Search Results (453)

Small- and medium-sized enterprises (SMEs) are central to sustainable development in transition economies, yet their financial fragility often limits resilience and the capacity to invest in innovation and responsible practices. Despite growing interest in SME, financial health and its role in sustainability, empirical evidence from small transition economies like Montenegro remains scarce, particularly on how liquidity and profitability dynamics underpin conditions for SDG-aligned growth. This study addresses this gap by analyzing how core financial indicators—cash position, capital structure, and working capital efficiency—affect liquidity and profitability among 345 Montenegrin SMEs across manufacturing, services, and trade. Using OLS and robust regression models, results reveal that a higher cash-to-revenue ratio and moderate leverage significantly enhance both short-term solvency and profitability, while working capital efficiency shows nuanced effects and sector-specific patterns emerge in capital-intensive industries. These findings highlight financial management as a foundation for SME resilience, creating financial preconditions for innovation and digital investments in aligned with SDGs (goals 8, 9, 12). Policy recommendations focus on improving finance access and financial literacy to foster innovation-driven, sustainable SME models aligned with the 2030 Agenda. Full article

Small and medium-sized enterprises (SMEs) play a central role in employment and regional economic development, yet they are highly vulnerable to shocks such as pandemics, energy price spikes, and supply chain disruptions. Scenario modelling, stress testing, and digital twins are used to assess resilience, yet most applications focus on large firms in single-country settings. This article develops a model to stress test the resilience of Slovenian SMEs, calibrated with parameters and mechanisms derived from South African SME resilience studies. A system dynamics model with stocks for cash, inventory, and productive capacity is specified and subjected to demand, supply, financial, and compound shock scenarios, with and without resilience measures such as liquidity buffers, customer and supplier diversification, and basic digital planning capabilities. Results indicate non-linear tipping points where small reductions in liquidity sharply increase the likelihood of distress, and show that combinations of liquidity, diversification, and collaborative supply chain practices reduce the depth and duration of output losses. The study demonstrates how evidence from an African context can inform resilience strategies in a small European economy and provides a transparent, portable modelling architecture that can be adapted to other settings. Implications are discussed for SME managers and for policies supporting sustainable, resilient enterprise ecosystems. Full article

Nitrogen (N) management remains a primary challenge in organic grain systems, particularly in rotations where heavy N-consuming crops, such as corn and wheat, follow one another. Daikon radish (Raphanus sativus L.) is widely adopted for its ability to scavenge residual soil nitrate between cash crops; yet the subsequent availability of scavenged N to the following crop is inconsistent and often negligible. This 4-year field study (2014–2017) at the University of Minnesota Southwest Research and Outreach Center evaluated whether planting daikon radish in polyculture with berseem clover, and either annual oats or winter rye could improve N retention and timed release compared to daikon radish monoculture. Three cover crop treatments were tested across three common organic management systems: no manure with no tillage, manure with tillage, and manure plus shallow tillage incorporation before cover crop seeding. Polycultures, especially those including winter rye, produced significantly more fall biomass (up to 6435 kg ha⁻¹) than daikon radish monoculture (573–1272 kg ha⁻¹). Manure incorporation consistently increased total and daikon radish biomass, as well as the percent living cover. Despite substantial biomass differences, mid-season and fall soil inorganic N, potentially mineralizable N, permanganate-oxidizable C, and enzyme activities showed few consistent treatment effects. Corn grain yield was highest following manure with tillage incorporation but was significantly reduced after the winter rye polyculture in all years, likely due to N immobilization and delayed corn planting caused by late rye termination under wet spring conditions. Results indicate that while polycultures with winter rye maximize biomass and soil cover, they do not reliably enhance N recycling to the subsequent organic corn crop and can reduce yield. Full article

Background: The rapid digital transformation in logistics requires the adaptation of transport companies to electronic information management, particularly through the implementation of electronic consignment notes (e-CMR). This study examines how the digitization of transport documentation affects the competitiveness, operational efficiency, and environmental performance of road freight transport companies. Methods: A questionnaire survey was conducted among Slovak and Czech carriers to analyze their experience and readiness for adopting e-CMR. The collected data were evaluated using descriptive and comparative methods to quantify economic and ecological impacts, focusing mainly on invoicing efficiency and paper consumption. Results: The results show that only a small share of carriers currently use e-CMR, primarily due to high software costs and the lack of partner participation. Nevertheless, digitization can significantly shorten the average invoicing delay by approximately 11.5 days, releasing around 7% of tied-up working capital and improving cash flow. From an environmental perspective, the replacement of paper CMR forms could save millions of sheets annually, leading to a substantial reduction in CO₂ emissions and paper waste within the V4 region. Conclusions: The findings confirm that the adoption of e-CMR improves economic performance, increases transparency, and contributes to sustainability, representing a crucial step toward a more competitive and environmentally responsible road freight transport sector in Europe. Full article

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

This study investigates the influence of access to mobile cashless technology on enterprise continuity intention and cash flow management skills. It also explores the influence of cashless technology, knowledge, and experience on enterprise continuity intention and cash flow management skills, and examines the direct relationship between cash flow management skills and enterprise continuity intention among micro and small enterprises during crises and in an unstable context. The 259 responses collected from micro and small entrepreneurs were analyzed by Partial Least Squares Structural Equation Modeling. The hypotheses tested reported a positive and significant relationship between access to mobile cashless technology and enterprise continuity intention and cash flow management skills. Furthermore, it was found that cashless technology knowledge and experience have a positive and significant relationship with enterprise continuity intention, as well as cash flow management skills. Finally, cash flow management skills were found to positively influence enterprise continuity intention. The study offers theoretical and practical implications for policymakers and other stakeholders to improve cashless transactions in the context of the study. 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

In today’s dynamic and global business landscape, economic profitability is essential for creating and sustaining competitive advantage. Nevertheless, a critical gap persists in the literature regarding the application of advanced optimization techniques that systematically link operational improvements in the supply chain with strategic financial indicators. Accordingly, this study aims to identify and synthesize the optimization techniques applied to supply chain processes and their impact on economic profitability. To achieve this objective, the PRISMA methodology was employed. A systematic literature review covering the last ten years (2015–2025) was conducted using the Web of Science database. After applying inclusion and exclusion criteria, 35 studies were selected, revealing a growing methodological diversity. Nature-Inspired Algorithms (NIAs) and hybrid approaches (such as MILP combined with Simulation) demonstrate greater capacity to address complex and multi-objective scenarios. Notably, hybrid techniques have been successfully applied to the maximization of Economic Value Added (EVA), a key strategic value indicator. Despite the sophistication of these optimization techniques, the predominant objective remains total cost minimization, often sidelining the direct optimization of strategic indicators such as EVA or the Cash Conversion Cycle (CCC). Additionally, a key research gap was identified in the development of adaptive and resilient models that integrate technologies such as Digital Twins, Blockchain, and Artificial Intelligence to dynamically manage physical and financial disruptions in supply chains. The study concludes by emphasizing the need for a theoretical shift toward models that go beyond cost minimization and focus on real value metrics, as well as the exploration of more accessible solutions for SMEs. This review contributes a reference framework for academics and practitioners to align the most suitable optimization techniques with strategic financial objectives in supply chain management. Full article

This study aims to examine whether family firms differ from nonfamily firms in their propensity to save cash, particularly in response to new investment opportunities, and to assess how investors value the cash holdings of family versus nonfamily firms in light of potential agency concerns. The study uses the context of Jordan—a small emerging market characterized by weak investor protection and the dominance of family-managed firms, a setting that exacerbates principal–principal conflicts. Employing treatment effects and propensity score matching estimation techniques to address the endogeneity between family control and firm cash holdings, this study finds that family enterprises maintain significantly higher cash reserves than their nonfamily counterparts. Moreover, the analysis finds that family firms do not exhibit a significantly greater propensity to save cash in response to new investment opportunities, implying that financial flexibility concerns are not significantly different between family and nonfamily firms. However, the results further demonstrate that investors assign a higher valuation to cash held by nonfamily firms, suggesting that investors associate family control with potential agency conflicts regarding the deployment of cash reserves. 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

Price is a pivotal determinant of market demand, as higher prices typically reduce sales while lower prices stimulate them. Thus, incorporating price-dependent demand into inventory models is both realistic and necessary. In practice, limited storage capacity often forces retailers to rent additional space, motivating the adoption of two-warehouse systems. Trade credit also plays a critical role in supply chain management: suppliers may offer cash discounts or deferred payments to encourage larger orders, while retailers extend credit to customers to boost sales. To reduce default risk, however, retailers usually provide only partial credit. Considering the time value of money, costs and profits are assessed using discounted cash-flow analysis to account for payment delays and inflation. This study develops an integrated supplier–retailer–customer chain model that (1) incorporates price-dependent demand, (2) includes a rented warehouse for limited storage, (3) considers partial trade credit, (4) links two-level trade credit terms to order quantity, and (5) evaluates financial performance on a present-value basis. The model aims to maximize total profit by determining optimal price, replenishment cycle, and order quantity. Numerical and sensitivity analyses confirm that extending supplier credit can lower prices and improve overall profitability, offering useful insights for strategic inventory management. Full article

Forest ecological compensation policies (FECPs) are a key institutional arrangement for balancing ecological conservation and farmers’ development needs in national parks. Existing research has often treated such policies as a homogeneous whole, failing to clearly reveal the mechanisms through which different policy types affect farmers’ livelihoods, while also paying insufficient attention to complex property-rights settings. This study takes Wuyi Mountain National Park—a typical representative of collective forest regions in southern China—as a case study. Based on 239 micro-survey datasets from farming households and employing the mprobit model and moderating effect models, it investigates the influence, mechanisms, and heterogeneity of farmers’ livelihood capital in terms of their livelihood strategy choices under the moderating roles of “blood-transfusion” and “blood-making” FECPs. The results show the following: (1) Among the sample farmers, livelihood strategies are distributed as follows: pure agricultural type (31.8%), out-migration for work type (20.5%), and commercial operation type (47.7%). (2) Farmers’ livelihood capital has a significant impact on their livelihood strategy choice, with different dimensions of capital playing distinct roles. (3) FECPs follow differentiated moderating pathways. “Blood-transfusion” policies emphasize compensation and buffering functions, reducing farmers’ livelihood transition pressure through direct cash transfers; “blood-making” policies reflect empowerment and restructuring characteristics, activating physical assets and reshaping the role of social capital through productive investment. Together, they constitute a complementary system of protective security and transformative empowerment. Accordingly, this study proposes policy insights such as building a targeted ecological compensation system that is categorized, dynamically linked, and precise; innovating compensation fund allocation mechanisms that integrate collective coordination with household-level benefits; optimizing policy design oriented toward enhancing productive capital; and establishing robust monitoring, evaluation, and adaptive management mechanisms for dynamic FECPs. Full article

Integrated crop grazing systems can improve farm profitability due to enterprise complementarity. Utilizing the supply of N from legumes, livestock manure, and plant residues will result in improving grain yield and quality. A long-term 12-year integrated systems study evaluated continuous spring wheat (HRSW-CTRL) with spring wheat (HRSW-ROT) grown in a five-crop rotation: (1) spring wheat, (2) seven-species cover crop, (3) forage corn, (4) field pea/forage barley mix, and (5) sunflower. Yearling beef cattle steers grazed the field pea/forage barley mix, unharvested corn, and a seven-species cover crop. Spring wheat was marketed as a cash crop. Contrary to expectations, HRSW-ROT did not significantly increase grain yield or improve quality over HRSW-CTRL. Improved soil fertility was observed in the HRSW-ROT plots throughout the study relative to SOM, N, P, and K. However, the rotation with grazing management significantly reduced input costs but resulted in negligible gross and net returns over the 12-year period. Year-to-year weather variability was the cause of the differences between the two production management methods. Full article

The scope of this topic stems from the change in insurance companies and the subsequent transition to IFRS 17. The new code came into force on 1 January 2023. Therefore, the purpose of this article is to compare the two standards in terms of methodology and process logic. To highlight the new aspects of the new standard and to present the author’s view that IFRS 17 provides more opportunities for timely action and intervention by company management in the processes and improvement of results compared to IFRS 4. To examine how the application of the standard has affected the strategy for recognising, measuring, and reporting liabilities under insurance contracts, as well as financial results in the insurance sector in China. The study uses a mixed approach, combining a comparison of IFRS 4 and IFRS 17 with examples illustrating actual practice in the sector to examine differences in accounting treatment. It cites examples from European and Asian traders to assess how things will develop in practice. Contribution: This study adds new evidence on the impact of IFRS 17 on value and profit management. Our study found that the new standard introduces a single model for measuring insurance contracts, which significantly increases transparency and comparability in financial statements. Furthermore, one of its most important findings is that, with the equalisation of the margin on contractual services and the recognition of profits over the entire term of insurance contracts, the balance sheets for all years will show more consistent reports of profits and losses. It also calls for attention to the challenges insurers met in developing cash flow discounting methods or putting the general measurement model into effect. Overall, the report found that search engine IFRS 17 has made comparability and transparency better while making suggestions to industry stakeholders about what problems came out when they were discovered afterwards. Full article

Gut microbial community research has garnered considerable attention due to its pivotal role in shaping diverse insect hosts’ life-history traits, with key studies confirming that insect gut microbiota is vital for core physiological processes including growth, nutrient metabolism, nitrogen fixation, pheromone biosynthesis, and environmental adaptation. Findings highlight that integrating insect ecology understanding with gut microbial community characterization is indispensable for innovative pest management strategies. Notably, S. frugiperda, a globally destructive agricultural pest causing substantial annual economic losses, has been extensively investigated. Its host range is extremely wide, from staple food crops such as corn and rice to various cash crops. This review systematically synthesizes the prevalent diversity of its gut’s dominant microbes, clarifies the important mechanism of gut microbiota in host stress adaptation (providing direct evidence for explaining the pest’s stress resistance formation), draws the key conclusion that host–microbe interaction mechanisms can serve as key pest management targets to guide more targeted control technologies. We also discuss current limitations such as inadequate microbial function verification and unclear host–microbe molecular mechanisms while outlining future directions including focusing on microbial community dynamic changes under multiple environmental stresses and functional microbe screening and application. Full article