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Search Results (809)

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16 pages, 581 KiB  
Article
Financial Literacy and Sustainable Food Production in Rural Nigeria: Access and Adoption Perspectives
by Benedict Ogbemudia Imhanrenialena and Eveth Nkeiruka Nwobodo-Anyadiegwu
Sustainability 2025, 17(15), 6941; https://doi.org/10.3390/su17156941 - 30 Jul 2025
Viewed by 219
Abstract
Despite the importance of financial literacy, particularly in sustaining and improving rural agriculture, it is documented in the literature that little is known about financial literacy, particularly in rural communities in developing countries. Responding to the calls for research to address this gap, [...] Read more.
Despite the importance of financial literacy, particularly in sustaining and improving rural agriculture, it is documented in the literature that little is known about financial literacy, particularly in rural communities in developing countries. Responding to the calls for research to address this gap, the current study investigates how financial literacy relates to access to funding, innovative service adoption, and sustainable food production among agricultural food producers in Nigeria’s rural communities. A probability sampling technique was used to draw 460 samples from registered rural farmers in the Central Bank of Nigeria’s Anchored Borrower’s Programme for food production in Edo State, Nigeria. Quantitative data were collected using a structured questionnaire. The hypotheses were tested using regression analysis, while descriptive statistics were deployed to analyse the demographic data of the respondents. The outcomes suggest that financial literacy has significant links with access to funding, innovative service adoption and sustainable food production among agricultural food producers in Nigerian rural communities. Based on the outcomes, it is concluded that financial literacy significantly influences sustainable food production in Nigerian rural communities. As such, there is a need for the Nigerian government and financial authorities to embark on a financial literacy drive to increase financial literacy, particularly in light of ever-evolving disruptive financial technologies. Full article
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23 pages, 4920 KiB  
Article
Vocative Che in Falkland Islands English: Identity, Contact, and Enregisterment
by Yliana Virginia Rodríguez and Miguel Barrientos
Languages 2025, 10(8), 182; https://doi.org/10.3390/languages10080182 - 28 Jul 2025
Viewed by 270
Abstract
Falkland Islands English (FIE) began its development in the first half of the 19th century. In part, as a consequence of its youth, FIE is an understudied variety. It shares some morphosyntactic features with other anglophone countries in the Southern Hemisphere, but it [...] Read more.
Falkland Islands English (FIE) began its development in the first half of the 19th century. In part, as a consequence of its youth, FIE is an understudied variety. It shares some morphosyntactic features with other anglophone countries in the Southern Hemisphere, but it also shares lexical features with regional varieties of Spanish, including Rioplatense Spanish. Che is one of many South American words that have entered FIE through Spanish, with its spelling ranging from “chay” and “chey” to “ché”. The word has received some marginal attention in terms of its meaning. It is said to be used in a similar way to the British dear or love and the Australian mate, and it has been compared to chum or pal, and is taken as an equivalent of the River Plate, hey!, hi!, or I say!. In this work, we explore the hypothesis that che entered FIE through historical contact with Rioplatense Spanish, drawing on both linguistic and sociohistorical evidence, and presenting survey, corpus, and ethnographic data that illustrate its current vitality, usage, and social meanings among FIE speakers. In situ observations, fieldwork, and an online survey were used to look into the vitality of che. Concomitantly, by crawling social media and the local press, enough data was gathered to build a small corpus to further study its vitality. A thorough literature review was conducted to hypothesise about the borrowing process involving its entry into FIE. The findings confirm that the word is primarily a vocative, it is commonly used, and it is indicative of a sense of belonging to the Falklands community. Although there is no consensus on the origin of che in the River Plate region, it seems to be the case that it entered FIE during the intense Spanish–English contact that took place during the second half of the 19th century. Full article
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25 pages, 2756 KiB  
Article
The People-Oriented Urban Planning Strategies in Digital Era—Inspiration from How Urban Amenities Shape the Distribution of Micro-Celebrities
by Han He and Huasheng Zhu
Land 2025, 14(8), 1519; https://doi.org/10.3390/land14081519 - 23 Jul 2025
Viewed by 350
Abstract
How to promote sustainable development and deal with the actual development demands in economic transformation through land-use planning is crucial for local governments. The urban sustainable development mainly relies on creativity and talents in the digital era, and talents are increasingly attracted by [...] Read more.
How to promote sustainable development and deal with the actual development demands in economic transformation through land-use planning is crucial for local governments. The urban sustainable development mainly relies on creativity and talents in the digital era, and talents are increasingly attracted by local people-oriented land use. However, the current planning ideology remains at meeting corporate and people’s basic needs rather than specific needs of talents, especially the increasingly emerging digital creatives. To promote the talent agglomeration and sustainable development through land planning, this paper uses micro-celebrities on Bilibili, an influential creative content creation platform among young people in China, as an example to study the geographical distribution of digital creative talents and its relationship with urban amenities by constructing an index system of urban amenities, comprising natural, leisure, infrastructure, and social and institutional amenities. The concept of borrowed amenities is introduced to examine the effects of amenities of surrounding cities. This study demonstrates that micro-celebrities show a stronger preference for amenities compared with other skilled talents. Meanwhile, social and institutional amenities are most crucial. Furthermore, urban leisure represented by green spaces and consumption spaces is also attractive. At the regional scale, with prefecture-level cities as units, the local talents agglomeration is also influenced by the borrowed amenities in the context of regional integration. It indicates that the local land use should consider the characteristics of the surrounding cities. This study provides strategic inspiration that a happy and sustainable city should first be people-oriented and provide sufficient space for consumption, entertainment, and interaction. Full article
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27 pages, 541 KiB  
Article
Institutional Quality, Public Debt, and Sustainable Economic Growth: Evidence from a Global Panel
by Hengyu Shi, Dingwei Song and Muhammad Ramzan
Sustainability 2025, 17(14), 6487; https://doi.org/10.3390/su17146487 - 16 Jul 2025
Viewed by 476
Abstract
Achieving sustainable economic growth requires a careful balance between public debt accumulation and the macroeconomic stability necessary for long-term development. While public debt can support growth through productive public investment, excessive debt may crowd out private investment, raise borrowing costs, and undermine financial [...] Read more.
Achieving sustainable economic growth requires a careful balance between public debt accumulation and the macroeconomic stability necessary for long-term development. While public debt can support growth through productive public investment, excessive debt may crowd out private investment, raise borrowing costs, and undermine financial stability, ultimately threatening economic sustainability. In this context, the quality of institutions plays a pivotal moderating role by fostering responsible debt management and ensuring that debt-financed investments contribute to sustainable development. In this context, this study investigates the relationship between public debt and economic growth, with a focus on the moderating role of institutional quality (IQ). Utilizing an unbalanced panel of 115 countries over the period from 1996 to 2021, this study tests the hypothesis that robust institutional frameworks mitigate the negative impact of public debt on economic growth. To address potential endogeneity, this study employs the dynamic system Generalized Method of Moments (GMM) estimation technique. The results reveal that, although the direct effect of public debt on economic growth is negative, the interaction between public debt and IQ yields a positive influence. Furthermore, the results indicate the presence of a threshold beyond which public debt begins to exert a beneficial effect on economic growth, whereas its impact remains adverse below this threshold. These findings underscore the critical importance of sound debt management strategies and institutional development for policymakers, suggesting that effective government governance is essential to harnessing the potential positive effects of public debt on economic growth. Full article
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17 pages, 3664 KiB  
Article
Improving the Estimates of County-Level Forest Attributes Using GEDI and Landsat-Derived Auxiliary Information in Fay–Herriot Models
by Okikiola M. Alegbeleye, Krishna P. Poudel, Curtis VanderSchaaf and Yun Yang
Remote Sens. 2025, 17(14), 2407; https://doi.org/10.3390/rs17142407 - 12 Jul 2025
Viewed by 301
Abstract
National-scale forest inventories such as the Forest Inventory and Analysis (FIA) program in the United States are designed to provide data and estimates that meet target precision at the national and state levels. However, such design-based direct estimates are often not accurate at [...] Read more.
National-scale forest inventories such as the Forest Inventory and Analysis (FIA) program in the United States are designed to provide data and estimates that meet target precision at the national and state levels. However, such design-based direct estimates are often not accurate at a smaller geographic scale due to the small sample size. Small area estimation (SAE) techniques provide precise estimates at small domains by borrowing strength from remotely sensed auxiliary information. This study combined the FIA direct estimates with gridded mean canopy heights derived from recently published Global Ecosystem Dynamics Investigation (GEDI) Level 3 data and Landsat data to improve county-level estimates of total and merchantable volume, aboveground biomass, and basal area in the states of Alabama and Mississippi, USA. Compared with the FIA direct estimates, the area-level SAE models reduced root mean square error for all variables of interest. The multi-state SAE models had a mean relative standard error of 0.67. In contrast, single-state models had relative standard errors of 0.54 and 0.59 for Alabama and Mississippi, respectively. Despite GEDI’s limited footprints, this study reveals its potential to reduce direct estimate errors at the sub-state level when combined with Landsat bands through the small area estimation technique. Full article
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28 pages, 1706 KiB  
Article
Adaptive Grazing and Land Use Coupling in Arid Pastoral China: Insights from Sunan County
by Bo Lan, Yue Zhang, Zhaofan Wu and Haifei Wang
Land 2025, 14(7), 1451; https://doi.org/10.3390/land14071451 - 11 Jul 2025
Viewed by 397
Abstract
Driven by climate change and stringent ecological conservation policies, arid and semi-arid pastoral areas face acute grassland degradation and forage–livestock imbalances. In Sunan County (Gansu Province, China), herders have increasingly turned to off-site grazing—leasing crop fields in adjacent oases during autumn and winter—to [...] Read more.
Driven by climate change and stringent ecological conservation policies, arid and semi-arid pastoral areas face acute grassland degradation and forage–livestock imbalances. In Sunan County (Gansu Province, China), herders have increasingly turned to off-site grazing—leasing crop fields in adjacent oases during autumn and winter—to alleviate local grassland pressure and adapt their livelihoods. However, the interplay between the evolving land use system (L) and this emergent borrowed pasture system (B) remains under-explored. This study introduces a coupled analytical framework linking L and B. We employ multi-temporal remote sensing imagery (2018–2023) and official statistical data to derive land use dynamic degree (LUDD) metrics and 14 indicators for the borrowed pasture system. Through entropy weighting and a coupling coordination degree model (CCDM), we quantify subsystem performance, interaction intensity, and coordination over time. The results show that 2017 was a turning point in grassland–bare land dynamics: grassland trends shifted from positive to negative, whereas bare land trends turned from negative to positive; strong coupling but low early coordination (C > 0.95; D < 0.54) were present due to institutional lags, infrastructural gaps, and rising rental costs; resilient grassroots networks bolstered coordination during COVID-19 (D ≈ 0.78 in 2023); and institutional voids limited scalability, highlighting the need for integrated subsidy, insurance, and management frameworks. In addition, among those interviewed, 75% (15/20) observed significant grassland degradation before adopting off-site grazing, and 40% (8/20) perceived improvements afterward, indicating its potential role in ecological regulation under climate stress. By fusing remote sensing quantification with local stakeholder insights, this study advances social–ecological coupling theory and offers actionable guidance for optimizing cross-regional forage allocation and adaptive governance in arid pastoral zones. Full article
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16 pages, 321 KiB  
Article
Jerome and Florus
by Nunzio Bianchi
Religions 2025, 16(7), 888; https://doi.org/10.3390/rel16070888 - 11 Jul 2025
Viewed by 299
Abstract
This paper explores the presence of Florus in Jerome’s works, with particular focus on the Vitae monachorum. Scholars of the Vita Pauli and Vita Malchi have identified passages where Jerome would employ words or expressions from Florus (no such evidence appears in [...] Read more.
This paper explores the presence of Florus in Jerome’s works, with particular focus on the Vitae monachorum. Scholars of the Vita Pauli and Vita Malchi have identified passages where Jerome would employ words or expressions from Florus (no such evidence appears in the Vita Hilarionis). The significance of these lexical borrowings is assessed here. Jerome’s knowledge extends not only to Florus’ Epitome, but also to the fragmentary treatise Vergilius orator an poeta (whose attribution to the same Florus remains debated). If intertextual analysis allows for the investigation of an author’s engagement with another one, there are indications that Jerome may have been familiar with this text as well. This paper provides a comparative analysis of passages in Jerome and Florus, discussing lexical borrowings, sources, rhetorical features, and individual words and expressions, including those drawn from other authors and works. Full article
(This article belongs to the Special Issue The Interaction of Early Christianity with Classical Literature)
23 pages, 504 KiB  
Article
Non-Performing Loans and Their Impact on Investor Confidence: A Signaling Theory Perspective—Evidence from U.S. Banks
by Richard Arhinful, Bright Akwasi Gyamfi, Leviticus Mensah and Hayford Asare Obeng
J. Risk Financial Manag. 2025, 18(7), 383; https://doi.org/10.3390/jrfm18070383 - 10 Jul 2025
Viewed by 662
Abstract
Bank operations are contingent upon investor confidence, particularly during periods of economic distress. If investor confidence drops, a bank faces difficulties obtaining money, higher borrowing costs, and lower stock values. Non-performing loans (NPLs) potentially jeopardize a bank’s long-term viability and short-term profitability, and [...] Read more.
Bank operations are contingent upon investor confidence, particularly during periods of economic distress. If investor confidence drops, a bank faces difficulties obtaining money, higher borrowing costs, and lower stock values. Non-performing loans (NPLs) potentially jeopardize a bank’s long-term viability and short-term profitability, and investors are naturally wary of institutions that pose a high credit risk. The purpose of the study was to explore how non-performing loans influence investor confidence in banks. A purposive sampling technique was used to identify 253 New York Stock Exchange banks in the Thomson Reuters Eikon DataStream that satisfied all the inclusion and exclusion selection criteria. The Common Correlated Effects Mean Group (CCEMG) and Generalized Method of Moments (GMM) models were used to analyze the data, providing insight into the relationship between the variables. The study discovered that NPLs had a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. Furthermore, the bank’s age was found to have a positive and significant relationship with the P/E and P/B ratio. The moderating relationship between NPLs and bank age was found to have a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. The findings underscore the importance of asset quality and institutional reputation in influencing market perceptions. Bank managers should focus on managing non-performing loans effectively and leveraging institutional credibility to sustain investor confidence, particularly during financial distress. Full article
(This article belongs to the Special Issue Financial Markets and Institutions and Financial Crises)
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22 pages, 5786 KiB  
Review
Narrative and Pictorial Review on State-of-the-Art Endovascular Treatment for Focal Non-Infected Lesions of the Abdominal Aorta: Anatomical Challenges, Technical Solutions, and Clinical Outcomes
by Mario D’Oria, Marta Ascione, Paolo Spath, Gabriele Piffaretti, Enrico Gallitto, Wassim Mansour, Antonino Maria Logiacco, Giovanni Badalamenti, Antonio Cappiello, Giulia Moretti, Luca Di Marzo, Gianluca Faggioli, Mauro Gargiulo and Sandro Lepidi
J. Clin. Med. 2025, 14(13), 4798; https://doi.org/10.3390/jcm14134798 - 7 Jul 2025
Viewed by 477
Abstract
The natural history of focal non-infected lesions of the abdominal aorta (fl-AA) remains unclear and largely depends on their aetiology. These lesions often involve a focal “tear” or partial disruption of the arterial wall. Penetrating aortic ulcers (PAUs) and intramural hematomas (IMHs) are [...] Read more.
The natural history of focal non-infected lesions of the abdominal aorta (fl-AA) remains unclear and largely depends on their aetiology. These lesions often involve a focal “tear” or partial disruption of the arterial wall. Penetrating aortic ulcers (PAUs) and intramural hematomas (IMHs) are examples of focal tears in the aortic wall that can either progress to dilatation (saccular aneurysm) or fail to fully propagate through the medial layers, potentially leading to aortic dissection. These conditions typically exhibit a morphology consistent with eccentric saccular aneurysms. The management of focal non-infected pathologies of the abdominal aorta remains a subject of debate. Unlike fusiform abdominal aortic aneurysms, the inconsistent definitions and limited information regarding the natural history of saccular aneurysms (sa-AAAs) have prevented the establishment of universally accepted practice guidelines for their management. As emphasized in the latest 2024 ESVS guidelines, the focal nature of these diseases makes them ideal candidates for endovascular repair (class of evidence IIa—level C). Moreover, the Society for Vascular Surgery just referred to aneurysm diameter as an indication for treatment suggesting using a smaller diameter compared to fusiform aneurysms. Consequently, the management of saccular aneurysms is likely heterogeneous amongst different centres and different operators. Endovascular repair using tube stent grafts offers benefits like reduced recovery times but carries risks of migration and endoleak due to graft rigidity. These complications can influence long-term success. In this context, the use of endovascular bifurcated grafts may provide a more effective solution for treating these focal aortic pathologies. It is essential to achieve optimal sealing regions through anatomical studies of aortic morphology. Additionally, understanding the anatomical characteristics of focal lesions in challenging necks or para-visceral locations is indeed crucial in device choice. Off-the-shelf devices are favoured for their time and cost efficiency, but new endovascular technologies like fenestrated endovascular aneurysm repair (FEVAR) and custom-made devices enhance treatment success and patient safety. These innovations provide stent grafts in various lengths and diameters, accommodating different aortic anatomies and reducing the risk of type III endoleaks. Although complicated PAUs and focal saccular aneurysms rarely arise in the para-visceral aorta, the consequences of rupture in this segment might be extremely severe. Experience borrowed from complex abdominal and thoracoabdominal aneurysm repair demonstrates that fenestrated and branched devices can be deployed safely when anatomical criteria are respected. Elective patients derive the greatest benefit from a fenestrated graft, while urgent cases can be treated confidently with off-the-shelf multibranch systems, reserving other types of repairs for emergent or bail-out cases. While early outcomes of these interventions are promising, it is crucial to acknowledge that limited aortic coverage can still impede effective symptom relief and lead to complications such as aneurysm expansion or rupture. Therefore, further long-term studies are essential to consolidate the technical results and evaluate the durability of various graft options. Full article
(This article belongs to the Special Issue Clinical Advances in Aortic Disease and Revascularization)
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14 pages, 3705 KiB  
Review
Yolk Sac Elements in Tumors Derived from Pluripotent Stem Cells: Borrowing Knowledge from Human Germ Cell Tumors
by Marnix van Soest, Joaquin Montilla-Rojo, Thomas F. Eleveld, Leendert H. J. Looijenga and Daniela C. F. Salvatori
Int. J. Mol. Sci. 2025, 26(13), 6464; https://doi.org/10.3390/ijms26136464 - 4 Jul 2025
Viewed by 416
Abstract
Pluripotent stem cell (PSC)-based therapies are currently in clinical trials. However, one of the main safety concerns includes the potential for cancer formation of the PSC-derived products. Currently, the teratoma in vivo assay is accepted by regulatory agencies for identifying whether PSCs have [...] Read more.
Pluripotent stem cell (PSC)-based therapies are currently in clinical trials. However, one of the main safety concerns includes the potential for cancer formation of the PSC-derived products. Currently, the teratoma in vivo assay is accepted by regulatory agencies for identifying whether PSCs have the potential to become malignant. Yolk sac elements (YSE) are one of the elements that could arise from PSC. Whereas the other malignant element, embryonal carcinoma, is thoroughly studied, this is not the case for YSE. Therefore, more research is needed to assess the nature of YSE. We propose that it is imperative to include the formation of YSE in the safety assessment of PSC due to their close resemblance to the clinical entity of yolk sac tumor (YST), a human malignant germ cell tumor (hGCT). In this review, we extrapolate knowledge from YST to better understand YSE derived from PSC. We demonstrate that both share a similar morphology and that the same characteristic immunohistochemical markers can be used for their identification. We discuss the risk these tumors pose, thereby touching upon genetic abnormalities and gene expression that characterize them, as well as possible disease mechanisms. Integrating the molecular and immunohistochemical markers identified in this review into future research will help to better address the potential malignancy associated with PSC. Full article
(This article belongs to the Special Issue Molecular Mechanisms of Tumorigenesis of Human and Animal Stem Cells)
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23 pages, 3316 KiB  
Article
Water–Climate Nexus: Exploring Water (In)security Risk and Climate Change Preparedness in Semi-Arid Northwestern Ghana
by Cornelius K. A. Pienaah, Mildred Naamwintome Molle, Kristonyo Blemayi-Honya, Yihan Wang and Isaac Luginaah
Water 2025, 17(13), 2014; https://doi.org/10.3390/w17132014 - 4 Jul 2025
Viewed by 454
Abstract
Water insecurity, intensified by climate change, presents a significant challenge globally, especially in arid and semi-arid regions of Africa. In northern Ghana, where agriculture heavily depends on seasonal rainfall, prolonged dry seasons exacerbate water and food insecurity. Despite efforts to improve water access, [...] Read more.
Water insecurity, intensified by climate change, presents a significant challenge globally, especially in arid and semi-arid regions of Africa. In northern Ghana, where agriculture heavily depends on seasonal rainfall, prolonged dry seasons exacerbate water and food insecurity. Despite efforts to improve water access, there is limited understanding of how climate change preparedness affects water insecurity risk in rural contexts. This study investigates the relationship between climate preparedness and water insecurity in semi-arid northwestern Ghana. Grounded in the Sustainable Livelihoods Framework, data was collected through a cross-sectional survey of 517 smallholder households. Nested ordered logistic regression was used to analyze how preparedness measures and related socio-environmental factors influence severe water insecurity. The findings reveal that higher levels of climate change preparedness significantly reduce water insecurity risk at individual [odds ratio (OR) = 0.35, p < 0.001], household (OR = 0.037, p < 0.001), and community (OR = 0.103, p < 0.01) levels. In contrast, longer round-trip water-fetching times (OR = 1.036, p < 0.001), water-fetching injuries (OR = 1.054, p < 0.01), reliance on water borrowing (OR = 1.310, p < 0.01), untreated water use (OR = 2.919, p < 0.001), and exposure to climatic stressors like droughts (OR = 1.086, p < 0.001) and floods (OR = 1.196, p < 0.01) significantly increase insecurity. Community interventions, such as early warning systems (OR = 0.218, p < 0.001) and access to climate knowledge (OR = 0.228, p < 0.001), and long-term residency further reduce water insecurity risk. These results underscore the importance of integrating climate preparedness into rural water management strategies to enhance resilience in climate-vulnerable regions. Full article
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11 pages, 945 KiB  
Article
Waveguide Arrays: Interaction to Many Neighbors
by Marco A. Tapia-Valerdi, Irán Ramos-Prieto, Francisco Soto-Eguibar and Héctor M. Moya-Cessa
Dynamics 2025, 5(3), 25; https://doi.org/10.3390/dynamics5030025 - 1 Jul 2025
Viewed by 200
Abstract
We present an analytical framework for describing light propagation in infinite waveguide arrays, incorporating a generalized long-range coupling to achieve a more realistic model. We demonstrate that the resulting solution can be expressed in terms of generalized Bessel-like functions. Additionally, by applying the [...] Read more.
We present an analytical framework for describing light propagation in infinite waveguide arrays, incorporating a generalized long-range coupling to achieve a more realistic model. We demonstrate that the resulting solution can be expressed in terms of generalized Bessel-like functions. Additionally, by applying the concept of eigenstates, we borrow from quantum mechanics a basis given in terms of phase states that allows the analysis of the transition from the discrete to the continuum limit, obtaining a relationship between the field amplitudes and the Fourier series coefficients of a given function. We apply our findings to different coupling functions, providing new insights into the propagation dynamics of these systems. Full article
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17 pages, 601 KiB  
Article
Loans to Family and Friends and the Formal Financial System in Latin America
by Susana Herrero, Jeniffer Rubio and Micaela León
Int. J. Financial Stud. 2025, 13(3), 116; https://doi.org/10.3390/ijfs13030116 - 25 Jun 2025
Viewed by 542
Abstract
In Latin America, over 50% of the population has relied on loans from family members or friends, reflecting the importance of trust-based networks in response to financial exclusion. This study examines how distrust in the formal financial system influences the use of informal [...] Read more.
In Latin America, over 50% of the population has relied on loans from family members or friends, reflecting the importance of trust-based networks in response to financial exclusion. This study examines how distrust in the formal financial system influences the use of informal borrowing. Using data from 17 countries for the years 2014, 2017, and 2021, and applying a fixed-effects logistic regression model by country and time, we confirm that rising distrust significantly increases the likelihood of turning to loans from personal networks. This relationship intensifies in times of crisis. Beyond this, we find that macroeconomic variables such as GDP per capita and unemployment also significantly affect informal borrowing behavior. This research contributes to the literature by integrating institutional, economic, and social variables, highlighting the role of interpersonal trust as a form of social capital. It also advances the field of personal finance by revealing an everyday strategy of financial resilience. Finally, this study offers relevant implications for public policy, advocating for a more realistic and context-sensitive approach to financial inclusion, especially in regions where credit constraints in the formal sector have pushed households to seek more accessible and flexible alternatives. Full article
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28 pages, 637 KiB  
Article
Do Syndicated Loan Borrowers Trade-Off Real Activities Manipulation with Accrual-Based Earnings Management?
by Dina El Mahdy
J. Risk Financial Manag. 2025, 18(6), 327; https://doi.org/10.3390/jrfm18060327 - 16 Jun 2025
Viewed by 386
Abstract
This study investigates how managers choose between alternative earnings management mechanisms among syndicated loan borrowers. Specifically, it examines the trade-off between accrual-based earnings management (AEM) and real activities manipulation (RAM) during the period leading up to syndicated loan origination. The study also explores [...] Read more.
This study investigates how managers choose between alternative earnings management mechanisms among syndicated loan borrowers. Specifically, it examines the trade-off between accrual-based earnings management (AEM) and real activities manipulation (RAM) during the period leading up to syndicated loan origination. The study also explores whether lender monitoring mechanisms influence subsequent earnings management behavior. The syndicated loan market, positioned between the private and public fixed income markets, offers a distinctive context for analyzing these strategic decisions. Using a propensity score-matched sample of syndicated and bilateral loans issued between 1989 and 2005, the study finds that firms obtaining syndicated loans are more likely to engage in earnings manipulation beforehand, relying more heavily on AEM than on RAM. Further analysis reveals that monitoring mechanisms—such as lender reputation, the number of syndicate members, loan size, and loan maturity—are significantly associated with future changes in AEM but show a weaker relationship with changes in RAM. Full article
(This article belongs to the Special Issue Earnings Management and Loan Contracts)
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13 pages, 854 KiB  
Article
Unlocking Sustainable Profitability: Economic Feasibility of Integrated Crop–Livestock–Forest Systems for Pasture Recovery in the Brazilian Cerrado
by Laís Ernesto Cunha, Álvaro Nogueira de Souza, Juliana Gonçalves de Andrade, Maísa Santos Joaquim, Maria de Fátima de Brito Lima, Aline da Silva Nunes, Eder Pereira Miguel, Jainara Ávila França Cruz, Gabriel Farias Brito Barbosa and Carolina da Silva Saraiva
Forests 2025, 16(6), 978; https://doi.org/10.3390/f16060978 - 10 Jun 2025
Viewed by 547
Abstract
Tropical pasture degradation represents a major challenge for global food security and environmental conservation, particularly in Brazil, where up to 60% of pastures are degraded. This study evaluates the economic viability of recovery of degraded pastures using an integrated crop–livestock–forest (ICLF) system. A [...] Read more.
Tropical pasture degradation represents a major challenge for global food security and environmental conservation, particularly in Brazil, where up to 60% of pastures are degraded. This study evaluates the economic viability of recovery of degraded pastures using an integrated crop–livestock–forest (ICLF) system. A representative 2-hectare system in the Brazilian Cerrado was analyzed, featuring native Dipteryx alata trees interplanted with pasture for cattle grazing. A deterministic financial model was developed to simulate annual cash flows over a 20-year period under various financing scenarios, including self-financing and multiple subsidized rural credit lines (e.g., Pronaf and Pronamp programs, and ABC Ambiental). The analysis shows that subsidized credit lines with low interest rates and extended grace periods significantly improve project profitability, yielding positive NPVs and robust internal rates of return, while self-financing and high-cost credit options (such as Pronaf Mulher) result in negative NPVs. The dual cash flow strategy—where borrowed funds are immediately invested in secure fixed-income instruments—further enhances economic performance. The findings demonstrate that ICLF-based pasture recovery is economically viable when supported by appropriate financing, offering a scalable model for sustainable agriculture that delivers both economic and environmental benefits. Full article
(This article belongs to the Section Forest Economics, Policy, and Social Science)
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