Search Results (9,252)

The current landscape of Environmental, Social, and Governance (ESG) ratings is fragmented by methodological inconsistencies, lack of standardization, and substantial divergences among rating providers. These discrepancies hinder comparability, reduce transparency, and undermine the reliability of ESG assessments, limiting their effectiveness for both investors and corporate decision-makers. To address these issues, this study introduces a standardized approach to ESG rating construction, aimed at enhancing the objectivity and interpretability of corporate sustainability evaluations. The methodology integrates the Global Reporting Initiative standards with the United Nations Sustainable Development Goals, thereby identifying a coherent set of key performance indicators across the ESG pillars. By relying solely on publicly available data and incorporating mechanisms for managing missing information, the model provides a transparent and reproducible framework for sustainability assessment. Its validity is demonstrated through an empirical application to firms in the financial and manufacturing sectors across Europe and the United States, with benchmarking against established ratings from providers. Rather than replicating existing ESG scores, the model offers a transparent and reproducible alternative built on disclosed performance data, without relying on forward-looking statements, corporate promises, or commercial data providers. By penalizing non-disclosure and enabling sector-specific sensitivity analysis, the framework supports more accountable and customizable sustainability assessments, helping align ESG evaluations with strategic and regulatory priorities. Full article

Weaning age is a critical management decision in beef cattle production, influencing herd productivity, financial outcomes, and overall system sustainability. Commonly practiced in South African beef systems, is where calves are weaned at 6–9 months (conventional weaning), while early weaning (EW) at approximately 90 days remains underutilized. This study presents a farm case study and preliminary financial assessment of EW and CW using a farm calculation model incorporating revenue, weaning costs, supplementation, and labor. Data from 152 Bonsmara cow–calf pairs were analyzed. CW calves achieved higher weaning weights (237 kg) and average daily gains (992 g/day) than EW calves (210 kg; 889 g/day), generating greater revenue (R630,420 vs. R558,600). The Pearson Chi-square test showed an association between weaning system and dam reproductive performance, with EW cows achieving a 94% pregnancy rate compared to 84% under CW. Although CW produced higher short-term gross margins (R6446 per system vs. R3068 for EW), sensitivity analyses indicated that EW becomes financially competitive when price premiums are applied. Simulations showed that an EW price range of R34–R40/kg could yield higher returns despite lower weights. These findings demonstrate that EW, when supported by structured price incentives, can enhance reproductive efficiency and contribute to more sustainable and financially resilient beef production systems in South Africa. Full article

Promoting the synergistic development of green finance (GF) and green technology innovation (GTI) is crucial for achieving sustainable economic development. Based on the sample data of 30 provinces in China from 2010 to 2023, this study first investigates the theoretical mechanism of interactive coupling and then employs methods including Dagum Gini coefficient, spatial kernel density estimation, spatial correlation analysis, and a GTWR model to explore the spatiotemporal pattern, evolution trend, and driving factors of the coupling coordination between GF and GTI. The findings are as follows: (1) The coupling coordination degree (CCD) is about to transition from the moderate imbalance stage to the near imbalance stage, presenting a distinct spatial pattern of “higher levels and faster development in the east, and lower levels and slower development in the west”. (2) The Gini coefficient of the CCD shows an upward trend, with the degree of imbalance increasing year by year; the main sources of the overall differences follow this order: intra-regional disparity (G_w) > inter-regional disparity (G_b) > transvariation density (G_t). (3) The CCD between GF and GTI exhibits a positive spatial correlation, and the agglomeration degree is constantly increasing; the High-High Cluster areas are mainly concentrated in northern China. (4) Economic development level, financial development level, population scale, and urbanization level drive the coupling coordination between GF and GTI. This study provides new theoretical and empirical evidence for the complex coupling relationship and driving factors of GF and GTI and offers a key scientific basis for the Chinese government to formulate differentiated regional policies, thereby promoting the effective implementation of the green and low-carbon development strategy. Full article

This study proposes a hybrid machine learning framework that integrates structured financial indicators and unstructured textual strategy disclosures to improve firm-level management performance prediction. Using corporate business reports from South Korean listed firms, strategic text was extracted and categorized under the Balanced Scorecard (BSC) framework into financial, customer, internal process, and learning and growth dimensions. Various machine learning and deep learning models—including k-nearest neighbors (KNNs), support vector machine (SVM), light gradient boosting machine (LightGBM), convolutional neural network (CNN), long short-term memory (LSTM), autoencoder, and transformer—were evaluated, with results showing that the inclusion of strategic textual data significantly enhanced prediction accuracy, precision, recall, area under the curve (AUC), and F1-score. Among individual models, the transformer architecture demonstrated superior performance in extracting context-rich semantic features. A soft-voting ensemble model combining autoencoder, LSTM, and transformer achieved the best overall performance, leading in accuracy and AUC, while the best single deep learning model (transformer) obtained a marginally higher F1 score, confirming the value of hybrid learning. Furthermore, analysis revealed that customer-oriented strategy disclosures were the most predictive among BSC dimensions. These findings highlight the value of integrating financial and narrative data using advanced NLP and artificial intelligence (AI) techniques to develop interpretable and robust corporate performance forecasting models. In addition, we operationalize information security narratives using a reproducible cybersecurity lexicon and derive security disclosure intensity and weight share features that are jointly evaluated with BSC-based strategic vectors. Full article

The current space law does not clarify the asteroid mining problem enough. This paper presents a techno-economic analysis to show how legal certainty impacts the profitability and overall investment in asteroid mining projects. Our analysis reveals that clear legal frameworks reduce perceived investment risk significantly. We have introduced a financial model that demonstrates how different legal scenarios, specifically those offering clear frameworks and benefit-sharing mechanisms, lead to positive Net Present Values. We thereby encourage fair resource distribution and opportunities within a regulated system, as an environment with high legal uncertainty results in negative Net Present Values, and show significant financial risk. Full article

This study examines how societal ageing influences insurance purchasing intentions, addressing the prevailing emphasis on elderly consumers and the limited conceptual integration of ageing within existing behavioural models. Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, a systematic review was conducted using an initial search (forty-three studies) supplemented by a top-up search in November 2025 that identified fourteen additional articles. Using the theories-contexts-characteristics-methods (TCCM) framework, the review synthesises theoretical, contextual, characteristic, and methodological patterns in this field. The findings indicate that although variables such as risk perception, anticipated dependence, and interpersonal influence are frequently examined, ageing itself is seldom conceptualised as an explanatory construct, constraining theoretical precision and practical relevance. To bridge this gap, the study introduces ageing risks (AR)—capturing perceived financial, health, and intergenerational uncertainties associated with demographic ageing—and illustrates its integration within the Theory of Planned Behaviour (TPB). The review highlights the need to validate AR empirically, extend research to non-elderly populations and underexplored regions, and broaden methodological approaches. These contributions strengthen theoretical development and inform more responsive insurance strategies in ageing societies. Full article

Blockchain is widely promoted as a tool for enhancing transparency, trust, and sustainability in business, yet little is known about how creative micro, small, and medium enterprises (MSMEs) in emerging economies can meaningfully adopt it for finance and accounting purposes in times of global uncertainty. This study explores how blockchain can be harnessed for transparent and sustainable accounting in Indonesian creative MSMEs amid rapid digital disruption. Using an exploratory qualitative design, we conducted semi-structured, in-depth interviews with 18 owners and key decision-makers across diverse creative subsectors and analysed the data thematically through an integrated Technology Acceptance Model (TAM) and Diffusion of Innovation (DOI) lens. The findings show that participants recognise blockchain’s potential benefits for transaction transparency, verifiable records, intellectual property protection, and secure payments, but adoption is constrained by technical complexity, financial constraints, limited digital and accounting capabilities, and perceived regulatory and reputational risks. Government initiatives are seen as important for legitimacy yet insufficient without concrete guidance, capacity-building, and financial support. The study extends TAM–DOI applications to blockchain-enabled accounting in creative MSMEs and highlights the need for sequenced, ecosystem-based interventions to translate blockchain’s technical promise into accessible, ESG- and SDG-oriented accounting solutions in the creative economy. Full article

Understanding how investors maintain positions during adverse market conditions, investment grip, is increasingly important as retail participation rises and information environments diversify. While prior research identifies demographic, psychological, and economic determinants of investment grip, little is known about how information sources influence investors’ tolerance for losses. This study examines the relationship between investment information channels and investment grip among Japanese retail investors using a large-scale dataset of 161,677 respondents from the 2025 Survey on Life and Money. Investment grip is measured through a hypothetical loss scenario, and ordered probit and probit models are used to analyze associations between loss tolerance, information sources, and investor characteristics. Results show that reliance on professional information sources such as outsourced independent financial advisors, one’s own securities company, other securities firms, and external financial experts is negatively associated with investment grip. Free information sources, including mass media and personal networks, are also linked to lower loss tolerance. In contrast, reliance on social media is consistently associated with higher investment grip. Financial literacy, wealth, and age increase investment grip, whereas risk aversion, short-term outlooks, and family responsibilities reduce it. These results have implications for policy design, advisory practices, and digital and AI-enhanced investment platforms. Full article

The proposed research aims to analyse the effects of the relationship between Sustainability Governance (SG) and Climate Impact (CI), taking into consideration Green Finance (GF). Furthermore, it examines how Institutional Support (IS) enhances the governance systems governing these variables. The research provides a holistic approach for analysing the effects of financial dynamics on climate impacts. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed in this research study. The data were collected from various industries using a standardised questionnaire. The structural model examined the direct and indirect relationships between variables such as GF, SG, and CI. IS emerged as the moderated variable. The outcomes of the study confirmed that “GF has an important and direct as well as indirect (through SG as the mediator) impact on CI. IS significantly increases SG and thus exerts an overall enhancing effect on the impact of GF on the climate.” The study has supported the research objectives and aims. The limitations of this study comprised constraints related to both time and cost. The researchers encountered limitations in accessing senior managers and directors of various organisations for the study. IS emerged as an important intermediate factor that can significantly link various actions and activities that impact the climate. This study supports both global and local research objectives. The study offers significant insights, underscoring the critical role of SG within Green Business (GB). Additionally, IS emerges as a vital enabling tool that strengthens the overall governance framework. The study contributes significantly to the development of integrated frameworks for institutions seeking to effectively address environmental challenges. The implications for action indicate that furthering entrenched institutional structures and instilling good governance practices can add tremendous value to the transformation potential of GF and usher in accelerated efforts to achieve national and international objectives on climate change. Full article

Risk management in large-scale construction projects is a critical yet complex process influenced by financial, safety, environmental, scheduling, and regulatory uncertainties. Effective risk management contributes directly to project optimization by minimizing disruptions, controlling costs, and enhancing decision-making efficiency. Early identification and mitigation of risks allow resources to be allocated where they have the greatest effect, thereby optimizing overall project outcomes. However, conventional methods such as expert judgment and probabilistic modeling often struggle to process extensive datasets and complex interdependencies among risk factors. This study explores the potential of an AI-based framework for risk identification, utilizing artificial intelligence to analyze project documentation and generate a preliminary set of identified risks. The proposed methodology is implemented on the ‘Trg pravde’ judicial infrastructure project in Zagreb, Croatia, applying AI models (GPT-5, Gemini 2.5, Sonnet 4.5) to identify phase-specific risks throughout the project lifecycle. The approach aims to improve the efficiency of risk identification, reduce human bias, and align with established project management methodologies such as PM². Initial findings suggest that the use of AI may broaden the range of identified risks and support more structured risk analysis, indicating its potential value as a complementary tool in risk management processes. However, human expertise remains crucial for prioritization, contextual interpretation, and mitigation. The study demonstrates that AI augments, rather than replaces, traditional risk management practices, enabling more proactive and data-driven decision-making in construction projects. Full article

The sustainability of local implicit debt reflects its effect on promoting economic growth. By analyzing the sustainability of local implicit debt, valuable insights can be gained to support the high-quality economic development of relevant countries. This study, using provincial panel data from China spanning 2006 to 2020, constructs a measurement method for local implicit debt using the MIMIC model and investigates the sustainability of local implicit debt from an economic growth perspective. The results show that local implicit debt has a rising trend but strong economic tournament pressure; an imperfect financial system and stricter financial regulation will affect the scale of local implicit debt. The economic effects of small-scale local implicit debt are not significant; however, when the scale of local implicit debt exceeds CNY 123.88 billion, it can have a significant stimulating effect on regional economic growth. Local implicit debt has a significant sustainability and can significantly drive regional economic growth, with the driving effect being more pronounced in the western regions and at higher thresholds. Full article

This study investigates the different mechanisms through which environmental disclosure and green accounting practices influence investment attractiveness in an emerging market context. Drawing on legitimacy theory and the resource-based view, we examine whether these environmental accountability mechanisms create value directly or through enhanced sustainability performance. Using survey data from 290 non-financial firms listed on the Saudi Stock Exchange, we employ partial least squares structural equation modeling to test a mediated-moderation model within the Saudi Vision 2030 framework. The results reveal differentiated value-creation pathways: environmental disclosure affects investment attractiveness indirectly through sustainable economic outcomes (full mediation; indirect effect β = 0.121, p < 0.001), while green accounting demonstrates both direct (β = 0.237, p < 0.001) and indirect effects (β = 0.091, p < 0.01), indicating partial mediation. Both practices are positively associated with sustainable economic outcomes (β_ED = 0.290, β_GA = 0.219, p < 0.001), which in turn are positively related to investment attractiveness (β = 0.416, p < 0.001). Unexpectedly, Vision 2030 alignment shows no significant moderating effect (β = 0.042, p = 0.498), suggesting that the sustainability–investment relationship is not significantly conditioned by perceived alignment with the national strategic framework in this sample. The model explains 25.7% of the variance in investment attractiveness and 20.0% of that in sustainable economic outcomes, indicating moderate explanatory power. These findings contribute to the environmental accounting literature by suggesting that internal management-oriented practices may be more closely associated with investment attractiveness than disclosure transparency alone. Overall, the results indicate that green accounting systems are associated with investment attractiveness, while environmental disclosure appears to require observable sustainability performance to be reflected in investment perceptions, offering measured implications for corporate strategy and regulatory policy in sustainability transitions. Full article

This article examines how European funding enhances the financial performance of Romanian SMEs, a sector facing growing regulatory pressure, market volatility, and resource constraints. The study combines a thematic analysis of InvestEU indicators and national SME financing data (2021–2023) with a firm-level difference-in-differences model comparing InvestEU-funded SMEs to a matched control group over 2023–2024. The qualitative evidence shows that InvestEU operates at the EU level as a multidimensional policy instrument fostering competitiveness, social inclusion, and long-term economic and environmental development, while Romanian SMEs continue to rely predominantly on their own funds and national co-financing, a conservative pattern that ensures stability but limits access to external capital and transformative investments. Econometric results indicate that funded SMEs record, on average, higher turnover and net profit growth than comparable non-funded firms and confirm a strong positive association between firm size and financial performance; however, the interaction term capturing the specific InvestEU effect is positive but not statistically significant at the 95% confidence level. The findings suggest that InvestEU has the potential to act as a catalyst for structural change but also highlight the need for longer observation periods, larger samples, and more comprehensive development indicators to assess its medium-and long-term impact on SME competitiveness. Full article

South Africa faces high energy costs, highlighting the urgent need for sustainable and cost-effective energy solutions. This study investigates the design of a cost-effective photovoltaic energy system that maximises savings and revenue for the school through energy trading. In this study, the school trades with 14 neighbouring households and 125 electric motorbikes. This research first applies Latin Hypercube Sampling to explore the solution space and determine which system parameters have a significant impact on supply reliability, investment costs, revenue and savings. Optimal solutions are generated using Non-Dominated Sorting Genetic Algorithm II for a range of system scenarios. Following this, the most promising scenario is selected and applied to 53 schools in the Western Cape. The results show that number of panels strongly correlates with both supply reliability and revenue, thus reducing the break-even years, while battery capacity affects investment costs and, to some extent, break-even years. Among the configurations tested, scenarios where schools traded with both households and electric motorbikes, particularly when both included their own battery systems, achieved the most favourable financial performance for the school, with break-even periods of less than five years under sufficient roof area and improved reliability for the external entities, with an average improvement of 60%. These findings demonstrate that peer-to-peer energy trading between schools and communities can enhance the financial feasibility and sustainability of decentralised solar systems, offering a scalable model for improving energy access and affordability in South Africa and possibly other developing countries. Full article