Search Results (7,973)

Understanding the relationship between green bond issuance and environmental performance is critical as governments, financial institutions, and investors seek to accelerate the transition toward a low-carbon economy. This study analyzes the relationship between green bond issuance and carbon intensity across 165 countries from 2015 to 2022. Two-way fixed-effects models reveal a negative and statistically significant association between green bond issuance and carbon intensity (GDP- and energy-based measures). Dynamic system GMM estimations confirm this relationship after accounting for persistence and endogeneity, with coefficients remaining negative and significant, while carbon intensity displays strong inertia (autoregressive coefficients: 0.864–0.928). Robustness checks—including the exclusion of the five largest issuers and the use of alternative dependent variables—sustain these findings, indicating a moderate, gradual impact of green bond markets on lowering carbon intensity. Full article

This paper investigates a stochastic differential portfolio game between two competing investors with relative wealth preferences. The financial market consists of one risk-free asset and one risky asset, whose price dynamics follow the CEV model. We formulate this game as two utility maximization problems, where each investor aims to maximize their relative utility defined as the weighted average of the ratio between their terminal wealth and the competitor’s terminal wealth. Firstly, we derive the Hamilton–Jacobi–Bellman (HJB) equations and corresponding value functions through the dynamic programming principle. Next, we obtain the explicit solutions to equilibrium investment strategies and value functions for the non-zero-sum game under the CRRA utility framework. Finally, we conducted numerical simulations to analyze the impacts of model parameters on equilibrium strategies and provide relevant economic explanations. Full article

The rapid advancement of laboratory automation, robotics, and digital technologies has significantly transformed laboratory medicine worldwide, improving efficiency, diagnostic accuracy, and quality management. However, the adoption of these technologies in developing countries such as Indonesia remains uneven and is influenced by infrastructural, financial, regulatory, and workforce-related challenges. This structured narrative review aimed to critically examine the current landscape of laboratory automation and robotics in Indonesia, with particular emphasis on implementation challenges, workforce transformation among medical laboratory scientists (Ahli Teknologi Laboratorium Medik, ATLM), and pathways toward equitable integration. Studies published between 2015 and 2025 were identified through PubMed, Scopus, and Google Scholar, complemented by Indonesian regulatory documents, professional guidelines, and relevant grey literature. The review was informed by PRISMA principles and synthesized narratively to explore technological developments, operational impacts, policy contexts, and implementation barriers relevant to Indonesian laboratory systems. The findings indicate that automation and robotics offer substantial benefits, including improved turnaround time, enhanced quality assurance, reduced laboratory errors, and greater operational efficiency. Nevertheless, significant barriers persist, particularly disparities in digital infrastructure, financial constraints, limited workforce readiness, and the absence of comprehensive implementation frameworks. The review further highlights that automation is reshaping rather than replacing the role of ATLM, shifting professional responsibilities toward digital competency, automation oversight, data interpretation, and quality management. Achieving sustainable laboratory automation in Indonesia therefore requires an equity-centered and systems-oriented approach involving regulatory strengthening, workforce development, infrastructure investment, and multi-stakeholder collaboration. With strategic planning and policy alignment, laboratory automation and robotics hold considerable potential to modernize laboratory services and support Indonesia’s broader healthcare transformation agenda. Full article

This paper investigates the impact of Environmental, Social, and Governance (ESG) performance on the financial outcomes of 68 European and 60 U.S. banks over the period 2010–2022 using a Panel Smooth Transition Regression (PSTR) framework. Unlike traditional linear models, the PSTR approach captures the nonlinear, regime-dependent effects of ESG engagement on bank profitability, measured by ROA and ROE, and financial stability, measured by the Z-score. Our empirical findings reveal a critical ESG threshold in both regions, above which banks experience substantial improvements in profitability and resilience. Comparative analysis indicates that while ESG enhances stability slightly more in European banks, U.S. banks tend to achieve marginally higher profitability gains. Control variables, including bank size, capital adequacy, leverage, and macroeconomic conditions, also play a significant role in shaping performance. These results underscore the importance for banks to attain a minimum ESG maturity to fully realize the benefits of sustainable practices. The study provides valuable insights for bank managers, investors, and policymakers seeking to promote a sustainable and resilient banking sector across Europe and the United States. Full article

Against the background of China’s “dual carbon” goals and the continued advancement of the green and low-carbon transformation of resource-based industries, resource-based enterprises urgently need to rely on green innovation to overcome development constraints characterized by high resource dependence, strong environmental pressures, and mounting transformation challenges. Patient capital, with its long-term orientation, stable support, and risk-sharing characteristics, can provide sustained financial backing and governance support for green innovation in resource-based enterprises; however, its underlying mechanism remains to be further explored. Drawing on patient capital theory, this study constructs a “capital–ESG–innovation” analytical framework to examine the impact of patient capital on green innovation in resource-based enterprises and its mechanism of action. Using Chinese A-share listed resource-based enterprises from 2014 to 2023 as the research sample, this study measures patient capital from two dimensions, namely stable equity and relational debt, and conducts empirical analysis through panel regression and multiple robustness tests. The results show that patient capital significantly promotes green innovation in resource-based enterprises, with both relational debt and stable equity playing positive roles. Mechanism tests reveal that ESG performance serves as an important mediating channel through which patient capital promotes green innovation. Further analysis indicates that the level of regional marketization strengthens the green innovation effect of patient capital, and this effect is more pronounced in large enterprises, enterprises subject to stronger media supervision, and enterprises whose executives have higher green cognition. This study enriches the literature on the relationship between patient capital and green innovation and provides empirical evidence for cultivating long-term capital and promoting the green and low-carbon transformation of resource-based enterprises. Full article

Against the backdrop of the accelerated advancement of regional economic integration, industrial synergy in urban agglomerations has become a core pathway to break homogeneous competition, enhance urban productivity and achieve sustainable economic growth, yet existing studies have mostly focused on the local effects of industrial agglomeration, and complementary linkages from the perspective of industrial chain supply and demand, as well as their cross-city spatial spillover mechanisms, remain insufficiently explored. Taking the nine cities in the Pearl River Delta (PRD) as the research object, this paper constructs an Industrial Complementarity index (ICI) based on urban panel data from 2012 to 2017 and multi-regional input–output tables. The findings reveal the following: (1) Industrial complementarity in the PRD exhibits significant uneven distribution characteristics, with the network structure gradually evolving from a single-core concentrated pattern centered on Shenzhen in 2012 to a multi-polar dispersed pattern centered on Zhaoqing, Zhongshan, and Dongguan in 2017. Resource-based cities play a key fundamental connecting role in the intermediate input supply network. (2) Industrial complementarity significantly promotes urban productivity growth, and its impact is mainly realized through spatial spillover channels. Moreover, productivity spillovers show an obvious distance decay characteristic, and marginal cities obtain significantly higher marginal benefits from spillovers than core cities. (3) Mechanism tests indicate that financial deepening and human capital accumulation are important channels through which industrial complementarity affects urban productivity. Full article

Background/Objectives: Cow’s milk protein allergy (CMPA), one of the most common allergies in early life, can present psychological, financial, and social challenges for caregivers. For mothers, this burden may be compounded by the fact that experiences with pediatric CMPA typically coincide with the perinatal period, which itself may be challenging. Our study aimed to explore the concerns, experiences, and needs of mothers navigating pediatric CMPA. Methods: We conducted a qualitative study involving three groups: mothers of children (18 months to 4 years) with, or who previously had, CMPA; mothers of infants (<18 months) with CMPA; and pregnant women concerned about their baby developing CMPA. All mothers completed a demographic questionnaire and participated in a virtual focus group or interview that was recorded, transcribed verbatim, and analyzed according to reflexive thematic analysis. Questionnaire data were described (n/N, %) to summarize participant characteristics. Results: In total, 16 mothers participated. Three themes were identified: (1) perceived negative psychosocial impacts, (2) perceived inadequacy of support from healthcare professionals, and (3) perceived negative dietary and financial implications. Conclusions: This study provides valuable insights into the perceived psychosocial implications and unmet management needs of CMPA. Full article

This study examines the impact of blockchain adoption and financial transparency on corporate performance in Jordan’s banking sector, with a focus on the mediating role of digital accounting systems. Targeting senior managers and financial analysts from Jordan’s banking sector, a sample of 152 participants is analyzed using a quantitative, cross-sectional research design. Data is evaluated through Partial Least Squares Structural Equation Modeling (PLS-SEM). The results demonstrate that blockchain adoption and financial transparency significantly improve corporate performance, both directly and indirectly, through the mediating effect of digital accounting systems. These findings underscore the importance of integrating blockchain and digital accounting systems to enhance financial transparency, reduce inefficiencies, and build stakeholder trust. This study addresses a critical gap in the literature by exploring the mediating role of digital accounting systems in the relationship between blockchain adoption, financial transparency, and corporate performance, particularly in developing economies. This research offers valuable insights for managers, policymakers, and regulators, emphasizing the strategic value of blockchain and digital accounting systems in driving corporate performance. Its originality lies in combining the Technology–Organization–Environment (TOE) framework and Institutional Theory to provide a comprehensive understanding of these dynamics in Jordan’s banking sector. Full article

Under the background of the steady advancement of the dual-carbon goal and the increasing improvement of the green financial system, green supply chain finance is like a bridge that closely links the capital of the financial market and the low-carbon transformation of the real economy. The following article chooses A-shares traded enterprises from 2014 to 2024 as the study sample, adopts multi-dimensional empirical methods to study the association in green supply chain finance along with corporate emission levels, and analyzes its transmission mechanisms and heterogeneity. The findings demonstrate that green supply chain finance has a substantial inhibitory impact with enterprise emission levels, a finding that remains robust across a series of tests, including parallel trend tests, placebo tests, and propensity score matching (PSM). Mechanism analysis demonstrates that green supply chain finance can indirectly reduce carbon emission intensity by improving both financing levels and supply chain stability. Looking at heterogeneity, we find that the emission-reducing effect tends to be stronger among state-owned firms, non-heavy polluters, enterprises with higher total factor productivity, and enterprises that are more financially oriented. Our theoretical value lies in clarifying the direct relationship between green supply chain finance and micro-enterprise carbon emissions, identifying two differentiated intermediary transmission paths, and defining the boundary conditions of the policy role across multiple dimensions, thereby better coordinating and promoting the digital and low-carbon transformation of enterprises. Full article

In the pursuit of sustainable development, it is crucial to examine whether technological innovation (TI) creates equitable economic distribution or widens income inequality (II). The study aims to investigate TI’s impact on II in BRICS-T and BRICS PLUS-T countries within the context of the technological Kuznets curve (TKC). Along with TI, financial development is a driving force for economic development, and the research explores FD’s influence on II. To analyze these relationships while accounting for globalization (G), the method of moments quantile regression (MMQR) is used. The study’s findings validate the U-shaped TKC, suggesting that TI, in the initial stage, reduces II. However, beyond a certain threshold, TI² significantly widens II in both country groups. We found that the impact of TI on II was more pronounced in BRICS-T countries than in BRICS-PLUS-T countries, and the inclusion of newly added countries did not significantly affect the U-shaped relationship. Additionally, by enhancing financial inclusion, FD had a substantial and negative effect on II. In contrast, G, which concentrates wealth, was associated with higher II in both groups. This study offers a significant contribution by introducing the TKC in the context of BRICS-T and BRICS PLUS-T countries. Furthermore, the research contributes to the literature by evaluating the influence of FD and G within the context of TKC and applying novel MMQR. The study highlights a pathway to achieving the Sustainable Development Goals (SDGs 1, 7, and 10) and provides a policy framework for strategically allocating funds to technological advancements to reduce II. Full article

This study examines the impact of corporate environmental, social, and governance (ESG) practices on corporate stock prices, with a particular focus on the mediating role of board gender diversity (BGD). Using a dataset of 9543 firm-year observations from non-financial companies across 15 countries in the S&P 1200 global index between 2012 and 2020, the analysis evaluates ESG performance through the Refinitiv ESG Combined Score, which incorporates disclosures across ESG pillars and an overlay for ESG controversies. BGD is measured as the proportion of female directors on corporate boards, while stock prices are assessed using annual closing prices. The findings reveal a positive relationship between ESG performance and corporate stock prices, both at the aggregate level and across individual ESG pillars. Additionally, BGD is shown to enhance stock price performance and serves as a mediator in the ESG-stock price relationship. These results highlight the critical role of board diversity in amplifying the financial benefits of ESG practices. Further analysis suggests that the value relevance of ESG performance varies across institutional settings, with stronger effects observed in emerging/offshore markets and in the North American and European regions. The study offers important implications for companies, investors, and policymakers, emphasizing the need to integrate ESG strategies and promote gender diversity at the board level to enhance corporate valuation and long-term sustainability. Full article

The current study aims to identify the factors influencing the disclosure of climate-related risk information by the MENA banking sector and how bank financial stability acts as a moderator. The study draws from agency theory, resource dependency theory, and organizational legitimacy theory. Textual analysis is used to analyze a panel data set comprising 46 banks of 13 MENA countries for the years 2020 to 2024 (230 observations). We investigate the impact of board independence, board size, and gender diversity on climate risk disclosure. It is found that while board size and gender diversity have a positive effect on CRD, there is no direct effect of board independence on CRD. However, after taking bank financial stability (Z-score) into account as a moderating variable, it is revealed that there is a significantly positive relationship between board independence and bank financial stability. Therefore, it can be said that independent board members are helpful in CRD only when banks have sound financial stability. This study provides various robustness tests through subsample analysis and alternative methods of estimating model parameters. Full article

Background: Proton pump inhibitors (PPIs) are widely used for the treatment of gastrointestinal (GI) disorders. Omeprazole is one of the most commonly prescribed PPIs in Thailand. However, it is frequently overprescribed in hospital settings, increasing the risk of adverse effects. Moreover, such overuse imposes unnecessary healthcare costs. Objectives: To determine the prevalence of potentially inappropriate omeprazole prescribing and its associated factors, and to assess the financial impact of its overuse. Methods: This retrospective cross-sectional study was conducted in a general hospital in Thailand. Outpatients who received omeprazole between 1 January 2025 and 30 June 2025 were included. Descriptive statistics were used to summarize the data. The Chi-square test and Fisher’s exact test were used to compare categorical variables, as appropriate. Factors associated with inappropriate omeprazole prescribing were evaluated using logistic regression analysis. Results: A total of 229 patients receiving 347 omeprazole prescriptions were included. The mean age was 61.35 ± 17.17 years, and 59.4% were female. Inappropriate omeprazole prescribing was identified in 58.2% of prescriptions, primarily due to lack of appropriate indications (75.2%), followed by inappropriate duration. Antiplatelet use (OR 0.21, 95% CI 0.11–0.38, p < 0.001) and dual antiplatelet therapy (OR 0.05, 95% CI 0.01–0.37, p = 0.004) were significantly associated with a lower likelihood of inappropriate prescribing. Conclusion: Inappropriate omeprazole prescribing was common and largely driven by the absence of a clear indication, which was the main contributor to excess costs. Targeted interventions focusing on appropriate initiation, GI risk assessment, and regular reassessment may improve prescribing quality and reduce unnecessary healthcare expenditure. Full article

This systematic review paper examines how technical, operational, and structural factors influence the adoption of digital agriculture among small-scale farmers in Sub-Saharan Africa. Guided by PRISMA protocols, the study applies a hybrid thematic synthesis across six dimensions: technical, operational, policy and regulatory, governance, social and cultural, and environmental. The findings indicate that digital tools can generate substantial benefits, including yield increases of 10–30% (documented primarily for mobile-based advisory services and precision input management in East African horticulture and West African cocoa value chains) and price gains of 15–25%, with adoption rates of 70–80% in settings characterised by robust infrastructure, strong institutional support, and effective value chain integration. However, these benefits are unevenly distributed and tend to concentrate in “islands of adoption” characterized by robust infrastructure, strong institutional support, and effective value chain integration. While technical (94.9%) and operational (91.5%) factors dominate the literature, their impact is constrained by persistent structural barriers, including weak policy implementation (79.7%), fragmented governance systems (76.3%), and socio-cultural exclusion—such as gender disparities, age-related digital divides, and language misalignment (71.2%). The review identifies five minimum conditions for meaningful adoption: (i) affordable connectivity and access to digital devices; (ii) context-specific digital literacy; (iii) culturally relevant, user-centred design; (iv) robust institutional ecosystems; and (v) enabling policy and financial frameworks. Overall, the findings underscore that digital agriculture adoption is a socio-technical process shaped not only by technological innovation but also by institutional arrangements and user capabilities. Comparative cases, such as Kenya’s Farm.ink and the less successful EZ Farm initiative, further highlight the importance of integrated, context-responsive approaches to ensure that digital agriculture enhances, rather than marginalizes, small-scale farmers. Full article

Background/Objectives: Middle-income countries (MICs) in the Middle East and North Africa (MENA) face financial and health system barriers when introducing new vaccines. The Gavi MICs approach has supported the introduction of pneumococcal conjugate (PCV), human papillomavirus (HPV), and rotavirus (RV) vaccines; however, economic evidence from the region remains limited. This systematic review assessed the quantity, characteristics, and quality of economic evaluations of these vaccines in MENA MICs published between 2015 and 2025 and synthesised economic evidence to inform policy decisions in Algeria, Egypt, Iran, Jordan, Lebanon, Morocco, Palestine, and Tunisia. Methods: Relevant databases and registries were searched for cost–effectiveness, cost–utility, cost–benefit, and budget impact analyses of PCV, HPV, and RV vaccination strategies. Two reviewers independently screened studies, extracted data, and assessed methodological quality. Results: Twenty-six studies met the inclusion criteria, including 12 on HPV, nine on RV, and five on PCV. Vaccine introduction was the most commonly evaluated intervention (n = 23), and most studies were cost–effectiveness or cost–utility analyses adopting payer, health system, societal, or mixed perspectives. PCV and RV introduction were consistently found to be cost-effective or cost-saving. HPV introduction showed mixed results, particularly in Iran, but was generally cost-effective in Tunisia and Morocco. Reporting of vaccine coverage, delivery costs, and programmatic constraints was limited, and overall methodological quality varied. Conclusions: Available evidence supports the economic value of PCV and RV introduction in MENA MICs, while HPV’s cost-effectiveness is context dependent. Future evaluations should incorporate dynamic modelling, implementation costs, and affordability considerations to better inform sustainable vaccine introduction. Full article