Search Results (161)

The global energy sector is undergoing rapid and, in many respects, irreversible transformation driven by the convergence of digital disruption, sustainability mandates, and shifting investor expectations. Technologies such as artificial intelligence (AI), blockchain, and digital twin systems are fundamentally reshaping energy operations and strategic decision-making, while ESG governance quality and renewable energy adoption have emerged as two of the most consequential determinants of corporate financial competitiveness and equity valuation. Despite growing practitioner and regulatory interest in these dynamics, limited empirical evidence exists on how ESG governance, renewable adoption, and digital disruption jointly influence financial performance and environmental outcomes across multiple sectors simultaneously. This study addresses that gap using panel data from 26 large-cap US-listed firms across five sectors over 2015–2022 (N = 208 firm-year observations for Revenue/Market Cap/ROA models; N = 91 for the CO₂ model). A multi-method econometric framework is employed, comprising Fixed Effects and Random Effects panel regression with Hausman specification testing, Difference in Differences quasi-experimental analysis, and sequential OLS path analysis with HC3 robust standard errors. Three of four hypotheses are supported. ESG governance quality generates a significant market capitalisation premium of approximately 10–14% per unit Bloomberg ESG Score improvement, after controlling for firm size and R&D intensity; no significant revenue channel effect is found once firm size is properly accounted for. Renewable energy adoption shows a marginal association with market capitalisation at the 10% significance level (FE β = 0.019, p = 0.086; RE β = 0.016, p = 0.077), suggesting capital markets may price clean energy adoption as a forward-looking signal. ESG governance quality drives within-firm CO₂ emission reduction substantially more powerfully than renewable energy quantity alone, with the Fixed Effects estimator identifying a governance-led eco-efficiency mechanism. Firm profitability functions as a cross-model financial capacity moderator, enabling simultaneous ESG investment and environmental improvement. The findings carry direct implications for corporate managers, institutional investors, and policymakers aligned with SDG 7, SDG 9, and SDG 13. Full article

To trace carbon footprint information, applying blockchain technology has irreplaceable advantages for improving the green trust level of consumers, but it requires a large investment cost. Cooperative coalitions can be formed among manufacturers to reduce the burden of blockchain investment cost. In this paper, the operational strategies of three manufacturers in terms of emission reduction competition are explored under different coalition structures concerning the green trust level of consumers, and the Largest Consistent Set concept is used to analyze the stable structure of the farsighted coalition of manufacturers. The results show that when the green trust is at a particularly high or low level, the structure of a single manufacturer applying blockchain is farsightedly stable; when the green trust level is low, a coalition involving two manufacturers applying blockchain is a farsightedly stable coalition structure; and when the green trust level is high, the structure of all manufacturers applying blockchain is farsightedly stable. Compared with cooperative coalitions, a single manufacturer applying blockchain is more likely to become a farsighted stable structure, and this possibility will increase with the improvement of the green trust level. As the green trust level rises, consumer surplus and social welfare are not always the highest when all manufacturers jointly apply blockchain, and achieving optimal consumer surplus or social welfare does not mean that the coalition is farsighted and stable. Full article

Sustainable development, challenged by the global climate crisis, environmental degradation, and income inequality, requires more than growth-oriented indicators. In this context, the impact of financial innovation (FinTech) on the economic, environmental, and social dimensions of sustainability in emerging economies has been debated. This study empirically identifies the multidimensional effects of FinTech on sustainability across 23 emerging economies from 2011 to 2023. Using 299 observations over a 13-year period, we apply the triple bottom line (TBL) framework. It also tests the moderating role of physical capital accumulation in the relationship between FinTech and economic sustainability using an economic model. Two-way fixed-effects models were constructed for economic, environmental, and social sustainability metrics. A FinTech index derived from Google Trends search frequencies related to artificial intelligence, blockchain, cloud computing, and data technologies, validated through factor analysis and reliability tests, was used as the primary independent variable. To address the identified issues of heteroscedasticity, autocorrelation, and cross-sectional dependence, robust estimates were obtained using Driscoll and Kraay’s standard errors. The results indicate that FinTech does not have a statistically significant direct effect on economic or environmental sustainability. However, FinTech is positively associated with social sustainability, and its contribution to economic sustainability becomes significant when sufficient physical capital accumulation is supported. Interaction analysis revealed that the contribution of FinTech to economic sustainability is conditional. The marginal effect is negative at low levels of physical capital accumulation but turns positive as physical capital accumulation increases. The findings indicate that FinTech acts as a lever to strengthen inclusivity under SDGs 1 and 10; however, it does not automatically generate economic or ecological gains for SDGs 7, 9, and 13 unless it is integrated with physical infrastructure investments, green/ESG regulations, green credit quotas, and renewable energy strategies. Full article

In the current context, where sustainability has become a global imperative, emerging markets have increasingly incorporated green finance as a strategic pillar to foster long-term growth and stability. This study examines the evolution, trends, and key challenges of sustainable investment in emerging economies, with a particular focus on the integration of environmental, social, and governance (ESG) criteria. A systematic literature review was conducted using Scopus and Web of Science, following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol, based on a sample of 399 articles published over the past decade. The findings reveal a significant expansion in academic output on ESG investments in emerging markets, with an average annual growth rate of 14.06% and an international co-authorship rate of 37.34%. China, the United Kingdom, South Africa, and the United States emerge as leading contributors, particularly since 2020. However, critical gaps persist, including inconsistencies in ESG ratings and the limited adaptation of ESG frameworks to local socioeconomic and institutional conditions. Future research should focus on strengthening public policy frameworks, designing effective fiscal incentives, assessing the distributive implications of green finance, and leveraging technologies such as fintech, blockchain, and artificial intelligence to enhance ESG rating consistency, transparency, risk measurement, and the overall efficiency of sustainable investments. Full article

The real estate sector continues to face challenges such as inefficiencies, fraud risks, and high transaction costs stemming from opaque processes and heavy reliance on intermediaries. These challenges highlight the need for transparent and efficient solutions to support secure real estate transactions and management. While a growing body of literature has examined blockchain applications in real estate, existing studies are often fragmented and predominantly descriptive, with limited systematic synthesis of evidence and insufficient attention to governance and institutional contexts. This study aims to systematically examine and synthesise the benefits and challenges of blockchain technology in real estate, providing evidence-based insights for practitioners and policymakers. Using a Systematic Literature Review (SLR) approach, peer-reviewed publications from 2016 to 2025 were analysed to identify blockchain applications, reported outcomes, and implementation barriers. The findings reveal that blockchain has been applied in land registration (e.g., Sweden, India, Serbia), valuation systems, decentralised housing finance, and tokenised investment platforms (e.g., Exporo, RealT). The reported benefits include reduced fraud, enhanced transaction efficiency, transparency, and expanded investment access through fractional ownership. However, regulatory uncertainty, scalability limitations, data privacy risks, and low stakeholder awareness remain key barriers. Ethical issues such as digital exclusion and data exposure also require further consideration. Compared with the more advanced adoption observed in Europe and North America, supported by established regulatory frameworks and digital land governance initiatives, this review identifies relatively slower uptake in parts of the Asia-Pacific region, particularly in Australia and Malaysia. It highlights a critical need for future research on legal recognition, privacy-enhancing technologies, and governance frameworks, particularly regarding blockchain applications in property development and urban planning processes. By integrating technological and governance perspectives, this study provides a more comprehensive and structured understanding of blockchain adoption in real estate systems. Full article

The energy sector’s transition to a circular economy (CE) is critical for achieving global decarbonization and resource security. The primary objective of this systematic literature review is to examine the co-evolution of circular business models (CBMs) and green financing mechanisms across the energy value chain. To achieve this, we synthesized 93 high-impact studies published between 2015 and 2024, which were retrieved from the Web of Science and Scopus databases. Using the 10R hierarchy as an analytical framework, this study identifies a strategic shift from low-order recycling to high-value circularity, such as rethink, repurpose, and remanufacture. We analyze the role of the EU Taxonomy, green bonds, and equity crowdfunding in de-risking circular investments, while highlighting the “transparency paradox” in second-life markets and the “efficiency-waste trade-off” in rapid technological turnovers. Our findings reveal that while digital catalysts like blockchain and AI optimize resource flows, their scaling is hindered by a lack of empirical validation and fragmented regulations. The review concludes by proposing a “regulatory-technical nexus” for future research, emphasizing the need for circular digital twins and standardized decommissioning protocols to bridge the gap between theoretical optimization and operational reality in the renewable energy sector. Full article

To address the “greenwashing” trust crisis induced by information asymmetry in sustainable supply chains, this study develops a comprehensive game-theoretic model integrating Stackelberg and evolutionary game theories (EGT). We quantitatively investigate the dynamic interactions among multi-dimensional consumer preferences, blockchain implementation costs, and boundedly rational government interventions. Our analysis yields three core contributions. First, we analytically reveal the “double-edged sword effect” of blockchain adoption. While structural transparency unlocks a trust dividend, exorbitant technological costs trigger a “budget crowding-out effect.” Quantitative results demonstrate that breaching the absolute Feasibility Threshold completely cannibalizes the environmental budget, driving substantive green investments strictly to zero. Second, EGT analysis proves that isolated punitive carbon taxes trap supply chains in a suboptimal “shallow greening” equilibrium. A composite tax-subsidy policy is structurally required to expand the feasible cost space and hedge against technological risks. Finally, we formulate a dynamic policy exit mechanism. As blockchain infrastructure matures and the endogenous green premium effectively offsets implementation costs, regulators must systematically phase out subsidies and converge toward a single-taxation regime to prevent corporate policy arbitrage and alleviate long-term public financial burdens. Full article

Ukraine’s reconstruction, estimated at $524 billion over the next decade, presents an unprecedented opportunity to embed circular economy principles into industrial rebuilding, but the financial architecture currently deployed for reconstruction is structurally blind to circular outcomes. This paper examines how digital tools and innovative financing mechanisms can channel investment toward circular industrial reconstruction in Ukraine, drawing on Germany’s National Circular Economy Strategy (NCES, adopted December 2024) as a reference model. A comparative institutional analysis combines a documentary review of Ukrainian reconstruction policy frameworks (Ukraine Plan 2024–2027, RDNA4, Ukraine Facility) and German NCES instruments with the construction of a financing−technology pathway typology. Five pathways are proposed: circular bond issuance with Digital Product Passport integration; blended finance with blockchain impact verification; EU Facility conditionality with AI-driven resource management; war risk insurance with circular construction standards; and SME digitalisation credit with circular economy competency building. Each pathway is assessed against five criteria: investment scale, risk mitigation, circular measurement, digital readiness, and institutional feasibility, and applied to four industrial corridors (Dnipro region, Zaporizhzhia region, Kharkiv region, and Donetsk region). The analysis reveals that no single pathway is sufficient; a layered strategy differentiating by region is required. Digital tools, particularly the Digital Product Passport and blockchain traceability, serve as partial substitutes for institutional trust in post-conflict settings, reducing information asymmetry between investors and project operators. The paper contributes a practically oriented framework at the under-theorised intersection of post-conflict reconstruction finance and circular economy scholarship. Full article

The rapid evolution of fintech has accelerated the integration of blockchain technology and cryptocurrencies into crowdfunding platforms, reshaping entrepreneurial finance and challenging traditional conceptions of money, intermediation, and financial risk. This study empirically examines the socio-cultural, demographic, and behavioural factors influencing funders’ perceptions and investment decisions in crypto-crowdfunding, an emerging model situated at the intersection of digital currencies, financial inclusion, and decentralised capital formation. Using primary survey data from a focus group of 50 respondents measuring perceptions through a structured five-point Likert questionnaire, the analysis investigates how risk perception, trust and security, investor awareness, and perceived benefits shape participation in crypto-crowdfunded projects. The findings indicate that blockchain-based features such as transparency and decentralisation are associated with variations in perceived trust and risk assessment, rather than uniformly enhancing investor confidence. Socio-demographic characteristics emerge as significant determinants of investor awareness, perceived risks, and expected benefits, confirming pronounced behavioural heterogeneity in digital-finance participation. Regression results reveal strong interdependencies between trust, risk perception, and awareness, underscoring the importance of informational quality and risk-governance mechanisms in supporting sustainable adoption. By providing empirical evidence on individual-level determinants of participation in crypto-crowdfunding, the study contributes to the literature on the future of money by clarifying how crypto-crowdfunding operates as a behavioural-financial phenomenon embedded in decentralised governance structures. Full article

This paper examines the relationship between traditional gold (XAU) and its tokenized counterparts (PAXG and XAUT), providing an empirical assessment of how digital representations of real-world assets align with their underlying benchmarks. Using multi-year time series data, the study evaluates price deviations, tracking accuracy, correlations, and volatility across both weekday-only and 24/7 trading datasets, incorporating weekend effects and crypto-market microstructure. Results show that both tokenized assets exhibit strong long-term alignment with XAU, while short-term divergences arise from continuous crypto trading, liquidity fragmentation, and issuer-specific design features, with XAUT consistently tracking spot gold more closely than PAXG. Building on this analysis, the paper examines the role of tokenized gold within dynamic, smart contract-driven crypto portfolios that also include BTC, ETH, and cash. Portfolio simulations demonstrate that adaptive rebalancing strategies materially improve risk-adjusted performance, with XAUT serving as a stabilizing anchor and cash enabling rapid, automated repositioning during volatility spikes. The findings offer a dual contribution: they clarify the fidelity and market behavior of tokenized gold and provide evidence of its practical utility within automated, on-chain portfolio management, highlighting both its strengths and structural limitations in emerging digital financial systems. Full article

Renewable Energy Certificates (RECs) have emerged as critical market-based policy instruments to promote renewable energy development worldwide. This comprehensive review examines the theoretical foundations, market mechanisms, policy effectiveness, and challenges of global REC systems based on extensive international experiences spanning over two decades. RECs function by separating the environmental attributes of renewable electricity from its physical energy, creating flexible trading mechanisms that effectively channel private investment toward renewable energy projects while providing compliance tools for renewable portfolio standards. Our analysis reveals significant variations in design and implementation across major markets, including the United States, European Union, China, India, Australia, and emerging economies. Despite their widespread adoption with over 50 countries implementing various forms of REC mechanisms, these markets face persistent challenges including price volatility, limited liquidity, regulatory inconsistencies, and ongoing debates about their environmental additionality. Recent technological developments, particularly blockchain-enabled tracking systems and digital platforms, are reshaping REC markets by enhancing transparency, reducing transaction costs, and enabling smaller-scale participation. This review proposes corresponding recommendations from the dimensions of optimizing market design, promoting digital transformation and product diversification, and establishing international coordination mechanisms. Full article

The Dubai Government has made significant investments in digital learning through platforms such as Al Mawrid and Bayanati, enabling widespread access to employee training and upskilling. However, there remains a major gap in translating accumulated learning into intelligent workforce restructuring. This paper proposes “SkillChain DX,” a policy-driven framework that applies artificial intelligence (AI) to dynamically map employee-acquired skills to evolving job roles across departments, developed using a conceptual design science and policy analysis approach. The framework integrates blockchain to ensure secure, tamper-proof verification of skill credentials across diverse training platforms. To validate feasibility, a pilot prototype was implemented using sentence-transformer models for semantic skill inference and cryptographic hashing mechanisms for decentralized credential verification. Experimental evaluation across six controlled scenarios demonstrated an average role-matching accuracy of approximately 82%, blockchain transaction throughput exceeding 1000 operations per second, and near-instant credential verification with over 99% performance improvement compared to manual processes. The findings demonstrate that integrating AI-driven skill inference with decentralized credential verification can significantly enhance internal mobility, role alignment, and workforce planning at a policy level. The study benchmarks international practices and outlines a practical implementation path for the Dubai Government using only publicly available technologies and case studies, positioning SkillChain DX as one of the first integrated AI–blockchain policy frameworks tailored to public sector human resources (HR) transformation in Dubai. The proposed system framework bridges the current disconnect between training access and organizational transformation, supporting a proactive, transparent, and skills-first public sector, while offering actionable policy insights for future government HR modernization. Full article

Evaluating innovation and optimising its role in the inventions is fundamental for applied research, that requires planning the use of available resources. Traditional assessment approaches often miss to capture how innovation stagnates between the ideation and prototyping phases (the Valley of Death), and to learn how innovation emerges from intermediate-steps contributed by individuals. This paper focuses on tracing innovation as an approach enabling mapping of pathways of intermediate-steps and opportunities for valorising unplanned outcomes. We adopt a qualitative case study to explore how innovation pathways can be conceptualised through technological readiness levels. The operational settings of an EU-funded project defined the boundaries of the study. A network analysis explored relationships among themes that emerged from respondents involved in the activities, following an inductive approach to derive themes from data. Findings indicate that intermediate innovation steps, including failures, are viewed as cumulative contributions to novelty. Their documentation is seen as an investment for unlocking latent value embedded in distributed knowledge. Within this scope, we outline a blockchain-based knowledge graph as a proof-of-concept for tracing cumulative contributions, identifying breakthroughs leading to technological maturity and supporting generation of hypothesis grounded on experimental trials. As a result, we suggest that paths recombining prior knowledge into novelty encode latent value that can be interpreted as a function of the network topology, and propose a conceptual framework for analysing value by means of information theory metrics applicable to innovation graphs. Full article

Blockchain technology can enhance traceability and trust in contract farming supply chains, yet high implementation costs deter adoption by supply chain participants. This study examines the synergistic mechanisms between blockchain adoption strategies and government subsidy policies. We develop a multi-stage Stackelberg game model involving an agricultural enterprise, an e-commerce platform, and a government, and comparatively analyze six decision-making scenarios across non-subsidy, unilateral subsidy, and full-chain subsidy settings. Three key findings emerge. First, blockchain investment has a cost–effect threshold below which consumer traceability preferences do not translate into profit gains. Second, well-designed subsidies overcome investment inertia and yield Pareto improvements in both profits and social welfare, with the full-chain subsidy model (Model BG) maximizing social welfare; however, subsidies exhibit distinct efficiency boundaries, and over-subsidization causes resource misallocation. Third, both supply chain parties tend to free-ride on the other’s investment, creating strategic conflicts that necessitate differentiated subsidy mechanisms tailored to specific dominance structures. These findings provide policy guidance for facilitating agricultural digital transformation and enhancing supply chain coordination. Full article

Saudi Arabia’s construction industry is greatly impacted by rising costs and delays, causing project overruns and high financial pressures. In construction, blockchain technology is a decentralized and secure system that promotes transparency, trustworthiness and effective management of project data and transactions. This research is based on the Technology–Organization–Environment (TOE) framework, which develops and tests a conceptual model to investigate how supply-chain management, smart contracts, transparency and traceability, regulatory compliance and building information modeling (BIM) integration influence blockchain technology adoption, with organizational culture as a moderator. Data from 291 professionals in large Saudi contracting firms were analyzed employing a quantitative, cross-sectional design using SmartPLS. Results confirm all hypothesized factors significantly drive blockchain technology adoption. Organizational culture, acting as a key amplifier, positively moderates all relationships. The model explains 71.1% of the variability in blockchain technology adoption. In order to overcome project challenges and meet Vision 2030’s goals, the results present a validated roadmap for Saudi’s construction sector. The findings show that technical investments and promoting a culture of innovation, collaboration across departments and strong leadership are important for adoption blockchain technology. Full article