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18 pages, 276 KB  
Article
Intervening Influence of Financial Development on the Relationship Between Sustainability Practices and Sustainable Development of the Sub-Saharan African Countries
by James C. N. Mbugua, Ibrahim Tirimba Ondabu and Fred Ochogo Sporta
J. Risk Financial Manag. 2026, 19(5), 370; https://doi.org/10.3390/jrfm19050370 (registering DOI) - 20 May 2026
Abstract
The objective of this paper was to explore how financial development affects the relationship between sustainability practices and sustainable development in Sub-Saharan Africa, where poor institutional quality and shallow financial markets may prevent sustainability gains from translating into measurable improvements in human development, [...] Read more.
The objective of this paper was to explore how financial development affects the relationship between sustainability practices and sustainable development in Sub-Saharan Africa, where poor institutional quality and shallow financial markets may prevent sustainability gains from translating into measurable improvements in human development, poverty reduction, and environmental outcomes. Both descriptive and explanatory components were included in the study, which employed a longitudinal panel design. Using a positivist, longitudinal panel design, this study analyzes data from 49 Sub-Saharan African countries (2000–2023) sourced from the World Bank, United Nations Development Programme, and Sustainable Development Reports. Data analysis was done using regression models and descriptive analysis. The findings show that financial development does not serve as an effective transmission channel through which sustainability practices impact the achievement of sustainable development. The research concluded that policy interventions should include developing sustainable banking regulations, creating green finance incentives, establishing sustainability-linked lending criteria, and strengthening financial inclusion policies that target sustainable development sectors. Full article
9 pages, 242 KB  
Opinion
Reframing Buprenorphine as a Pharmacologic Modifier of Opioid-Induced Respiratory Depression in the Fentanyl Era
by Anees Bahji, Imran Ghauri, Nickie Mathew, Nathaniel Day and Robert Tanguay
Pharmaceuticals 2026, 19(5), 799; https://doi.org/10.3390/ph19050799 (registering DOI) - 20 May 2026
Abstract
The overdose crisis in North America is increasingly driven by illicitly manufactured fentanyl and other high-potency synthetic opioids, which are associated with severe and unpredictable opioid-induced respiratory depression (OIRD). Current pharmacologic strategies to prevent fatal overdose have largely emphasized downstream rescue through opioid [...] Read more.
The overdose crisis in North America is increasingly driven by illicitly manufactured fentanyl and other high-potency synthetic opioids, which are associated with severe and unpredictable opioid-induced respiratory depression (OIRD). Current pharmacologic strategies to prevent fatal overdose have largely emphasized downstream rescue through opioid antagonism (e.g., naloxone), leaving limited attention to upstream pharmacologic modification of respiratory risk. In this Opinion article, we argue that buprenorphine should be reframed not only as a treatment for opioid use disorder (OUD), but also as a pharmacologic modifier of OIRD risk in fentanyl-dominant drug markets. Drawing on its partial μ opioid receptor agonism, ceiling effect on respiratory depression, and exceptionally high receptor affinity, we describe how buprenorphine can displace full agonists while limiting respiratory suppression. We further situate this pharmacology within emerging population-level observations from North American fentanyl contexts, suggesting reduced overdose mortality among individuals receiving opioid agonist therapy, particularly buprenorphine. In fentanyl-dominant drug markets, reframing buprenorphine as a modifier of respiratory risk has direct implications for clinical messaging about overdose protection, medication selection for individuals with ongoing illicit opioid use, and policy approaches aimed at reducing opioid-related mortality. Full article
17 pages, 365 KB  
Article
Healthcare Provider Knowledge and Utilization of the Medicare Therapeutic Shoe Benefit
by Carol Szmuilowicz Kurth and Ryan Thomas Crews
J. Am. Podiatr. Med. Assoc. 2026, 116(3), 32; https://doi.org/10.3390/japma116030032 (registering DOI) - 20 May 2026
Abstract
The Therapeutic Shoe Benefit (TSB) allows Medicare insurance beneficiaries to reduce their diabetic foot ulcer risk by providing offloading shoes. Anecdotal evidence suggests that the process is cumbersome and that not all providers are aware of this benefit. This study evaluated TSB awareness [...] Read more.
The Therapeutic Shoe Benefit (TSB) allows Medicare insurance beneficiaries to reduce their diabetic foot ulcer risk by providing offloading shoes. Anecdotal evidence suggests that the process is cumbersome and that not all providers are aware of this benefit. This study evaluated TSB awareness across multiple healthcare disciplines and documented barriers to utilization. An online study surveyed healthcare providers practicing in the United States to determine familiarity with TSB and barriers to prescribing therapeutic shoes. The project was IRB-reviewed and received exempt status. The survey was sent to a wide variety of healthcare practitioners including: podiatrists, primary care providers, physical therapists, orthotist/prosthetists, specialty providers, and diabetes educators. This was done through targeted emails from professional organizations, word-of-mouth messaging through private practice groups, and marketing on LinkedIn. The survey was administered via Qualtrics with embedded branching logic used to gather data from the TSB’s three classifications of healthcare specialists: certifying physicians, prescribing practitioners, and suppliers. A total of 580 valid completions of the survey were analyzed. Irrespective of the TSB, podiatric physicians and medical professionals providing direct patient care recommend supportive shoes for patients with diabetes 98.2% (336/342) of the time. When asked about knowledge of the TSB, 522 or 90% of respondents indicated awareness of this Medicare benefit. Knowledge by specialty was hard to differentiate due to low responses by some specialties; however, prescribing podiatrists and prosthetic providers both responded with a familiarity rate above 92%. Common obstacles to providers prescribing shoes were: complexity of documentation (67.8%), challenges communicating with other providers (55.0%), and financial reasons/labor-to-reimbursement ratio (38.4%). TSB has the potential to reduce amputations and wound care costs. However, therapeutic shoes are underutilized with less than 20% of potential beneficiaries accessing this benefit. This research strengthens the argument that streamlining the process may increase access to therapeutic shoes. Full article
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13 pages, 242 KB  
Article
From Virality to Value: A Bibliometric and Thematic Analysis of Engagement Metrics in Brand Storytelling on Social Media
by Andaleep Sadi Ades
Journal. Media 2026, 7(2), 108; https://doi.org/10.3390/journalmedia7020108 (registering DOI) - 20 May 2026
Abstract
The advent of social media has transformed brand communication to put storytelling at the center of building engagement and awareness. But the role of long-term brand value in virality is an essential challenge. This paper conducts a bibliometric and thematic analysis from the [...] Read more.
The advent of social media has transformed brand communication to put storytelling at the center of building engagement and awareness. But the role of long-term brand value in virality is an essential challenge. This paper conducts a bibliometric and thematic analysis from the fields of marketing, psychology, and media studies published between 2015 and 2025, examining the correlation between narrative design and audience response, separating short-term popularity and long-term consumer appeal. The analysis was based on a structured literature review and qualitative methodological framework, using the literature sourced through Scopus, Web of Science, PsycINFO, and Google Scholar published between 2015 and 2025. Thematic coding searched for emotional tones, devices used in the narration, types of metrics, and contextual factors in inclusion and exclusion criteria. The findings indicate a divide in quantitative measures, such as likes and shares, and qualitative measures, such as sentiment and resonance stories. Story elements such as authenticity, the depth of the characters, and video-based content had a major effect on the two types of engagement. Storytelling effectiveness was also mediated by influencer participation, algorithmic interactions, and audience demographics. The results confirm that meaningful storytelling with hybrid metrics contributes to stronger brand–consumer relationships. Future studies ought to shift to predictive modeling and focus on the ability of AI to dictate personalized brand stories in diverse cultures. Full article
26 pages, 373 KB  
Article
Investment Experience and Financial Vulnerability: The Role of Financial Literacy, Gender and Social Context
by Elisabet Ruiz-Dotras and Josep Llados-Masllorens
J. Risk Financial Manag. 2026, 19(5), 369; https://doi.org/10.3390/jrfm19050369 (registering DOI) - 20 May 2026
Abstract
Several studies show that financial vulnerability is not determined solely by low levels of wealth, but also by behavioural and social factors that shape financial behaviour. From this perspective, the social environment and financial knowledge can influence how investors evaluate their investment experiences. [...] Read more.
Several studies show that financial vulnerability is not determined solely by low levels of wealth, but also by behavioural and social factors that shape financial behaviour. From this perspective, the social environment and financial knowledge can influence how investors evaluate their investment experiences. However, most of the literature has focused on how these aspects affect participation in financial markets, rather than on how they shape perceptions of the investment experience itself. This study explores how interactions with one’s social environment and both objective and subjective levels of financial knowledge contribute to how people evaluate the outcomes of their investments. To do so, we analyse a sample of undergraduate students using multivariate regression and Oaxaca–Blinder decompositions across three social environments—family, workplace, and banking advisors—and three types of financial assets: stocks, investment funds, and pension funds. The results show that perceptions of investment experience are shaped not only by individual factors but also by financial knowledge and the social environment—and these effects differ between men and women. There are also differences across types of financial assets, suggesting varying levels of vulnerability. These findings highlight the importance of personal characteristics, financial knowledge, and social context in explaining investment perceptions and differences in financial vulnerability. Full article
17 pages, 276 KB  
Article
Unveiling Adam Smith’s Invisible Hands: Transcending Giorgio Agamben’s Economic Theology
by Mark Rathbone
Religions 2026, 17(5), 617; https://doi.org/10.3390/rel17050617 (registering DOI) - 20 May 2026
Abstract
This article provides a critical evaluation of Giorgio Agamben’s argument that Adam Smith’s metaphor of the invisible hand is representative of economic theology and providential control. Although Agamben’s analysis does not explicate a nuanced view of the invisible hand, it does reveal the [...] Read more.
This article provides a critical evaluation of Giorgio Agamben’s argument that Adam Smith’s metaphor of the invisible hand is representative of economic theology and providential control. Although Agamben’s analysis does not explicate a nuanced view of the invisible hand, it does reveal the embedded economic theology in its misuse by neoliberal economists who characterise the invisible hand as a fundamental mechanism of market coordination consistent with a providential order. Conversely, this study argues that such perspectives fail to account for the intricacy and ambivalence inherent in Smith’s philosophy. Through textual analysis of the invisible hand in The Theory of Moral Sentiments, The Wealth of Nations, and The History of Astronomy, the manuscript highlights that Smith presents three distinct perspectives and that the theological interpretations do not adequately capture this divergence. Rather than endorsing a providential or theological framework, Smith’s use of the invisible hand is shown to be a conditional and intricate metaphor that serves as a critique, a form of social engagement, ethical commerce, and empirical analysis of irrational belief in markets that support the common good. Therefore, this interpretation transcends economic theology and reductive neoliberal economics, offering a more nuanced understanding with important implications for contemporary economics. Full article
27 pages, 517 KB  
Article
Exploring the Linkages Between Climate Change, Food Security, Economic Growth, and Migration in Selected Countries
by Zeynep Köse, Pelin Aliyev, Eda Dineri, Zeynep Özgüner, Büşra Öztekin and Ercan Seyhan
Sustainability 2026, 18(10), 5135; https://doi.org/10.3390/su18105135 (registering DOI) - 20 May 2026
Abstract
This study explores the relationships among climate change, food security, economic growth, and migration in the nine countries with the lowest rankings on the Notre Dame Global Adaptation Initiative (ND-GAIN) Index. It identifies the most vulnerable countries to climate change and the least [...] Read more.
This study explores the relationships among climate change, food security, economic growth, and migration in the nine countries with the lowest rankings on the Notre Dame Global Adaptation Initiative (ND-GAIN) Index. It identifies the most vulnerable countries to climate change and the least prepared, using panel data from 1999 to 2022. The results show a bidirectional causal relationship between climate change and food security. Climate change worsens food insecurity by reducing agricultural productivity, which in turn drives up food prices. Conversely, agricultural policies aimed at increasing production can contribute to climate change if implemented unsustainably. A bidirectional causal relationship has been identified between climate change, food security, and migration. Finally, a bidirectional causal relationship has also been determined between economic growth, climate change, and migration. Changes in economic growth affect sectors, the labor market, and overall well-being, which in turn influence migration decisions. All these findings provide policymakers with valuable guidance for developing sustainable strategies that consider climate change, effectively manage migration, and prioritize food security. The findings indicate that climate change, food security, economic growth, and migration cannot be addressed in isolation; therefore, a holistic policy approach should be adopted. Full article
(This article belongs to the Section Social Ecology and Sustainability)
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16 pages, 1139 KB  
Article
Phosphate Fertilizer Sources and Doses Affect Yield and Nutritional Quality of Kale Under Organic Management
by Thatiane Nepomuceno Alves, Joseantonio Ribeiro de Carvalho, Ramón De Marchi Garcia, Vitor Augusto dos Santos Garcia, Santino Seabra Júnior and Antonio Ismael Inácio Cardoso
Horticulturae 2026, 12(5), 631; https://doi.org/10.3390/horticulturae12050631 (registering DOI) - 19 May 2026
Abstract
The search for a healthy diet has increased the consumption of kale, a vegetable recognized for its high nutritional value, mineral content, and antioxidant properties. Phosphorus is an essential nutrient in this context, acting in energy transfer and root development, which favors productivity [...] Read more.
The search for a healthy diet has increased the consumption of kale, a vegetable recognized for its high nutritional value, mineral content, and antioxidant properties. Phosphorus is an essential nutrient in this context, acting in energy transfer and root development, which favors productivity and product quality. This study evaluated the effect of two phosphorus sources, bone meal (BM) and thermophosphate Yoorin® (TY), and five phosphorus (P2O5) doses (0, 160, 320, 480, and 640 kg ha−1) on kale yield and quality. The experiment used a randomized complete block design with four replications and ten treatments in a 2 × 5 factorial arrangement in a protected environment over a cycle of 155 days after transplanting. Marketable yield with BM reached an estimated maximum of 1.54 kg plant−1 at 525 kg ha−1 P2O5 (54% over control), while TY showed a linear increase up to 1.57 kg plant−1 (59%). Photosynthetic pigments, antioxidant activity, ascorbic acid, and total phenolic compounds fitted quadratic models, with gains of up to 36%, 73%, 51%, and 57%, respectively. Contents of P, K, Ca, and Fe increased significantly with P doses, with Fe gains reaching 110–180%. Phosphate fertilization with BM, a renewable P source, increases kale yield and nutritional quality, highlighting its potential for organic farming systems. Full article
(This article belongs to the Special Issue Nutrient Dynamics in Horticultural Crops from Absorption to Quality)
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24 pages, 424 KB  
Article
Entrepreneurship and Unemployment in Türkiye: Regional Evidence on Schumpeter and Refugee Effects Under Economic and Financial Constraints
by Gökhan Özkul and İbrahim Yaşar Gök
Sustainability 2026, 18(10), 5132; https://doi.org/10.3390/su18105132 - 19 May 2026
Abstract
Sustainable regional development requires understanding how entrepreneurship and unemployment co-evolve. This study investigates this relationship across Türkiye’s 26 Nomenclature of Territorial Units for Statistics 2 regions over the 2007–2024 period, testing the Schumpeter (pull) and Refugee (push) effects with controls for regional economic [...] Read more.
Sustainable regional development requires understanding how entrepreneurship and unemployment co-evolve. This study investigates this relationship across Türkiye’s 26 Nomenclature of Territorial Units for Statistics 2 regions over the 2007–2024 period, testing the Schumpeter (pull) and Refugee (push) effects with controls for regional economic and financial determinants. Using the Dynamic Common Correlated Effects estimator, which accounts for cross-sectional dependence and slope heterogeneity across regions, the analysis provides evidence supporting both effects, while revealing that neither effect emerges instantaneously. The Schumpeter effect operates with an approximately one-year lag, reflecting the time new ventures require to complete organizational formation and generate net labor demand, with a creative destruction dynamic appearing from the second year onward. The Refugee effect materializes within one to two years, as unemployed individuals exhaust formal job search alternatives before turning to necessity entrepreneurship. Critically, the findings identify banking sector intermediation efficiency, rather than aggregate credit volume, as a more consistent financial channel for sustainable labor market outcomes, and document a pattern consistent with jobless growth, in which regional output expansion has not systematically translated into unemployment reduction. These results call for employment- and entrepreneurship-linked policy instruments that are timed to the lag structure of both effects and targeted at transforming necessity-driven activities into sustainable, high-value-added structures, rather than merely incentivizing firm entry. Aligning regional financial intermediation with employment creation can foster long-term socio-economic sustainability and promote sustainable regional development. Full article
(This article belongs to the Section Economic and Business Aspects of Sustainability)
17 pages, 417 KB  
Article
Tourism Resilience and Value Capture in Mauritius: Evidence from Tourist Arrivals and Gross Tourism Earnings, 2010–2025
by Mariana Inácio Marques, João Caldeira Heitor and Alexandra O’Neill
Tour. Hosp. 2026, 7(5), 143; https://doi.org/10.3390/tourhosp7050143 - 19 May 2026
Abstract
Mauritius, as a Small Island Developing State (SIDS), depends heavily on tourism and is therefore exposed to external shocks; this study examines how the sector’s performance and value capture evolved from 2010 to 2025, with particular attention to the COVID-19 disruption and subsequent [...] Read more.
Mauritius, as a Small Island Developing State (SIDS), depends heavily on tourism and is therefore exposed to external shocks; this study examines how the sector’s performance and value capture evolved from 2010 to 2025, with particular attention to the COVID-19 disruption and subsequent recovery. The analysis uses only secondary data, combining arrivals and source-market breakdowns published by the Ministry of Tourism with the monthly series of gross tourism earnings released by the Bank of Mauritius. Trends and seasonality are described for both arrivals and earnings, and three indicators are derived to support interpretation: revenue per arrival (as a proxy for value capture), the intensity of seasonality, and the concentration of source markets. The results document the magnitude of the pandemic-related break, trace the timing of the rebound, and show how value capture and market concentration shifted between the pre- and post-COVID periods. The paper concludes by discussing the implications for resilience in island destinations, highlighting the need for diversification and higher-value positioning, and proposing a replicable monitoring approach that can be updated as new official data become available. Full article
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29 pages, 1925 KB  
Article
Practical Exponential Stability of Tempered ϖ-Fractional Systems: Lyapunov Criteria and Applications to Perturbed and Controlled Systems
by Ayed R. A. Alanzi, Raouf Fakhfakh, Abdellatif Ben Makhlouf and Omar Naifar
Fractal Fract. 2026, 10(5), 344; https://doi.org/10.3390/fractalfract10050344 - 19 May 2026
Abstract
In this paper, we investigate the practical exponential stability of a class of nonlinear systems governed by the tempered ϖ-Caputo fractional derivative. A new Lyapunov-based criterion is established to derive sufficient conditions ensuring ϖ-practical exponential stability. The obtained result is formulated [...] Read more.
In this paper, we investigate the practical exponential stability of a class of nonlinear systems governed by the tempered ϖ-Caputo fractional derivative. A new Lyapunov-based criterion is established to derive sufficient conditions ensuring ϖ-practical exponential stability. The obtained result is formulated in a general framework involving suitable growth bounds on the Lyapunov function together with a tempered fractional derivative inequality and a boundedness condition on a weighted integral term. The proposed theorem provides an explicit practical exponential estimate for the system trajectories and extends existing stability results that are available for standard fractional and tempered fractional systems. To demonstrate the applicability of the developed theory, two applications are presented. First, the general criterion is applied to a class of perturbed tempered ϖ-fractional systems, for which verifiable sufficient conditions are derived in terms of quadratic Lyapunov functions and perturbation bounds. Second, a state-feedback stabilization result is established for a class of nonlinear tempered fractional control systems, showing that the proposed theorem can be used as an effective tool for closed-loop practical exponential stabilization. Finally, numerical examples are provided to validate the theoretical developments and to illustrate the effectiveness of the proposed approach. An additional test case with η3>0 is included to demonstrate the nontrivial range of Theorem 1. Furthermore, a socio-economic tempered fractional cobweb model is incorporated to show how the proposed criterion applies to price-adjustment dynamics with memory and persistent market perturbations. Full article
(This article belongs to the Special Issue Advances in Fractional-Order Control for Nonlinear Systems)
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29 pages, 1883 KB  
Article
Does More Flexible Pricing Always Pay? Profit-Driven Pricing and Market Stability Under Platform Regulation
by Le-Bin Wang, Jian Chai and Ying Yang
Entropy 2026, 28(5), 571; https://doi.org/10.3390/e28050571 (registering DOI) - 19 May 2026
Abstract
This paper studies a dynamic price adjustment system in platform markets, where sellers continuously revise prices, and examines its implications for market stability. We develop a platform-led discrete-time Stackelberg game model to describe the evolution of sellers’ prices and price adjustment speeds under [...] Read more.
This paper studies a dynamic price adjustment system in platform markets, where sellers continuously revise prices, and examines its implications for market stability. We develop a platform-led discrete-time Stackelberg game model to describe the evolution of sellers’ prices and price adjustment speeds under bounded rationality. Unlike previous studies that treat adjustment speed as exogenous, we model it as an endogenous state variable shaped by profit incentives, behavioral inertia, and price fluctuations. We derive the interior symmetric equilibrium and show that profit-driven acceleration increases sellers’ adjustment speed. When this speed exceeds the stability threshold, the system may leave the stable region, causing bifurcations and complex dynamics. We then introduce a platform-imposed upper bound on adjustment speeds and demonstrate that appropriate regulation can restore stability while balancing market responsiveness and efficiency. Numerical simulations illustrate that moderate acceleration improves profitability, whereas excessive acceleration can lead to low-profit regimes. Entropy-based metrics are used to quantify system complexity, and an entropy-triggered feedback-control mechanism is proposed to mitigate excessive volatility while maintaining flexibility. Overall, the study highlights the importance of governing adjustment dynamics rather than solely focusing on price levels. Full article
(This article belongs to the Section Multidisciplinary Applications)
17 pages, 1379 KB  
Article
Research on the Long-Term Mechanism of Digital Transformation in High-End Equipment Manufacturing Based on a Four-Party Evolutionary Game
by Xi Zhao and Jungang Yang
Information 2026, 17(5), 502; https://doi.org/10.3390/info17050502 - 19 May 2026
Abstract
The digital transformation of high-end equipment is not only a critical means to enhance national core competitiveness, but also a necessary requirement within the framework of national development strategy. Major stakeholders in this transformation include local governments, high-end equipment manufacturers, financial institutions, and [...] Read more.
The digital transformation of high-end equipment is not only a critical means to enhance national core competitiveness, but also a necessary requirement within the framework of national development strategy. Major stakeholders in this transformation include local governments, high-end equipment manufacturers, financial institutions, and industrial technology platforms, all of whose interactions significantly influence the transformation process. This paper constructs a four-party evolutionary game model involving local governments, high-end equipment manufacturers, financial support institutions, and industrial technology platforms. Numerical simulations are conducted to analyze the stable strategies and evolutionary trends of these four players under various parameters, while also exploring the long-term mechanisms for the digital transformation of high-end equipment facilitated by government subsidies. The results indicate that in the initial stage of digital transformation, the government assumes a leading role by implementing high-subsidy policies to encourage participation from manufacturers, financial institutions, and technology platforms. As the transformation progresses into a stable promotion phase, the government gradually reduces subsidies to a normal level and increasingly relies on market mechanisms to foster active engagement. Both models represent ideal scenarios for the digital transformation of high-end equipment. Finally, this paper offers relevant policy recommendations aimed at enhancing policy guidance, stimulating the motivation of market entities, and improving the benefit linkage mechanism among all four stakeholders. Full article
(This article belongs to the Section Information Systems)
25 pages, 528 KB  
Article
A Break-Regime Score-Driven Model for Tail-Risk Forecasting in China’s Carbon Market Under Policy Shifts
by Xinshu Gong and Bin Zheng
Mathematics 2026, 14(10), 1745; https://doi.org/10.3390/math14101745 - 19 May 2026
Abstract
Accurate tail-risk measurement in carbon markets is challenging because carbon allowance prices are shaped not only by heavy-tailed return dynamics, but also by policy changes that can alter the underlying risk dynamics. Models that ignore such structural shifts may perform reasonably well in [...] Read more.
Accurate tail-risk measurement in carbon markets is challenging because carbon allowance prices are shaped not only by heavy-tailed return dynamics, but also by policy changes that can alter the underlying risk dynamics. Models that ignore such structural shifts may perform reasonably well in normal periods while still understating downside risk when market conditions change. To address this issue, this paper proposes a break-regime generalized autoregressive score model with Student-t innovations, denoted as BR-GAS-t, for one-step-ahead forecasting of Value-at-Risk and Expected Shortfall. Using daily spot data from China’s carbon market, we compare BR-GAS-t with historical simulation, GARCH-N, GARCH-t, and regime-free GAS-t benchmarks. The results show that carbon returns are strongly heavy-tailed and that the post-break regime is characterized by stronger shock sensitivity, lower persistence, and a higher long-run conditional scale. Out-of-sample evidence further indicates that BR-GAS-t delivers the strongest overall VaR backtesting performance and the lowest average Fissler–Ziegel (FZ) loss in joint VaR–ES evaluation. Its advantage is most pronounced at the 2.5% and 1% tails, where downside risk is hardest to forecast. Robustness checks based on alternative break dates, window lengths, recursive schemes, and distributional assumptions confirm that the main conclusion is stable. The findings suggest that explicitly incorporating observed policy breaks improves tail-risk forecasting in policy-driven carbon markets. Full article
(This article belongs to the Special Issue Mathematical Modelling in Financial Economics)
19 pages, 563 KB  
Article
The Moderating Role of Collaboration on Innovation and Eco-Innovation Obstacles: Evidence from Latin American Firms
by Rodrigo Ortiz-Henriquez, Grace Tamayo-Galarza, Katherine Mansilla-Obando and Iván Rueda-Fierro
Sustainability 2026, 18(10), 5122; https://doi.org/10.3390/su18105122 - 19 May 2026
Abstract
The climate emergency in Latin America and the Caribbean (LAC) has transformed sustainability from an aspirational goal into a strategic imperative, particularly in the context of decoupling economic growth from natural capital depletion. This research analyzes eco-innovation within the frameworks of the National [...] Read more.
The climate emergency in Latin America and the Caribbean (LAC) has transformed sustainability from an aspirational goal into a strategic imperative, particularly in the context of decoupling economic growth from natural capital depletion. This research analyzes eco-innovation within the frameworks of the National Innovation System (NIS), open innovation, and absorptive capacity, with the objective of examining the moderating role of collaboration in overcoming financial, knowledge, and market-related obstacles to innovative behavior. Employing a quantitative methodology using firm-level microdata from the Latin American Harmonized Innovation Surveys (LAIS) between 2007 and 2017, this study focuses on eco-innovative outcomes specifically linked to reductions in energy and material consumption. By estimating models that assess the role of technical cooperation and public policy support, this study seeks to determine whether collaborative strategies operate as an effective buffer against uncertainty and the limitations of local innovation systems. Expanding the scope of previous analyses centered on a single country, this work provides a regional perspective that underscores institutional and sectoral disparities in emerging contexts. Ultimately, this research examines how integrating an environmental purpose into corporate strategy and strengthening absorptive capacity enable LAC firms to transform ecological pressures into sustainable competitive advantages, mitigating the barriers that traditionally hinder technological progress in the region. Full article
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