Search Results (609)

This study investigates the relationship between economic growth, health expenditure, institutional quality, gross fixed capital formation, and foreign direct investment in EU countries outside the euro area over the period 2000–2024. The analysis is grounded in neoclassical and endogenous growth theory, with particular emphasis on the role of institutional quality as a conditioning factor in the growth process. Methodologically, this study employs an integrated empirical time-series framework focusing on selected health, institutional and investment-related determinants of growth, including linear and nonlinear unit root tests, structural break analysis, and an Autoregressive Distributed Lag/Error Correction Model (ARDL/ECM) approach to capture both long-run equilibrium relationships and short-run dynamics. ECM-based Granger causality tests are further applied to examine the direction of causal interactions. The results confirm the existence of a long-run cointegration relationship across all countries, although the magnitude and direction of the effects vary considerably. Gross fixed capital formation exerts a robust positive influence on economic growth, while foreign direct investment mainly affects growth in the short run and is highly sensitive to external shocks. Health expenditure contributes to growth through human capital formation, with predominantly lagged effects. Institutional quality is associated with growth dynamics, although the direction and strength of this relationship vary across countries and should be interpreted in light of feedback effects identified in the causality analysis. Overall, the findings highlight significant cross-country heterogeneity and underscore the importance of institutional quality in enhancing the effectiveness of investment and public spending for sustainable economic growth. Full article

Marine ecosystem degradation may reduce state revenues, increase recovery spending, and weaken fiscal sustainability, yet Indonesia does not yet have a routine governance mechanism that links marine natural capital valuation to fiscal-risk assessment in the State Budget Financial Note. This article develops a governance design, Blue Natural Capital Value at Risk (BNC-VaR), to translate changes in marine ecosystem conditions into fiscal-exposure signals for Indonesian public finance. Ecological condition indicators, such as fish-stock status, coral-reef condition, and mangrove extent, are converted into traceable valuation parameters and then into structured outputs, including fiscal-exposure scenarios, budget-relevance notes, and medium-term fiscal-sustainability readings across revenue, expenditure, deficit, and financing channels. The design treats ecological change as affecting the fiscal position through mediated and disclosable pathways rather than automatic causal effects. It adapts Value at Risk as a risk logic for public fiscal governance rather than as a conventional market-based probabilistic measure. Using theory synthesis and a model-paper approach across six analytical stages, the study produces five design principles, four formal propositions, and a five-component institutional architecture, with the Directorate General of State Assets Management positioned as a valuation custodian. As a conceptual contribution, BNC-VaR offers an operational architecture and implementation roadmap for future empirical testing in Indonesia and other archipelagic or marine-resource-dependent fiscal systems. Full article

This study evaluates the economic and carbon footprint impact of using calcium lignosulfonate (CLS) in stabilizing highway subgrade on road pavement. Specifically, the effect of stabilized soil strength on layer thickness, costs, and carbon emissions during the initial construction phase was investigated. Two different soil types (clayey and sandy) were used with varying CLS concentrations. Furthermore, the performance of CLS was evaluated using sodium hydroxide-based alkaline activation (AAS). Standard proctor, unconfined compressive strength (UCS), and California bearing ratio tests were applied to the prepared samples. The experimental results showed that CLS significantly increased the CBR and UCS values of the soil samples. Additionally, it was calculated that the initial construction costs of flexible and rigid road pavements designed on stabilized clayey soil decreased by 14.34% and 25.24%, respectively, while on sandy soils, the decreases were 8.10% and 14.95%, respectively. Meanwhile, it has been determined that CO₂ emissions were reduced by up to 10.76% in flexible pavement designs and by up to 17.88% in rigid pavement designs. Consequently, these findings show that the use of CLS in soil stabilization enables both a reduction in the layer thickness of road pavement designs and a reduction in environmental impacts. Full article

The plastics industry sector is a massive contributor to greenhouse gas emissions. In this context, it is important to find alternatives to valorise plastic polymer waste, since 63.0% of the plastics produced between 1950 and 2015 were incinerated or disposed of in landfills. This study aims to evaluate the environmental and economic performance of a polymeric control panel for a domestic boiler. The environmental assessment was conducted using the Life Cycle Assessment (LCA) methodology from a cradle-to-grave perspective, allowing the identification of the hotspots of the panel under analysis in two scenarios: virgin panel (VP) and recycled panel (RP). The economic evaluation was performed through a techno-economic analysis (TEA) considering both operating expenditures (OpEx) and annualised capital expenditures (CapEx) allocated to the functional unit. The VP scenario used 100.0% virgin polymer, while the RP scenario used 70.0% virgin polymer and 30.0% internal recycled polymer. The analysis shows a clear synergy: substituting a portion of virgin polymer with recycled PC/ABS reduces both environmental impacts and production costs, while also increasing the sustainability. The results support internal recycling as a practical circularity strategy that can improve environmental performance. The RP scenario is both the environmentally preferable and the economically better option. Additionally, the consistency of results across both LCA and TEA indicates that the identified hotspots represent leverage points for future interventions to amplify benefits to further improve sustainability. For instance, further decarbonization of the Portuguese electricity grid or increased reliance on on-site PV electricity would strengthen the environmental profile of both scenarios. At the same time, continued optimisation of recycling processes could enhance cost savings. Full article

Saudi Arabia’s Vision 2030 aims to diversify the economy away from oil by reallocating public expenditure from current consumption toward infrastructure mega-projects. This research estimates and compares the fiscal multipliers of government consumption and government investment on non-oil GDP using quarterly data from 2010Q2 to 2026Q1. A vector error correction model with Cholesky identification is employed alongside local projections to ensure robustness. Results indicate that the investment multiplier is substantially larger and more persistent than the consumption multiplier, reaching 2.34 after twelve quarters compared to 0.58 for consumption. A structural break analysis reveals that multipliers have increased markedly since 2016, with the eight-quarter investment multiplier rising from 1.24 pre-Vision 2030 to 2.61 thereafter. Variance decomposition confirms that government investment shocks explain over 27% of non-oil output fluctuations at longer horizons, independent of oil price movements. These findings provide empirical support for the strategic emphasis on capital formation under Vision 2030 and suggest that prioritising infrastructure investment over current expenditure yields superior growth dividends in a diversifying oil economy. Full article

Under China’s dual carbon goals, low-carbon transition risk has become an important source of corporate sustainability risk and climate-related financial risk. This study treats the carbon emissions trading pilot (CETP) as a quasi-natural experiment and uses panel data of Chinese A-share listed firms from 2006 to 2024 to examine whether carbon trading reduces corporate low-carbon transition risk (CTR). CTR is measured as the sensitivity of firm stock returns to return shocks from a stranded-asset portfolio, thereby capturing market-implied exposure to high-carbon asset revaluation risk. The results show that the CETP significantly reduces corporate CTR. Economically, the fully controlled DID coefficient is about one tenth of the standard deviation of CTR, indicating a meaningful decline in firms’ exposure to stranded-asset shocks. The conclusion remains robust after using alternative CTR measures, shortening the sample period, applying staggered DID based on actual pilot launch years, controlling for province-level time-varying factors and province-specific trends, controlling for concurrent green policies, conducting placebo tests, applying PSM-DID, and retaining the instrumental-variable test. Mechanism tests provide evidence consistent with a carbon performance channel. Evidence on capital expenditure is interpreted cautiously because Capex is a broad proxy for investment intensity and asset adjustment rather than a direct measure of green upgrading. Heterogeneity analysis shows that the risk-reducing effect is stronger among non-state-owned firms, high-tech firms, and firms located in eastern China. These findings suggest that carbon pricing can serve not only as an emissions-reduction instrument but also as a mechanism for mitigating climate-related financial risk. Full article

This study assesses the impact of research and development (R&D) tax incentives on the intensity of business R&D expenditure in Central and Eastern European countries and derives policy implications for Ukraine. The analysis uses a balanced panel of 11 new EU member states covering the period 2010–2023, based exclusively on officially published data. The main method is a two-way fixed-effects panel regression with country and year effects, clustered standard errors, alternative lag structures, heterogeneity analysis and robustness checks. The baseline specification shows that a 0.10 increase in the implicit subsidy rate is associated with an approximately 0.10 percentage point increase in Business Expenditure on R&D (BERD) to GDP two years later. However, the effect is strongly conditional on absorptive capacity: it is statistically significant in countries with a developed R&D base and practically absent in countries with a weak base. The estimated private R&D additionality ratio falls below one under the stated assumptions, indicating that the estimated effect does not imply more than one unit of additional private investment per unit of fiscal support. For Ukraine, the results support a gradual introduction of R&D tax incentives combined with structural measures that strengthen human capital, institutional capacity and links between science and business. Full article

Decarbonizing heavy-duty logistics requires powertrains that integrate novel topology design, degradation-aware optimization, and robust dynamic performance under real-world operational loads. While solid oxide fuel cells offer high efficiency, their application in transportation is hindered by thermal fatigue. This study proposes a novel hybrid powertrain topology integrating a metal-supported solid oxide fuel cell (SOFC), a micro gas turbine (MGT), and an aluminum–silicon phase change material (PCM) thermal buffer. A high-fidelity dynamic model is developed and coupled with a multi-objective optimization framework to size the PCM buffer and battery pack, balancing capital expenditure and system lifetime. Furthermore, a degradation-aware energy management strategy based on a thermal state-of-charge metric is introduced. Simulations over a 10 h dynamic drive cycle indicate that the optimal configuration (120 kg PCM, 80 kWh battery) extends the SOFC’s simulated remaining useful life to 38,400 h, a 2.5-fold improvement over unbuffered systems. Concurrently, the proposed energy management strategy reduces the MGT mechanical wear index by 98% compared to conventional load-following strategies. The system demonstrates robust performance across ambient temperatures from −20 °C to +45 °C and achieves a 22% reduction in projected capital expenditure compared to standard proton exchange membrane fuel cell powertrains. This topology offers a highly durable and economically viable pathway for next-generation zero-emission heavy-duty vehicles. This work addresses a critical gap in the literature: the lack of integrated thermal buffering and degradation-aware control strategies for high-temperature fuel cell systems in dynamic vehicular applications. By coupling a physical latent heat buffer with a novel Thermal-SOC-proportional Energy Management Strategy, the proposed architecture directly targets the primary degradation mechanisms that have historically impeded SOFC commercialization in heavy-duty transport. Full article

Ionic liquids (ILs) are salts that are liquid at or below 100 °C. They are composed entirely of ions and have unique properties like negligible vapor pressure, high thermal stability, and tunable structures. These characteristics make them a promising alternative to traditional, often volatile and toxic organic solvents in the petrochemical industry. They have broad applications in chemical and petrochemical industry processes. Ionic liquids may be applied in the following processes: desulfurization, benzene toluene xylene (BTX) separation, alkylation, and carbon capture units. Two different ionic liquid-based process configurations have been evaluated for BTX separation. It has been found that the process configuration working with 1-ethyl-3methylimidazolium tricyanomethanide ([emim][TCM]) reduces the energy costs and capital expenditures associated with the Morphylane process by 67 and 63%, respectively. It also reduces solvent costs, confirming it as a cleaner alternative. The hydrodesulfurization (HDS) process is operated under harsh conditions, such as high temperature and high pressure and the requirement of a noble catalyst and hydrogen. High-Temperature Hydrogen Attack (HTHA) failure occurs at high temperatures between the gaseous molecular hydrogen contained inside the steel pressure vessel and the carbon atoms located in the steel matrix or in carbides. Methane molecules are produced during this reaction. This phenomenon can consequently lead to a loss of mechanical properties due to surface decarburization and to the formation of defects caused by methane bubbles mainly located at grain boundaries. The application of ionic liquids (ILs) in oil refineries offers significant advantages, such as safety, environmental sustainability, and process efficiency, primarily by serving as versatile alternatives to hazardous traditional solvents and catalysts. Across BTX extraction, carbon capture, and desulfurization/HDS-adjacent service, the recurring barriers are high viscosity, difficult regeneration, solvent cost/inventory and uncertain long-term stability. Full article

This study addresses the technical, environmental, economic, and systemic role of multi-apartment residential buildings as hydrogen consumption nodes within urban energy systems. A representative five-story building comprising 30 apartments and 2400–2800 m² of heated floor area, located in a cold European climate, was modelled with an annual heat demand of approximately 185,000 kWh. Four heating configurations were assessed: a conventional natural gas/biomethane boiler (baseline), a hydrogen boiler, a hydrogen-fuel-cell combined heat and power (CHP) system, and a hybrid heat-pump–hydrogen solution. Dynamic simulations indicate that all hydrogen-based systems can fully satisfy space heating and domestic hot water demand without modifications to the internal hydronic distribution network. The fuel cell CHP achieved an overall efficiency of 93%. It generated approximately 54,000 kWh/year of on-site electricity, while the hybrid configuration reached a seasonal efficiency of 108% and the highest primary energy reduction (46%). Operational CO₂ emissions decreased from 37,800 kg/year (gas baseline) to 1900 kg/year (green hydrogen boiler), 1200 kg/year (fuel cell CHP), and 900 kg/year (hybrid system), corresponding to reductions of up to 98%. Peak-load analysis demonstrated improved operational stability in CHP and hybrid systems, characterised by reduced cycling frequency and enhanced thermal resilience through hydrogen storage integration. Capital expenditure (CAPEX) ranged from 41,000 EUR (gas baseline) to 101,000 EUR (fuel cell CHP), reflecting additional storage, safety, and control requirements. Over a 20-year lifecycle (5% discount rate), the hybrid system achieved the lowest levelized cost of heat (0.076 EUR/kWh), followed by fuel cell CHP (0.081 EUR/kWh), compared to 0.087 EUR/kWh for gas. Payback periods ranged between 9 and 13 years, depending on configuration and hydrogen pricing assumptions. Sensitivity analysis identified a break-even hydrogen price of approximately 0.085 EUR/kWh, while carbon pricing above 100 EUR/t CO₂ significantly improves economic competitiveness. District-scale aggregation modelling suggests that hydrogen-equipped multi-apartment buildings can reduce grid electricity imports by 30–40% through on-site generation and seasonal storage. The findings confirm that multi-apartment buildings offer structural and economic advantages for early hydrogen deployment compared to dispersed housing typologies. By combining high demand density, centralised infrastructure, and compatibility with sector-coupling strategies, such buildings can function as distributed energy hubs within decarbonized urban systems. Full article

This study examines the impact of ESG disclosure, leverage, and profitability on firm value, measured by Tobin’s Q, among 67 non-financial Tadawul-listed companies in Saudi Arabia over the period 2015–2024. ESG disclosure is captured through a manual content-analysis index that scores the proportion of expected environmental, social, and governance items reported by each firm. The study further investigates whether board independence moderates these relationships while controlling for liquidity, firm size, current ratio, capital expenditure, and board size. Methodologically, the study employs the two-step system generalized method of moments (system GMM) estimator, which addresses dynamic persistence, endogeneity, and unobserved heterogeneity. The findings reveal that ESG disclosure has a positive and significant effect on firm value, indicating that the Saudi market increasingly rewards firms that provide broader sustainability-related information. Profitability also exerts a positive influence on Tobin’s Q, while leverage has a negative and significant effect, suggesting that higher debt weakens market valuation. Among the moderating effects, board independence significantly reduces the negative impact of leverage on firm value, although it does not significantly strengthen the positive ESG disclosure–firm value relationship. The results also show that liquidity, firm size, capital expenditure, and board size positively influence firm value. The study’s novelty lies in being the first, to our knowledge, to integrate ESG disclosure, financial structure, profitability, and board independence within a single dynamic firm-value framework over a decade-long panel that brackets the Saudi Exchange’s 2021 ESG disclosure guideline. In doing so, it advances emerging-market ESG research by showing that, under Saudi Arabia’s largely voluntary disclosure regime and concentrated-ownership structure, board independence operates primarily as a risk-monitoring mechanism rather than as an amplifier of disclosure value. The findings imply that regulators should strengthen and progressively mandate ESG reporting frameworks, that investors should treat ESG transparency as value-relevant information, and that firms should view ESG transparency and prudent governance as strategic tools for enhancing market value in line with Vision 2030. Full article

Water and sanitation governance sits at the intersection of global development ambitions and highly localized service realities. While SDG6 sets universal targets for clean water and sanitation, the institutional and fiscal arrangements that translate those targets into actual service outcomes operate primarily at the subnational level. The discrepancy between globally defined objectives and locally executed delivery creates a structural research gap: how do the fiscal architectures of local governments influence progress towards SDG6? This study addresses this question for a panel of OECD countries by developing a deep learning-based estimation framework that combines bidirectional long short-term memory (BiLSTM) networks with Tianji’s horse racing optimization (THRO) algorithm. Three distinct operationalizations of fiscal decentralization are tested against SDG6 outcomes: subnational expenditure share (EFDM), subnational revenue share (RFDM), and a composite index balancing both dimensions (CFDM). Model adequacy is assessed using a layered diagnostic protocol involving regression fit, country-level residual patterns, error density profiles, Bland–Altman limits of agreement and inter-annual error trajectories. Among the three configurations, CFDM consistently records superior performance ($R^2=0.9216$; $RMSE = 1.4465$; $MAE = 1.0712$), while even the weakest specification clears $R^2=0.89$, attesting to the overall robustness of the proposed architecture. The margin by which CFDM outperforms its alternatives highlights a key finding: neither spending authority nor revenue capacity alone accurately reflects the fiscal reality of local water and sanitation governance; it is their combined effect that is important. The expenditure dimension is further proven to be the more influential of the two unidimensional proxies, consistent with the capital-intensive and maintenance-heavy nature of water infrastructure. On the other hand, coefficient findings show that fiscal decentralization is positively associated with SDG6 achievement for all models. Beyond its empirical contributions, the study introduces a methodological template for applying hybrid AI optimization to policy-relevant sustainability panels. It also connects two largely parallel bodies of scholarship, fiscal federalism and SDG research, that have rarely been examined together. Full article

During the stage of high-quality economic development, the synergy between advancing county industrial structure and employment growth has become a key issue in county governance. Although existing studies confirm that industrial structure has both creation and substitution effects on employment, few have adopted a configurational perspective to reveal how combinations of multiple factors can jointly promote both advanced county industrial structure and employment growth, thereby achieving industry-employment synergy. From the perspective of inclusive growth, this study incorporates six factors-economic level, financial level, innovation level, human capital, fiscal expenditure, and agricultural resources-into a unified analytical framework under the dimensions of efficiency and equity. Using a mixed method that combines dynamic QCA and regression analysis, and taking 1128 Chinese counties as the sample, this study explores configurational pathways that can simultaneously achieve advanced county industrial structure and inclusive employment growth. The findings are as follows: (1) Four configurational pathways lead to advanced county industrial structure: market-driven with efficiency priority (C1), endowment-substituted with factor concentration (C2), endowment-dependent with efficiency-equity coordination (C3), and talent–innovation dual-driven with government assistance (C4). (2) These four pathways differ in their effectiveness in promoting industry–employment synergy. Configurations C1, C2, and C3 achieve coordinated development of county industry and employment, whereas configuration C4 promotes advanced county industrial structure but inhibits employment growth. The conclusions reveal multiple equivalent pathways for synergistically enhancing county industry and employment, providing a basis for local governments to formulate context-specific industry–employment coordination policies. Full article

Cordyceps militaris is a high-value medicinal mushroom with growing demand in functional-food and nutraceutical markets, yet practical frameworks for small-scale, family-operated cultivation remain limited. This study presents an integrated technical and economic feasibility analysis of small-scale Cordyceps production under two scenarios: a one-room setup (Scenario 1) and a two-room configuration with a shared processing area and staggered scheduling (Scenario 2). Both use consistent biological, operational, and market assumptions with no hired labor, and the analysis covers capital expenditure (CapEx), operating costs (OpEx), profitability, payback, and break-even thresholds, complemented by sensitivity analysis of parameters such as biological efficiency and contamination rates. Both scenarios were technically and financially viable. Scenario 1 achieved a net present value (NPV) of $1761, an internal rate of return (IRR) of 10%, a 4.7-year discounted payback, and a 133% five-year return on investment (ROI); Scenario 2 attained an NPV of $85,437, a 66% IRR, a 1.6-year payback, and a 366% ROI. Because gross margins were consistent across scales, the expansion’s advantage stemmed from more efficient CapEx amortization rather than improved unit profitability. Cordyceps cultivation emerges as a viable family-operated, small-scale enterprise that can diversify family income, generate supplementary or primary earnings, and support urban and rural livelihoods. Full article

While land development opportunities stemming from planning regulations demonstrably influence rural household income, quantitative evidence quantifying these effects remains limited. Measuring and decomposing these effects can empirically support territorial spatial planning policies aimed at alleviating associated regional development imbalances and advancing sustainable rural development. This study selects Wuhan’s Sino-French Eco-City (urban development zone) and Xiaosi Township (wetland conservation zone) as typical zones. Based on 573 randomly sampled rural households, we explore the effects of land development opportunities on rural household incomes and find that: (1) Land development opportunities for non-agricultural conversion in the urban development zone significantly increase rural households’ total income, wage income, though their corresponding contribution rates are limited. Endogenously accumulated endowments such as human capital and economic status dominate the formation of such income gaps. (2) Planning-induced land development opportunities yield coefficients of 1.0442 for local employment income and −0.4567 for agricultural business income, with both statistically significant at the 1% significance level. Decomposition results show their respective contribution rates of 70.68% and 86.77%, demonstrating that such opportunities primarily account for cross-regional rural household income gaps. (3) Whereas non-agricultural land development opportunities narrow disparities in households’ local employment income, they raise inequality in rural households’ migrant employment, business, property and transfer income. These growth and equality-enhancing effects on local wage income are particularly pronounced for households possessing high-quantity but low-quality human capital. This study recommends supporting protected zones via farmer vocational training, expanded rural public service expenditure, and a benefit-sharing mechanism that channels land development gains to ecological and agricultural regions to strengthen households’ endogenous development capacity. Full article