Search Results (1,537)

In an era of rapid technological advancement—particularly with the accelerated development of artificial intelligence and digital technologies—entrepreneurship enables firms to dynamically adjust their strategies in response to environmental uncertainty and helps them maintain sustainable competitive advantages over time. As a key concept in entrepreneurship research, entrepreneurial orientation (EO) has long attracted scholarly attention. However, existing studies on EO have primarily focused on its specific outcomes, while insufficient attention has been paid to its antecedents from the perspective of internal threats. Under the threat of performance shortfalls, firms’ strategic choices are influenced not only by resource constraints but also by managerial cognitive biases. Drawing on Behavioral Theory of the Firm, we explore the moderating roles of managerial overconfidence and myopia in the relationship between performance shortfalls and EO. This study aims to uncover the cognitive “black box” behind why some firms are more likely to trigger entrepreneurial behavior in adverse situations. Based on panel data from 2822 A-share listed companies in China spanning the period from 2009 to 2020, and using a fixed-effects regression model, our findings indicate that both historical and social performance shortfalls have significant positive effects on EO. Further analysis reveals that the positive impact of performance shortfalls on EO is attenuated under conditions of heightened managerial overconfidence and myopia. By enriching the boundary conditions of EO from a cognitive perspective, this study provides a theoretical explanation for how firms can engage in entrepreneurial behavior under threat by reducing cognitive biases, thereby offering both theoretical and managerial insights into how firms can maintain sustainable development under crisis conditions. Full article

This convergent mixed-methods study explores the lived experiences of Black women DEI leaders at predominantly white institutions within the context of an increasingly contentious national discourse surrounding diversity, equity, and inclusion (DEI) in higher education. Conducted prior to the 2024 election, a period marked by escalating resistance to DEI efforts, this research explores how America’s racial reckoning influenced institutional DEI initiatives and shaped the realities of those leading this work. Data were collected through a climate survey of 20 DEI administrators and semi-structured interviews with three senior-level Black women DEI leaders. The survey findings suggest that institutional commitments to DEI were largely reactive, emerging as crisis responses to national calls for racial justice. These efforts resulted in the short-term elevation of Black women into leadership roles, often without sustained structural support. The interview data revealed that Black women senior DEI leaders routinely encounter discrimination, marginalization, and the paradox of hypervisibility and invisibility within their roles. This study concludes with implications and suggestions for institutional policy and structural reform aimed at fostering more equitable and sustainable DEI leadership environments. Full article

The COVID-19 pandemic triggered unprecedented economic disruptions, raising critical questions about the resilience and adaptability of macroeconomic productivity across countries. This study examines the impact of COVID-19 on macroeconomic efficiency and productivity dynamics in 37 OECD countries using quarterly data from 2018Q1 to 2024Q4. By employing a Slack-Based Measure Data Envelopment Analysis (SBM-DEA) and the Malmquist Productivity Index (MPI), we decompose total factor productivity (TFP) into efficiency change (EC) and technological change (TC) across three periods: pre-pandemic, during-pandemic, and post-pandemic. Our framework incorporates both desirable (GDP) and undesirable outputs (inflation, unemployment, housing price inflation, and interest rate distortions), offering a multidimensional view of macroeconomic efficiency. Results show broad but uneven productivity gains, with technological progress proving more resilient than efficiency during the pandemic. Post-COVID recovery trajectories diverged, reflecting differences in structural adaptability and innovation capacity. Regression analysis reveals that stringent lockdowns in 2020 were associated with lower productivity in 2023–2024, while more adaptive policies in 2021 supported long-term technological gains. These findings highlight the importance of aligning crisis response with forward-looking economic strategies and demonstrate the value of DEA-based methods for evaluating macroeconomic performance beyond GDP. Full article

We introduce a novel portfolio optimization framework—Distributionally Robust Multivariate Stochastic Cone Order (DR-MSCO)—which integrates partial orders on random vectors with Wasserstein-metric ambiguity sets and adaptive cone structures to model multivariate investor preferences under distributional uncertainty. Grounded in measure theory and convex analysis, DR-MSCO employs data-driven cone selection calibrated to market regimes, along with coherent tail-risk operators that generalize Conditional Value-at-Risk to the multivariate setting. We derive a tractable second-order cone programming reformulation and demonstrate statistical consistency under empirical ambiguity sets. Empirically, we apply DR-MSCO to 23 Borsa Istanbul equities from 2021–2024, using a rolling estimation window and realistic transaction costs. Compared to classical mean–variance and standard distributionally robust benchmarks, DR-MSCO achieves higher overall and crisis-period Sharpe ratios (2.18 vs. 2.09 full sample; 0.95 vs. 0.69 during crises), reduces maximum drawdown by 10%, and yields endogenous diversification without exogenous constraints. Our results underscore the practical benefits of combining multivariate preference modeling with distributional robustness, offering institutional investors a tractable tool for resilient portfolio construction in volatile emerging markets. Full article

Justice Joseph Story’s Commentaries on the Constitution of the United States (1833) have long been regarded as the scholarly source for a nationalist account of the U.S. Constitution in Antebellum America. Yet recent scholarship has questioned whether the Commentaries should be viewed exclusively as a work of legal scholarship. This article reinterprets Justice Story’s three-volume work as a project of civic education during a period of political and constitutional uncertainty. Written during the Nullification Crisis and in the wake of codification efforts, Justice Story presents his Commentaries for the use of the American public, providing them, and not exclusively lawyers and judges, with a source to support a popular conception of American constitutionalism. Story’s project of civic education is clearly shown by his personal efforts to abridge his Commentaries on three separate occasions to ensure the wide distribution of the work to Americans of different ages, groups, localities, and levels of education. As such, this article offers Justice Story as a guide to contemporary judges who seek to engage in civic education projects. Full article

This paper analyzes how two major economic downturns—a recession and a stagflation—affected convergence in the European Union (EU). Absolute and conditional convergence rates are estimated using ordinary least squares (OLS) semilog regressions based on cross-sectional data from 2004 to 2022. The study tests two hypotheses: there was no absolute convergence in the EU during either the recession or the stagflation period, and conditional convergence occurred during the recession but not during stagflation. The regression results indicate that neither hypothesis can be rejected. External variables—economic openness, inflation, and investment—were more influential during stable periods, whereas internal variables—debt, unemployment, and the control of corruption—had a greater impact during crises. These findings suggest that the EU was more institutionally prepared for the stagflation due to mechanisms developed after the financial crisis, but these tools proved less effective in addressing supply-side shocks. Full article

Since the early 21st century, urban shrinkage has become a significant global phenomenon. Dongguan, in Guangdong Province, China, is known as a “world factory”. It experienced notable urban shrinkage following the 2008 financial crisis. However, the city demonstrated remarkable recovery and ongoing development in subsequent years. On that basis, this study focuses on the following three points: (1) identifying the spatiotemporal factors contributing to the growth and shrinkage of manufacturing cities, taking Dongguan as an example; (2) explaining the influencing factors of the growth and shrinkage of Dongguan City during three critical periods, 2008–2014 (post-crisis), 2015–2019 (as machinery replaced human work), and 2020–2023 (the COVID-19 pandemic and recovery); and (3) selecting representative towns and streets for on-site observation and investigation, analyzing the measures they have taken to cope with growth and shrinkage during different periods. The key findings include the following: (1) The spatial dynamics of growth and shrinkage in Dongguan show significant temporal patterns, with traditional manufacturing areas shrinking from 2008 to 2014, central urban areas recovering from 2015 to 2019, and renewed shrinkage from 2020 to 2023. However, some regions maintained stability through strategic innovations. (2) Various factors, particularly industrial upgrading and technological innovation, drove the urban dynamics, enhancing economic resilience. (3) The case study of Houjie Town revealed successful adaptive mechanisms supported by policy while facing challenges like labor mismatches and inadequate R&D investment. This research offers insights for improving urban resilience and promoting sustainable development in Dongguan. Full article

The phenomenon of rising forward price volatility, both historical and implied, as maturity approaches is referred to as the Samuelson effect or maturity effect. Disregarding this effect leads to significant mispricing of early-exercise options, extendible options, or other path-dependent options. The primary objective of the research is to identify a practical way to incorporate the Samuelson effect into the evaluation of commodity derivatives. We choose to model the instantaneous variance employing the exponential decay parameterizations of the Samuelson effect. We develop efficient calibration techniques utilizing historical futures data and conduct an analysis of statistical errors to provide a benchmark for model performance. The study employs 15 years of data for WTI, Brent, and NG, producing excellent results, with the fitting error consistently inside the statistical error, except for the 2020 crisis period. We assess the stability of the fitted parameters via cross-validation techniques and examine the model’s out-of-sample efficacy. The approach is generalized to encompass seasonal commodities, such as natural gas and electricity. We illustrate the application of the calibrated model of instantaneous variance for the evaluation of commodity derivatives, including swaptions, as well as in the evaluation of power purchase agreements (PPAs). We demonstrate a compelling application of the Samuelson effect to a widely utilized auto-callable equity derivative known as the snowball. Full article

This study investigates the impact of remittances on income inequality in Lebanon using annual time-series data for the years 2000–2023. Applying Johansen’s cointegration test, with financial development (FD), GDP, and household consumption expenditure (HCE) as the control variables, the study examines the long-run and short-run relationship between remittances and inequality. The study also considers the moderating impacts of FD and HCE to account for their indirect role in the remittance–inequality relationship. Dynamic relations are also examined by using impulse response functions (IRFs) and Forecast Error Variance Decomposition (FEVD) analyses. The long-run model estimates validate that remittances and income inequality are significantly and negatively related, i.e., increased remittance receipts serve to reduce income inequality in Lebanon. Remittance effects, however, are statistically insignificant in the short run. Interestingly, the results reveal that financial development weakens the remittances’ inequality-reducing effect, dampening their impact. Contrarily, a higher household consumption expenditure slightly strengthens the inequality-reducing effect of remittances. A comparison between the pre- and post-2019 periods reveals that the explanatory strength of remittances weakened during times of economic crisis, since the function of remittances was different during times of economic distress. Based on these findings, this study recommends that Lebanon not only promote financial development but also focus on financial inclusion, improve social safety nets, and provide inclusive economic growth to maximize remittance inflow benefits and efficiently reduce inequality. Full article

Amid the escalating global climate crisis, the transition to sustainable energy systems has become imperative. As the world’s largest energy producer and consumer, China has established ambitious dual carbon targets, which present formidable challenges to urban energy systems that remain heavily reliant on conventional energy sources and exhibit inadequate renewable energy development. Drawing on complex adaptive systems theory, this study investigates the extent to which digital finance enhances urban energy resilience, examining both the underlying mechanisms and heterogeneous effects. Employing a multi-period difference-in-differences model with digital finance policies as a quasi-natural experiment, our analysis of panel data from 31 Chinese provinces (2016–2023) demonstrates that digital finance significantly enhances the resilience of urban energy systems and their three constituent subsystems. A mediation analysis reveals the pivotal role of innovative organizations, while machine learning techniques uncover nonlinear relationships moderated by marketization levels, fiscal energy allocations, and initial digital finance development. These findings provide critical insights for policymakers, financial institutions, and energy enterprises seeking to advance sustainable energy governance and foster financial innovation in the energy transition. Full article

This study examines the role of supervisory frameworks in shaping the risk management behavior of Greece’s four systemic banks during the period of 2015–2024. It explores how regulatory reforms under Capital Requirements Regulation II, Basel III, and European Central Bank oversight influenced capital adequacy, asset quality, and liquidity metrics. Employing a quantitative methodology, this study analyzes secondary data from Pillar III disclosures, annual financial reports, and supervisory statements. Key risk indicators (capital adequacy ratio, non-performing exposure ratio, liquidity coverage ratio, and risk-weighted assets) are evaluated in conjunction with regulatory interventions, such as International Financial Reporting Standards 9 transitional relief, the Hercules Asset Protection Scheme, and European Central Bank liquidity measures. The findings reveal that enhanced supervision contributed to improved resilience and regulatory compliance. International Financial Reporting Standards 9 transitional arrangements were pivotal in maintaining capital thresholds during stress periods. Supervisory flexibility and extraordinary European Central Bank support measures helped banks absorb shocks and improve risk governance. Differences across banks highlight the impact of institutional strategy on regulatory performance. This study offers a rare longitudinal assessment of supervisory influence on bank risk behavior in a high-volatility Eurozone context. Covering an entire decade (2015–2024), it uniquely links institutional strategies with evolving regulatory frameworks, including crisis-specific interventions such as International Financial Reporting Standards 9 relief and asset protection schemes. The results provide insights for policymakers and regulators on how targeted supervisory interventions and transitional mechanisms can enhance banking sector resilience during protracted crises. Full article

The global climate crisis has shifted the building industry toward the ecological use of materials, often based on renewable sources. Properties of such materials, as well as their behavior in structures, need to be constantly verified both theoretically and experimentally. This article focuses on the influence of vapor retarder on the moisture content of timber log wall structures with sheep wool insulation. Moisture content was verified experimentally during the period of over 2 years with monitoring sensors and insulation samples weighing. Results show that vapor retarder has a positive and statistically significant impact on the moisture content of sheep wool insulation and log structure, depending on the season and position of insulation in the structure. The moisture content of the log structure does not exceed 16%, confirming no risk of biodegradation during the monitored period. This case study can help further the knowledge of log structure design and provide insight into the hygrothermal properties of sandwich structures. Full article

The management of public health projects in a BANI (brittle, anxious, non-linear, incomprehensible) environment, exemplified by the ongoing war in Ukraine, presents unprecedented challenges due to fragile systems, heightened uncertainty, and complex socio-political dynamics. This study proposes an AI-driven framework to enhance the resilience and effectiveness of public health interventions under such conditions. By integrating a coupled SEIR–Infodemic–Panicdemic Model with war-specific factors, we simulate the interplay of infectious disease spread, misinformation dissemination, and panic dynamics over 1500 days in a Ukrainian city (Kharkiv). The model incorporates time-varying parameters to account for population displacement, healthcare disruptions, and periodic war events, reflecting the evolving conflict context. Sensitivity and risk–opportunity analyses reveal that disease transmission, misinformation, and infrastructure damage significantly exacerbate epidemic peaks, while AI-enabled interventions, such as fact-checking, mental health support, and infrastructure recovery, offer substantial mitigation potential. Qualitative assessments identify technical, organisational, ethical, regulatory, and military risks, alongside opportunities for predictive analytics, automation, and equitable healthcare access. Quantitative simulations demonstrate that risks, like increased displacement, can amplify infectious peaks by up to 28.3%, whereas opportunities, like enhanced fact-checking, can reduce misinformation by 18.2%. These findings provide a roadmap for leveraging AI to navigate BANI environments, offering actionable insights for public health practitioners in Ukraine and other crisis settings. The study underscores AI’s transformative role in fostering adaptive, data-driven strategies to achieve sustainable health outcomes amidst volatility and uncertainty. Full article

Globalization and the spread of technological innovations have made world markets and economies increasingly unified and conditioned by international trade, not only for sales markets but above all for the supply of raw materials necessary for the functioning of the production complex of each country. Alongside oil and gold, the main commodities traded include industrial metals, such as aluminum and copper, mineral products such as gas, electrical and electronic components, agricultural products, and precious metals. The conflict between Russia and Ukraine tested the unification of markets, given that these are countries with notable raw materials and are strongly dedicated to exports. This suggests that commodity prices were able to influence the stock markets, especially in the countries most closely linked to the two belligerents in terms of import-export. Given the importance of industrial metals in this period of energy transition, the aim of our study is to analyze whether Industrial Metals volatility affects G7 stock markets. To this end, the BEKK-GARCH model is used. The sample period spans from 3 January 2018 to 17 September 2024. The results show that lagged shocks and volatility significantly and positively influence the current conditional volatility of commodity and stock returns during all periods. In fact, past shocks inversely influence the current volatility of stock indices in periods when external events disrupt financial markets. The results show a non-linear and positive impact of commodity volatility on the implied volatility of the stock markets. The findings suggest that the war significantly affected stock prices and exacerbated volatility, so investors should diversify their portfolios to maximize returns and reduce risk differently in times of crisis, and a lack of diversification of raw materials is a risky factor for investors. Full article

The COVID-19 pandemic sparked changes globally, as leaders scrambled to protect wellbeing and safety. With many U.S. students sent away from their campuses, undergraduate students still grappled with the time-old question: “what will I do after college,” except during an unprecedented time in history rife with heightened career uncertainty. This qualitative study presents the results of a survey administered as part of a mind–body health project conducted in the wake of the pandemic, speaking directly to undergraduate college students’ health-related career aspirations. Two open-ended survey questions—(1) what is your intended career, and (2) how (if at all) has the COVID-19 pandemic changed your perspective about your future career—were administered with thematic analysis conducted. Qualitative analysis using hybrid data and theory-driven approaches revealed several themes around an increased desire to work within health-related fields, decreased desire to work in healthcare, non-medical to medical career shift, and additional undecidedness. Connecting theory to practice, Super’s Life-Space, Life-Span Career Theory and Krumboltz’s Social Learning Theory of Career Decision-Making guide practical implications and grander discussion around career development during periods of crisis. Full article