Search Results (346)

The rise of the circular economy and e-commerce has led to the emergence of e-commerce closed-loop supply chains (ECLSCs). In practice, investing in process innovation (PI) is key to improving profitability and competitiveness. However, manufacturers at the downstream of ECLSCs often face financial constraints and quality uncertainty of used products, while research on how to select financing strategies under these conditions remains limited. To explore the optimal financing scheme for the ECLSC, this study investigates two financing schemes: bank financing (BF) and FinTech platform financing (FPF), which offers a combination of debt financing (DF) and equity financing (EF). Some key findings are derived. For the ECLSC, the FPF scheme is more profitable when the unit manufacturing cost for new components exceeds the threshold or PI costs are relatively low. Additionally, the FPF performs better when the FPF interest rate is low and the DF ratio is high. The BF is more beneficial when consumer sensitivity to recycling prices or service is low. The FPF enables the ECLSC to achieve maximum profits and minimize environmental impact within a specific range. Furthermore, the financing models are extended to incorporate considerations of fairness, where the optimal financing scheme is primarily influenced by the manufacturing cost. Full article

This study examines how digital transformational leadership (DTL) drives superior and enduring organizational performance through the mediating roles of organizational agility (OA) and digital transformation (DT) while assessing the contingent moderating role of digital culture (DC). Anchored in the Resource-Based View (RBV), the study conceptualizes DTL as a strategic intangible capability that enables the orchestration of digital and agile resources into sustained performance outcomes in digitally turbulent environments. Data were collected from 284 senior and middle managers across 13 Palestinian commercial banks—a highly regulated sector undergoing intensive digital pressure in an emerging-economy context—using an online survey. The proposed relationships were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results reveal that DTL significantly enhances both OA and DT, which in turn contribute positively to organizational performance. OA and DT operate as both independent and sequential mediators, uncovering a multistage capability-building pathway through which leadership fosters long-term adaptability and resilience. The findings further indicate that digital culture conditions the effectiveness of leadership-driven transformation, shaping how digital initiatives consolidate into enduring organizational routines rather than short-term efficiency gains. By reframing sustainable transformation as the continuity of organizational performance through agility, digital renewal, and cultural alignment—rather than as an ESG outcome alone—this study refines RBV boundary conditions in digital contexts. The study contributes theoretically by clarifying how leadership-enabled capabilities generate sustainable competitive advantage and offers actionable managerial insights for cultivating agility, embedding digital transformation, and strengthening cultural readiness to support long-term organizational resilience. Full article

This research aims to analyze strategic risks from financial digitalization, highlighting the disruptive role of Fintech firms and Neobanks, the associated challenges and opportunities, and how traditional banks can adapt to remain competitive and stable in a rapidly evolving financial ecosystem. A qualitative methodology was employed, involving semi-structured interviews with 10 executives and risk management experts from the financial sector. The study employed a concurrence analysis to identify semantic relationships among categories. The unit of analysis was the paragraph, and concurrence was computed based on the frequency with which two categories appeared within the same segment. Key findings indicate that the most significant risks are linked to technological competition, regulatory shifts, cybersecurity, and consumer trust. Conversely, notable opportunities exist in technological modernization, enhanced regulatory compliance, collaboration with digital players, and the development of user-centric products and services. This study introduces the concept of a cultural gap in strategic adaptation, distinct from resistance to change, by emphasizing misalignment between organizational culture and the pace of digital transformation. This gap poses a strategic risk by delaying execution, increasing exposure to regulatory and technological risks, and reducing competitiveness. Full article

This study investigates the impact of market structure on the performance of banks in Pakistan. It explicitly tests two competing hypotheses: the Structure–Conduct–Performance paradigm and the Efficient Structure Hypothesis, providing insights into whether profitability stems from market concentration or efficiency. The study employs the Data Envelopment Analysis approach to measure banking efficiency and uses the concentration ratio to capture market structure. A regression framework is applied, with efficiency and market structure as key explanatory variables. Further, bank-specific controls are included to examine their effects on performance, measured by Return on Assets. Results show that although the concentration of the five largest banks slightly declined, it remains relatively high at 58.5%. Banks, on average, operate at 67% efficiency with an upward trend over time. The findings lend more substantial support to the Efficient Structure Hypothesis, indicating that profitability is primarily driven by technical and scale efficiency rather than market concentration, with individual bank market share affecting performance only as an outcome of efficiency gains. The analysis highlights that efficiency improvements are crucial in enhancing banks’ performance in Pakistan. Over the years, the banking sector of Pakistan has evolved in terms of market structure, efficiency, and banks’ performance. This study interprets the changes in the market structure in the context of the structure conduct performance hypothesis and/or the efficient structure performance hypothesis and answers the question regarding whether market power and/or efficient structure is relevant to the banks’ performance. For policymakers, the results suggest that efforts to improve competitive efficiency, such as encouraging innovation, risk management, and capacity utilization, are more effective than focusing solely on altering market concentration. Full article

While protective behaviors of baleen whales toward calves have been documented during predator attacks, they have not been observed in response to approach attempts by other males of the same species. We recorded high-resolution aerial drone videos of four competing male of humpback-whales (Megaptera novaeangliae) harassing a lactating female with her post-neonate calf in a breeding ground in Brazil. We document several protective behaviors and highlight a new role for pectoral fins in maternal protection, a function not previously attributed to this anatomical structure. These results confirm the value of using drones to describe new cetacean behaviors, even in well-known species. Full article

The study assesses how effectively succession planning and talent management facilitate the establishment of organizational agility, as well as the moderating influence of organizational learning in the context of Saudi-based banking and finance sectors. Based on the Resource-Based View theory, the study indicates that learning culture and human capital are very important as primary sources of competitiveness in turbulent environments. A stratified sampling was used in the data gathering of 400 respondents and the partial least squares structural equation modeling (PLS-SEM). The result shows that there is a positive and statistically significant relationship between succession planning and organizational agility, and, therefore, a consistent stream of leadership makes an organization more adaptable and resilient. On the other hand, talent development was negatively correlated with agility, which implies that the existing training practices do not match agility needs. Representatives of organizational learning moderated the succession planning–agility, leadership readiness, and adaptability relationship in a positive manner, but moderated the talent development–agility relationship in a negative manner, which implies that the organization has a disconnection between learning and talent strategies. It highlights the necessity to redesign HR practices to make them agile, promote the development of adaptive leadership and a culture of learning, and introduce flexible talent policies. This knowledge adds to the theoretical discussion of the dual nature of organizational learning as a facilitator and constraint as well as providing practical ways to enhance competitiveness in dynamic financial markets. Full article

Electroencephalography (EEG)-based brain–computer interface (BCI) mimics the brain’s intrinsic information-processing mechanisms by translating neural oscillations into actionable commands. In motor imagery (MI) BCI, imagined movements evoke characteristic patterns over the sensorimotor cortex, forming a biomimetic channel through which internal motor intentions are decoded. However, this biomimetic interaction is highly vulnerable to signal degradation, particularly in mobile or low-resource environments where low sampling frequencies obscure these MI-related oscillations. To address this limitation, we propose a robust MI classification framework that integrates spatial, spectral, and temporal dynamics through a filter bank common spatial pattern with time segmentation (FBCSP-TS). This framework classifies motor imagery tasks into four classes (left hand, right hand, foot, and tongue), segments EEG signals into overlapping time domains, and extracts frequency-specific spatial features across multiple subbands. Segment-level predictions are combined via soft voting, reflecting the brain’s distributed integration of information and enhancing resilience to transient noise and localized artifacts. Experiments performed on BCI Competition IV datasets 2a (250 Hz) and 1 (100 Hz) demonstrate that FBCSP-TS outperforms CSP and FBCSP. A paired t-test confirms that accuracy at 110 Hz is not significantly different from that at 250 Hz (p < 0.05), supporting the robustness of the proposed framework. Optimal temporal parameters (window length = 3.5 s, moving length = 0.5 s) further stabilize transient-signal capture and improve SNR. External validation yielded a mean accuracy of 0.809 ± 0.092 and Cohen’s kappa of 0.619 ± 0.184, confirming strong generalizability. By preserving MI-relevant neural patterns under degraded conditions, this framework advances practical, biomimetic BCI suitable for wearable and real-world deployment. Full article

In recent years, the financial sustainability and survival of microfinance institutions (MFIs) have been seriously threatened by factors such as the reduction in donations, cooperation funds and international aid, and increased competition from commercial banks. Faced with this hostile scenario, which may limit access to credit for disadvantaged groups, MFIs must apply techniques to improve their efficiency, viability, lending capacity and survival. The objective of this study is to design a microcredit pricing model based on the Internal Ratings-Based approach, Basel III and probability of default to enhance access to credit for disadvantaged groups. We analysed a sample of 4550 microcredit transactions and 30 influential variables (25 idiosyncratic and 5 systemic). Our empirical results reveal that the IRB system is more equitable for borrowers and more efficient for MFIs, as it allows lower interest rates to be applied to borrowers with better credit histories. The application of the proposed IRB model can improve the sustainability, competitiveness and viability of MFIs by promoting operational efficiency and reducing default rates, thus contributing to financial inclusion by increasing supply. Full article

Unregulated or weakly regulated financial institutions remain important providers of financial services across Sub-Saharan Africa. This study examines how such institutions operate in South Africa and Zambia, which represent contrasting regulatory approaches-restrictive and enabling, respectively. Drawing on qualitative interviews with providers and users, this research finds that group-based savings-and-credit associations and private money lending remain central in both contexts. In South Africa, savings groups are more closely connected with banks, while private money lending is criminalized. The findings suggest scope for regulatory convergence toward a more plural and competitive financial sector, one that actively supports savings groups while adopting less punitive approaches to private money lending. Full article

In advanced economies characterized by sustained immigration, rising inequality, and chronically underdeveloped social housing sectors, demand-side welfare interventions risk being capitalized into higher rents rather than improving housing affordability. This study investigates how Spain’s welfare state transformation—particularly the rollout of IPREM-indexed policies such as the Minimum Living Income (IMV) and the Youth Rental Voucher—interacted with migration flows and tourism-driven housing competition to reshape private rental markets between 2008 and 2025. Using harmonized national data from OPI, Idealista, INE, and the Bank of Spain (2010–2024), we apply a descriptive time-series approach that combines structural break tests (Chow and Bai–Perron), pre/post-2021 correlation comparisons, regional heterogeneity analysis, and robustness checks (including Spearman correlations and jackknife sensitivity analyses). We identify a pronounced structural break in 2021: while consular visa issuances—a proxy for combined migration and tourism inflows—showed no significant association with advertised rental prices before 2021 (r ≈ 0.27, p = 0.41), a remarkably strong co-movement emerged thereafter (r ≈ 0.90–0.92). This shift aligns precisely with the nationwide implementation of IMV, institutionalization of the Youth Voucher, and disbursement of EU Recovery and Resilience Facility funds. The effect is most acute in regions with rigid housing supply and high exposure to tourist-use dwellings (VUT)—notably the Balearic Islands, Murcia, Cantabria, and Navarre—suggesting that increased effective demand may have been absorbed primarily through price increases rather than expanded access. While our observational design precludes causal inference and the findings should be interpreted as exploratory and hypothesis-generating, the convergence of timing, magnitude, and institutional context renders a policy-mediated demand channel plausible. The results caution that, without complementary supply-side measures—such as social housing investment, rehabilitation incentives, or VUT regulation—demand-side subsidies may inadvertently reinforce housing inequality and reduce fiscal efficiency, thereby undermining the sustainability goals they aim to advance. Full article

Currently, corporate innovation has become a key driver of economic growth and a critical factor in enhancing core competitiveness, which is of great significance for achieving sustainable economic development. Our research is based on panel data from A-share-listed manufacturing companies in China between 2012 and 2022, employing a multi-time point Difference-in-Differences (DID) model and a DID model extended with the Dual Machine Learning (DML) estimation method for empirical testing. We investigate the underlying mechanisms and analyze corporate heterogeneity. The findings reveal that the pilot policy of industry–finance collaboration has a significant positive impact on corporate innovation, particularly for companies facing severe financing constraints, intense market competition, and relatively small scales. Additionally, the study finds that the pilot policy promotes corporate innovation through three channels: reducing information asymmetry, increasing local government fiscal subsidies, and enhancing corporate access to bank credit. Finally, we provide recommendations for the government, enterprises, and financial institutions to further leverage and enhance the effectiveness of the industry–finance collaboration pilot policy in boosting corporate innovation. Full article

Urbanization has led to significant alterations in river morphology and ecological function, highlighting the need for effective tools to assess and manage these changes. Traditional hydromorphological evaluation methods often fail to capture complex relationships between physical habitat features and anthropogenic pressures. The aim of this study was to apply the River Habitat Survey (RHS) method and Interactive Activation and Competition (IAC) artificial neural networks to assess and describe the hydromorphological condition of the Jasień and Olechówka rivers, located in an urbanized area. The RHS method enables the evaluation of the physical characteristics of rivers and the impact of anthropogenic activities on their environment, in accordance with the requirements of the Water Framework Directive (WFD). Field surveys documented features such as bank structure, vegetation, channel substrate, and artificial modifications. In the subsequent phase of the study, an IAC-type neural network was employed to analyze and interpret the RHS data. This network architecture allows for the identification of hidden relationships between variables, the completion of missing data, as well as contextual analysis and generalization based on similar cases. Integrating RHS data with IAC analysis enabled the development of a model supporting the assessment of anthropogenic impacts on the hydromorphological condition of rivers. The results indicate that both rivers exhibit a high degree of modification, particularly within urban sections, which adversely affects their retention capacity and ecological function. This combined methodological approach provides an innovative and flexible tool for supporting urban river restoration and flood risk management, addressing some of the limitations of existing assessment techniques. Full article

Cacao is a strategic crop in Peru due to its significant socioeconomic impact, driving extensive efforts to collect, characterize, and conserve its genetic diversity. This study aimed to establish phenotypic criteria to differentiate and structure the Cacao Amazonas Perú (CAP) germplasm, thereby providing a foundation for selection and breeding programs. A total of 113 accessions from the INIA Germplasm Bank were evaluated over two consecutive growing seasons using 33 quantitative and 18 qualitative agromorphological descriptors. Data were analyzed through univariate and multivariate approaches. The results revealed substantial phenotypic variability, with coefficients of variation reaching up to 37.5% for fruit-related quantitative traits, all exhibiting high heritability values (>60%). Principal component analysis indicated that the first two components explained 29.3% of the total variance, primarily influenced by fruit and seed descriptors. Hierarchical clustering analysis identified eight phenotypic groups; one cluster exhibited high seed mass and a favorable pod index (17.63), while another showed the highest seed index (1.55 g) and the greatest intragroup distance (7.54). This comprehensive characterization highlights accessions with superior agronomic and bioactive potential, providing a robust framework for parental selection, core collection development, and targeted breeding strategies to enhance cacao competitiveness and resilience under changing climatic conditions. Full article

This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effects, ordered logistic regression and GMM models with robust controls for macroeconomic indicators, institutional quality, and technological readiness. CBDC status is measured as an ordinal variable representing five development stages, while CAR is derived from the Chainalysis Crypto Adoption Index. The empirical results show that higher CAR significantly increases the probability of a country progressing to more advanced CBDC stages. Margins analysis further indicates that increases in CAR substantially reduce the likelihood of remaining in early CBDC phases and raise the probability of reaching the pilot or launched stages. Heterogeneity analysis reveals that this relationship is strongest in low- and middle-income economies and in countries with low levels of financial inclusion, where cryptocurrencies present greater competition to traditional financial systems. The study contributes new large-sample evidence to the debate on digital currencies and provides policy-relevant insights: central banks in financially constrained economies appear to adopt CBDCs as developmental tools to enhance financial access and preserve monetary sovereignty in the face of growing cryptocurrency adoption. Full article

This article presents the design and evaluation of a hybrid groundwater pumping system with battery storage, implemented in the Puntahacienda community of Quingeo, Ecuador, as a sustainable alternative for energy supply in isolated rural areas. The system integrates solar photovoltaic, wind, and a backup diesel generator, whose operation was analyzed using HOMER Pro software. The simulation allowed for component sizing, technical performance evaluation, and operating costs estimation, prioritizing the use of renewable sources and reducing dependence on fossil fuels. The results show that solar and wind energy can cover a large portion of the demand, while the diesel generator ensures resilience during critical periods. The battery bank optimizes stability and continuous supply, ensuring the availability of water for human and agricultural consumption. Furthermore, a significant reduction in greenhouse gas emissions and an improvement in economic sustainability compared to the exclusive use of diesel were evident. The final results show that the levelized cost was $0.186/kWh, making it competitive for an isolated rural community. It was also determined that the renewable energy fraction (RES) was 83.70%, the unmet demand was 0.42%, and CO₂ emissions were 14,850 kg/year when including a diesel generator in the hybrid system. This study demonstrates the viability of hybrid renewable solutions as a tool to strengthen water and energy security in rural communities, constituting a replicable model in similar contexts in Latin America. Full article