Search Results (1,428)

In this study, we investigate the return propagation mechanism, hedging effectiveness, and portfolio performance across several common agricultural commodities, crude oil, and S&P 500 index, ranging from July 2000 to June 2024 by using a time-varying parameter vector autoregression (TVP-VAR) connectedness approach and three common multiple assets portfolio optimization strategies. The empirical results show that, the total connectedness peaked during the 2008 global financial crisis, followed by the European debt crisis and the COVID-19 pandemic, while it remained relatively lower at the onset of the Russia-Ukraine conflict. In the transmission mechanism, commodities and S&P 500 index exhibit distinct and dynamic characteristics as transmitters or receivers. Portfolio analysis reveals that, with exception of the COVID-19 pandemic, all three dynamic portfolios outperform the S&P 500 benchmark across major global crises. Additionally, the minimum correlation and minimum connectedness strategies are superior than transitional minimum variance method in most scenarios. Our findings have implications for policymakers in preventing systemic risk, for investors in managing portfolio risk, and for farmers and agribusiness enterprises in enhancing economic benefits. Full article

This study explores how corporate governance reforms can enhance financial reporting quality and organizational transparency, focusing on Greece’s transition from Law 3016/2002 to Law 4706/2020. The legislative reform aimed to modernize governance structures, align national practices with international standards, and strengthen investor protection in a post-crisis economic environment. Moving beyond a simple legal comparison, the study examines how Law 3016/2002’s formal compliance model contrasts with Law 4706/2020’s more substantive accountability framework. We hypothesize that Law 4706/2020 introduces substantively stronger governance mechanisms than its predecessor, thereby improving transparency and investor protection, while compliance with the new law imposes materially greater administrative and financial burdens, especially on small- and mid-cap firms. Methodologically, the research employs a narrative literature review and a structured comparative legal analysis to assess the administrative and financial implications of the new law for publicly listed companies, focusing on board composition and diversity, internal controls, suitability policies, and disclosure requirements. Drawing on prior comparative evidence, we posit that Law 4706/2020 will foster governance and disclosure improvements, enhanced oversight, and clearer board roles. However, these measures also impose compliance burdens. Due to the heterogeneity of listed companies and the lack of firm-level data following Law 4706/2020’s implementation, the findings are neither fully generalizable nor quantifiable; future quantitative research using event studies or panel data is required to validate the hypotheses. We conclude that Greece’s new framework is a critical step toward sustainable corporate governance and more transparent financial reporting, offering regulators, practitioners, and scholars examining legal reform’s impact on governance effectiveness and financial reporting integrity. Full article

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical function as portfolio diversifiers. Investing in Hospitality REITs exposes one to the hospitality sector; however, these investments carry notable risks and provide little protection, particularly during economic upheavals. Furthermore, the study reveals that Hospitality REITs underperform on a risk-adjusted basis relative to benchmark indexes. The monthly returns of REITs show significant volatility during the post-COVID-19 era, which causes return-to-risk ratios to be below those of benchmark indexes. Estimates from multi-factor models indicate negative alpha values across conditional models, indicating that macroeconomic variables cause unremunerated risks. This industry shows great sensitivity to market beta and size and value determinants. Hospitality REITs’ susceptibility comes from their showing the most possibility for exceptional losses across asset classes under Value at Risk (VaR) and Conditional Value at Risk (CvaR) downside risk assessments. The findings have implications for investors and portfolio managers, suggesting that Hospitality REITs may not offer consistent diversification benefits during downturns but can serve a tactical role in procyclical investment strategies. Full article

Background/Objectives: Access to health services is often limited due to socio-economic and organizational determinants of health systems, which lead to increased unmet healthcare needs. This study aimed to identify access barriers for the general population in Greece, including those that may have emerged following the COVID-19 pandemic. Methods: This was a cross-sectional survey of 1002 Greek citizens. A questionnaire regarding socio-demographics, healthcare utilization, and access to health services was used. Interviews took place between October and November 2022. Results: Of 837 participants who used health services in 2022, 82.6% had a medical consultation, 80.6% took diagnostic tests, and 63.6% visited a pharmacy for pharmaceuticals. Of those having a medical consultation, 33.1% did so at an NHS health unit, while 75% of the participants taking diagnostic tests visited a contracted private laboratory. Out of the 135 participants requiring hospitalization, 62% were hospitalized in a public hospital, while 85% of the participants requiring pharmaceuticals visited a private pharmacy. Access barriers in the past year were reported by 48% of the participants requiring a medical consultation, 34% of the participants requiring diagnostic tests, and 40% of the participants requiring hospitalization. The most common barriers were long waiting times and financial constraints. The main barrier to accessing pharmaceuticals was the availability and administration of the product. Conclusions: The identified healthcare access barriers highlight the vulnerabilities of the current health system in Greece, which were further exposed during the COVID-19 pandemic crisis. Addressing socioeconomic factors that are considered key access indicators should be the focus of future health policy initiatives. Full article

The global rise in urban-related health issues poses significant challenges to public health, particularly in cities facing socio-economic crises. In Lebanon, 70% of the population is experiencing financial hardship, and healthcare costs have surged by 172%, exacerbating the strain on medical services. Given these conditions, improving the quality and accessibility of green spaces offers a promising avenue for alleviating mental health issues in urban areas. This study investigates the psychological impact of nine urban public spaces in Beirut through a comprehensive survey methodology, involving 297 participants (locals and tourists) who rated these spaces using Likert-scale measures. The findings reveal location-specific barriers, with Saanayeh Park rated highest in quality and Martyr’s Square rated lowest. The analysis identifies facility quality as the most significant factor influencing space quality, contributing 73.6% to the overall assessment, while activity factors have a lesser impact. The study further highlights a moderate positive association (Spearman’s rho = 0.30) between public space quality and mental well-being in Beirut. This study employs a hybrid methodology combining Research for Design (RfD) and Research Through Designing (RTD). Empirical data informed spatial strategies, while iterative design served as a tool for generating context-specific knowledge. Design enhancements—such as sensory plantings, shading systems, and social nodes—aim to improve well-being through better public space quality. The proposed interventions support mental health, life satisfaction, climate resilience, and urban inclusivity. The findings offer actionable insights for cities facing public health and spatial equity challenges in crisis contexts. Full article

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article

Aged-care services are in crisis through a combination of rising demand and increasing costs. Quality of care is often reported to be insufficient. Medical science has increased lifespans but the overmedicalisation of aged care may affect the financial sustainability and quality of care. Person-centred care was developed as a solution and is generally interpreted as being concerned with consumer choice. This study presents a human rights-based approach to a code of conduct for aged-care consumers and workers to ensure autonomy and participation in aged-care communities, which are fundamental to person-centred care. A test–retest cohort study was used to investigate the impact of a training module about a human rights-based code of conduct on the perspectives of new aged-care workers (n = 11) on a case scenario involving conflicting care priorities. Qualitative content analysis was used to categorise and count the participants’ responses. The analysis found that prior to training the majority of participants were focused on a medical and risk reduction model of care. After the training participants had a more expansive understanding of care needs and recognised the importance of client empowerment to enable clients to participate in decisions affecting their care. The results support the implementation of a human rights-based approach to worker training and client care; such an approach is consistent with person-centred care. Full article

Educational institutions are facing a crisis characterized by the need to address diverse learning styles and vocational aspirations, exacerbated by ongoing financial pressures. To navigate these challenges effectively, there is an urgent need to innovate educational practices and learning environments, ensuring they are adaptable and responsive to the evolving needs of students and the workforce. The adoption of the Industry 5.0 framework offers a promising solution, providing a holistic approach that emphasizes the integration of human creativity and advanced technologies to transform educational institutions into resilient, human-centric, and sustainable learning environments. In this context, this article presents a transdisciplinary methodology that integrates Asset Management (AM) with Social Innovation (SI) through Design Thinking (DT) to co-design Educational Facilities 5.0 with stakeholders. The application of the proposed approach in an AgroLab case study—a food and agricultural laboratory—demonstrates how the methodology enables the definition of an Educational Facility 5.0 and generates AM Design Knowledge to support informed decision-making in the subsequent design, implementation, and operation phases. Following DT principles—where knowledge emerges through iterative experimentation and insights from practical applications—this article also discusses the role of SI and DT in AM, the role of Large Language Models in convergent processes, and a vision for Educational Facilities 5.0. Full article

Since the start of the energy crisis in 2020, the Dutch government has introduced various programmes aimed at alleviating energy poverty among low-income households. This research examines the effects of three specific interventions—energy coaching, home renovations, and white goods schemes—on a range of energy poverty-related aspects, including living comfort, physical and mental health, energy costs, financial concerns, social connection, neighbourhood involvement, and sustainable behaviour. While previous studies have mostly investigated these interventions in isolation, this research offers a comparative analysis to explore how their impacts differ and how they may complement one another. This research, comparing an intervention group and control, shows that energy coaches, renovations, and white goods schemes each have positive effects on various aspects of energy poverty. However, the nature and magnitude of these effects differ by type of support measure. Renovations are the most effective overall, significantly improving living comfort, physical health, and reducing energy costs. White goods schemes primarily reduce moisture and mould in dwellings and have a notable positive impact on mental health. Energy coaches contribute to improved living comfort, lower energy costs, and uniquely enhance community involvement. The complementary nature of these interventions highlights the potential added value of integrated or combined approaches to tackling energy poverty. Full article

This paper analyzes how two major economic downturns—a recession and a stagflation—affected convergence in the European Union (EU). Absolute and conditional convergence rates are estimated using ordinary least squares (OLS) semilog regressions based on cross-sectional data from 2004 to 2022. The study tests two hypotheses: there was no absolute convergence in the EU during either the recession or the stagflation period, and conditional convergence occurred during the recession but not during stagflation. The regression results indicate that neither hypothesis can be rejected. External variables—economic openness, inflation, and investment—were more influential during stable periods, whereas internal variables—debt, unemployment, and the control of corruption—had a greater impact during crises. These findings suggest that the EU was more institutionally prepared for the stagflation due to mechanisms developed after the financial crisis, but these tools proved less effective in addressing supply-side shocks. Full article

Enterprise architecture (EA) provides a strategic foundation for aligning business processes, IT infrastructure, and organizational strategy, enabling firms to navigate uncertainty and complexity. In developing economies, small and medium-sized enterprises (SMEs) face significant challenges in maintaining financial resilience and sustainable growth amidst frequent disruptions. This study investigates how EA-driven change events affect SME financial performance by activating three key adaptive mechanisms: improvisational capability, flexible IT systems, and organizational culture. A novel classification of EA change triggers is proposed to guide adaptive responses. Using survey data from 291 Pakistani SMEs collected during the COVID-19 crisis, the study employs structural equation modeling (SEM) to validate the conceptual model. The results indicate that improvisational capability and flexible IT systems significantly enhance financial performance, while the mediating role of organizational culture is statistically insignificant. This study contributes to EA and sustainability literature by integrating a typology of EA triggers with adaptive capabilities theory and testing their effects in a real-world crisis context. Full article

Since the early 21st century, urban shrinkage has become a significant global phenomenon. Dongguan, in Guangdong Province, China, is known as a “world factory”. It experienced notable urban shrinkage following the 2008 financial crisis. However, the city demonstrated remarkable recovery and ongoing development in subsequent years. On that basis, this study focuses on the following three points: (1) identifying the spatiotemporal factors contributing to the growth and shrinkage of manufacturing cities, taking Dongguan as an example; (2) explaining the influencing factors of the growth and shrinkage of Dongguan City during three critical periods, 2008–2014 (post-crisis), 2015–2019 (as machinery replaced human work), and 2020–2023 (the COVID-19 pandemic and recovery); and (3) selecting representative towns and streets for on-site observation and investigation, analyzing the measures they have taken to cope with growth and shrinkage during different periods. The key findings include the following: (1) The spatial dynamics of growth and shrinkage in Dongguan show significant temporal patterns, with traditional manufacturing areas shrinking from 2008 to 2014, central urban areas recovering from 2015 to 2019, and renewed shrinkage from 2020 to 2023. However, some regions maintained stability through strategic innovations. (2) Various factors, particularly industrial upgrading and technological innovation, drove the urban dynamics, enhancing economic resilience. (3) The case study of Houjie Town revealed successful adaptive mechanisms supported by policy while facing challenges like labor mismatches and inadequate R&D investment. This research offers insights for improving urban resilience and promoting sustainable development in Dongguan. Full article

The enforcement of the European Union Deforestation Regulation (EUDR) may reduce the supply of natural rubber to the European Union (EU), potentially leading to price increases due to the inelastic nature of rubber demand. This study assesses the potential financial implications for smallholder producers in Ghana, considering both the opportunities and risks associated with the evolving regulatory environment under EUDR and local market access conditions. A cost–benefit analysis (CBA) was conducted to evaluate the impact of different EUDR-related export decline scenarios on the net present value (NPV) of a standard 4-hectare plantation. The results suggest that even a minor 2.5% decline in global exports to the EU could increase the NPV by 17% for an independent compliant producer. However, a simulated COVID-19-like crisis in the fifth year of production leads to a 20% decline in NPV, reflecting vulnerability to external shocks. Based on these findings, the study identifies two priorities. This first is improving the coordination and harmonization of compliance efforts across the value chain to enable more producers to benefit from potential EUDR-related price increases. The recent creation of the Association of Natural Rubber Actors of Ghana (ANRAG) presents an opportunity to support such collective mechanisms. Second, minimizing losses during demand shocks requires the Tree Crops Development Authority (TCDA) to establish clear rules and transparent reporting for authorizing unprocessed rubber exports when factories reduce purchases due to low international prices—thus preserving market access for vulnerable producers. Together, these approaches would ensure that the potential benefits of the EUDR are realized inclusively, remain stable despite market downturns, and do not undermine value addition in domestic processing factories. Full article

This study examines the relationship between crude oil returns (CRT) and Islamic stock returns (ISR) in BRIC countries during the Global Financial Crisis (GFC), employing wavelet-based comovement analysis and regression models that incorporate both contemporaneous and lagged CRT across 40 cases. The wavelet analysis reveals strong long-term comovement at low frequencies between ISR and CRT during the GFC. Contemporaneous regressions show that increases (decreases) in CRT align with corresponding movements in ISR. Lagged regressions indicate that CRT can predict ISR up to one week ahead for Brazil, Russia, and China, and up to two weeks for India, although the predictive strength weakens beyond this window. These findings challenge the perception that Islamic stocks were immune to the GFC, showing they were affected by global oil market dynamics, albeit with varying degrees of resilience across countries and time horizons. Full article

Global financial markets have experienced significant volatility during crises, particularly COVID-19 and the Russia–Ukraine conflict, prompting questions about how regional markets respond to such shocks. Previous research highlights the influence of crises on stock market volatility, focusing on individual events or global markets, but less is known about the comparative dynamics within the Gulf Cooperation Council (GCC) markets. Our study investigated volatility and asymmetric behavior within GCC stock markets during both crises. Furthermore, the econometric model E-GARCH(1,1) was applied to the daily frequency data of financial stock market returns from 11 March 2020 to 31 July 2023. This study examined volatility fluctuation patterns and provides a comparative assessment of GCC stock markets’ behavior during crises. Our findings reveal varying degrees of market volatility across the region during the COVID-19 crisis, with Qatar and the UAE exhibiting the highest levels of volatility persistence. In contrast, the Russia–Ukraine conflict has had a distinct effect on GCC markets, with Oman exhibiting the highest volatility persistence and Kuwait having the lowest volatility persistence. This study provides significant insights for policymakers and investors in managing risk and enhancing market resilience during economic and geopolitical uncertainty. Full article