Search Results (460)

A comprehensive techno-economic assessment was undertaken to determine the viability of bioethanol production from sugarcane bagasse in Thailand through organosolv fractionation, incorporating three distinct catalytic systems: sulfuric acid, formic acid, and sodium methoxide. Rigorous process simulations were executed using Aspen Plus, facilitating the derivation of detailed mass and energy balances, which served as the foundational input for downstream cost modeling. Economic performance metrics, including the total annualized cost and minimum ethanol selling price, were systematically quantified for each scenario. Among the evaluated configurations, the formic acid-catalyzed organosolv system exhibited superior techno-economic attributes, achieving the lowest unit production costs of 1.14 USD/L for ethanol and 1.84 USD/kg for lignin, corresponding to an estimated ethanol selling price of approximately 1.14 USD/L. This favorable outcome was attained with only moderate capital intensity, indicating a well-balanced trade-off between operational efficiency and investment burden. Conversely, the sodium methoxide-based process configuration imposed the highest economic burden, with a TAC of 15.27 million USD/year, culminating in a markedly elevated MESP of 5.49 USD/kg (approximately 4.33 USD/L). The sulfuric acid-driven system demonstrated effective delignification performance. Sensitivity analysis revealed that reagent procurement costs exert the greatest impact on TAC variation, highlighting chemical expenditure as the key economic driver. These findings emphasize the critical role of solvent choice, catalytic performance, and process integration in improving the cost-efficiency of lignocellulosic ethanol production. Among the examined options, the formic acid-based organosolv process stands out as the most economically viable for large-scale implementation within Thailand’s bioeconomy. Full article

This paper examines the effect of digital innovation on cost stickiness in manufacturing firms, focusing on the underlying mechanisms and contextual factors. Using data from Chinese A-share listed manufacturing firms from 2012 to 2023, we find that, first, for each one-unit increase in the level of digital technology, the cost stickiness index of enterprises decreases by an average of 0.4315 units, primarily through digital process innovation and digital business model innovation, whereas digital product innovation does not exhibit a statistically significant impact. Second, manufacturing servitization and the optimization of human capital structure are identified as key mediating mechanisms. Digital innovation promotes servitization by transitioning firms from product-centric to service-oriented business models, thereby reducing fixed costs and improving resource flexibility. It also optimizes human capital by increasing the proportion of high-skilled employees and reducing labor adjustment costs. Third, the effect of digital innovation on cost stickiness is found to be heterogeneous. Firms with high financing constraints benefit more from the cost-reducing effects of digital innovation due to improved resource allocation efficiency. Additionally, mid-tenure executives are more effective in leveraging digital innovation to mitigate cost stickiness, as they balance short-term performance pressures with long-term strategic investments. These findings contribute to the understanding of how digital transformation reshapes cost behavior in manufacturing and provide insights for policymakers and firms seeking to achieve sustainable development through digital innovation. Full article

This paper aims to find an efficient optimization algorithm to bring down the cost function without compromising the stability of the system and respect the operational constraints of the Hybrid Renewable Energy System. To accomplish this, MATLAB simulations were carried out using three optimization techniques: Grey Wolf Optimization (GWO), Teaching–Learning-Based Optimization (TLBO), and Multi-Objective Particle Swarm Optimization (MOPSO). The study compared their outcomes to identify which method yielded the most effective performance. The research included a statistical analysis to evaluate how consistently and stably each optimization method performed. The analysis revealed optimal values for the output power of photovoltaic systems (PVs), wind turbines (WTs), diesel generator capacity (DGs), and battery storage (BS). A one-year period was used to confirm the optimized configuration through the analysis of capital investment and fuel consumption. Among the three methods, GWO achieved the best fitness value of 0.24593 with an LPSP of 0.12528, indicating high system reliability. MOPSO exhibited the fastest convergence behaviour. TLBO yielded the lowest Net Present Cost (NPC) of 213,440 and a Cost of Energy (COE) of 1.91446/kW, though with a comparatively higher fitness value of 0.26628. The analysis suggests that GWO is suitable for applications requiring high reliability, TLBO is preferable for cost-sensitive solutions, and MOPSO is advantageous for obtaining quick, approximate results. Full article

This research aims to analyze the evolution of productivity and efficiency in tractors featuring varying propulsion system designs through the development of a parametric modeling approach. Recognizing that large row-crop tractors represent a significant capital investment—ranging from USD 0.4 to over 0.8 million for current-generation models—and that machinery costs constitute a substantial share of farm production expenses, this study addresses the urgent need for data-driven decision-making in agricultural enterprises. Utilizing consolidated OECD Code 2 tractor test data for all large row-crop John Deere tractors from the MFWD era to the latest generation, the study evaluates tractor performance across multiple productivity and efficiency indicators. The analysis culminates in the creation of a robust, user-friendly parametric model (R² = 0.9337, RMSE = 1.0265), designed to assist stakeholders in making informed decisions regarding tractor replacement or upgrading. By enabling the optimization of productivity and efficiency while accounting for agronomic and timeliness constraints, this model supports sustainable and profitable management practices in modern agriculture. Full article

As global climate change intensifies and the transition to clean energy accelerates, lithium-ion batteries—critical components of electric vehicles—are becoming increasingly vital in international trade networks. This study investigates the structural evolution and determinants of the electric vehicle lithium-ion battery trade network among European Union (EU) member states from 2012 to 2023, employing social network analysis and the multiple regression quadratic assignment procedure method. The findings demonstrate the transformation of the network from a centralized and loosely connected structure, with Germany as the dominant hub, to a more interconnected and decentralized system in which Poland and Hungary emerge as the leading players. Key network metrics, such as the density, clustering coefficients, and average path lengths, reveal increased regional trade connectivity and enhanced supply chain efficiency. The analysis identifies geographic and economic proximity, logistics performance, labor cost differentials, energy resource availability, and venture capital investment as significant drivers of trade flows, highlighting the interaction among spatial, economic, and infrastructural factors in shaping the network. Based on these findings, this study underscores the need for targeted policy measures to support Central and Eastern European countries, including investment in logistics infrastructure, technological innovation, and regional cooperation initiatives, to strengthen their integration into the supply chain and bolster their export capacity. Furthermore, fostering balanced inter-regional collaborations is essential in building a resilient trade network. Continued investment in transportation infrastructure and innovation is recommended to sustain the EU’s competitive advantage in the global electric vehicle lithium-ion battery supply chain. Full article

Over the past decade, multifactor models have shown enhanced capability compared to single-factor models in explaining asset return variability. Given the common assertion that higher risk tends to yield higher returns, this study empirically examines the augmented human capital six-factor model’s performance on thirty-two portfolios of non-financial firms sorted by size, value, profitability, investment, and labor income growth in the Indian market over the period July 2010 to June 2023. Moreover, the current study extends the Fama and French five-factor model by incorporating a human capital proxy by labor income growth as an additional factor thereby proposing an augmented six-factor asset pricing model (HC6FM). The Fama and MacBeth two-step estimation methodology is employed for the empirical analysis. The results reveal that small-cap portfolios yield significantly higher returns than large-cap portfolios. Moreover, all six factors significantly explain the time-series variation in excess portfolio returns. Our findings reveal that the Indian stock market experienced heightened volatility during the COVID-19 pandemic, leading to a decline in the six-factor model’s efficiency in explaining returns. Furthermore, Gibbons, Ross, and Shanken (GRS) test results reveal mispricing of portfolio returns during COVID-19, with a stronger rejection of portfolio efficiency across models. However, the HC6FM consistently shows lower pricing errors and better performance, specifically during and after the pandemic era. Overall, the results offer important insights for policymakers, investors, and portfolio managers in optimizing portfolio selection, particularly during periods of heightened market uncertainty. Full article

This paper aims to enhance operational efficiency in the labor-intensive production of composite wind turbine blades, which are critical components of renewable energy systems. The study was conducted at a wind energy facility in Türkiye, integrating the Single-Minute Exchange of Die (SMED) methodology with a Multi-Mode Resource-Constrained Project Scheduling Problem (MRCPSP) model to reduce production cycle time and optimize labor utilization. An operational time analysis was used to identify and classify non-value-adding activities. SMED principles were then adapted to the fixed-position manufacturing environment, enabling the conversion of internal setup activities into external ones and facilitating task parallelization. These improvements significantly increased productivity and labor efficiency. Subsequently, a scheduling model was developed to optimize the sequence of operations while accounting for activity precedence and resource constraints. As a result, the proposed approach reduced cycle time by 28.6% and increased average labor utilization from 68% to 87%. Scenario analyses confirmed the robustness of the model under varying levels of workforce availability. The findings demonstrate that integrating lean manufacturing techniques with optimization-based scheduling can yield substantial efficiency gains without requiring major capital investment. Moreover, the proposed approach offers practical insights into workforce planning and production scheduling in renewable energy manufacturing environments. Full article

In regions where transportation and the economy are closely integrated, optimizing network structure and enhancing synergy are vital for regional integration. This paper constructs a dual-factor linkage network using enterprise investment and liner shipping data to analyze linkage strength and synergy effects among cities in the Greater Bay Area. The findings reveal that (1) a core-periphery structure exists, with core cities dominating resource flows while secondary cities remain weak. The logistics network is led by Hong Kong and Shenzhen, while the capital flow network showcases the dominance of Hong Kong, Shenzhen, and Guangzhou. (2) From 2016 to 2021, interactions between transportation and the economy deepened, showing strong correlations in logistics and capital flows among core cities and between core and edge cities, but weaker correlations with sub-core and edge cities. Core cities stabilize regional transportation and economy, fostering agglomeration, while sub-core cities are more reliant on them, indicating a need for better resource balance. (3) The spatio-temporal coupling analysis reveals significant heterogeneity in flows among cities, with many exhibiting antagonistic couplings outside core areas. This study enhances understanding of synergy mechanisms in transportation and economic networks, offering insights for optimizing layouts and improving capital flow efficiency. Full article

Because neural networks pervade many industrial domains and are increasingly complex and accurate, the trained models themselves have become valuable intellectual properties. Developing highly accurate models demands increasingly higher investments of time, capital, and expertise. Many of these models are commonly deployed in cloud services and on resource-constrained edge devices. Consequently, safeguarding them is critically important. Neural network watermarking offers a practical solution to address this need by embedding a unique signature, either as a hidden bit-string or as a distinctive response to specially crafted “trigger” inputs. This allows owners to subsequently prove model ownership even if an adversary attempts to remove the watermark through attacks. In this manuscript, we adapt three state-of-the-art watermarking methods to “tiny” neural networks deployed on edge platforms by exploiting symmetry-related properties that ensure robustness and efficiency. In the context of machine learning, “tiny” is broadly used as a term referring to artificial intelligence techniques deployed in low-energy systems in the mW range and below, e.g., sensors and microcontrollers. We evaluate the robustness of the selected techniques by simulating attacks aimed at erasing the watermark while preserving the model’s original performances. The results before and after attacks demonstrate the effectiveness of these watermarking schemes in protecting neural network intellectual property without degrading the original accuracy. Full article

Purpose: The acquirer’s corporate environmental performance (CEP) in mergers and acquisitions has been a subject of debate, yielding mixed results. This paper uses the US firm-level data of 1437 M&A deals from 2002–2019 to examine the impact of overall CEP, resource use, emissions, and innovation on the acquirers’ post-merger market value. Design/methodology/approach: This study employs multi-level fixed effects panel regression using Ordinary Least Squares (OLS) and the instrumental variable (IV) 2SLS method to estimate the models and compare the results with those from robust estimation. Absorbing the multiple levels of fixed effects (i.e., firm, industry, and year) offers a novel and robust algorithm for efficiently accounting for unobserved heterogeneity. The results from IV (2SLS) are more convincing, as the method overcomes the problem of endogeneity due to reverse causality and sample selection bias. Findings: The authors find that CEP has a significant impact on market value, particularly in the long term. While both resource use and emissions performance have positive effects, emissions performance has a stronger impact, presumably because external stakeholders and market participants are more concerned about emissions reduction. The performance of environmental innovation is relatively weak compared to other pillars. Descriptive analysis shows low average scores in environmental innovation compared to the resource use and emissions performance of the acquirers. However, large deals yield significant returns from investing in environmental innovation in both the short and long term compared to small deals. Practical implications: This paper offers several practical implications. First, environmental performance can help improve the acquirer’s long-term market value. Second, managers can focus on the strategic side of environmental performance, based on its pillars, and benchmark their relative position against peers. Third, environmental innovation can be considered a new potential, as the market as a whole in this area is still lagging. Given the growing pressure to improve environmental technology and innovation, prospective acquirers should confidently prioritise actions on green revenue, product innovation, and capital expenditure now rather than ticking these boxes later. Originality value: The key contribution is offering valuable insights into the impact of acquirers’ environmental performance on long-term value creation in mergers and acquisitions (M&A). These results fill the gap in the literature focusing mainly on the effect of environmental pillar and sub-pillar scores on acquirer’s firm value. The authors claim that analysing sub-pillar-level granularity is crucial for accurately measuring the effects on firm-level performance. Full article

This paper examines the relationship between investment in water education and economic performance, focusing on the context of widening countries (EU Member States and Associated Countries with lower research and innovation performance). Through time-series data and panel regression analysis, the study investigates whether increased spending on education correlates with Gross Domestic Product (GDP) growth. While the initial static model indicates a positive but statistically insignificant association, a dynamic model with lagged GDP significantly improves explanatory power, suggesting that educational investments may influence growth with a temporal delay. Complementing the macroeconomic data, the paper analyses how targeted investments in educational innovation, especially in digital technologies such as virtual reality (VR) applications, enhance teaching quality and student engagement. Examples from partner universities involved in the WATERLINE project (Horizon Europe, 101071306) show how custom-built VR modules, aligned with existing hydraulic labs, contribute to advanced water-related skills. The paper also presents a cost-benefit analysis of VR applications in water education, highlighting their economic efficiency compared to traditional laboratory equipment. Additionally, it explores how micro-level innovations in education can generate macroeconomic benefits through widespread adoption and systemic impact. Ultimately, the research highlights the long-term value of education and innovation in strengthening both economic and human capital across diverse regions. Full article

The acquisition of real-world sonar data necessitates substantial investments of manpower, material resources, and financial capital, rendering it challenging to obtain sufficient authentic samples for sonar-related research tasks. Consequently, sonar image simulation technology has become increasingly vital in the field of sonar data analysis. Traditional sonar simulation methods predominantly focus on low-level physical modeling, which often suffers from limited image controllability and diminished fidelity in multi-category and multi-background scenarios. To address these limitations, this paper proposes a Conditional Dual-Branch Attention Generative Adversarial Network (CDBA-GAN). The framework comprises three key innovations: The conditional information fusion module, dual-branch attention feature fusion mechanism, and cross-layer feature reuse. By integrating encoded conditional information with the original input data of the generative adversarial network, the fusion module enables precise control over the generation of sonar images under specific conditions. A hierarchical attention mechanism is implemented, sequentially performing channel-level and pixel-level attention operations. This establishes distinct weight matrices at both granularities, thereby enhancing the correlation between corresponding elements. The dual-branch attention features are fused via a skip-connection architecture, facilitating efficient feature reuse across network layers. The experimental results demonstrate that the proposed CDBA-GAN generates condition-specific sonar images with a significantly lower Fréchet inception distance (FID) compared to existing methods. Notably, the framework exhibits robust imaging performance under noisy interference and outperforms state-of-the-art models (e.g., DCGAN, WGAN, SAGAN) in fidelity across four categorical conditions, as quantified by FID metrics. Full article

This paper develops a nonlinear optimization model for the optimal allocation of labor and investment resources in a three-sector open economy. The model is based on the Cobb–Douglas production function and incorporates sectoral interdependencies, capital depreciation, trade balances, and import quotas. The resource allocation problem is formalized as a constrained optimization task, solved analytically using the Lagrange multipliers method and numerically via the golden section search. The model is calibrated using real statistical data from Kazakhstan (2010–2022), an open resource-exporting economy. The results identify structural thresholds that define balanced growth conditions and resource-efficient configurations. Compared to existing studies, the proposed model uniquely integrates external trade constraints with analytical solvability, filling a methodological gap in the literature. The developed framework is suitable for medium-term planning under stable external conditions and enables sensitivity analysis under alternative scenarios such as sanctions or price shocks. Limitations include the assumption of stationarity and the absence of dynamic or stochastic features. Future research will focus on dynamic extensions and applications in other open economies. Full article

The growing global demand for sustainable energy solutions has spurred interest in hybrid renewable energy systems, particularly those combining photovoltaic (PV) solar and wind power. This study records the technical and financial feasibility of establishing hybrid solar photovoltaic and wind power stations in Iraq, Al-Rutbah and Al-Nasiriya, with a total power of 60 MW for each, focusing on optimizing energy output and cost-efficiency. The analysis evaluates key technical factors, such as resource availability, system design, and integration challenges, alongside financial considerations, including capital costs, operational expenses, and return on investment (ROI). Using the RETScreen program, the research explores potential locations and configurations for maximizing energy production and minimizing costs, and the evaluation is performed through the calculation Internal Rate of Return (IRR) on equity (%), the Simple Payback (year), the Net Present Value (NPV), and the Annual Life Cycle Savings (ALCSs). The results show that both PV and wind technologies demonstrate significant energy export potential, with PV plants exporting slightly more electricity than their wind counterparts. Al Nasiriya Wind had the highest output, indicating favorable wind conditions or better system performance at that site. The results show that the analysis of the proposed hybrid system has a standardizing effect on emissions, reducing variability and environmental impact regardless of location. The results demonstrate that solar PV is significantly more financially favorable in terms of capital recovery time at both sites, and that financial incentives, especially grants, are essential to improve project attractiveness, particularly for wind power. The analysis underscores the superior financial viability of solar PV projects in both regions. It highlights the critical role of financial support, particularly capital grants, in turning renewable energy investments into economically attractive opportunities. Full article

The relationship between firm size and the financial performance of advertising and marketing companies remains understudied in the academic literature, including in the regional context. Using a panel data methodology, this study analyzes the impact of three proxies for firm size (total assets, number of employees, and sales) on the financial performance (return on assets and profit margin) of the 500 most profitable advertising and marketing companies from 16 Western European countries over the period 2019–2023. Weighted least squares regression analysis revealed statistically significant negative effects of all three proxies for firm size on financial performance, with the strongest negative effects on total assets on return on assets and sales on profit margin, which is similar to return on sales. Empirical data confirm the inverse relationship between total assets and their profitability; this indicates the advantages of resource-optimized business models with high management flexibility and effective use of intellectual capital compared to material-intensive structures. The inverse relationship between the number of employees and financial performance is due to higher operating personnel costs and the difficulty of effectively managing human resources as the number of employees increases. Increased sales negatively affect profit margins, demonstrating a decrease in the efficiency of converting revenue into profits as operations expand. These findings are important for developing effective financial management strategies and making investment decisions in the industry under study. The research contributes to SDGs 8, 9, and 12 by demonstrating how resource-optimized structures with higher management flexibility and effective use of intellectual capital can outperform material-intensive structures in the advertising and marketing industry. Full article