinction between Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). It examines the structural, regulatory and tax differences between these categories, as well as the challenges of tax neutrality and cross-border tax coordination arising from the fragmentation of national tax systems within the European Union. The research adopts a qualitative and interpretative approach based on legal-dogmatic analysis and a review of the relevant literature, with particular consideration of Directive 2009/65/EC (UCITS Directive), Directive 2011/61/EU (AIFMD), OECD principles and recent scholarship on international taxation. The analysis shows that the European investment fund regime is characterized by a high degree of prudential harmonization, in contrast to persistent fiscal fragmentation among Member States. By applying a common comparison matrix to Portugal, Luxembourg and Ireland, the study demonstrates that formal adherence to fund-level tax neutrality coexists with materially different vehicle-level tax mechanisms: Portugal applies a partial exclusion regime, Luxembourg operates a subscription tax, while Ireland provides a full fund-level exemption. These differences demonstrate that regulatory harmonization under UCITS and AIFMD has not been matched by equivalent convergence in the technical design of vehicle-level tax rules and may therefore produce different investor-level tax outcomes in cross-border contexts. The distinction between UCITS and AIFs remains central to the European regulatory architecture, reflecting different levels of investor protection, liquidity requirements and strategic flexibility, while AIFs are more heterogeneous and may involve greater exposure to illiquidity, leverage and management costs. The findings further indicate that differences in fund-level taxation, withholding mechanisms, treaty access and exit-tax or deemed-disposal rules continue to affect the location and structuring of investment funds, creating practical challenges for fund managers, tax authorities and institutional investors. Although the case law of the Court of Justice of the European Union and international initiatives such as the OECD’s BEPS project have contributed to reducing explicit discrimination and abusive tax practices, prudential harmonization has not eliminated the tax asymmetries that constrain full economic neutrality. The study concludes that the consolidation of a genuine internal market for investment funds requires not only continued prudential harmonization but also stronger tax coordination, particularly through more consistent cross-border tax reporting and financial disclosure requirements. Full article

Adopting a circular economy approach requires new business models, multi-stakeholder engagement, and tailored financial models and mechanisms as core pillars. This paper examines the conditions needed to scale circular economy initiatives in Europe by analysing insights collected from the DECISO project and conducting a comparative analysis of 38 European projects. The study adopts a mixed methods approach that integrates an online stakeholder survey with inputs generated through participatory workshops and discussions of selected use cases. This combined approach is used to identify the main structural barriers limiting the maturity and investment readiness of circular economy projects, such as regulatory complexity, difficulties in accessing funding, and weak stakeholder dialogue mechanisms. The approach was also used for enabling factors that can support development of circular economy. Particular attention is given to the role of project development assistance, modular financing strategies, and de-risking tools, which are highlighted as crucial elements for supporting the technical and economic credibility of projects and attracting public and private investors. The article also identifies and addresses seven unresolved research gaps in the literature, including the lack of interoperable policy instruments, the absence of business models capable of integrating investor expectations, the paucity of integrated methodologies for assessing technical and economic regulatory feasibility, and the need for trust-building procedures. The findings suggest that the transition to a regenerative economy requires a systemic approach based on coherent policies, de-risking financial instruments, collaborative governance, and strategic technical support throughout the project development cycle. Full article

This study delves into how the literature conceptualizes banking efficiency as a capability shaping sustainability-oriented pathways under conditions of systemic uncertainty, including recurrent economic–financial disruptions and geopolitical shocks. Using records indexed in the Web of Science Core Collection, the study combines bibliometric mapping with conceptual structuring to examine publication dynamics, collaboration networks, and the thematic evolution of research linking bank efficiency, green finance intermediation, sustainable digital innovation, and risk governance. The study reveals a multidimensional knowledge base organized around two converging streams: (i) research on efficiency, stability, and crisis transmission emphasizing intermediation quality, performance under stress, and prudential responses; and (ii) sustainability and innovation scholarship focusing on how financial systems enable eco-innovation diffusion and low-carbon transition through capital allocation, governance mechanisms, and digitally enabled transformation. Across these streams, banking efficiency is increasingly discussed not merely as a performance ratio, but as a strategic capability that becomes particularly salient in crisis environments: it can reduce intermediation frictions when funding conditions tighten, strengthen screening and monitoring of green projects amid elevated uncertainty, and support the continuity and scaling of eco-innovations by improving decision speed and resource allocation through digital tools. Collaboration patterns indicate growing interdisciplinary engagement—especially among European and Asian institutions—where crisis, sustainability, and innovation perspectives are integrated into systems-based approaches to green finance. Building on these insights, the article outlines a research agenda oriented toward innovation outcomes in turbulent contexts, emphasizing (a) measurement strategies that connect efficiency to eco-innovation diffusion and adoption rates during stress periods; (b) comparative analyses of how policy incentives and green market signals interact with bank efficiency across crisis episodes; and (c) hybrid methodological designs combining econometric identification, network analytics, scenario-based stress framing, and AI-enabled analytical tools to capture nonlinear dynamics in efficiency–innovation linkages. Overall, the study clarifies how banking efficiency may condition the capacity of financial institutions to sustain green investment intermediation and advance eco-innovation pathways when uncertainty is systemic rather than episodic. Full article

This study examines the non-linear relationship between European Structural and Investment (ESI) Funds and socio-economic development across EU member states from 2007 to 2020. To accomplish this, the study utilises a novel methodological approach, employing panel threshold regression to analyse the complex interactions between these variables. Using the Human Development Index (HDI) as a comprehensive measure of socio-economic progress, this research goes beyond traditional metrics, such as GDP, to capture a multidimensional view of development. The threshold variable, represented by the ratio of ESI Funds paid to GDP, highlights critical inflexion points where the impact of funding shifts, revealing both positive and negative effects. The study finds that ESI Funds positively impact socio-economic development up to a threshold of 0.7% of GDP, beyond which their effectiveness diminishes, emphasising the need for strategic allocation and management. Additionally, the analysis of control variables identifies a critical threshold range between 2% and 2.3% of GDP, indicating the growing importance of ESI Funds in fostering development within complex socio-economic contexts. This paper contributes to the foundational model of socio-economic development informed by ESI Funds, offering valuable insights for policymakers by emphasising the importance of balancing funding levels with strategic allocation to avoid diminishing returns. Full article

This paper employs a top-down methodological approach to identify the most relevant contributions in the literature on the impact of European Cohesion Policy and European Structural and Investment Funds (ESIFs) on regional development. After a broad-spectrum bibliometric review, identifying the overall structure of research in this field, we systematically narrow its focus to quantitative studies and, ultimately, to econometric analyses of ESIF effectiveness. The results indicate that empirical research on ESIFs has grown in complexity, with increasing reliance on advanced econometric techniques such as spatial econometrics, difference-in-differences, and regression discontinuity designs. While a large portion of the literature finds positive effects on economic growth, employment, and regional convergence, these effects are frequently conditional on governance quality, institutional frameworks, and regional characteristics. In contrast, some studies report insignificant or even negative impacts, highlighting inefficiencies in fund allocation and policy implementation. The findings emphasize the necessity for context-specific policy adaptations, ensuring that ESIFs continue to support the evolving needs of regional economies in the European Union. Full article

District heating systems are central to Europe’s decarbonisation strategy and its 2050 climate-neutrality objective. However, district heating is deeply embedded in the socio-economic system and the built environment. This makes compliance with policy targets at the local level particularly challenging. The issues are attributable to two factors. Firstly, the process is characterised by a high degree of complexity and multidimensionality. Secondly, there is a scarcity of local resources (e.g., land, surface waters, waste heat, etc.). In Bucharest, Romania, the largest district heating system in the European Union, the process of decarbonisation represents a particularly complex challenge. The system is characterised by large physical dimensions, high technical wear, heavy dependence on natural gas, significant heat losses and complex governance structures. This paper presents a strategic planning exercise for aligning the Bucharest system with the Energy Efficiency Directive 2023/1791. Drawing on system data, investment modelling, and local resource mapping from the LIFE22-CET-SET_HEAT project, the study evaluates scenarios for 2028 and 2035 that shift heat generation from natural gas to renewable, waste heat, and high-efficiency sources. The central objective is the identification of opportunities and issues. Options include large-scale heat pumps, waste-to-energy, geothermal and solar heat. Heat demand profiles and electricity price dynamics are used to evaluate economic feasibility and operational flexibility. The findings show that the decarbonisation heat supply in Bucharest is technically possible, but financial viability hinges on phased investments, interinstitutional coordination, regulatory reforms and access to EU funding. The study concludes with recommendations for staged implementation, coordinated governance and socio-economic measures to safeguard heat affordability and system reliability. Full article

This article examines how European funding enhances the financial performance of Romanian SMEs, a sector facing growing regulatory pressure, market volatility, and resource constraints. The study combines a thematic analysis of InvestEU indicators and national SME financing data (2021–2023) with a firm-level difference-in-differences model comparing InvestEU-funded SMEs to a matched control group over 2023–2024. The qualitative evidence shows that InvestEU operates at the EU level as a multidimensional policy instrument fostering competitiveness, social inclusion, and long-term economic and environmental development, while Romanian SMEs continue to rely predominantly on their own funds and national co-financing, a conservative pattern that ensures stability but limits access to external capital and transformative investments. Econometric results indicate that funded SMEs record, on average, higher turnover and net profit growth than comparable non-funded firms and confirm a strong positive association between firm size and financial performance; however, the interaction term capturing the specific InvestEU effect is positive but not statistically significant at the 95% confidence level. The findings suggest that InvestEU has the potential to act as a catalyst for structural change but also highlight the need for longer observation periods, larger samples, and more comprehensive development indicators to assess its medium-and long-term impact on SME competitiveness. Full article

The shift to renewable energy is a key goal for the European Union as it aims for climate neutrality; however, the effectiveness of climate-focused funding instruments varies significantly across member states. This research investigates the influences of mitigation investments, R&D spending, environmental tax revenues, subsidies, GDP growth, and capital formation on renewable energy expansion within the EU-27, placing particular emphasis on the structural differences between Old Member States (OMS) and New Member States (NMS). The study utilizes robust long-run estimation techniques alongside causality analysis over a span of 13 years, from 2010–2023. The findings highlight notable distinctions among the EU-27, OMS, and NMS regions. While the EU-27 and OMS show that funds designated for climate mitigation and R&D are critical drivers of the clean energy transition, in the NMS, environmental taxes, subsidies, innovation, and gross fixed capital formation play vital roles in advancing this transition. Furthermore, economic development shows mixed results in achieving sustainable objectives, underscoring the necessity for climate-oriented funding and initiatives. Therefore, policy measures should focus on mitigation finance and innovation across the EU, while the design of subsidies and environmental tax structures must be tailored to each region to ensure a fair and expedited transition. Full article

As green finance grows, green bonds have become an essential tool for funding sustainable projects. While many studies explore whether green bonds exhibit a “green premium,” existing literature reviews often lack depth, timeliness, and consistent methodology. This paper addresses these gaps by systematically reviewing 70 empirical studies on green premiums published up to 2025, making it the most comprehensive review to date. We organize the literature by region (Global, U.S., Europe, Asia Pacific), market segment, premium dimension, data source, and estimation method, offering a structured framework to analyze diverse findings. Our analysis reveals a consistent negative green premium of −12.44 bps on average across most markets, with European and Asian markets showing higher yield spreads than the U.S. Studies using more recent data report smaller premiums, and larger bond issues tend to have lower premiums. Despite variations in methods and data sources, the overall results are consistent. This paper provides an updated overview of green premium research and offers key insights for investors, issuers, and policymakers on green finance pricing and investment strategies. Full article

After the powerful socioeconomic shock of the fall of the communist regime in the early 90s, the ten countries in Central and Eastern Europe (CEE) analyzed in this study became growing Member States of the European Union (EU). However, they faced the 2008 financial crisis, the 2019 COVID shock, and sharp income disparities both at the regional level and compared to the countries in Western EU. This study explores the differences in sustainable regional development, modeling with Panel Autoregressive Distributed Lag (ARDL) to analyze relationships across multiple cross-sections in the short and long run, as well as with Cointegration Tests and Granger Panel Causality to detect evidence of causality among the variables in the study. The analysis covers 2012–2022, a period in which the Member States from CEE had the best access to generous structural and cohesion EU funds and that includes both the post-financial crisis convergence phase and the COVID-19 shock, enabling us to capture regional resilience dynamics. The results indicate that capital formation and population density positively influence disposable household income in the long run, across CEE regions, while unemployment and life expectancy exert negative effects. The results of this paper can be of use to decision-making institutions seeking to implement proactive socioeconomic policies in the lagging regions, before the next crisis, focused on capital investments, reducing unemployment, and bridging the rural–urban divide. The study contributes to the literature on inclusive and sustainable economic development at the CEE regional level. Full article

This study examines regional disparities and convergence dynamics in paediatric healthcare accessibility across Poland’s 16 provinces between 2010 and 2023. A synthetic Paediatric Service Accessibility Index (PSA Index), constructed with Hellwig’s method, is combined with socio-economic indicators such as employment, urbanisation, and disposable income to evaluate the alignment between healthcare provision and regional development. The analysis employs non-parametric regional tests (Spearman’s rank correlation, Wilcoxon signed-rank test) and national panel regression models (Fixed and Random Effects). Results demonstrate significant spatial heterogeneity: economically advanced regions, including Mazowieckie and Małopolskie, show moderate to strong convergence between socio-economic progress and healthcare access, whereas structurally weaker regions such as Lubuskie and Podkarpackie reveal persistent divergence. Disposable income and urbanisation emerge as significant predictors of healthcare availability (p < 0.01), while employment is not statistically significant. The findings highlight enduring inequalities that are relevant in the context of the European Union’s (EU) cohesion policy and indicate that economic growth alone is insufficient to ensure equitable access to paediatric care. Comparative evidence from Romania, Bulgaria, and Spain points to similar patterns and emphasises the importance of EU Structural and Investment Funds in promoting healthcare equity. The study concludes that territorially sensitive, multidimensional interventions are necessary to advance social sustainability and to align healthcare infrastructure with the Sustainable Development Goals, particularly SDG 3 (Good Health and Well-Being) and SDG 10 (Reduced Inequalities). Full article

Rail freight transport represents a key tool for the decarbonisation and greening of logistics chains within the European Union. However, in many Central and Eastern European countries, including the Slovak Republic, a vast network of industrial sidings (rail spurs) remains underutilized or neglected. This reduces the overall efficiency of transport infrastructure and represents a missed opportunity for sustainable transport development. This paper proposes a comprehensive public support model for rail sidings. It combines legislative analysis, a tax incentive mechanism, and analytical evaluation of transport and investment benefits. The methodology calculates the potential transport output of reactivated sidings. It also introduces three quantitative indexes: the Siding Efficiency Index (IEV), the Comprehensive Importance Index (ICV), and the Reactivation Value Index (RVI). These indicators allow for a structured, objective assessment of siding suitability for restoration and public funding. We applied the model to a sample of five sidings in Slovakia, deriving values from expert evaluations. The results show that objective indicators, performance estimates, and targeted public support can identify infrastructure with high revitalization potential. These tools help reintegrate such assets into sustainable transport flows. The analysis indicates that reactivating 5% of existing sidings could shift hundreds of thousands of tonnes of freight annually from road to rail. This change would reduce emissions and improve network efficiency. Full article

This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the period 2018–2024. Using a quantitative and exploratory approach and data provided by Eurostat, the European Central Bank, and the International Monetary Fund, we examined a series of key indicators: interest rates, inflation, GDP per capita, public debt, and foreign direct investment. The results highlight several macroeconomic advantages for Eurozone countries, including lower interest rate volatility and a quicker recovery from inflation, largely due to access to monetary tools such as PEPP and TPI. Non-Euro countries have experienced more severe inflationary episodes and higher financing costs, which have negatively impacted FDI inflows. Although some of these countries, such as Romania and Poland, have recorded solid GDP growth, they remain exposed to structural vulnerabilities and political and economic uncertainties. Correlation analyses confirm significant negative relationships between interest rates, inflation, and FDI levels. Full article

Background: Economic logistics in fire and rescue services is a critical determinant of operational readiness, fiscal sustainability, and resilience to large-scale emergencies. Despite its strategic importance, logistics remains under-researched in Central and Eastern European contexts, where legacy governance structures and EU-funded modernization coexist with systemic inefficiencies. This study focuses on the Slovak Fire and Rescue Service (HaZZ) as a case to explore how economic logistics systems can be restructured for greater performance and value. Objective: The objective of this paper was to evaluate the structure, performance, and reform potential of the logistics system supporting HaZZ, with a focus on procurement efficiency, lifecycle costing, digital integration, and alignment with EU civil protection standards. Methods: A mixed-methods design was applied, comprising the following: (1) Institutional analysis of governance, budgeting, and legal mandates based on semi-structured expert interviews with HaZZ and the Ministry of Interior officers (n = 12); (2) comparative benchmarking with Germany, Austria, the Czech Republic, and the Netherlands; (3) financial analysis of national logistics expenditures (2019–2023) using Total Cost of Ownership (TCO) principles, completed with the visualization of cost trends and procurement price variance through original heat maps and time-series graphs. Results: The key findings are as follows: (1) HaZZ operates a formally centralized but practically fragmented logistics model across 51 district units, lacking national coordination mechanisms and digital infrastructure; (2) Maintenance costs have risen by 42% between 2019 and 2023 despite increasing capital investment due to insufficient lifecycle planning and asset heterogeneity; (3) Price variance for identical equipment categories across regions exceeds 30%, highlighting the inefficiencies in decentralized procurement; (4) Slovakia lacks a national Logistics Information System (LIS), unlike peer countries which have deployed integrated digital platforms (e.g., CELIS in the Czech Republic); (5) Benchmarking reveals high-impact practices in centralized procurement, lifecycle-based contracting, regional logistics hubs, and performance accountability—particularly in Austria and the Netherlands. Impacts: Four high-impact, feasible reforms were proposed: (1) Establishment of a centralized procurement framework; (2) national LIS deployment to unify inventory and asset tracking; (3) adoption of lifecycle-based and performance-based contracting models; (4) development of regional logistics hubs using underutilized infrastructure. This study is among the first to provide an integrated economic and institutional analysis of the Fire and Rescue Service logistics in a post-socialist EU member state. It offers a structured, transferable reform roadmap grounded in comparative evidence and adapted to Slovakia’s hybrid governance model. The research bridges gaps between modernization policy, procurement law, and digital public administration in the context of emergency services. Full article

This research examines the impact of digital transformation on teaching practices and evaluates educators’ training requirements within the European Framework for the Digital Competence of Educators (DigCompEdu), focusing specifically on its implementation in the Canary Islands’ educational system. Through a quantitative study involving 546 teachers from primary and secondary institutions during the 2023/2024 academic year (confidence level: 95%, margin of error: 4.15%), we analyzed the relationship between digital competence development and educational innovation. Results indicate significant gaps in four key areas: digital content creation, innovative teaching methodologies, assessment strategies, and feedback mechanisms. The findings reveal a direct correlation between insufficient educational funding and limited professional development opportunities in digital competencies. This study identifies critical areas requiring immediate attention, including increased budgetary allocation for technological infrastructure, systematic professional development programs aligned with DigCompEdu standards, and the restructuring of current innovation approaches in educational institutions. This research contributes to the understanding of how educational systems can effectively adapt to digital transformation while highlighting the crucial role of both financial investment and structured training programs in fostering successful educational innovation, ultimately emphasizing that adapting education systems to digital realities is essential for ensuring future success in an increasingly digitalized educational landscape. Full article