Search Results (199)

This study examines the determinants of goodwill impairment recognition under IFRS 3 in the context of Moroccan listed firms. Using an unbalanced panel covering the period of 2006–2024 and comprising 862 firm-year observations, we employ a three-stage empirical strategy that integrates a Probit model to estimate the likelihood of impairment, a Tobit model to assess the magnitude of the loss, and a Heckman two-step procedure to correct for potential self-selection. The results show that goodwill impairment reflects key economic and financial fundamentals, including revenue growth, book-to-market ratios, and operating performance. However, both real and accrual-based earnings management significantly influence the probability and intensity of impairment, particularly through abnormal cash flows and income-smoothing behavior. Discretionary accruals become significant only after correcting for selection bias, indicating that they do not drive the recognition decision but contribute to determining the size of the impairment once it has been recorded. The findings are robust across multiple specifications and contribute to the broader literature on financial reporting quality under IAS/IFRS, while enriching empirical evidence on managerial discretion and earnings management in emerging-market environments. Full article

Mangrove ecosystems underpin coastal livelihoods and biodiversity in Mozambique, yet gendered patterns of resource use and their implications for management remain underexplored. This study explores how artisanal fishing and shellfish collection differ between men and women on Inhaca Island (Maputo Bay), focusing on how these gender-specific practices shape livelihood outcomes, spatial use of mangroves, and perceptions of ecological change. To address this question, we combined structured interviews (n = 35; 51.4% men, 48.6% women) and camera-trap monitoring in two mangrove areas during September 2024 to document fishing practices, catch characteristics, spatial patterns, and ecological perceptions. We found pronounced gendered divisions of labor and space use: men, using boats and nets, harvested a median of 15 kg of fish per day for commercial sale, generating cash income, whereas women collected a median of 3 kg of shellfish by hand, primarily for household consumption. Camera traps confirmed pronounced spatial segregation in mangrove use: women foraged in targeted areas, and men traversed broader zones, both synchronizing their activities with tidal and daylight cycles. By integrating social and ecological data, the study revealed nuanced gender roles and resource pressures, with 82.9% of participants reporting declines in fish and shellfish stocks, emphasizing mangroves’ critical role in livelihoods, biodiversity, and climate resilience. Our findings highlight the value of mixed-method approaches for understanding socio-ecological dynamics and advocate for gender-sensitive conservation policies, strengthened Community Fisheries Councils, and infrastructure investments to regulate resource use, enhance mangrove management, and promote equitable livelihoods in Mozambique’s coastal communities. Full article

This study analyzes the relationship between country-level income inequality and stock price crash risk using a comprehensive cross-country panel of 117,017 firm-year observations from 45 countries spanning 2000–2022. We document that firms headquartered in countries with higher income inequality face a significantly greater likelihood of experiencing stock price crashes. Building on behavioral finance theory, we argue that income inequality exacerbates managerial incentives to withhold negative information, thereby increasing crash risk. We further show that this relationship is moderated by both country-level and firm-level mechanisms that influence information transparency. Specifically, stronger national transparency, greater institutional ownership, and lower excess cash weaken the positive association between income inequality and crash risk. Our results remain robust across alternative crash risk measures and endogeneity tests, including instrumental variable and propensity score matching approaches. These findings highlight income inequality as an important macro-level determinant of financial market instability and underscore the role of transparency and monitoring in mitigating its adverse effects on capital markets. 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

Background: Women’s empowerment has been significantly associated with improved child health outcomes. Cambodia, amid a rapid socioeconomic transition, offers a critical setting to examine how advancements in women’s empowerment over the past decade have influenced child immunization completion within the first two years of life. Methods: Data from the Cambodia Demographic and Health Surveys conducted in 2010, 2014, and 2021–22, encompassing 9222 women with recent births, were analyzed. Empowerment was measured across literacy and information access, employment, and decision-making domains. Multinomial logistic regression assessed associations between empowerment factors and completion of oral polio (OPV), diphtheria–tetanus–pertussis (DTP), pneumococcal conjugate (PCV), and measles–rubella (MR) vaccines, adjusting for demographic and socioeconomic variables. Results: Between 2010 and 2022, women’s empowerment in Cambodia improved significantly, marked by higher literacy rates, nearly half of women completing primary education, and expanded digital access, with 82.4% owning mobile phones and approximately 50% using the internet daily. While non-working women slightly increased, agricultural employment declined by 20%, and cash earnings rose from 48.7% to 82.5%. Most women participated in major household decision-making, either independently or jointly. Completion rates for OPV, DTP, and PCV ranged from 79% to 83%, while just over half of children were fully vaccinated against measles. Higher maternal education and cash earnings were positively associated with OPV, DTP, and PCV completion but negatively associated with measles vaccination. Women in agricultural work were less likely to complete measles vaccination for their children than non-working women. Joint decision-making regarding the use of respondents’ income was associated with a higher likelihood of measles non-completion (OR = 2.26, 95% CI: 1.13–4.51), whereas joint decision-making about respondents’ health care was associated with a higher likelihood of measles completion (OR = 0.42, 95% CI: 0.21–0.83). Conclusions: Women’s empowerment remains a key determinant of vaccination outcomes in Cambodia. The distinct pattern observed for measles suggests that vaccines scheduled for older ages encounter greater structural and behavioral barriers. To overcome these challenges, strategies should focus on enhancing defaulter tracking, implementing reminder systems, expanding outreach and catch-up programs, and improving the convenience of vaccination services. Full article

Background: The 2022 Pakistan floods devastated healthcare access for pregnant women in already impoverished areas in Sindh province. This study examines how Cash for Health assistance (CH) of USD 112 alleviated financial burdens and improved maternal health outcomes and resilience, bridging a critical literature gap on cash effectiveness in humanitarian crises. Methodology: This study used a mixed-methods approach to assess the CH assistance intervention for families of pregnant/lactating women in flood-affected rural Sindh, Pakistan. A pre-post quantitative analysis of baseline (May–June 2024) and endline (August–November 2024) survey data in ~100 villages (Jamshoro/Sehwan) examined changes in healthcare access, expenditure, and preferences using t-tests, proportion tests, and multivariable regression. Concurrently, five qualitative case studies from key informant interviews provided thematic content analysis, triangulating findings on economic, health, and social impacts. Results: Respondents predominantly had low literacy rates and were from households of daily wage laborers in vulnerable, flood-affected areas. While income and education remained low, instances of forgone care due to financial barriers increased (68% to 97%, p < 0.001). CH significantly improved healthcare access (58% to 98%, p < 0.001). Access to regular physicians (20% to 69%) and private facilities (10% to 41%) notably expanded. Healthcare expenditure significantly increased from USD 9.3 to USD 25, with a shift in spending preference towards medication, consultations, and diagnostics. CH also significantly improved food security (21% to 97%), meal frequency, and overall household stability, including reducing domestic violence. Qualitative data emphasized pre-existing vulnerabilities and CH’s role in addressing health, nutrition, and psychosocial needs. Conclusions: CH significantly improved healthcare access and reduced financial burdens for vulnerable pregnant women post-disaster. However, a sustainable impact requires integrated “cash plus” models, combining financial aid with stronger health systems, psychosocial support, and literacy for long-term resilience. Full article

The shadow economy weakens fiscal sustainability, hampers the financing of public goods, and impedes the achievement of sustainable development goals. The informal sector remains a persistent challenge for policymakers, as it distorts competition, reduces transparency, and undermines the effectiveness of economic and fiscal policies. The aim of this article is to identify the key factors determining the size of the shadow economy in European Union countries and to provide policy-relevant insights. The analysis covers data on the share of the informal economy in GDP and macroeconomic variables such as GDP per capita, consumer price index, average wages, household consumption, government expenditure, and unemployment, as well as indicators of digital development in society and the economy (DESI, IDT), the share of cashless transactions in GDP, and information on the implementation of digital tax administration tools and restrictions on cash payments. Five hypotheses (H1–H5) are formulated concerning the effects of income growth, labour market conditions, digitalisation, cashless payments, and tax administration tools on the shadow economy. The research question addresses which factors—macroeconomic conditions, economic and social digitalisation, payment structures, and fiscal innovations in tax administration—play the most significant role in determining the size of the shadow economy in EU countries and whether these mechanisms have broader implications for fiscal sustainability and sustainable development. The empirical strategy is based on multilevel models with countries as clusters, complemented by correlation and comparative analyses. The results indicate that the most significant factor in limiting the size of the shadow economy is the level of GDP per capita and its growth, whereas the impact of card payments appears to be superficial, reflecting overall increases in wealth. Higher wages, household consumption, and digital development as measured by the DESI also play an important role. The implementation of digital solutions in tax administration, such as SAF-T or e-PIT/pre-filled forms, along with restrictions on cash transactions, can serve as complementary measures. The findings suggest that sustainable strategies to reduce the shadow economy should combine long-term economic growth with digitalisation and improved tax administration, which may additionally foster the harmonisation of economic systems and support sustainable development. Full article

The quality risks of land trusteeship services are increasingly prominent, leading to reduced crop yields for farmers and land degradation; however, relevant research remains insufficient. This paper aims to identify and evaluate the quality risk level of land trusteeship services. It comprehensively adopts a field survey, web crawler technology, and expert consultation methods to identify quality risk types, and then uses the fuzzy comprehensive evaluation method to assess the risk level based on survey data from Chinese farmers. The main conclusions are as follows: (1) Overall, the quality risk level of land trusteeship services is at a relatively high risk level. In terms of spatio-temporal patterns, the quality risk level shows an upward trend, and the quality risk level of mid-production services is increasing at the fastest rate. There are significant variations in service quality risk across prefecture-level cities in the Shandong Province of China. (2) In terms of risk heterogeneity, the quality risk level of small-scale pure farmers is higher than that of part-time farmers and large professional farmers, in that order. The quality risk level of the “farmer + service organization” model is higher than that of the “farmer + intermediary + service organization” model. According to the order of the quality risk level of different crops, the ranking (from highest to lowest) is cash crops, wheat, and corn. (3) The high quality risks of land trusteeship services will impact the multifunctionality of land systems. It exacerbates the land pollution and fertility degradation because of excessive application of chemical inputs like pesticides, fertilizers, and mulch by service organizations. It consequently destroys ecological systems, hinders sustainable agricultural development, and impacts farmers’ income and national food security by reducing yields. The research findings contribute to controlling the quality risks of land trusteeship services and protecting land. Full article

Recent international studies on CEO pay in Europe, Japan, and South Korea reveal significant differences from the U.S. in the use and effectiveness of equity-based CEO compensation, raising questions about the ability of conventional contracts based on agency theory to align with actual CEO compensation practices. Our study contributes to this debate by evaluating nine hypotheses from an extended principal–agent framework in which CEO equity and cash incentives are jointly determined in the shareholder return-maximizing contract. The extended model also incorporates the noisy market valuation relationship between firm income and its market equity value, and distinguishes between firm ‘business risk’ and ‘equity risk’. Our empirical results show that CEO cash incentives increase with firm growth prospects and equity risk and decline with firm business risk and firm scale as predicted by the model; meanwhile, CEO equity incentives are partially consistent. Overall, given the dominance of equity compensation in U.S. CEO pay, our results show that cash pay tied to firm business performance (e.g., operating cash flow) is efficient and plays an important role in aligning CEO and shareholder interests and reducing corporate governance risks associated with agency misalignment. Full article

Low dietary diversity is a key driver of undernutrition and remains a significant public health challenge in low- and middle-income countries. This study evaluated the effect of nutritional counselling and the provision of livestock feed, aimed at sustaining milk production during dry periods, on the dietary diversity of women and children in a pastoralist setting. Methods: A cluster randomized controlled trial was conducted among households in Laisamis subcounty, north-eastern Kenya, which were assigned to one of three arms: (1) an intervention arm providing livestock feed during critically dry periods, (2) an intervention arm providing livestock feed plus enhanced nutritional counselling (provided once a week, covering topics including hygiene and sanitation, breastfeeding, maternal nutrition, immunization and complementary feeding) or (3) a control arm. The dietary diversity of mothers and children was assessed every six weeks over two years. Panel difference-in-difference regression models were used to estimate intervention effects on dietary outcomes including child minimum dietary diversity (MDD), minimum acceptable diet (MAD), women’s dietary diversity (MDD-W) and food security. Results: A total of 1734 households participated (639 in arm 1, 585 in arm 2, and 510 in the control arm). The provision of livestock feed alone had significant gains in child MAD (OR 1.20; 95% CI 1.08–1.34), child MDD (OR 1.15; 1.11–1.20), and MDD-W (OR 1.10; 1.01–1.19) whereas combined livestock feed with counselling, reduced child food poverty (OR 0.89; 95% CI 0.81–0.99), increased child MAD (OR 1.39; 1.22–1.52), and improved MDD-W (OR 1.21; 1.16–1.28) relative to control. Neither intervention increased child minimum meal frequency relative to control. Purchasing livestock was associated with higher odds of meeting dietary-diversity indicators but a lower meal frequency (OR 0.80; 0.80–0.90); in contrast, cash-transfer receipt was linked to reduced odds of achieving child MDD (OR 0.90; 0.87–0.94), child MAD (OR 0.95; 0.85–0.97), and women’s MDD (OR 0.73; 0.54–0.89). Conclusions: Livestock feed provision sustains milk consumption and improves dietary diversity in pastoralist populations. When combined with nutritional counselling, these interventions strengthen the link between animal and human health, with important implications for food security. Full article

Background: Life insurance markets are experiencing unprecedented transformation in the wake of economic disruption, evolving consumer expectations, and behavioral shifts following the COVID-19 pandemic. Traditional economic models often fail to capture the complex interplay of attitudinal, and cognitive factors that now shape insurance demand and premium selection. Methods: This study analyzes nationally representative survey data from over 3600 U.S. adults (2024 NAIC Financial Inclusion Survey). It uses a weighted full maximum likelihood Heckman selection model to identify determinants of life insurance uptake and premiums. The main innovation is modeling psychological price, a composite of perceived affordability, with higher-order polynomials. The design integrates psychometrically validated measures of financial knowledge and risk tolerance. Political ideology, race and ethnicity, and sources of financial advice serve as exclusion restrictions in the selection equation. Results: Psychological price shows an inverse-U relation with term outcomes: uptake rises at low to moderate affordability and declines at high affordability; among purchasers, term premiums rise at low to mid affordability and decline at high levels. For cash value policies, premiums decrease as psychological price increases. Financial knowledge and risk tolerance increase term uptake; financial knowledge reduces cash premiums. Education and income increase term uptake and term premiums. Compared with respondents reporting no ideology, conservative and centrist respondents have lower term uptake and higher cash uptake; using a professional advisor is associated with higher cash uptake. The selection correlation is positive for term ($\rho \approx 0.98$) and negative for cash ($\rho \approx -0.38$), indicating non-random selection in both markets. Implications: In order to reduce disparities, insurers should target the mid-affordability threshold with term offerings, streamline options for high-affordability consumers, offer pricing support and guidance for low-affordability households, increase uptake through advice channels and financial education, and address affordability barriers. Conclusions: Nonlinear affordability effects shape both market entry and pricing choices. Modeling psychological price with higher-order polynomials identifies thresholds and turning points that linear specifications miss. The results support targeted product design and outreach when perceived affordability drives insurance participation and premium choices. Full article

This study aims to examine the impact of compressor station availability on the techno-economic aspects of natural gas pipeline transportation, using the proposed Trans-Saharan Gas Pipeline (TSGP) project as a case study. A scenario-based technical and economic analysis was conducted to highlight the economic sensitivities of the systems to availability. The economic assessment of the project was performed using a discounted cash flow method, considering lifecycle costs. The techno-economic model was developed using MATLAB R2020b, accounting for variations in ambient temperatures at the compressor station under different flow conditions. Findings indicate an 8.41% increase in project lifecycle cost in one scenario compared to the baseline, assuming a 15% discount rate. However, the baseline case with a 100% compressor station availability assumption appears unrealistic, as shown by its lifecycle cost and net present value estimates. This is because constant operating conditions throughout the project lifecycle are impossible. Additionally, when station availability increases by 7.87% and the cost of standby units rises by 10.24%, avoided income loss due to station unavailability increases by 14.06%. This reveals a trade-off between the extra capital expenditure on standby units and the savings from avoiding income loss. Furthermore, the impact of 2% and 4% escalation rates of fuel and maintenance costs on lifecycle costs results in a rise of 2.70% and 6.15%, respectively, in one scenario compared to the 0% escalation rate. The results demonstrate the significant influence of compressor station availability analysis on pipeline projects, particularly in reducing engine downtime costs and enhancing project revenue. Therefore, the methods presented here help in understanding the importance of compressor station availability in pipeline techno-economics, leading to more effective resource and financial management. Full article

Eliminating all forms of poverty is a core component of the United Nations’ Sustainable Development Goals. At the household level, poverty and income inequality significantly threaten farmers’ sustainable development and food security. Based on a sample of 1234 kiwi farmers from the Shaanxi and Sichuan provinces in China, this paper empirically examines the impact of participation in agricultural industry organizations (AIOs) on household income and income inequality, as well as the underlying mechanisms. The results indicate the following: (1) Participation in AIOs increased farmers’ average household income by approximately 19,570 yuan while simultaneously reducing the income inequality index by an average of 4.1%. (2) Participation increases household income and mitigates income inequality through three mechanisms: promoting agricultural production, enhancing sales premiums, and improving human capital. (3) After addressing endogeneity concerns, farmers participating in leading agribusiness enterprises experienced an additional average income increase of 21,700 yuan compared to those participating in agricultural cooperatives. Therefore, it is recommended to optimize the farmer–enterprise linkage mechanisms within agricultural industry organizations, enhance technical training programs, and strengthen production–marketing integration and market connection systems, aiming to achieve both increased farmer income and improved income distribution. Full article

Tropical pasture degradation represents a major challenge for global food security and environmental conservation, particularly in Brazil, where up to 60% of pastures are degraded. This study evaluates the economic viability of recovery of degraded pastures using an integrated crop–livestock–forest (ICLF) system. A representative 2-hectare system in the Brazilian Cerrado was analyzed, featuring native Dipteryx alata trees interplanted with pasture for cattle grazing. A deterministic financial model was developed to simulate annual cash flows over a 20-year period under various financing scenarios, including self-financing and multiple subsidized rural credit lines (e.g., Pronaf and Pronamp programs, and ABC Ambiental). The analysis shows that subsidized credit lines with low interest rates and extended grace periods significantly improve project profitability, yielding positive NPVs and robust internal rates of return, while self-financing and high-cost credit options (such as Pronaf Mulher) result in negative NPVs. The dual cash flow strategy—where borrowed funds are immediately invested in secure fixed-income instruments—further enhances economic performance. The findings demonstrate that ICLF-based pasture recovery is economically viable when supported by appropriate financing, offering a scalable model for sustainable agriculture that delivers both economic and environmental benefits. Full article

The enhancements of tax policies and their coordination have emerged as a significant way to promote corporate sustainability, especially in developing economies worldwide. Using panel data from Chinese non-financial A-share listed companies from 2009 to 2022, this study empirically explores the promoting effects of corporate income tax (CIT) incentives and environmental protection tax (EPT) levies on corporate ESG performance. We find that the CIT incentive has a notable positive impact on firms’ ESG behavior, acting on the micro-mechanisms of increasing corporate cash flow and reducing agency costs, and its promoting effect is more salient with regard to the social and governance dimensions. This study also traces the interactive effects between the EPT levy and CIT incentive policies, which boost corporate ESG behavior synergistically. Heterogeneity analyses reveal that these effects are more noticeable in manufacturing firms and non-state-owned firms with severe financing constraints. Environmental tests show that CIT incentive policies have positive effects on green technological innovation, and Chinese enterprises are still experiencing relatively serious negative impacts. The conclusions of this study are conducive to providing theoretical support and policy suggestions for encouraging the sustainable development of companies through the policy combination of environmental regulation and tax incentives. Full article