Search Results (1,858)

This study examines the impact of personal remittances on housing prices in European Union (EU) countries, while also accounting for a broader set of macroeconomic, demographic, and structural variables. Using annual data for 27 EU countries from 2007 to 2022, we employ a comprehensive panel econometric approach, including cross-sectional dependence tests, second-generation unit root tests, pooled mean group–autoregressive distributed lag (PMG-ARDL) estimation, and panel causality tests, to capture both short- and long-term dynamics. Our findings confirm that remittances significantly and positively influence long-term housing price levels, underscoring their relevance as a demand-side driver. Other key variables such as net migration, GDP, travel credit to GDP, economic freedom, and real effective exchange rates also contribute to housing price movements, while supply-side indicators, including production in construction and building permits, exert moderating effects. Moreover, real interest rates are shown to have a significant long-term negative effect on property prices. The analysis reveals key causal links from remittances, FDI, and net migration to housing prices, highlighting their structural and predictive roles. Bidirectional causality between economic freedom, housing output, and prices indicates reinforcing feedback effects. These findings position remittances as both a development tool and a key indicator of real estate dynamics. The study highlights complex interactions between international financial flows, demographic pressures, and domestic economic conditions and the need for policymakers to consider remittances and migrant investments in real estate strategies. These findings offer important implications for policymakers seeking to balance housing affordability, investment, and economic resilience in the EU context and key insights into the complexity of economic factors and real estate prices. Importantly, the analysis identifies several causal relationships, notably from remittances, FDI, and net migration toward housing prices, underscoring their predictive and structural importance. Bidirectional causality between economic freedom and house prices, as well as between housing output and pricing, reflects feedback mechanisms that further reinforce market dynamics. These results position remittances not only as a developmental instrument but also as a key signal for real estate market performance in recipient economies. Full article

Public transport companies are aware that the success of their operations largely depends on the proper sizing and optimization of their processes. Among the key activities are the maintenance and repair of the vehicle fleet. This paper presents the application of mathematical optimization methods from the field of operations research to improve the efficiency of service workshops for bus maintenance and repair. Based on an analysis of collected data using queueing theory, the authors assessed the current system performance and found that the queueing system still has spare capacity and could be downsized, which aligns with the company’s management goals. Specifically, the company plans to reduce the number of bus repair service stations (servers in a queueing system). The main question is whether the system will continue to function effectively after this reduction. Three specific downsizing solutions were proposed and evaluated using queueing theory methods: extending the daily operating hours of the workshops, reducing the number of arriving buses, and increasing the productivity of a service station (server). The results show that, under high system load, only those solutions that increase the productivity of individual service stations (servers) in the queueing system provide optimal outcomes. Other solutions merely result in longer queues and associated losses due to buses waiting for service, preventing them from performing their intended function and causing financial loss to the company. Full article

Under the global context of climate governance and sustainable development, low-carbon energy transition has become a strategic imperative. As a critical force in resource allocation, the financial system’s impact on energy transition has attracted extensive academic attention. This paper presents the first comprehensive literature review on energy transition research in the context of financial development. We develop a “Financial Functions-Energy Transition Dynamics” analytical framework to comprehensively examine the theoretical and empirical evidence regarding the relationship between financial development (covering both traditional finance and emerging finance) and energy transition. The understanding of financial development’s impact on energy transition has progressed from linear to nonlinear perspectives. Early research identified a simple linear promoting effect, whereas current studies reveal distinctly nonlinear and multidimensional effects, dynamically driven by three fundamental factors: economy, technology, and resources. Emerging finance has become a crucial driver of transition through technological innovation, risk diversification, and improved capital allocation efficiency. Notable disagreements persist in the existing literature on conceptual frameworks, measurement approaches, and empirical findings. By synthesizing cutting-edge empirical evidence, we identify three critical future research directions: (1) dynamic coupling mechanisms, (2) heterogeneity of financial instruments, and (3) stage-dependent evolutionary pathways. Our study provides a theoretical foundation for understanding the complex finance-energy transition relationship and informs policy-making and interdisciplinary research. Full article

This study explores the role of solidarity finance in promoting local development and the empowerment of marginalized communities through financial inclusion and access to community credits. It focuses on how solidarity-based financial mechanisms provide accessible credit with fewer barriers, fostering productive activities and economic resilience. This study employed a quantitative and exploratory design, analyzing data from 51 community funds in Ecuador out of a total of 220 through a self-administered online survey, validated by auditing professionals and answered by community representatives. The 25-item questionnaire gathered data on organizational dynamics, financial practices, and perceptions of sustainability. Descriptive analysis was complemented with an analysis of variance to test hypotheses concerning associativity, self-management, and organizational performance. The results show that while associativity, self-management, and organizational management are perceived as institutional strengths, aspects such as autonomy and solidarity received lower evaluations, suggesting critical areas for strategic improvement. Notably, significant differences emerged between self-management–organization and solidarity–organization groups, emphasizing the importance of associativity (collaboration) in enhancing the sustainability of solidarity finance, which proves to be a vital mechanism for community empowerment and local development; however, its long-term sustainability depends on strengthening internal dimensions, particularly autonomy and solidarity, and reinforcing associativity as a core driver of organizational resilience. Full article

In this paper a new state model is introduced, an adaptative state model in a binary temporal representation (ASMBRT) as well as its application in constructing an algorithmic trading system. The presented model uses the binary temporal representation, which allows for a precise analysis of exchange rates without losing any informative value of the data. The basis of the model is the trajectory analysis for the ensuing changes in price quotations and dependencies between the duration of each change. The main advantage of the model is to eliminate the threshold analysis, used in existing state models. This solution allows for a more accurate identification of investor behavior patterns, which translates into a reduction of investment risk. In order to verify obtained results in practice, the paper presents a concept of creating an algorithmic trading system and an analysis of its financial effectiveness for the exchange rate most popular among investors, namely EUR/USD. Full article

In today’s volatile supply chain environment, organizations require flexible and collaborative procurement strategies. Swap contracts, originally developed as financial instruments, have recently been adopted to address inventory imbalances—such as the 2021 COVID-19 vaccine swap between South Korea and Israel. Despite its increasing adoption in the real world, theoretical studies on swap-based procurement remain limited. This study proposes an integrated model that combines buyer-to-buyer swap agreements with long-term wholesale contracts under demand uncertainty. The model quantifies the expected swap quantity between parties and embeds it into the profit function to derive optimal order quantities. Numerical experiments are conducted to compare the performance of the proposed strategy with that of a baseline wholesale contract. Sensitivity analyses are performed on key parameters, including demand asymmetry and swap prices. The numerical analysis indicates that the swap-integrated procurement strategy consistently outperforms procurement based on long-term wholesale contracts. Moreover, the results reveal that under the swap-integrated strategy, the optimal order quantity must be adjusted—either increased or decreased—depending on the demand scale of the counterpart and the specified swap price, deviating from the optimal quantity under traditional long-term contracts. These findings highlight the potential of swap-integrated procurement strategies as practical coordination mechanisms across both private and public sectors, offering strategic value in contexts such as vaccine distribution, fresh produce, and other critical products. Full article

The importance of non-performing loans (NPLs) for the stability of financial sectors is difficult to overestimate. The NPL level depends on numerous factors; this study’s goal is to determine the impact of macroeconomic factors on NPLs with the mediation effect of foreign, saving and social factors in Kazakhstan’s banking sector. To determine the affecting factors, the authors performed a systematic literature review. To determine the dependencies between constructs, the Partial Least Squares Structural Equation Modeling (PLS-SEM) method was used. Macroeconomic factors’ direct effect on non-performing loans (NPLs) was examined; a significant negative dependence was determined. The mediation effect of foreign, saving, and social factors was investigated. Foreign factors have a mediation effect, strengthening the dependence between macro factors and NPLs. Nevertheless, they do not have a mediating effect; moreover, they balance and make the effect of macro factors on NPLs statistically insignificant. These findings allow policy-makers to stabilize the situation on NPLs in the financial markets of developing countries like Kazakhstan by directly influencing not only the financial sector but also other sectors of the national economy. Full article

This paper presents an annual, real-world evaluation of the performance and economics of a residential photovoltaic (PV) system coupled with a battery energy storage system (BESS) in southern Poland. The system, monitored with 5 min resolution, operated under time-of-use (TOU) electricity tariffs. Seasonal variation was significant; self-sufficiency exceeded 90% in summer, while winter conditions increased grid dependency. The hybrid system reduced electricity costs by over EUR 1400 annually, with battery operation optimized for high-tariff periods. Comparative analysis of three configurations—grid-only, PV-only, and PV + BESS—demonstrated the economic advantage of the integrated solution, with the shortest payback period (9.0 years) achieved with financial support. However, grid voltage instability during high PV production led to inverter shutdowns, highlighting limitations in the infrastructure. This study emphasizes the importance of tariff strategies, environmental conditions, and voltage control when designing residential PV-BESS systems. Full article

Financial market forecasting remains challenging due to complex nonlinear dynamics and regime-dependent behaviors that traditional models struggle to capture effectively. This research introduces the Adaptive Financial Reservoir Network with Hypernetwork Flow (AFRN–HyperFlow) framework, a novel ensemble architecture integrating Echo State Networks, temporal convolutional networks, mixture density networks, adaptive Hypernetworks, and deep state-space models for enhanced financial time-series prediction. Through comprehensive feature engineering incorporating technical indicators, spectral decomposition, reservoir-based representations, and flow dynamics characteristics, the framework achieves superior forecasting performance across diverse market conditions. Experimental validation on 26,817 balanced samples demonstrates exceptional results with an F1-score of 0.8947, representing a 12.3% improvement over State-of-the-Art baseline methods, while maintaining robust performance across asset classes from equities to cryptocurrencies. The adaptive Hypernetwork mechanism enables real-time regime-change detection with 2.3 days average lag and 95% accuracy, while systematic SHAP analysis provides comprehensive interpretability essential for regulatory compliance. Ablation studies reveal Echo State Networks contribute 9.47% performance improvement, validating the architectural design. The AFRN–HyperFlow framework addresses critical limitations in uncertainty quantification, regime adaptability, and interpretability, offering promising directions for next-generation financial forecasting systems incorporating quantum computing and federated learning approaches. Full article

The rapidly changing dynamics of the digital age reshape the addiction relationship that high school students establish with technology. While smartphones remove boundaries in terms of communication and access to information, their usage triggers a source of anxiety and nomophobia. The increase in students’ anxiety levels because of their over-reliance on mobile phone use leads to significant behavioral changes in their mental health, academic performance, social interactions and financial dependency. This study examined the nomophobia levels of high school students according to selected socio-demographic indicators. Using the relational screening model, the multistage sampling technique was used to select a sample of 884 participants: 388 from Science High School and 496 from Anatolian High School (459 female, 425 male, Mage = 16.45 ± 1.14 year). Independent sample test and One-way ANOVA were applied. Depending on the homogeneity assumption of the data, Welch values were considered, and Tukey tests were applied as a second-level test from post hoc analyses. Comprehensive analyses of nomophobia levels revealed that young individuals’ attitudes towards digital technology differ significantly according to their demographic and behavioral characteristics. Variables such as gender, physical activity participation, grade level and duration of smartphone use are among the main factors affecting nomophobia levels. Female individuals and students who do not participate in physical activity exhibit higher nomophobia scores. Full article

Water is essential for ecological balance, environmental sustainability, and food security, particularly in arid regions where effective water management increasingly depends on farmer cooperation. The Samarkand region of Uzbekistan, known for its favorable climate and leading role in grape production, is facing rising drought conditions. This study explores the factors influencing grape farmers’ willingness to collaborate on water management in the districts of Ishtikhan, Payarik, and Kushrabot, which together produce 75–80% of the region’s grapes. A quantitative survey of 384 grape-producing households was conducted across 19 county citizens’ gatherings (38.7% of such gatherings), and structural equation modeling was employed to analyze a framework consisting of four dimensions: norms, environmental concerns, economic barriers, and the intention to adopt sustainable practices. The results indicate that norms and environmental concerns positively influence collaboration, suggesting a collective orientation toward sustainability. In contrast, economic barriers such as high costs and limited financial capacity significantly hinder cooperative behavior. Furthermore, a strong individual intention to adopt sustainable practices was associated with a greater likelihood of collaboration. These findings highlight the critical drivers and constraints shaping collective water use in agriculture and suggest that targeted policy measures and community-led efforts are vital for promoting sustainable water governance in drought-prone regions. Full article

As a key engine driving China’s green financial transformation, the Green Financial Reform and Innovation Pilot Zones have demonstrated significant achievements in enhancing the capacity of financial services to support green real economies, preventing and mitigating green financial risks, and bolstering national and urban economic resilience. On this basis, a spatial Markov chain model is applied to further analyze the economic toughness of prefecture-level cities. This study treats the establishment of these pilot zones as a quasi-natural experiment, using panel data from 269 prefecture-level cities in China from 2013 to 2023 and employing a multi-period difference-in-differences (DID) model to empirically examine the impact of green financial reform on urban economic resilience and its underlying mechanisms. The results reveal that the establishment of these pilot zones significantly enhances urban economic resilience. Specifically, green financial reforms primarily improve urban economic resilience by increasing credit accessibility and capital allocation efficiency in the pilot cities. Furthermore, the policy effects are more pronounced in large cities and resource-dependent cities compared to small and medium-sized cities and non-resource-dependent cities, with stronger impacts observed in southern and coastal regions than in northern inland areas. Additionally, the policy effects are significantly greater in environmentally prioritized cities than in non-prioritized cities. By integrating green financial reforms and urban economic resilience into a unified analytical framework, this study provides valuable insights for policymakers to refine green financial strategies and design resilience-enhancing policies. Full article

Healthy food service guidelines (HFSG) comprise food, nutrition, behavioral design, and other standards to guide the purchasing, preparation, and offering of foods and beverages in worksites and institutional food service. To date, there have been few attempts to synthesize evidence for HFSG effectiveness in non-K-12 or early childhood education sectors, particularly at worksites and institutional food services. We conducted a scoping review to achieve the following: (1) characterize the existing literature on the effectiveness of HFSG for improving the institution’s food environment, financial outcomes, and consumers’ diet quality and health, and (2) identify gaps in the literature. The initial search in PubMed and Web of Science retrieved 10,358 articles; after screening and snowball searching, 68 articles were included for analysis. Studies varied in terms of HFSG implementation settings, venues, and outcomes in both U.S. (n = 34) and non-U.S. (n = 34) contexts. The majority of HFSG interventions occurred in venues where food is sold (e.g., worksite cafeterias, vending machines). A diversity of HFSG terminology and measurement tools demonstrates the literature’s breadth. Literature gaps include quasi-experimental study designs, as well as interventions in settings that serve dependent populations (e.g., universities, elderly feeding programs, and prisons). Full article

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article

The digital business environment is rapidly evolving with advancements in information technology (IT), increasing the risk of information security incidents. Grounded in the resource-based view and in contingency theory, this study adopts a different approach from prior research by conceptualizing security management activities not as mere risk control mechanisms, but as strategic innovation drivers that can enhance corporate performance (sales revenue and operating profit). The authors develop a research model with six independent variables, including internal and external security management activities, CISO role configuration (independent or dual-role with CIO), and investment levels in IT and information security. The dependent variables include sales revenue and operating profit, with ISMS or ISO certification as a moderating variable. Using information security (IS) disclosures and financial data from 545 Korean firms that have reported their security management activities to the Ministry of Science and ICT, multiple regression and moderation analyses reveal that high IT investment negatively impacts performance, but this effect is mitigated when formal security systems, like ISMS or ISO, are in place. The results suggest that integrating recognized security frameworks into management strategies can enhance both innovation and financial outcomes, encouraging a proactive approach to security management. Full article