Search Results (634)

With the ongoing development of the digital economy, the productive function of data as an economic factor has become increasingly salient. Scientifically and rigorously assessing the value of data assets is essential for improving the national economic accounting system and promoting sustainable economic growth. In light of the limitations inherent in existing cost-based and market-based valuation approaches, this paper proposes a comprehensive valuation model that integrates the cost approach with the income approach and applies it to the commercial banking sector. Specifically, text analysis is employed to estimate human capital investment in data assets from the perspective of labor supply and demand, after which total costs are derived based on the proportion of human capital. An ARIMA model is used to forecast future cost inputs and net profits associated with data assets. Furthermore, the income-based approach is adopted to estimate the average present value of data assets, with the results of the two methods serving to validate each other. The comparison of estimation results under the cost approach and the income approach further validates the relationship between input and output in data assets. This also demonstrates that data assets follow the law of diminishing marginal utility, thereby contradicting the notion that data increases in value with greater usage. This study enriches the theoretical framework of data asset valuation, broadens its application scope, and provides meaningful guidance for advancing data asset accounting practices and related research. Full article

Salmonella spp. is a pathogenic microorganism linked to eggs and egg products. In-shell eggs are not required to be pasteurized in any country before they reach the consumer. The use of an emerging technology known as radio frequency has been successfully used to inactivate this pathogen inside in-shell eggs and claim pasteurization standards (5 - log reduction). The objective of this manuscript was to conduct the engineering cost of egg processing using a radio frequency pasteurizer and compare the processing cost to conventional thermal pasteurization for in-shell eggs. The ARS-patented radio frequency pasteurizer was used (40.68 MHz, 35 W) to pasteurize eggs in 24.5 min. The conventional thermal pasteurization (56.7 °C) required 60 min for the same level of inactivation. The techno-economic analysis (TEA) included information from stakeholders, egg processors and equipment manufacturers and was used together with energy balances and some key assumptions. Calculations for the engineering cost were made based on the required energy for each system, showing that the radio frequency required a third of the total cost of electricity to pasteurize eggs in a year compared with thermal, based on utilities costs in PA. Other utilities such as water and steam were also minor for radio frequency pasteurization. After two years of operation, the projected additional cost of processing is ~USD 0.19 per egg for the radio frequency system, compared with USD 0.22 per egg for conventional thermal treatment, largely due to volume-based amortization of capital costs and lower annual operating costs for the RF process. Radio frequency thus could be an option to pasteurize eggs in farms from PA and potentially in other states, using the system developed by our research team, while reducing energy consumption and increasing return on investment. Full article

This study provides new evidence on how production digitalization investment affects firm financial performance across diverse European regions. A panel of 14,935 firm-year observations from 30 countries (2012–2022), including a focused Baltic subsample, is used alongside a refined digital capital intensity metric based on depreciated plant and machinery value. The results indicate a positive association between digital investment and operating revenue across Europe, with significantly stronger effects observed in the Baltic region. Interaction models reveal higher marginal returns for Baltic firms, suggesting that digital capital delivers amplified value in economies with lower digital saturation but greater absorptive urgency. Employee-related costs consistently predict revenue outcomes, underscoring their role in translating digital assets into performance. Intangible fixed assets exhibit a positive impact in Baltic labor-scale models but weaker effects elsewhere, indicating that institutional maturity mediates knowledge capital productivity. Implications: (1) digital investment yields asymmetric returns; (2) workforce investment enhances digital ROI; and (3) policy should prioritize organizational readiness alongside infrastructure. This study contributes by introducing a replicable proxy for production-level digitalization and by providing rare comparative evidence on digital returns in transitional versus mature European economies. Full article

The article explores the current challenges and prospects for the electrification of the bus fleet in urban passenger transport, with a particular focus on the municipal operator Municipal Transport Ruse EAD. The study is motivated by the growing importance of sustainable mobility and the European Union’s policy framework aimed at decarbonization of urban transport systems. A mixed-integer linear programming (MILP) model is developed to optimize the investment and operational strategies for the gradual replacement of diesel buses with electric ones, taking into account capital expenditures, operational costs, charging infrastructure, and environmental benefits. Scenario analysis is employed to compare six different pathways of fleet electrification, ranging from partial to full transition within a defined planning horizon. The results highlight significant trade-offs between financial feasibility and ecological impact, illustrating that an accelerated electrification strategy yields the largest emission reductions but requires substantial upfront investment. Conversely, gradual transition scenarios demonstrate better budget alignment but achieve lower environmental benefits. The discussion emphasizes the practical applicability of the model for municipal decision-makers, offering a tool for strategic planning under economic and ecological constraints. The paper concludes that sustainable electrification of municipal bus fleets requires a balanced approach that aligns environmental objectives with financial and operational capacities. Full article

The widespread adoption of Electric Vehicles (EVs) is critically dependent on the deployment of efficient charging infrastructure. However, existing facility location models typically treat charging duration as an exogenous parameter, thereby neglecting the traveler’s autonomy to make trade-offs between service time and energy needs based on their Value of Time (VoT). This study addresses this theoretical gap by developing a heterogeneous network design model that endogenizes both charging mode selection and continuous charging duration decisions. A bi-objective optimization framework is formulated to minimize the weighted sum of infrastructure capital expenditure and users’ generalized travel costs. To ensure computational tractability for large-scale networks, an exact linearization technique is applied to reformulate the resulting Mixed-Integer Non-Linear Program (MINLP) into a Mixed-Integer Linear Program (MILP). Application of the model to the Hubei Province highway network reveals a convex Pareto frontier between investment and service quality, providing quantifiable guidance for budget allocation. Empirical results demonstrate that the marginal return on infrastructure investment diminishes rapidly. Specifically, a marginal budget increase from the minimum baseline yields disproportionately large reductions in system-wide dwell time, whereas capital allocation beyond a saturation point yields diminishing returns, offering negligible service gains. Furthermore, sensitivity analysis indicates an asymmetry in technological impact: while extended EV battery ranges significantly reduce user dwell times, they do not proportionally lower the capital required for the foundational infrastructure backbone. These findings suggest that robust infrastructure planning must be decoupled from anticipations of future battery breakthroughs and instead focus on optimizing facility heterogeneity to match evolving traffic flow densities. Full article

In response to recent policies on sustainable finance, nature restoration, soil protection, and biodiversity conservation, it is increasingly important for projects to assess their impacts on natural capital to safeguard Ecosystem Services (ES). Nature-Based Solutions (NBSs) are recognized as strategic tools for fostering cost-effective, nature- and people-centered development. Yet, standard economic and financial assessment methods often fall short, as many ES lack market prices. Indirect, ecosystem-based approaches—such as ES monetization and environmental cost accounting—are therefore critical. This study evaluates the feasibility of investing in NBSs by estimating their economic and financial value through indirect ES valuation. An empirical methodology is applied to quantify environmental costs relative to ES delivery, using Willingness to Pay (WTP) as a proxy for the economic relevance of NBSs. The proposed ES-Cost Accounting (ES-CA) framework was implemented across major NBS categories in Europe. Results reveal that the scale of NBS implementation significantly influences both unit environmental costs and ES provision: larger interventions tend to be more cost-efficient and generate broader benefits, whereas smaller solutions are more expensive per unit but provide more localized or specialized services. The findings offer practical guidance for robust cost–benefit analyses and support investment planning in sustainable climate adaptation and mitigation from an ES perspective. Full article

This study presents the techno-economic optimization of a hybrid distillation-membrane process for the complete fractionation of liquefied petroleum gas (LPG), targeting high-purity propane, n-butane, and isobutane recovery. The process employs an initial distillation column to separate propane (99% purity) from a propane-enriched stream, which is subsequently fed to a two-stage membrane system using an MFI zeolite hollow-fiber membrane for n-butane/isobutane separation. Through systematic simulation and sensitivity analysis, different membrane configurations were evaluated. The two-stage process with a partial residue-side reflux configuration demonstrated superior economic performance, achieving a total operating cost of 31.58 USD/h. Key membrane parameters—area, permeance, and separation factor—were optimized to balance separation efficiency with energy consumption and cost. The analysis identified an optimal configuration: a membrane area of 800 m², an n-butane permeance of 0.9 kg·m⁻²·h⁻¹, and a separation factor of 40. This setup ensured high n-alkane recovery while effectively minimizing energy use and capital investment. The study concludes that the optimized distillation-membrane hybrid process offers a highly efficient and economically viable strategy for the full utilization of LPG components. Full article

As global sustainable development progresses and the United Nations Sustainable Development Goals (SDGs) gain increasing prominence, pharmaceutical manufacturing firms face mounting challenges in implementing environmental, social, and governance (ESG) practices; these include high environmental compliance costs, limited drug accessibility, and governance inefficiencies. Patient capital, characterized by long investment horizons and high tolerance for risk, is well aligned with the long-term nature of ESG-oriented activities in this industry. Using a sample of pharmaceutical manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2015 to 2024, this study systematically examines the impact of patient capital on corporate ESG performance and explores the underlying mechanisms. The empirical results show that patient capital significantly improves ESG performance among pharmaceutical manufacturing firms. These findings remain robust across a series of robustness checks, including alternative variable measurements, sample adjustments, propensity score matching, instrumental variable estimation, and changes in the sample period. Further analysis reveals that patient capital enhances ESG performance through two primary channels: alleviating financing constraints and increasing R&D investment intensity. By focusing on the pharmaceutical manufacturing industry, this study extends the literature on patient capital to a highly regulated and socially sensitive sector, providing empirical evidence on how long-term, value-oriented capital can support sustainable development and improve ESG performance in industries with strong public welfare attributes. Full article

This study examines how environmental, social, and governance (ESG) occurrences relate to firm performance and how these relationships depend on firms’ investments in brand capital. Using firm-level data spanning more than two decades, we analyze the effects of positive and negative ESG events on market-based (sales) and accounting-based (return on assets; ROA) performance for firms with and without brand capital investment (BCI). Using panel data on U.S. firms from 1995 to 2019, we compare firms that invest in brand capital through advertising with firms that do not. The results reveal an interesting asymmetric pattern. Specifically, BCI firms experience greater sales gains following positive ESG occurrences but incur significantly larger losses following negative ESG events. Interestingly, non-BCI firms benefit less from positive ESG activities but face smaller penalties from negative ESG occurrences. This study contributes to the marketing literature by examining brand capital investment and how ESG activities translate into performance gains versus when they impose performance costs for firms. Full article

Internal accounting control personnel constitute the operational foundation through which firms ensure the accuracy and reliability of financial reporting, yet their relevance to capital market outcomes remains insufficiently documented. This study evaluates whether investment in internal accounting control personnel is incorporated into corporate bond pricing by considering both the quantitative dimension of staffing levels and the qualitative dimension of personnel expertise. Corporate bond issuance data are merged with mandatory disclosures on internal accounting control personnel for manufacturing firms listed on the Korea Exchange between 2011 and 2021. The analysis shows a significantly negative association between internal accounting control personnel and corporate bond yield spreads, with personnel expertise further reinforcing this relationship. These patterns are consistent with the view that enhanced monitoring capacity and stronger reporting credibility reduce information asymmetry and perceived default risk among bond investors. The evidence positions internal accounting control personnel as an operational and signaling indicator of internal control effectiveness reflected in debt market pricing and suggests that investment in internal control staff extends beyond compliance to produce measurable financial benefits through lower borrowing costs. Full article

This study investigates how economic development interacts with sustainability performance in the European Union, focusing on the structural and technological factors that shape progress in the green transition. Using Eurostat data for 27 EU member states over the period 2015–2023, the analysis employs panel econometric models (Pooled Ordinary Least Squares, Fixed Effects, and Random Effects) to explore how circular economy performance, innovation capacity, human capital, and renewable energy use influence environmental and economic outcomes across member states. The results show that R&D intensity and skilled human resources are key drivers of sustainability. Higher levels of circular material use and resource productivity contribute to long-term competitiveness. In contrast, uneven progress in renewable energy deployment points to persistent regional disparities and possible structural constraints that limit convergence. Northern and Western Europe record the strongest advances in innovation and environmental efficiency, whereas Southern and Eastern regions remain affected by industrial legacies and lower absorptive capacity. The findings highlight that, in the short term, renewable energy expansion may involve adjustment costs and potential trade-offs with economic competitiveness in less technologically developed economies. This study provides new comparative evidence on the differentiated pathways of the green transition across the EU. Policy implications suggest the need to reinforce R&D investment, expand circular manufacturing, and support an inclusive technological transition consistent with the European Green Deal and the United Nations 2030 Agenda. Full article

Dairy herd decisions about replacement, herd size, reproduction, and capital investments have long-lasting consequences for herd structure and farm cash flow. Yet most planning tools emphasize static budgets rather than the dynamic evolution of animal numbers and cash availability. The Dairy Herd Structure Simulation and Cash Flow tool is a web-based decision-support system, available through the Dairy Management Decision Support Tools website, designed to simulate these dynamics under alternative management strategies. The model operates in monthly time steps using a Markov–chain framework in which transition probabilities among animal states are driven by user-specified parameters such as culling, reproduction, and heifer management. Calves, heifers, and cows are tracked by age and lactation group, and starting conditions can be entered as herd-level summaries or via individual-animal spreadsheets. Economic components include milk income, variable costs, cull-cow income, heifer purchases or sales, miscellaneous costs, and loan amortization. For each scenario, the tool projects monthly cash flow and income over variable cost per cow, together with graphical summaries of herd structure. An example application compares a baseline steady-state herd with a heifer-driven herd growth scenario, illustrating how replacement strategies influence herd composition and net cash flow, supporting more informed dairy herd planning and risk management. Full article

Existing research suggests that information asymmetry remains a core barrier to entrepreneurial firms’ external financing. Drawing on signaling theory and a signal cost perspective, this study examines how two key entrepreneurial signals—high-cost patent signals and low-cost international market orientation (IMO) signals—shape the scale of firms’ external financing in Korea. We argue that although both signals are positively associated with financing scale, their effectiveness is differentially conditioned by investment discourse sentiment. Specifically, positive discourse sentiment amplifies the financing effects of both signals, whereas negative discourse sentiment attenuates the effect of IMO but strengthens the impact of patent signals, indicating that in pessimistic contexts investors rely more heavily on high-cost, externally verifiable signals when valuing and allocating capital. Using data from the Korean Venture Business Survey (2021–2023) and investment discourse sentiment measures constructed via LDA topic modeling and dictionary-based sentiment extraction, our empirical analyses support these hypotheses. Full article

Against the background of global energy transformation and low-carbon development, numerous difficult-to-mine coal resources (e.g., deep, thin coal seams and low-quality coal) remain underdeveloped, leading to potential resource waste. This study systematically summarizes the feasibility of developing these resources via underground coal gasification (UCG) technology, clarifies its basic chemical/physical processes and typical gas supply/gas withdrawal arrangements, and establishes an analytical framework covering resource utilization, gas production quality control, environmental impact, and cost efficiency. Comparative evaluations are conducted among UCG, surface coal gasification (SCG), natural gas conversion, and electrolysis-based hydrogen production. Results show that UCG exhibits significant advantages: wide resource adaptability (recovering over 60% of difficult-to-mine coal resources), better environmental performance than traditional coal mining and SCG (e.g., less surface disturbance, 50% solid waste reduction), and obvious economic benefits (total capital investment without CCS is 65–82% of SCG, and hydrogen production cost ranges from 0.1 to 0.14 USD/m³, significantly lower than SCG’s 0.23–0.27 USD/m³). However, UCG faces challenges, including environmental risks (groundwater pollution by heavy metals, syngas leakage), geological risks (ground subsidence, rock mass strength reduction), and technical bottlenecks (difficult ignition control, unstable large-scale production). Combined with carbon capture and storage (CCS) technology, UCG can reduce carbon emissions, but CCS only mitigates carbon impact rather than reversing it. UCG provides a large-scale, stable, and economical path for the efficient clean development of difficult-to-mine coal resources, contributing to global energy structure transformation and low-carbon development. Full article

Escalating energy prices have positioned households as pivotal agents in advancing demand-side energy efficiency. This study examines three complementary energy-saving strategies among Polish households: (1) habitual, low-cost actions such as switching off unnecessary lighting; (2) capital-intensive investments, including LED lighting and energy-efficient appliances; and (3) time-based and prosumptive strategies linked to dynamic tariffs and photovoltaic systems. The empirical analysis is based on a nationwide survey conducted using the Computer-Assisted Web Interviewing method, involving 401 respondents. The study’s contribution lies in integrating these strategies within a single analytical model and providing the first empirical evidence on their socio-demographic determinants in Central and Eastern Europe, with Poland as a representative case. The results show that older individuals more often adopt everyday habitual practices, whereas higher income and education levels are associated with investment-oriented behaviours. Urban households tend to favour technological solutions, while rural households more frequently adopt time-of-use tariffs and PV systems. Two complementary pathways are identified: a behavioural–habitual path and an investment–technological path. The findings offer guidance for public policy by showing that energy savings increase when financial incentives are combined with clear communication and low-effort decision tools that help households optimise energy use regardless of demographic profile. Full article