Search Results (816)

Building-integrated photovoltaics (BIPV) is expected to play a relevant role in decarbonising our cities, both in new buildings and retrofit projects, making them more sustainable, resilient and pleasant. However, BIPV remains a niche market. To understand the reasons and help boost its development, this paper provides insights into BIPV through a holistic and systematic analysis that considers BIPV’s dual nature as both photovoltaic and building product. The methodology is based on the analyses of several BIPV technological innovation systems (TISs) developed in six countries, as well as extensive comparative assessments and investigations to identify key global features of BIPV. Social aspects, market status and forecast, perspectives from the photovoltaic and building sectors, and related regulations and standardisation are key aspects analysed to develop recommendations for policymakers. Outcome examples are low to moderate acceptance of BIPV among building owners, who give cost reasons for choosing building-added photovoltaics (BAPV) over BIPV, as well as a need for information, official guidance, skilled personnel, improved cross-sector collaboration, availability of BIPV products, proper digital tools and specific regulation to improve BIPV’s legitimacy in the construction sector. Essential is developing policies that encourage the adoption of BIPV, including standardisation, promotion and financing. Full article

Enhancing capacity utilization (CU, hereinafter referred to as CU) is crucial for effectively solving the overcapacity problem, optimizing industrial structure, and promoting premium economic development. While extensive academic research has been conducted on CU, supply chain finance (SCF, hereinafter referred to as SCF) and its influence on corporate capacity constraints remain largely unexplored. This study carefully examines how SCF affects corporate CU and the transmission mechanism, with a focus on China’s A-share listed businesses (2010–2023). The result shows that SCF improves businesses’ CU. After applying various robustness and endogeneity tests, the findings still hold that SCF largely affects the growth in CU throughby alleviating financing constraints, reducing internal agency costs, enhancing technological innovation, and improving inefficient investment. Further analysis indicates that close supply chain relationships, lower supply chain efficiency and non-state ownership, higher industry competition, a high marketization level, and a high level of financial development all enhance the “de-capacity” effect of SCF. Besides enriching the theoretical framework of SCF’s economic impacts, this research develops an operational solution to mitigate production overcapacity, a long-standing structural issue in China’s manufacturing industries, and provides a solid theoretical support for SCF to strengthen the foundation of the real economy and spearhead the sustainable, productivity-driven development of China’s economic landscape. Full article

Green hydrogen is gaining global attention as a zero-carbon energy carrier with the potential to drive sustainable energy transitions, particularly in regions facing rising fossil fuel costs and resource depletion. In sub-Saharan Africa, financing mechanisms and structured off-take agreements are critical to attracting investment across the green hydrogen value chain, from advisory and pilot stages to full-scale deployment. While substantial funding is required to support a green economic transition, success will depend on the effective mobilization of capital through smart public policies and innovative financial instruments. This review evaluates financing mechanisms relevant to sub-Saharan Africa, including green bonds, public–private partnerships, foreign direct investment, venture capital, grants and loans, multilateral and bilateral funding, and government subsidies. Despite their potential, current capital flows remain insufficient and must be significantly scaled up to meet green energy transition targets. This study employs a mixed-methods approach, drawing on primary data from utility firms under the H₂Atlas-Africa project and secondary data from international organizations and the peer-reviewed literature. The analysis identifies that transitioning toward Net-Zero emissions economies through hydrogen development in sub-Saharan Africa presents both significant opportunities and measurable risks. Specifically, the results indicate an estimated investment risk factor of 35%, reflecting potential challenges such as financing, infrastructure, and policy readiness. Nevertheless, the findings underscore that green hydrogen is a viable alternative to fossil fuels in sub-Saharan Africa, particularly if supported by targeted financing strategies and robust policy frameworks. This study offers practical insights for policymakers, financial institutions, and development partners seeking to structure bankable projects and accelerate green hydrogen adoption across the region. Full article

This study explores how FinTech and artificial intelligence (AI) adoption shape efficiency and financial stability in dual-banking systems. It focuses on 26 listed Islamic and conventional banks across 11 countries in the MENA and Southeast Asia regions between 2020 and 2024. To measure digital adoption, we create a seven-component FinTech Adoption Index. We use fixed-effects regressions to examine its impact on cost efficiency, profitability, solvency stability, and credit risk. This analysis also controls bank size, capitalization, and macroeconomic conditions. The results show a clear adoption gap. Conventional banks consistently score 0.5–0.8 points higher on the FinTech Index compared to Islamic banks. Each additional FinTech component raised operating costs by about 0.8%, but improved profitability slightly by only 0.03%. This suggests that technological integration creates upfront costs before any real efficiency gains are seen. However, the stability benefits are stronger. FinTech adoption increases the Z-score by 3.6 points and lowers the non-performing loan ratio by 0.1%. Islamic banks gain more stability benefits due to their risk-sharing contracts and asset-backed financing structures. Overall, an efficiency–stability trade-off emerges. Conventional banks focus more on profitability, while Islamic banks gain resilience, but face slower efficiency improvements. By combining the Resource-Based View and Financial Stability Theory, this study provides the first multi-country evidence of how governance structures shape digital transformation in dual-banking markets. The findings offer practical guidance for regulators and bank managers around balancing innovation, efficiency, and stability. Full article

In recent years, the evolution of cyber-attacks has exposed critical vulnerabilities in conventional defense mechanisms, particularly across national infrastructure systems such as power, transportation, and finance. Attackers are increasingly deploying persistent and sophisticated techniques to exfiltrate or manipulate sensitive data, surpassing static defense methods that depend on known vulnerabilities. This growing threat landscape underscores the urgent need for more advanced and adaptive defensive strategies to counter continuously evolving attack vectors. To address this challenge, this paper proposes a novel reinforcement learning-based optimization framework integrated with a Dynamic Heterogeneous Redundancy (DHR) architecture. Our approach uniquely utilizes reinforcement learning for the dynamic scheduling of encryption-layer configurations within the DHR framework, enabling adaptive adjustment of defense policies based on system status and threat progression. We evaluate the proposed system in a simulated adversarial environment, where reinforcement learning continuously adjusts encryption strategies and defense behaviors in response to evolving attack patterns and operational dynamics. Experimental results demonstrate that our method achieves a higher defense success rate while maintaining lower defense costs, thereby enhancing system resilience against cyber threats and improving the efficiency of defensive resource allocation. Full article

The supply chain is a critical tool for enterprises to withstand risks and ensure sustainable development. Integrating green and environmentally friendly practices into the supply chain has become an increasingly prominent trend. This study examines the impact of green supply chain management (GSCM) on supply chain resilience, using the green supply chain pilot projects implemented in China as a quasi-natural experiment, employing a multi-period difference-in-difference (DID) model. Based on panel data from manufacturing enterprises listed on the A-share market in China from 2014 to 2022, the findings reveal three key insights. First, GSCM significantly improves the resilience of enterprise supply chains. Second, GSCM has both signaling and cost effects, as it can reduce corporate financing costs and enhance market value, lower market transaction costs, and improve productivity. These are potential channels through which GSCM exerts a positive influence. Third, the positive impact of GSCM on supply chain resilience is more pronounced in enterprises with third-party environmental certifications and higher institutional shareholder ratios. Additionally, this study also extends to demonstrate that GSCM directly and positively influences corporate environmental performance. These findings provide policy recommendations for enhancing green supply chain development and offer managerial insights to help enterprises proactively embrace green transformation. Full article

The increasing recognition of historical emissions and uneven financial capacities among developed and developing nations has highlighted the need to look for equity and fairness in global climate action. This study aims to present a revised method that enables mapping the current state of fairness in the global energy transition, addressing both the contribution to the climate crisis and the burden that different countries face in coping with the climate disasters resulting from it. For this purpose, we revise various methods and indices used to measure the progress of energy transition efforts, as well as existing methodologies to appraise the responsibility for climate change and the resulting financial capacity. We propose changes to the existing methods to allow for a clearer analysis of the fairness of the global energy transition. An exemplary use of the proposed modified methodology is applied to six countries that represent developing and developed countries using publicly available data from renowned sources such as IRENA, EM-DAT, and the World Bank, showing the applicability of the method. The main trends in the results highlight the added value of the proposed method. The progress in the energy transition is evaluated in terms of fairness as a transition index by taking into account historical responsibility and financial capacity. Damage from climate-induced disasters and contribution towards climate financing are added as contextual considerations. The country’s historical emissions, GDP, NDC, financial costs of climate-induced disaster, and financing from the Green Climate Fund are used as the basis for the analysis. The findings underscore the differences in energy transition achievement, as well as the differences in pledged and deposited funds among various types of countries. The results demonstrate a disproportionate burden experienced by lower-income nations and depict the ongoing challenges in translating principles of “common but differentiated responsibilities” into concrete outcomes. This study provides an open-source and data-driven perspective that highlights the need for change in global policy discourse and also advocates for the creation of more nuanced, just, and effective approaches to accelerate the clean energy transition worldwide. Full article

Out-of-pocket expenditure (OOPE) comprises 62% of national health expenditure in India. This heavy reliance on direct payments has engendered economic vulnerability and catastrophic financial pressures (typically defined as out-of-pocket spending exceeding a certain threshold of household income, leading to financial hardship) on households in a country where public health spending remains below targeted levels. The onset of the COVID-19 pandemic intensified these financial hardships further, as both total healthcare spending and OOPE experienced significant escalations due to the increased need for emergency care, vaccination efforts, and expanded health infrastructure. A retrospective, single-center study was conducted using data from COVID-19 patients admitted between June 2020 and June 2022. Patient data were collected from the Medical Records, IT, and Finance departments. A validated proforma was used for data extraction. Descriptive statistics were calculated, and the Shapiro–Wilk test was applied to assess normality of billing and OOPE data. Patients were stratified into three groups based on their insurance status, allowing for comparative analysis of OOPE percentages and absolute expenditures. The 2715 COVID-19 patients were categorized into three groups according to their health financing: those covered under AB-PMJAY (42.76%), private health insurance (22.16%), and the uninsured (35%). While the median billing amounts were comparable across these groups (ranging between INR 85,000 and INR 90,000), a substantial disparity was observed in terms of financial burden. All patients covered under AB-PMJAY incurred no OOPE, whereas privately insured patients had a median OOPE that constituted approximately 21% of their total billing amounts, with significant variability among different insurers. The uninsured group represented 35% of the cases and experienced the highest median OOPE, indicating substantial financial risk. The COVID-19 pandemic has revealed critical gaps in India’s health financing framework. This study emphasizes the strong financial protection provided by AB-PMJAY, while also exposing the limitations of private health insurance in shielding patients from substantial healthcare costs. As the country progresses toward universal health coverage, there is a pressing need to expand public health insurance schemes that are inclusive, equitable, and effectively implemented. Additionally, strengthening regulation and accountability in the private insurance sector is essential. The study findings reinforce that AB-PMJAY has been highly successful in reducing OOPE and enhancing financial risk protection. Although private insurance reduced OOPE, patients still faced considerable expenses. The stark difference in OOPE of 100% for uninsured patients, 21.16% for privately insured, and 0% for AB-PMJAY beneficiaries underscores the importance of further expanding AB-PMJAY to reach more vulnerable populations. Full article

By 2040, more than 80 million Americans will be aged ≥65, yet contemporary senior living communities still operate on a hospitality-first model developed for healthier cohorts three decades ago. This commentary argues that the next generation of senior living must pivot from hotel-style amenities to person-centric health platforms that proactively coordinate medical, functional, and social support. We outline four mutually reinforcing pillars. (1) Data infrastructure that stitches together clinical, functional, and social determinants of health enables continuous risk stratification and early intervention. (2) Ambient and conversational artificial-intelligence tools can extend sparse caregiving workforces while preserving resident autonomy. (3) Value-based contractual arrangements—for example, Medicare Advantage special-needs plans embedded within senior living sites—can realign financial incentives toward prevention rather than occupancy. (4) Targeted policy levers, including low-income housing tax credits for the “forgotten middle” and outcomes-based regulatory frameworks, can catalyze adoption at scale. Ultimately, re-architecting senior living around integrated technology, value-based financing and supportive regulation can transform these communities into preventive-care hubs that delay nursing home entry, improve quality of life, and reduce total cost of care. Full article

This study examines how different instructional media—face-to-face classes, live streaming, pre-recorded videos, and educational games—affect student learning outcomes in finance education. A sample of first-year economics students was assessed on their knowledge of basic financial principles before being randomly assigned to five groups. Four groups attended the same finance course delivered through different media formats, while a fifth group served as a control and received no instruction. After the course, all students completed a second (post-course) assessment. By comparing individual pre- and post-test results, as well as learning gains across the groups, we evaluated the effectiveness of each delivery method. The results show that all four instructional formats significantly improved financial knowledge compared to the control group. Among the media types, educational games proved to be an effective and reliable tool for delivering finance content. However, the differences in learning gains between face-to-face instruction, live streaming, and pre-recorded videos were not statistically significant. These findings indicate that a range of delivery models can be used effectively in finance education. The study contributes to current debates on cost-effective teaching strategies and supports evidence-based decisions on curriculum design in digitally transformed higher education environments after COVID-19. Full article

This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the period 2018–2024. Using a quantitative and exploratory approach and data provided by Eurostat, the European Central Bank, and the International Monetary Fund, we examined a series of key indicators: interest rates, inflation, GDP per capita, public debt, and foreign direct investment. The results highlight several macroeconomic advantages for Eurozone countries, including lower interest rate volatility and a quicker recovery from inflation, largely due to access to monetary tools such as PEPP and TPI. Non-Euro countries have experienced more severe inflationary episodes and higher financing costs, which have negatively impacted FDI inflows. Although some of these countries, such as Romania and Poland, have recorded solid GDP growth, they remain exposed to structural vulnerabilities and political and economic uncertainties. Correlation analyses confirm significant negative relationships between interest rates, inflation, and FDI levels. Full article

Smallholder farmers play a pivotal role in food production and rural development in South Africa. However, their productivity is often constrained by reliance on rainfed agriculture and the underutilisation of innovative technologies such as irrigation systems. This study assessed the impact of innovative irrigation system (IIS) use on crop yield among smallholder crop farmers (SCFs) in Mbombela Local Municipality. Focusing on vegetables and agronomic crop producers. Primary data was collected from 308 SCFs using a structured questionnaire through descriptive and cross-sectional survey design. A Probit regression model was used to estimate the probability of using an IIS, while Propensity Score Matching (PSM) estimated the average treatment effect on the treated (ATT) in terms of yield. The results reveal that age group (p = 0.080), main source of off-farm income (p = 0.042), and high input costs (p = 0.006) significantly determined IIS use. Impact analysis confirms that users of IISs achieved higher yields than non-users. The study concludes that innovative irrigation technologies can significantly improve smallholder productivity. It recommends that policymakers and government bodies prioritise scaling up access to IIS, introduce subsidies or low-interest financing schemes to alleviate the IIS usage costs, and strengthen extension services to provide targeted training on irrigation scheduling, system maintenance, and water-use efficiency. Full article

This study conducts an empirical examination of the impact of ESG (Environmental, Social, and Corporate Governance) performance on corporate investment efficiency, utilizing fixed-effects and mediation-effects models with a sample of 125 listed agribusiness companies in China from 2013 to 2022. The results of the fixed-effects regression indicate that superior ESG performance can effectively enhance corporate investment efficiency. Furthermore, the results of the mediation-effects analysis unveil the underlying mechanism through which ESG performance contributes to investment efficiency: by reducing agency costs and alleviating financing constraints. Moreover, the heterogeneity analysis suggests that ESG performance promotes investment efficiency more significantly in low-competition and moderately competitive market environments. By contrast, its effect may be somewhat muted in highly competitive markets. The findings of this study indicate that agribusiness companies should integrate ESG strategies, increase information transparency disclosure, and refine the allocation and management of resources in their operations. Full article

A common challenge faced by global wood-processing enterprises (WPEs) is their frequent exposure to external shocks. The improvement of regional financial development (RFD) may help WPEs enhance their resilience, thereby enabling them to mitigate external shocks. Against this backdrop, it is worth investigating whether RFD’s improvement can enhance WPEs’ resilience. However, the literature that addresses this issue is scarce. Based on the data of WPEs in mainland China from 2008 to 2016, we evaluate RFD’s effect on WPEs’ resilience. The findings are as follows: RFD can positively affect WPEs’ resilience, and multi-dimensional stability tests confirm the robustness of this result. RFD produces indirect positive effects by enhancing WPEs’ financing capacity and reducing their financing costs. Heterogeneity tests reveal that the RFD’s positive effect manifests in three distinct wood-processing sub-sectors. Crucially, its impact proves significantly greater on small and micro WPEs than on medium and large-sized ones. Furthermore, the positive effects are stronger for WPEs located in central and western provinces and non-municipal districts versus those situated in eastern provinces and municipal districts. Compared with technology- and capital-intensive WPEs, labor-intensive ones benefit more from RFD’s improvement. 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