Search Results (57)

Articulated Tugs and Barges (ATBs) are increasingly recognised for their effectiveness in transporting chemicals, petroleum, bulk goods, and containers, primarily due to their exceptional flexibility and fuel efficiency. Recent projections indicate that the ATB market is on track for significant growth, which is expected to lead to an increase in the annual growth rate from 2025 to 2032. This study aims to analyse the current advancements in ATB technology and provide insights into the ATB fleet and the systems that connect tugboats and barges. Furthermore, it highlights the advantages of this transportation system, especially regarding its role in enhancing energy efficiency within the maritime transport sector. Currently, there is limited information available in the public domain about ATBs compared to other commercial vessels. The analysis reveals that much of the required information for modern ATB design is not accessible outside specialised design companies. The study also focuses on conceptual design aspects, which include the main dimensions, articulated connections, propulsion systems, and machinery, concluding with an evaluation of economic viability. Special emphasis is placed on defining the main dimensions, which is a critical part of the complex design process. In this context, the ratios of length to beam (L/B), beam to draft (B/D), beam to depth (B/T), draft to depth (T/D), and power to the number of tugs cubed (Pw/N³) are established as design control parameters in the conceptual design phase. This aspect underscores the novelty of the present study. Additionally, the economic viability is analysed in terms of both CAPEX (capital expenditures) and OPEX (operational expenditures). While CAPEX does not significantly differ between the methods used in different types of commercial ships, OPEX should account for the unique characteristics of ATB vessels. Full article

This study investigates the relationship between capital structure and financial performance in South African firms, focusing on the potential non-linear, inverse U-shaped effect of leverage on profitability. Drawing on data from 1548 firm-year observations covering 183 publicly listed South African companies between 2013 and 2022, the analysis employs both Fixed Effects (FE) and System Generalized Method of Moments (System-GMM) models to address endogeneity and capture dynamic adjustments. The findings indicate that moderate levels of debt enhance profitability, but excessive leverage leads to diminishing returns, confirming an inverse U-shaped relationship. System-GMM results further reveal the persistence of past profitability and validate the dynamic nature of capital structure decisions. Larger firms appear more capable of sustaining higher leverage without adverse effects, while smaller firms benefit from maintaining lower debt levels. The study concludes that strategic debt management, tailored to firm size and economic context, is critical for optimizing financial performance in emerging markets like South Africa. The study identifies the optimal leverage ratio for South African firms and shows how firm size moderates the relationship between debt and profitability, offering tailored insights for firms of different sizes. These insights offer valuable guidance for managers, investors, and policymakers aiming to strengthen financial stability and efficiency through informed capital structure choices. Full article

This study investigates how the rise of commission-free FinTech platforms and the introduction of fractional trading (FT) have altered trading behavior and order book dynamics in the NASDAQ equity market. Leveraging high-frequency ITCH data from highly capitalized stocks—AAPL, AMZN, GOOG, and TSLA—we analyze market microstructure changes surrounding the implementation of FT. Our empirical findings show a statistically significant increase in price levels, average tick sizes, and price volatility in the post-FinTech-FT period, alongside elevated price impact factors (PIFs), indicating steeper and less liquid limit order books. These shifts reflect greater participation by non-professional investors with limited order placement precision, contributing to noisier price discovery and heightened intraday risk. The altered liquidity landscape and increased volatility raise important questions about the resilience and informational efficiency of modern equity markets under democratized access. Our findings contribute to the growing literature on retail trading and provide actionable insights for market regulators and exchanges evaluating the design and oversight of evolving trading mechanisms. Full article

In the sustainable evolution of the entrepreneurial ecosystem, the efficiency of early-stage capital allocation directly affects the intergenerational transmission capacity of innovation resources. The financing barriers caused by information asymmetry urgently require institutional solutions. This study, based on tracking data from 19,463 startups in China’s information technology sector (2016–2019), analyzes how government-certified incubators (GCIs) optimize the sustainability of the entrepreneurial ecosystem through signaling mechanisms. The empirical results show that collaboration with a GCI can significantly increase the likelihood of IT startups securing venture capital by approximately 25%. This effect is not only due to the strict screening and resource support provided by GCIs, but also due to their role in amplifying internal signals from startups, such as the experience of founders and intellectual property. Notably, in the IT sector, the impact of GCIs is more significant for startups traditionally disadvantaged, particularly those led by female founders. Our research demonstrates that GCIs drive the sustainable development of the entrepreneurial ecosystem through three signaling mechanisms: (1) institutional certification screening, which optimizes the intergenerational allocation efficiency of ecosystem resources; (2) the signaling validation–amplification mechanism, which enhances the value of intellectual property and founder experience, alleviating investors’ challenges in quantifying startup potential; (3) inclusive signal rebalancing, where GCI certification significantly improves the funding success rate of female founders, breaking traditional market biases in screening disadvantaged groups and supporting the inclusive and sustainable development of the entrepreneurial ecosystem. These findings provide a new pathway for emerging economies to optimize the resilience of their entrepreneurial ecosystems through policy tools: for governments, GCIs achieve sustainable development goals at low institutional cost; for investors, the signal integration mechanism reduces investment information friction; and for entrepreneurs, certification endorsements accelerate market validation of sustainable business models. Full article

China’s retail industry faces unique challenges in supply chain financing, particularly for small and medium-sized enterprises (SMEs) that often struggle to secure loans due to insufficient credit ratings and collateral in the business environment of China. This paper presents a groundbreaking approach that integrates real-time data elements into financing models, addressing the critical issue of information asymmetry between financial institutions and retail SMEs. By leveraging dynamic data such as orders, receivables, and project progress, our novel framework moves beyond the limitations of traditional asset-based lending, employing advanced data analytics for enhanced credit assessment and risk management. Applying the Stackelberg game theory, we explore the strategic interactions between suppliers and purchasers in the retail supply chain, identifying optimal financing strategies that improve capital flow efficiency and reduce overall costs. Our comprehensive data-driven model incorporates various scenarios, including the traditional supply chain financing model (Model T) and the innovative data-element secured financing model (Model G). The latter further considers risk assessment, risk appetite, volume, and schedule factors, providing a holistic approach to financial decision-making. Through rigorous mathematical modeling and numerical analysis, we demonstrate the effectiveness of our proposed framework in optimizing supply chain financing strategies. The results highlight the potential for data-driven approaches to unlock new financing opportunities for SMEs, fostering a more collaborative and efficient ecosystem within the retail industry. This study presents comprehensive data-driven strategies that unlock new financing opportunities for SMEs, providing a practical roadmap for stakeholders to foster a more collaborative and efficient supply chain financing ecosystem. The significance of studying supply chain finance for small and medium-sized enterprises (SMEs) lies in optimizing financing models to address the financing difficulties faced by SMEs. This helps improve their market competitiveness and promotes resource sharing and collaboration among all parties in the supply chain, thereby achieving sustainable economic development. Full article

In the context of the rapid development of the global economy, promoting corporate economic development while taking into account sustainable development has gradually become the focus of attention of countries around the world. The ESG performance reflects the differences in the assessment of enterprises’ sustainable development potential by capital market information intermediaries. These differences affect the internal governance and external financing of enterprises, thereby influencing corporate green innovation. This research is based on 1500 Shanghai-Shenzhen A-share listed companies in China from 2012 to 2022. Using green technology innovation quantity (GINUM) and green technology innovation quality (GICIT) as the measures of corporate green innovation capabilities, and by constructing a DiD model and a benchmark regression model, the dynamic relationship between ESG performance and green innovation is explored. At the same time, the mediation effect model is introduced to examine the impact of ESG performance on corporate green innovation capabilities from three perspectives: financing constraints, management’s green development awareness, and employee innovation efficiency. In addition, endogenous analysis methods and robustness test methods are employed to further ensure the reliability of the research results. The research findings show that ESG performance can significantly promote corporate green innovation capabilities. Heterogeneity analysis reveals that ESG performance significantly enhances the green technology innovation capabilities of enterprises, especially among non-state-owned small and medium-sized enterprises (SMEs) and enterprises in the eastern region. The regression coefficients for GINUM and GICIT are 0.019, 0.021, 0.084, and 0.086, respectively, all of which are statistically significant at the 1% level. The mechanism analysis shows that in terms of alleviating financing constraints, enhancing management’s green development awareness, and improving employee innovation efficiency, the regression coefficients of ESG performance for GINUM and GICIT are −1.559, −1.953, 0.018, 0.011, 0.427, and 0.495, respectively, indicating a certain promoting effect. The results of this study enrich and expand the relevant research on the relationship between ESG and corporate green innovation capabilities to a certain extent. This research is expected to provide some new practical directions for promoting green innovation capabilities within the ESG framework. Full article

The development of the real economy is the cornerstone of sustainable social development. However, affected by the macroeconomic downturn and the profit-seeking nature of capital, the profit margins of real enterprises have been squeezed, resulting in an increase in hollowing out and excessive financialization of the real economy. Emerging technologies have revitalized the real economy, making digital transformation a critical strategy for enterprise growth. Based on data from non-financial listed companies in China’s A-share market from 2010 to 2023, this study explores how digital transformation mitigates over-financialization. The results indicate that advanced digital transformation can significantly curb excessive financialization of companies. First, it reduces governance costs and enhances information transparency, curbing management’s self-serving behavior and thereby inhibiting financialization. Second, it optimizes decision-making and improves investment efficiency. Further analysis reveals that these effects are more pronounced in early-growth companies, firms with limited investment opportunities, and those with low external visibility. This research provides a new perspective on the sustainable development of the real economy and helps more companies realize the opportunities brought about by digital technology. Full article

Food security serves as the cornerstone of national security, intricately linked to social stability and economic progress. Currently, with the swift evolutions in social economy, logistics and transport, information dissemination, and technological advancements, there has been a marked increase in the cross-regional flow of food production, distribution, and consumption. Consequently, the spatial interdependence of food security across different regions has grown increasingly salient. This paper investigates the spatial interrelationship of food security levels in China through a network analysis framework, examining its determinants and network dynamics. The findings offer valuable insights for decision-makers aiming to optimize agricultural resource allocation and enhance national food security levels. This research establishes a comprehensive evaluation index system for assessing food security levels in China across four dimensions: production security, distribution security, supply security, and consumption security. Employing data from 30 provinces between 2008 and 2022, the entropy method quantifies food security levels, while a modified gravity model underpins the construction of a spatial association network. This framework subsequently examines the network’s structural characteristics and the factors influencing its formation. The results reveal that: (1) China’s food security levels demonstrate a consistent upward trajectory over the study period, though significant regional disparities persist. The central region surpasses the national average, while the eastern and western regions lag. Recently, the western region has shown accelerated improvements in food security, followed by the central area, with the eastern region maintaining steady growth. (2) A structurally robust spatial correlation network of food security has emerged, characterized by variations in the number of network relationships, fluctuations in network density, and a decline in network efficiency while still exhibiting pronounced small-world characteristics. (3) The network displays a clear core-periphery structure, with Shanghai, Beijing, and Jiangsu positioned centrally, playing pivotal intermediary roles, whereas remote provinces such as Gansu, Ningxia, and Liaoning occupy the periphery. (4) The four major regions demonstrate sparse internal connectivity yet robust inter-regional ties, resulting in pronounced spillover effects. (5) Various factors, including geographic distance, provincial proximity, disparities in economic development levels, variations in marketization, differences in agricultural human capital, and disparities in land productivity, significantly impact the establishment of spatial correlations in food security. The affirmative influences of geographic distance and neighboring relations, along with the beneficial shifts in economic development disparities, suggest that the flow of technology and resources plays a crucial role in reinforcing spatial connections. Full article

In the knowledge era, intellectual capital has been considered a key factor in creating value within organisations. This study examines the relationships and interactions between the components of intellectual capital and the profitability of Panamanian banking and financial institutions listed on the Latin American Stock Exchange (LATINEX) from 2014 to 2020. A theoretical framework based on agency theories, signalling theory, and stakeholder theory was employed to support the results. The Valued-Added Intellectual Coefficient (VAIC)™ model, which evaluates the intellectual capital of organisations based on information from financial statements, was also utilised. In this study, stepwise regression was applied to select the optimal number of predictors to be included in each multiple regression model to examine the relationship between the return on equity (ROE) and the components of the VAIC™ in addition to control variables such as size and indebtedness. The findings confirm this study’s hypothesis, demonstrating that the structural capital efficiency (SCE) and company size (SIZE) variables explain 57% of the variance in the ROE for the analysed institutions. The results suggest that the intellectual capital (IC) of financial sector institutions listed on LATINEX is significantly influenced by the SCE coefficient, which shows a negative relationship, suggesting that investment in structural capital does not enhance profitability. On the other hand, larger institutions exhibited higher profitability during the study period. This study was limited to the analysis of two sectors: banking and finance in companies listed on LATINEX. However, its rigorous theoretical and empirical foundation opens the way for future research in which other sectors can be considered, and cross-country comparisons can be made, strengthening the research in this field for Latin America. At the same time, this study offers market regulators a scientific methodology to oversee the activities of issuing companies. Full article

This study verifies investor perceptions of cash holdings in companies with ownership–control disparities in the Korean stock market. The value of the cash held by a company varies with the level of information asymmetry. A high level of information asymmetry suggests a strong possibility of the controlling shareholder using the company’s cash to obtain private utility and harming other shareholders’ interests. Hence, investors evaluate the value of the company’s cash negatively. Greater disparity between ownership and control indicates a higher level of information asymmetry and the likelihood of agency problems, resulting in capital market investors evaluating the cash held negatively. This study uses Faulkender and Wang’s model to examine the value of the cash held by applying it to large corporations belonging to large corporate groups and their affiliates from 2011 to 2019. The level of disparity between the ownership and control of the controlling shareholder showed a significant negative relationship with the value of the cash held by the company. This suggests that in the capital market, investors evaluate the companies with a high disparity of ownership and control as having a higher possibility of agency problems and operating cash less efficiently. Therefore, these companies are unlikely to be properly valued. Full article

In the midst of rigorous market rivalry, enhancing a company’s competitiveness and operational efficiency in an era of rapid IT advancement is a pressing concern for business leaders. The National Big Data Comprehensive Zone (BDCZ) pilot scheme, instituted by the Chinese government, systematically addresses seven core objectives, encompassing data resource management, sharing and disclosure, data center consolidation, application of data resources, and the circulation of data elements. This policy initiative aims to bolster the establishment of information infrastructure through big data applications, facilitate the influx and movement of talent, and propel corporate sustainable growth. Utilizing a quasi-natural experiment approach, we assess the pilot policy’s influence on the digital-intelligent transformation (DIT) of manufacturing companies from a green innovation ecosystem perspective, employing datasets from 2010 to 2022, and methodologies such as Difference-in-Differences (DID), Synthetic Differences-in-Differences (SDID), and Propensity Score Matching-DID (PSM-DID). The findings indicate that the BDCZ initiative significantly fosters DIT in manufacturing companies. The policy’s establishment confers benefits, including access to increased government support and innovation capital, thereby enhancing the sustainability of green innovation efforts. It also strengthens corporate collaboration, engendering synergistic benefits that improve regional economic progression and establish a conducive environment for digital development, ultimately enhancing the regional innovation ecosystem. The pilot policy’s impact varies across entities, with more profound effects observed in developed financial markets compared to underdeveloped ones. Additionally, non-state-owned companies exhibit a greater response to BDCZ policy interventions than their state-owned counterparts. Moreover, manufacturing bussiness with a higher proportion of executive shareholding are more substantially influenced by the BDCZ. This article fills the research gap by using the quasi-natural experiment of BDCZ to test the impact on DIT of companies and provides inspiration for local governments to mobilize the enthusiasm of manufacturing companies for DIT. Full article

This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to 2023. This study pushes the frontiers of knowledge by providing information on the nonlinear impacts of monetary policy and financial sector innovations on monetary transmission mechanisms in Nigeria to help policymakers tailor their strategies to local conditions, enhancing the effectiveness of monetary interventions in the economy. To achieve this, this paper adopted nonlinear ARDL models to understand how changes in the direction of monetary policy and developments in the financial system induce changes in the transmission of monetary policy. The findings document the existence of asymmetries in both the short and long run, revealing that the impacts of financial development and monetary policy on the different monetary policy channels are not uniform. These asymmetries indicate that the responses of various economic variables to monetary policy actions differ depending on the level of financial development. These findings underscore the complexity of the monetary transmission mechanism and the necessity for a nuanced understanding of how financial development and monetary policy interact in different contexts. Consequently, this finding is symptomatic of some characteristics of those financial markets on their way toward advanced developments. As the financial system matures, monetary policy may have a greater impact on the cost of short-term funding for banks without having any discernible effect on the rates at which businesses and households access funding. Therefore, this paper recommends focusing on the policies that will foster the financial system across the banking sector, capital market, bond market, and overall financial sector to improve the efficiency of the monetary transmission process. Full article

The effective exploitation of renewable energy sources is one of the most effective solutions to counter the energy, environmental and economic problems associated with the use of fossil fuels. Small-scale wind turbines (converting wind energy into electric energy with a power output lower than 50 kW) have received tremendous attention over the past few decades thanks to their reduced environmental impact, high efficiency, low maintenance cost, high reliability, wide wind operation range, self-starting capability at low wind speed, limited installation space, reduced dependence on grid-connected power and long transmission lines, low capital costs, as well as the possibility to be installed in some urban settings. However, there are significant challenges and drawbacks associated with this technology from many different perspectives, including the significant discrepancy between theoretical performance data provided by the manufacturers and real field operation, that need to be investigated in greater depth in order to enable a more widespread deployment of small-scale wind turbines. In this review, a complete and updated list of more than 200 commercially available small-scale horizontal and vertical wind turbine models is provided and analysed, detailing the corresponding characteristics in terms of the number and material of blades, start-up wind speed, cut-in wind speed, cut-out wind speed, survival wind speed, maximum power, noise level, rotor diameter, turbine length, tower height, and specific capital cost. In addition, several scientific papers focusing on the experimental assessment of field performance of commercially available small-scale horizontal and vertical wind turbines have been reviewed and the corresponding measured data have been compared with the rated performance derived from the manufacturers’ datasheets in order to underline the discrepancies. This review represents an opportunity for the scientific community to have a clear and up-to-date picture of small-scale horizontal as well as vertical wind turbines on the market today, with a precise summary of their geometric, performance, and economic characteristics, which can enable a more accurate and informed choice of the wind turbine to be used depending on the application. It also describes the differences between theoretical and in-situ performance, emphasizing the need for further experimental research and highlighting the direction in which future studies should be directed for more efficient design and use of building-integrated small-scale wind turbines. Full article

Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the relative efficiency of insurance companies within the North Macedonian market spanning the years 2018 to 2022. Employing the input-oriented BCC DEA model, the study integrates capital and labour as inputs, while assessing risk-pooling/bearing services and intermediate function as outputs. Our findings underscore the fluctuating efficiency levels within North Macedonia’s insurance sector. Notably, the sector exhibited its peak efficiency in 2018 at 83.62%, dipping to its lowest point of 73.81% in 2020. Moreover, discerning between life and non-life insurers, we observe an average relative efficiency of 0.8067 for non-life insurers, contrasted with a higher average efficiency score of 0.9011 for life insurance companies over the examined period. This study contributes significantly on multiple fronts. Firstly, it pioneers empirical investigation of the efficiency on the North Macedonian insurance market, encompassing pre- and post-COVID efficiency metrics. This fills a notable gap in the literature, particularly within the context of emerging European markets. Secondly, our comprehensive approach facilitates a holistic evaluation of the insurance sector’s performance across a five-year span, offering insights into its overarching dynamics and efficacy. Thirdly, the implications of our findings extend to policymakers, regulators, and insurance company management, aiding in informed decision-making and strategic planning. Full article

Although the Circular Economy (CE) has made remarkable technological progress by offering a wide range of alternative engineering solutions, an obstacle for its large-scale commercialization is nested in the adoption of those business and financial models that accurately depict the value generated from resource recovery. Recovering a resource from a waste matrix conserves natural reserves in situ by reducing demand for virgin resources, as well as conserving environmental carrying capacities by reducing waste discharges. The standard business model for resource recovery is Industrial Symbiosis (IS), where industries organize in clusters and allocate the process of waste matrices to achieve the recovery of a valuable resource at an optimal cost. Our work develops a coherent microeconomic architecture of Chemical Leasing (Ch.L.) contracts within the analytical framework of the Sherwood Plot (SP) for recovering a Value-Added Compound (VAC) from a wastewater matrix. The SP depicts the relationship between the VAC’s dilution in the wastewater matrix and its cost of recovery. ChL is engineered on the SP as a financial contract, motivating industrial synergies for delivering the VAC at the target dilution level at the market’s minimum cost and with mutual profits. In this context, we develop a ChL market typology where information completeness on which industry is most cost-efficient in recovering a VAC at every dilution level determines market dominance via a Kullback–Leibler Divergence (D_KL) metric. In turn, we model how payoffs are allocated between industries via three ChL contract pricing systems, their profitability limits, and their fitting potential by market type. Finally, we discuss the emerging applications of ChL financial engineering in relation to three vital pillars of resource recovery and natural capital conservation. Full article