Search Results (20,576)

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

Rural roads are critical for connecting isolated communities to essential services such as education and health and administrative services, as well as production and market opportunities in low-income countries. More than 70% of movements of people and goods in Sub-Saharan Africa are heavily reliant on rural transport systems, using both motorised but mainly alternative means of transport. However, rural roads often suffer from poor construction due to the use of low-strength, in situ soils and limited financial resources, leading to premature failures and subsequent traffic disruptions with significant economic losses. This study investigates the use of rice husk ash (RHA), a waste byproduct from rice production, as a sustainable supplement to Ordinary Portland Cement (OPC) for soil stabilisation in order to increase durability and sustainability of rural roads, hence limit recurrent maintenance needs and associated transport costs and challenges. To conduct this study, soil samples collected from Mulungushi, Zambia, were treated with combinations of 6–10% OPC and 10–15% RHA by weight. Laboratory tests measured maximum dry density (MDD), optimum moisture content (OMC), and California Bearing Ratio (CBR) values; the main parameters assessed to ensure the quality of road construction soils. Results showed that while the MDD did not change significantly and varied between 1505 kg/m³ and 1519 kg/m³, the OMC increased hugely from 19.6% to as high as 26.2% after treatment with RHA. The CBR value improved significantly, with the 8% OPC + 10% RHA mixture achieving the highest resistance to deformation. These results suggest that RHA can enhance the durability and sustainability of rural roads and hence improve transport systems and subsequently improve socioeconomic factors in rural areas. Full article

Silvopastoral systems, though ecologically beneficial, remain underrepresented in the European Union’s Common Agricultural Policy and are seldom studied in Mediterranean contexts. The current study assesses both the environmental and economic aspects of five typical silvopastoral systems in central Greece, encompassing cattle, sheep, and goat farming. A Life Cycle Assessment approach was implemented to quantify greenhouse gas emissions using economic allocation, distributing impacts between milk and meat outputs. Enteric fermentation was the major emission source, accounting for up to 65.14% of total emissions in beef-based systems, while feeding and soil emissions were more prominent in mixed and small ruminant systems. Total farm-level emissions ranged from 60,609 to 273,579 kg CO₂eq per year. Economically, only beef-integrated systems achieved an average annual profitability above EUR 20,000 per farm, based on financial data averaged over the last five years (2020–2024) from selected case studies in central Greece, while the remaining systems fell below the national poverty threshold for an average household, underscoring concerns about their economic viability. The findings underline the dual challenges of economic viability and policy neglect, stressing the need for targeted support if these multifunctional systems are to add value to EU climate goals and rural sustainability. Full article

This study investigates the influence of corporate governance on reducing financial statement fraud (FSF) in Jordanian service and industrial companies listed on the Amman Stock Exchange from 2018 to 2022. To achieve this, the study employed the Beneish M-score model to assess the likelihood of FSF and logistic regression to examine the influence of corporate governance structure on fraud mitigation. The study identified 13 independent variables, including board size, board director’s independence, board director’s compensation, non-duality of CEO and chairman positions, board diversity, audit committee size, audit committee accounting background, number of annual audit committee meetings, external audit fees, board family business, the presence of women on the board of directors, firm size, and market listing on FSF. The study included 74 companies from both sectors—33 from the industrial sector and 41 from the service sector. Primary data was collected from financial statements and other information published in annual reports between 2018 and 2022. The results of the study revealed a total of 295 cases of fraud during the examined period. Out of the 59 companies analyzed, 21.4% demonstrated a low probability of fraud, while the remaining 78.6% (232 observations) showed a high probability of fraud. The results indicate that the following corporate governance factors significantly impact the mitigation of financial statement fraud (FSF): independent board directors, board diversity, audit committee accounting backgrounds, the number of audit committee meetings, family business involvement on the board, and firm characteristics. The study provides several recommendations, highlighting the importance for companies to diversify their boards of directors by incorporating different perspectives and experiences. Full article

Promoting energy efficiency in the Italian production sector is significantly hampered by the lack of knowledge, the scarcity and the limited distribution of tools for supporting energy audits in small and medium-sized enterprises (SMEs) in a wide range of Italian economic sectors (industry, tertiary sector, transport). The Advanced Tool for ENErgy Audit for SMEs, ATENEA4SME, is intended to help SMEs promote energy-efficiency projects, supports energy audits and self-evaluation of energy consumption. The tool uses an original mathematical model that takes into account the results of questionnaires and a multi-criteria analysis to generate recommendations for energy efficiency investments. This article will give a thorough explanation of the tool, emphasizing and outlining the sections as well as the procedures to get the ultimate summary of the energy usage of the enterprises under investigation and the potential for energy saving. From a technological and financial perspective, the tool helps to remove obstacles to the development of energy-efficiency measures. In this article, the IT and methodological structure of the tool will therefore be extensively described, and its operation for the context of SMEs will be illustrated, with application cases. Ample space will be allocated to the dissemination campaign and the replicability of the tool for all economic sectors of the industrial and tertiary sectors. Full article

Background/Objectives: An influenza pandemic is likely to occur in the coming decades and will be associated with substantial healthcare and financial burdens. In this study, we evaluated the potential economic costs of different vaccination scenarios for the US population in the context of a moderate or severe influenza pandemic. Methods: Economic analysis was performed for initiation of pandemic vaccination from 3 months vs. 6 months in the US after declaration of a pandemic. We evaluated three vaccine effectiveness levels (high, moderate, low) and two pandemic severity levels (moderate and severe). Results: No vaccination would lead to total direct and indirect costs of $116 bn in a moderate pandemic and $823 bn in a severe pandemic. Initiation of vaccination at 3 months would result in cost savings versus no vaccination (excluding vaccine price) of $30–84 bn and $260–709 bn in a moderate and severe pandemic, respectively, whereas initiation of vaccination at 6 months would result in cost savings of $4–11 bn and $36–97 bn, respectively. Cost savings of $20 bn and $162 bn would occur in a moderate or severe pandemic, respectively, from use of a low effectiveness vaccine from 3 months instead of a high effectiveness vaccine from 6 months. Conclusions: Rapid initiation of vaccination would have a greater impact than increased vaccine effectiveness in reducing the economic impacts of an influenza pandemic. 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

This paper presents a novel digital identity ecosystem built upon a hierarchical structure of Blockchain tokens, where both government-certified and uncertified tokens can coexist to represent various attributes of an individual’s identity. At the core of this system is the government, which functions as a trusted authority capable of creating entities and issuing a unique, non-replicable digital identity token for each one. Entities are the exclusive owners of their identity tokens and can attach additional tokens—such as those issued by the government, educational institutions, or financial entities—to form a verifiable, token-based digital identity tree. This model accommodates a flexible identity framework that enables decentralized yet accountable identity construction. Our contributions include the design of a digital identity system (supported by smart contracts) that enforces uniqueness through state-issued identity tokens while supporting user-driven identity formation. The model differentiates between user types and certifies tokens according to their source, enabling a scalable and extensible structure. We also analyze the economic, technical, and social feasibility of deploying this system, including a breakdown of transaction costs for key stakeholders such as governments, end-users, and institutions like universities. Considering the benefits of blockchain, implementing a digital identity ecosystem in this technology is economically viable for all involved stakeholders. Full article

Marine biomass, particularly from waste streams, by-products, underutilized, invasive, or potential cultivable marine species, offers a sustainable source of high-value biopolymers such as collagen and chitin. These macromolecules have gained significant attention due to their biocompatibility, biodegradability, functional versatility, and broad applicability across health, food, wellness, and environmental fields. This review highlights recent advances in the uses of marine-derived collagen and chitin/chitosan. In alignment with the United Nations Sustainable Development Goals (SDGs), we analyze how these applications contribute to sustainability, particularly in SDGs related to responsible consumption and production, good health and well-being, and life below water. Furthermore, we contextualize the advancement of product development using marine collagen and chitin/chitosan within the European Union’s Blue bioeconomy strategies, highlighting trends in scientific research and technological innovation through bibliometric and patent data. Finally, the review addresses challenges facing the development of robust value chains for these marine biopolymers, including collaboration, regulatory hurdles, supply-chain constraints, policy and financial support, education and training, and the need for integrated marine resource management. The paper concludes with recommendations for fostering innovation and sustainability in the valorization of these marine resources. Full article

The introduction of mobile banking is essential in today’s financial sector, where technological innovation plays a critical role. To remain competitive in the current market, businesses must analyze client attitudes and perspectives, as these influence long-term demand and overall profitability. While previous studies have explored general adoption behaviors, limited research has examined how individual factors such as social influence, lifestyle compatibility, financial technology self-efficacy, and perceived usage cost affect mobile banking adoption among specific generational cohorts. This study addresses that gap by offering insights into these variables, contributing to the growing literature on mobile banking adoption, and presenting actionable recommendations for financial institutions targeting younger market segments. Using a structured questionnaire survey, data were collected from both users and non-users of mobile banking among the Gen Z population in the United States. The regression model significantly predicts mobile banking adoption, with an intercept of $-0.548$ ($p < 0.001$). Among the independent variables, perceived cost of usage has the strongest positive effect on adoption ($B=0.857$, $\beta =0.722$, $p < 0.001$), suggesting that adoption increases when mobile banking is perceived as more affordable. Social influence also has a significant positive impact ($B=0.642$, $\beta =0.643$, $p < 0.001$), indicating that peer influence is a central driver of adoption decisions. However, self-efficacy shows a significant negative relationship ($B=-0.343$, $\beta =-0.339$, $p < 0.001$), and lifestyle compatibility was found to be statistically insignificant ($p=0.615$). These findings suggest that reducing perceived costs, through lower fees, data bundling, or clearer communication about affordability, can directly enhance adoption among Gen Z consumers. Furthermore, leveraging peer influence via referral rewards, Partnerships with influencers, and in-app social features can increase user adoption. Since digital self-efficacy presents a barrier for some, banks should prioritize simplifying user interfaces and offering guided assistance, such as tutorials or chat-based support. Future research may employ longitudinal designs or analyze real-life transaction data for a more objective understanding of behavior. Additional variables like trust, perceived risk, and regulatory policies, not included in this study, should be integrated into future models to offer a more comprehensive analysis. Full article

This study aims to develop an optimal underwriting strategy for affordable (H1 and M1) and premium (L1 and M2) electric vehicles (EVs), balancing financial risk and sustainability commitments. The research is motivated by regulatory pressures, risk management needs, and sustainability goals, necessitating an adaptation of traditional underwriting models. The study employs a modified Delphi method with industry experts to identify key risk factors, including accident risk, repair costs, battery safety, driver behavior, and PCAF carbon impact. A sensitivity analysis was conducted to examine premium adjustments under different risk scenarios, categorizing EVs into four risk segments: Low-Risk, Low-Carbon (L1); Medium-Risk, Low-Carbon (M1); Medium-Risk, High-Carbon (M2); and High-Risk, High-Carbon (H1). Findings indicate that premium EVs (L1 and M2) exhibit lower volatility in underwriting costs, benefiting from advanced safety features, lower accident rates, and reduced carbon attribution penalties. Conversely, budget EVs (H1 and M1) experience higher premium fluctuations due to greater accident risks, costly repairs, and higher carbon costs under PCAF implementation. The worst-case scenario showed a 14.5% premium increase, while the best-case scenario led to a 10.5% premium reduction. The study recommends prioritizing premium EVs for insurance coverage due to their lower underwriting risks and carbon efficiency. For budget EVs, insurers should implement selective underwriting based on safety features, driver risk profiling, and energy efficiency. Additionally, incentive-based pricing such as telematics discounts, green repair incentives, and low-carbon charging rewards can mitigate financial risks and align with net-zero insurance commitments. This research provides a structured framework for insurers to optimize EV underwriting while ensuring long-term profitability and regulatory compliance. Full article

The ongoing degradation of global forests has severely weakened ecosystem service functions, and traditional judicial remedies have struggled to quantify intangible ecological losses. China has become an important testing ground for restorative justice through the establishment of specialized environmental courts and the practice of environmental public interest litigation. Since 2015, China has actively explored and institutionalized the application of the concept of restorative justice in its environmental justice reform. This concept emphasizes compensating environmental damages through actual ecological restoration acts rather than relying solely on financial compensation. This shift reflects a deep understanding of the limitations of traditional environmental justice and an institutional response to China’s ecological civilization construction, providing critical support for forest ecosystem restoration and enabling ecological restoration activities, such as replanting and re-greening, habitat reconstruction, etc., to be enforced through judicial decisions. This study conducts a qualitative analysis of judicial rulings in forest restoration cases to systematically evaluate the effectiveness of restorative justice in compensating for losses in forest ecosystem service functions. The findings reveal the following: (1) restoration measures in judicial practice are disconnected from the types of ecosystem services available; (2) non-market values and long-term cumulative damages are systematically underestimated, with monitoring mechanisms exhibiting fragmented implementation and insufficient effectiveness; (3) management cycles are set in violation of ecological restoration principles, and acceptance standards lack function-oriented indicators; (4) participation of key stakeholders is severely lacking, and local knowledge and professional expertise have not been integrated. In response, this study proposes a restorative judicial framework oriented toward forest ecosystem services, utilizing four mechanisms: independent recognition of legal interests, function-matched restoration, application of scientific assessment tools, and multi-stakeholder collaboration. This framework aims to drive a paradigm shift from formal restoration to substantive functional recovery, providing theoretical support and practical pathways for environmental judicial reform and global forest governance. 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

Agrarian women are at the forefront of rural livelihoods increasingly affected by the frequency and severity of climate change impacts. However, their household livelihood resilience (HLR) remains limited due to gender-blind policies, scarce sex-disaggregated data, and inadequate consideration of gender-specific needs in resilience-building efforts. Grounded in participatory feminist research, this study employed a multi-method qualitative approach, including semi-structured interviews and oral history narratives, with 60 women in two climate-vulnerable provinces. Data were analyzed through thematic coding, CATWOE (Customers, Actors, Transformation, Worldview, Owners, Environmental Constraints) analysis, and descriptive statistics. The findings identify nine major climate-related events disrupting livelihoods and reveal a limited understanding of HLR as a long-term, transformative concept. Adaptation strategies remain short-term and focused on immediate survival. Barriers to HLR include financial constraints, limited access to agricultural resources and technology, and entrenched gender norms restricting women’s leadership and decision-making. While local governments, women’s associations, and community networks provide some support, gaps in accessibility and adequacy persist. Participants expressed the need for financial assistance, vocational training, agricultural technologies, and stronger peer networks. Strengthening HLR among agrarian women requires gender-sensitive policies, investment in local support systems, and community-led initiatives. Empowering agrarian women as agents of change is critical for fostering resilient rural livelihoods and achieving inclusive, sustainable development. Full article

This study provides a comprehensive synthesis of climate risk and financial stability literature through a systematic review and bibliometric analysis of 174 Scopus-indexed publications from 1988 to 2024. Publications increased by 500% from 1988 to 2019, indicating growing research interest following the 2015 Paris Agreement. It explores how physical and transition climate risks affect financial markets, asset pricing, financial regulation, and long-term sustainability. Common themes include macroprudential policy, climate disclosures, and environmental risk integration in financial management. Influential authors and key journals are identified, with keyword analysis showing strong links between “climate change”, “financial stability”, and “climate risk”. Various methodologies are used, including econometric modeling, panel data analysis, and policy review. The main finding indicates a shift toward integrated, risk-based financial frameworks and rising concern over systemic climate threats. Policy implications include the need for harmonized disclosures, ESG integration, and strengthened adaptation finance mechanisms. Full article