Search Results (349)

Medical cannabis cultivation requires substantial energy for heating, lighting, and climate control. This study evaluates the economic feasibility of an innovative biomass-fired micro-CHP system in a greenhouse facility for medicinal cannabis cultivation. The system comprises an 80 kW_th boiler retrofitted for biomass and a 7 kW_el ORC engine and is assessed against a diesel-boiler Business-As-Usual (BAU) benchmark. Thermal load simulations for two growing periods (1 March–30 June and 1 September–30 December) estimate an annual heating demand of 91,065.20 kWh_th. The micro-CHP system delivers 8195.87 kWh_el per year, exceeding the greenhouse’s 7839.90 kWh_el consumption. Over a 30-year lifespan at a 7% discount rate, Life Cycle Costing yields EUR 196,421.33 for micro-CHP versus EUR 229,468.46 for BAU, a 14.4% reduction. Under all-equity financing, the project achieves an NPV of EUR 59,591.88, IRR of 27.32%, and a DPBP of 12.1 years; with 70% debt financing, NPV rises to EUR 61,211.39 and DPBP shortens to 10.5 years. Levelized Cost of Energy (LCOE) and Heat (LCOH) are EUR 0.122 per kWh_el and EUR 0.062 per kWh_th, respectively. While the LCOE is below the Greek and EU non-household averages (EUR 0.1578 and EUR 0.1515 per kWh_el), the LCOH exceeds the corresponding heat price benchmarks (EUR 0.0401 and EUR 0.0535 per kWh_th). These results indicate that, in the modeled context, biomass-ORC cogeneration can be a financially attractive and lower-carbon option for medicinal cannabis greenhouse operations. Full article

This research proposes an algorithmic machine learning framework aimed at the early evaluation of business ideas. The framework integrates fifteen critical variables organized into five dimensions—innovation, sustainability, the entrepreneurial team, scalability, and initial finances—identified from a systematic review of the literature. Unlike traditional approaches that focus on financial metrics or one-dimensional indicators, this model provides a comprehensive, multidimensional view of entrepreneurial viability in uncertain contexts. Methodologically, the study presents a structured pipeline that incorporates Random Forest, Gradient Boosting, and XGBoost ensemble algorithms, as well as SMOTE data balancing techniques. These techniques address common problems, such as class imbalance and generalization limitations. Theoretically, innovation and sustainability constructs are operationalized alongside entrepreneurial and financial factors, contributing to more consistent, integrative evaluation models. In practical terms, this proposal provides incubators, accelerators, and public policy designers with a replicable and adaptable tool for the early stages of entrepreneurship. While empirical validation is planned for the future, this work lays the methodological groundwork to bridge gaps in the literature and advance more robust predictive models for entrepreneurial evaluation. Full article

This study investigates the determinants of household borrowing choices in Thailand, with a focus on the risks associated with formal and informal credit markets. Using cross-sectional survey data from 6949 respondents across 77 provinces collected in September 2021, we employ multinomial regression models to analyze how demographic, occupational, and income factors shape debt outcomes. The results indicate that younger and lower-income individuals in Bangkok are more likely to remain debt-free, while older, higher-income, and farming households are strongly associated with formal borrowing. In contrast, unemployed individuals, retirees, business owners, and freelancers disproportionately rely on informal credit channels, exposing them to high interest rates, repayment difficulties, and heightened financial risk. Regional disparities further underscore structural inequalities: households in the north and northeast are more likely to access formal finance, whereas those in Bangkok and the south tend to turn to informal lenders. These findings highlight the risks of financial exclusion and the persistence of informal lending in emerging economies. Policy measures that expand access to regulated credit, promote microfinance, and strengthen consumer protection frameworks are essential to mitigate household financial vulnerability and reduce exposure to debt traps. Full article

This study investigates the relationship between the Business Confidence Index (BCI) and the volatility of stock returns in South Africa using quantile regression and GARCH (1,1) models across the Financial Services, Industrial, and Resources sectors of the Johannesburg Stock Exchange. The results reveal that BCI significantly influences stock return volatility, particularly in upper quantiles, suggesting heightened sensitivity during periods of elevated market activity. Sectoral analysis using GARCH (1,1) shows that higher business confidence reduces volatility in the financial sector, exhibits a muted effect in the industrial sector, and positively correlates with volatility in the resource sector. The results underscore the asymmetric and sector-specific nature of sentiment effects. These findings support behavioural finance theories and emphasize the need for differentiated policy strategies to manage market risks in emerging economies. Full article

Agricultural supply chain finance plays a vital role in alleviating the financing constraints faced by agricultural business entities in developing countries and promoting inclusive and sustainable agricultural development. However, issues such as high operational risks, weak credit foundations, and insufficient risk safeguards among stakeholders in the agricultural supply chain have hindered its long-term stability. From the perspective of cooperative sustainability, this study develops a tripartite evolutionary game model involving agricultural enterprises, financial institutions, and farmers to explore the behavioral dynamics and evolutionary stability of their strategies. Using the Fuping mushroom supply chain as a case, Matlab-based simulation analysis reveals that the three-party strategy combinations failed to converge to an evolutionarily stable strategy (ESS) but instead exhibited dynamic changes characterized by non-periodic oscillations. Sensitivity analysis further demonstrates that farmers’ credit behavior is a key determinant of the sustainable operation of the supply chain financing system, while enhancing enterprises’ guarantee willingness can effectively mitigate farmers’ default risk. Moreover, stronger cooperative relationships between enterprises and farmers improve the overall resilience and stability of the system. The findings provide practical insights for building sustainable and resilient agricultural financial ecosystems, emphasizing the need to introduce third-party guarantee institutions, strengthen credit constraint systems, and design incentive mechanisms that promote long-term cooperation among stakeholders. Full article

Economic disinformation causes significant harm, resulting in substantial losses for the global economy. Each year, it is estimated that around USD 78 billion is lost due to the spread of false or misleading information, with a major share stemming from stock market fluctuations and misguided decisions. In Croatia, the rapid spread of economic misinformation further threatens decision-making and institutional credibility. The EkonInfoChecker project was established to address this issue by combining human fact-checking with AI-based detection. This paper presents the project’s AI component, which adapts English-language datasets (FakeNews Corpus 1.0 and WELFake) into Croatian, yielding over 170,000 articles in economics, finance, and business. We trained and evaluated six models—FastText, NBSVM, BiGRU, BERT, DistilBERT, and the Croatian-specific BERTić—using precision, recall, F1-score, and ROC-AUC. Results show that transformer-based models consistently outperform traditional approaches, with BERTić achieving the highest accuracy, reflecting its advantage as a language-specific model. The study demonstrates that AI can effectively support fact-checking by pre-screening economic content and flagging high-risk items for human review. However, limitations include reliance on translated datasets, reduced performance on complex categories such as satire and pseudoscience, and challenges in generalizing to real-time Croatian media. These findings underscore the need for native datasets, hybrid human-AI workflows, and governance aligned with the EU AI Act. Full article

Early survival is critical for sustainable startups to deliver environmental and social value, yet evidence on its predictors is limited. Drawing on resource-based and institutional perspectives, this study examines 140 university-affiliated green startups from 24 European countries in the “Stage Two” finals (2021–2023). Exploratory logistic regression links survival to financing structure, sustainable business-model archetypes, and public visibility. Non-equity grants and awards emerge as the strongest predictor, with equity capital and a Crunchbase profile adding smaller benefits. Economic-value archetypes outperform purely environmental or social ones, while technology-intensive B2B firms show the highest resilience. By combining resource sufficiency with legitimacy signaling, the study advances sustainable entrepreneurship theory and offers practical levers: mission-aligned grants, credible digital footprints, and archetype-specific funding strategies to support founders, investors, and policymakers in strengthening Europe’s sustainability-driven startup ecosystem. Full article

While entrepreneurship is recognized as a key driver of economic development, barriers such as financing constraints, regulation, and inefficient capital allocation continue to limit its potential, especially in Widening countries. This study examines how different financing mechanisms contribute to improving business performance in innovative companies and whether such instruments trigger business model adaptation. A quantitative survey was conducted among 81 companies, and the collected data was analyzed using correlation analyses to test predefined hypotheses. The findings indicate that financing mechanisms significantly influence business improvement, with grants and venture capital showing the strongest effects. Financing also often induces adaptations in business models, partially confirming the hypothesis that such changes enhance financial outcomes. The analysis of the Global Entrepreneurship Index (GEI) further reveals that, although higher-ranked countries tend to perform better overall, no strong correlation exists between GEI ranking and access to financing. The study contributes to the literature by emphasizing the differentiated effects of financing instruments on firm growth and by offering theoretical insights and practical implications for policymakers seeking to strengthen entrepreneurial ecosystems in emerging regions. Full article

The digital economy creates new opportunities for micro, small, and medium enterprises (MSMEs) in Indonesia to enhance their competitiveness through the adoption of financial technology. This study examines how digital financial inclusion (DFI) mediates the effects of digital financial literacy (DFL) and government support (GS) on MSME performance. This mediating relationship remains underexplored in developing countries, offering new insights into how it drives business advancement. A quantitative approach was applied using partial least squares structural equation modeling (PLS-SEM) based on survey data from 260 culinary MSME owners. The results indicate that knowledge-based resources and institutional support positively influence performance through DFI. DFI drives improvement by expanding market reach, increasing operational efficiency, facilitating transactions, optimizing the value of financial activities, and broadening access to financing. These findings underline the importance of policies that promote inclusive digital ecosystems and strengthen digital capability. Future research approaches should emphasize the integration of behavioral factors, institutional support, and business performance within the evolving MSME ecosystem and can be further developed through longitudinal or cross-sectoral studies to understand the sustainable dynamics of digital transformation. Full article

This study examines how green finance drives sustainable economic development in Saudi Arabia, focusing on the Hail region, with comparisons across seven major cities (Riyadh, Jeddah, Mecca, Medina, Dammam, Tabuk, and Taif). Through an XGBoost machine learning approach enhanced by SHAP interpretation, we analyze how Green Finance Investment (IGF), Alternative and Nuclear Energy (ANE), Electricity Access (ATE), and Logarithmic Carbon Emissions (LCDE) influence New Business Registrations (NBR), Employment rates (EM), and Circular Economy outcomes measured via Combustible Renewables and Waste (CRW). Results reveal that ANE is the dominant predictor of employment across all cities, with SHAP values ranging from 76.9% in Hail to 96.6% in Jeddah. Entrepreneurial drivers vary regionally: ANE leads in Riyadh (63.1%) and Jeddah (73.3%), LCDE dominates in Hail (45.0%) and Taif (48.6%), and IGF is primarily evident in Tabuk (39.5%). Model accuracy varies, with RMSE being the highest in Hail (58.97) and lowest in Jeddah (433.86), highlighting structural differences across urban economies. Circular economy pathways diverge between LCDE-driven industrial modernization (e.g., Dammam, 62.9%) and IGF-driven greenfield development (e.g., Tabuk, 81.1%). These findings support a threefold city classification and provide actionable insights into Saudi Arabia’s Vision 2030 implementation. They inform targeted policy interventions, including green infrastructure investments in energy hubs, industrial modernization programs in manufacturing centers, and entrepreneurial financing mechanisms in emerging regions. Full article

Cryptocurrencies are rapidly transforming digital finance and entrepreneurship, yet their adoption by entrepreneurs remains rather poorly understood. Drawing on the Threat-Rigidity Model (TRM) and the opportunity recognition literature, this study examines how entrepreneurial experience, financial literacy, perceived opportunities, and perceived threats influence entrepreneurial intention to use cryptocurrencies. We tested a moderated mediation model in which the association between financial literacy and experience, on the one hand, and intention to use cryptocurrencies, on the other, was mediated by perceived opportunities. In this model, perceived threats served as a moderator on the relationship between financial literacy and intention, as well as between perceived opportunities and adoption intention. Data were collected from a sample of 133 Romanian entrepreneurs across diverse industries. The results supported the mediating role of perceived opportunities in the relationship between financial literacy and intention to use cryptocurrencies in business and showed that the positive association between financial literacy and intention was attenuated by perceived threats. Entrepreneurial experience did not significantly influence perceived opportunities, while women entrepreneurs reported lower intention to adopt cryptocurrencies in business. This study is among the first to use the TRM to explore how the interplay of perceived opportunities and threats shapes cryptocurrency adoption in entrepreneurship. Other implications, limitations, and directions for future research are also discussed. Full article

Stunning of farmed fish prior to slaughter is increasingly recognized as a key animal welfare priority, yet uptake remains limited in the EU aquaculture sector. While the effects of different stunning methods on fish welfare are the subject of significant recent research, the effect on aquaculture businesses remains unclear. Therefore, this study assesses the economic feasibility of implementing electrical stunning for four species where it is not currently routine: carp, trout, seabass, and seabream. Using a granular cost model across 17 country–species–system combinations, and cost data from 2018 to 2020, the impact of introducing in-water and dry electrical stunning systems under various cost pass-through and sensitivity scenarios is evaluated. Results show that while stunning increases the production costs, under realistic assumptions, 16 out of 17 segments remain profitable, with the one unprofitable segment already being unprofitable under business-as-usual conditions. Three trout systems even experience cost savings due to reduced labor requirements. Sensitivity analyses confirm the robustness of these findings across plausible increases in operating costs and financing assumptions. Even under a 0% cost pass-through, 16 segments still remain profitable. These results provide timely, policy-relevant evidence to support species-specific welfare legislation, while identifying segments that may require targeted support for compliance. Full article

In recent years, the field of European funds for business development has generated significant interest in the academic literature, stimulated by European Union (EU) regulations and the implementation of business financing programs. This context has led to an increase in research on the impact and use of European funds, particularly in terms of support for economic development and infrastructure. This paper presents a bibliometric analysis, using topic modeling, to examine academic publications on the use and absorption of European funds and how they influence the business environment. Using a dataset of 74 publications indexed in the Clarivate Analytics Web of Science Core Collection, covering the period 2005–2024, the present study aims to identify the main authors, institutions, journals, and collaboration networks involved. It also analyzes research trends, dominant themes, and the countries with the largest contributions in this field, using Latent Dirichlet Allocation (LDA) and BERTopic analysis as a complement to the classical bibliometric approach. The thematic analysis reveals a thematic cohesion around entrepreneurship, EU structural funds, regional development, and innovation. In addition, there has been a significant annual increase in publications in this field, and through the use of thematic maps, word clouds, and collaboration networks, this study provides an overview of the evolution of research on the absorption of European funds and its impact on the business environment. These findings contribute both to deepening academic knowledge and to formulating more effective European policies for optimizing fund absorption and supporting the sustainable development of the business environment. Full article

Environmental, Social, and Governance (ESG) performance has become a vital instrument for corporations to integrate sustainable development principles into business operations. Against the dual backdrop of disruptions in the international order and economic instability, investigating the impact of corporate ESG performance on total factor productivity (TFP) under environmental uncertainty is of significant importance. Utilizing data from Chinese A-share listed companies spanning the period 2011 to 2022, this study employs a baseline regression model, a mediation effect model, a moderation effect model, and a moderated mediation model to examine the impact of corporate ESG performance on TFP under conditions of environmental uncertainty. The results indicate that (1) corporate ESG performance exerts a positive influence on TFP, particularly in tertiary industry firms, state-owned enterprises (SOEs), and enterprises with lower environmental risks; (2) improving ESG performance helps alleviate financing constraints, enhance human capital, and boost innovation capability, thereby strengthening TFP; and (3) environmental uncertainty moderates the pathway through which ESG performance affects TFP, amplifying its positive effect. Based on these findings, it is recommended that countries collaborate to establish a global, cross-industry platform for sharing ESG practices, develop a stable ESG policy framework and incentive mechanisms, and encourage enterprises to enhance their ESG management and resilient governance capabilities to promote sustainable economic development. Full article

Access to business financing in Europe has historically been a challenge for small and medium-sized enterprises (SMEs), which represent a significant share of economic activity and employment in Europe. This issue has been significantly intensified since the global financial crisis, disproportionately affecting this segment. This study analyzes firm-level determinants influencing access to alternative financing sources, including crowdfunding, venture capital, and other non-bank channels, using data from the 2023 SAFE covering 15,855 firms across Europe. Results indicate that firm size significantly affects access, with larger, established firms more likely to secure such funding. However, younger, innovation-driven firms demonstrate a higher propensity to pursue equity and crowdfunding options, driven by their need for flexible and early-stage capital. Sectoral patterns also emerge: industrial firms more often obtain public grants, while service-sector firms lead in adopting equity-based and crowdfunding models. The findings highlight the critical role of innovation capacity and international orientation in broadening financial access. Digital platforms are identified as key enablers in democratizing funding, particularly for SMEs. This research advances understanding of SME financing dynamics within evolving financial landscapes and provides actionable insights for policymakers and practitioners aiming to promote inclusive and sustainable access to finance. Full article