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Search Results (330)

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Keywords = firm maturity

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18 pages, 3446 KiB  
Article
Influence of GA3 and CPPU on the Quality Attributes and Peelability of ‘Wuhe Cuibao’ Grape
by Xinyue Han, Yufei Mi, Huanling Wang, Shaosong Ye, Naomi Abe-Kanoh and Wei Ji
Agronomy 2025, 15(8), 1986; https://doi.org/10.3390/agronomy15081986 - 19 Aug 2025
Viewed by 254
Abstract
Gibberellic acid (GA3) and forchlorfenuron (CPPU) are widely used plant growth regulators for promoting berry enlargement in grapes. To evaluate the effects of GA3 and CPPU on fruit quality and peelability of the seedless grape cultivar ‘Wuhe Cuibao’, and to [...] Read more.
Gibberellic acid (GA3) and forchlorfenuron (CPPU) are widely used plant growth regulators for promoting berry enlargement in grapes. To evaluate the effects of GA3 and CPPU on fruit quality and peelability of the seedless grape cultivar ‘Wuhe Cuibao’, and to determine the optimal concentration combination under the ecological conditions of Jinzhong, Shanxi Province, grape clusters were treated with varying concentrations of GA3 and CPPU at full bloom and again 14 days later (young fruit stage), with water treatment as the control (CK). After maturation, the fruits were harvested for subsequent analysis of external morphology and internal quality parameters in both fruit clusters and individual berries. Paraffin embedding and sectioning were performed to conduct histological observations of cuticle thickness and cellular morphology in the treated fruits. The results indicate that GA3 and CPPU treatments significantly enhanced the external quality of ‘Wuhe Cuibao’ grapes by effectively reducing fruit drop during cultivation. With the exception of T3 treatment, all treatments promoted both cluster elongation and berry enlargement. GA3 treatment alone was more effective than CPPU treatment, and its effects were positively correlated with concentration. The T2 treatment resulted in the greatest increases in fruit length, berry weight, pedicel thickness, and pedicel tensile strength, surpassing the control (CK) by 35.53%, 43.65%, 88.92%, and 104.76%, respectively. The combined application of GA3 and CPPU showed a synergistic effect, especially in T8, which led to the highest increases in cluster length (21.94%), cluster weight (41.92%), and berry width (13.49%) compared with the control. In addition, all treatments promoted the color transition of berries from green to yellow-green. Histological analysis showed a significant increase in cuticle thickness and in the size of both epidermal and subepidermal cells after treatment. In addition, all treatments increased fruit firmness and peel adherence in a concentration-dependent manner. GA3 treatment alone produced the greatest increases in both fruit firmness and peel–flesh adherence, while the addition of CPPU treatment alleviated these effects. All treatments improved internal fruit quality by increasing the content of vitamin C, reducing sugars, soluble sugars, starch, and cellulose. GA3 treatment alone significantly increased the levels of soluble solids, soluble proteins, and total phenols by 5.67%, 1.49%, and 5.38%, respectively, compared to the control (CK). In contrast, CPPU treatment alone significantly reduced the levels of these compounds. Notably, combined GA3 and CPPU treatment in T5 led to the highest accumulation of vitamin C and reducing sugars, with increases of 3.78% and 62.36%, respectively, compared to the CK. Additionally, all treatments reduced anthocyanin and titratable acid levels, with a synergistic effect observed under combined treatment in lowering titratable acidity. Comprehensive evaluation revealed that the combined application of 50 mg·L−1 GA3 and 5.0 mg·L−1 CPPU at full bloom and 14 days thereafter resulted in the greatest overall improvement in grape quality, offering theoretical and practical support for the efficient, high-quality cultivation of this cultivar. Full article
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18 pages, 1393 KiB  
Article
Deconstructing the Enron Bubble: The Context of Natural Ponzi Schemes and the Financial Saturation Hypothesis
by Darius Karaša, Žilvinas Drabavičius, Stasys Girdzijauskas and Ignas Mikalauskas
J. Risk Financial Manag. 2025, 18(8), 454; https://doi.org/10.3390/jrfm18080454 - 15 Aug 2025
Viewed by 288
Abstract
This study examines the Enron collapse through an integrated theoretical framework combining the financial saturation paradox with the dynamics of a naturally occurring Ponzi process. The central objective is to evaluate whether endogenous market mechanisms—beyond managerial misconduct—played a decisive role in the emergence [...] Read more.
This study examines the Enron collapse through an integrated theoretical framework combining the financial saturation paradox with the dynamics of a naturally occurring Ponzi process. The central objective is to evaluate whether endogenous market mechanisms—beyond managerial misconduct—played a decisive role in the emergence and breakdown of the Enron stock bubble. A logistic-growth-based saturation model is formulated, incorporating positive feedback effects and bifurcation thresholds, and applied to Enron’s stock price data from 1996 to 2001. The computations were performed using LogletLab 4 (version 4.1, 2017) and Microsoft® Excel® 2016 MSO (version 2507). The model estimates market saturation ratios (P/Pp) and logistic growth rate (r), treating market potential, initial price, and time as constants. The results indicate that Enron’s share price approached a saturation level of approximately 0.9, signaling a hyper-accelerated, unsustainable growth phase consistent with systemic overheating. This finding supports the hypothesis that a naturally occurring Ponzi dynamic was underway before the firm’s collapse. The analysis further suggests a progression from market-driven expansion to intentional manipulation as the bubble matured, linking theoretical saturation stages with observed price behavior. By integrating behavioral–financial insights with saturation theory and Natural Ponzi dynamics, this work offers an alternative interpretation of the Enron case and provides a conceptual basis for future empirical validation and comparative market studies. Full article
(This article belongs to the Section Financial Markets)
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11 pages, 1967 KiB  
Article
Exogenous Melatonin Affects Fruit Enlargement and Sugar Metabolism in Melt Peach
by Yanfei Guo, Baoxin Jiang, Qinghao Wang, Huilian Xu and Wangshu Zhang
Horticulturae 2025, 11(8), 964; https://doi.org/10.3390/horticulturae11080964 - 14 Aug 2025
Viewed by 233
Abstract
Peach (Prunus persica (L.)) fruits are abundant in nutrients, with fruit shape and sugar content serving as critical indicators of fruit quality. Melatonin plays a pivotal role in peach fruit development; however, the mechanisms by which it regulates fruit shape development, sugar [...] Read more.
Peach (Prunus persica (L.)) fruits are abundant in nutrients, with fruit shape and sugar content serving as critical indicators of fruit quality. Melatonin plays a pivotal role in peach fruit development; however, the mechanisms by which it regulates fruit shape development, sugar metabolism, and secondary metabolites remain largely unknown. In this study, peach trees were sprayed with 150 µM melatonin 20 days after pollination. Traditional methods were used to investigate fruit morphology, total soluble solids (TSSs), and titratable acidity content (TAC), while liquid chromatography–mass spectrometry (LC-MS) was employed to analyze sugar metabolites during fruit development. The results indicated that melatonin treatment augmented the transverse and longitudinal diameters of peach fruits by 12% and 6%, respectively, and elevated the contents of soluble solids and titratable acid by 7% and 6%, respectively. The single fruit weight experienced a significant increase of 29.4%, whereas fruit firmness at maturity remained unchanged. Metabolite analysis demonstrated that melatonin decreased the levels of sucrose and D-sorbitol in mature fruits but enhanced the accumulation of D-fructose, L-rhamnose, and xylose. Significantly, melatonin expedited the degradation of galactose, D-mannose, and methyl-D-pyranogalactoside prior to maturity (all three substances naturally decline with fruit ripening), highlighting its role in promoting fruit ripening. In conclusion, exogenous melatonin improves the internal nutrition and flavor quality of fruit by regulating the accumulation of primary and secondary metabolites during fruit ripening. Specifically, the increase in D-fructose (a major contributor to sweetness) and L-rhamnose (a potential precursor for aroma compounds) enhances fruit flavor profile. The accelerated degradation of galactose, D-mannose, and methyl-D-pyranogalactoside (components of cell wall polysaccharides) prior to maturity, alongside the metabolic shift favoring fructose accumulation over sucrose, highlights melatonin’s role in promoting fruit ripening and softening processes. It also promotes fruit enlargement and single fruit weight without affecting fruit firmness. This study establishes a theoretical basis for the further investigation of the molecular mechanisms underlying melatonin’s role in peach fruits and for enhancing quality-focused breeding practices. Full article
(This article belongs to the Section Postharvest Biology, Quality, Safety, and Technology)
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11 pages, 810 KiB  
Article
Determination of Olive Maturity Stage and Optimal Harvest Interval of ‘Kalinjot’ Cultivar Using Destructive and Non-Destructive Methods
by Gjoke Vuksani, Angjelina Vuksani, Onejda Kyçyk, Florina Pazari and Tokli Thomaj
AgriEngineering 2025, 7(8), 253; https://doi.org/10.3390/agriengineering7080253 - 7 Aug 2025
Viewed by 692
Abstract
This study investigated the maturity and optimal harvest interval of the ‘Kalinjot’ olive cultivar in the Vlora region. Fruit samples were collected from six randomly selected trees over nine harvest dates at 10-day intervals from September to December 2024. Physical, chemical, [...] Read more.
This study investigated the maturity and optimal harvest interval of the ‘Kalinjot’ olive cultivar in the Vlora region. Fruit samples were collected from six randomly selected trees over nine harvest dates at 10-day intervals from September to December 2024. Physical, chemical, and instrumental analyses were conducted to evaluate parameters related to olive ripening and oil quality. Destructive methods measured the fruit diameter, fresh weight, maturity index, flesh firmness, and detachment index, while non-destructive techniques assessed the color and absorbance indices using portable Vis/NIR devices. Chemical analyses determined the fruit moisture, oil content, and total polyphenols. The results showed that the fruit diameter, fresh weight, and oil content increased with ripening, whereas the flesh firmness and detachment index decreased significantly. A negative correlation between the maturity index and color index was observed, along with strong positive correlations between the Kiwi-Meter’s IAD values, maturity index, and oil content. The optimal harvest interval was identified when olives reached up to 25.42% oil content and 1820.89 mg GAE/kg FW total polyphenols, ensuring both the technological and nutritional quality of the oil. Full article
(This article belongs to the Section Pre and Post-Harvest Engineering in Agriculture)
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33 pages, 3000 KiB  
Article
The Impact of Regional Policies on Chinese Business Growth: A Bibliometric Approach
by Ling Yao and Lakner Zoltan Karoly
Economies 2025, 13(8), 229; https://doi.org/10.3390/economies13080229 - 7 Aug 2025
Viewed by 415
Abstract
In the context of both domestic and international economic landscapes, regional policy has emerged as an increasingly influential factor shaping the developmental trajectories of Chinese enterprises. Despite its growing significance, the extant literature lacks a comprehensive and systematically visualized synthesis that encapsulates the [...] Read more.
In the context of both domestic and international economic landscapes, regional policy has emerged as an increasingly influential factor shaping the developmental trajectories of Chinese enterprises. Despite its growing significance, the extant literature lacks a comprehensive and systematically visualized synthesis that encapsulates the scope and trends of research in this domain. This study addresses this critical gap by conducting an integrative bibliometric and qualitative review of the academic output related to regional policy and Chinese firm growth. Drawing on a final dataset comprising 3428 validated academic publications—selected from an initial pool of 3604 records retrieved from the Web of Science Core Collection between 1991 and 2022, the research employs a two-stage methodological framework. In the first phase, advanced bibliometric tools, and software applications, including RStudio, Bibliometrix, VOSviewer, and CitNetExplorer, are utilized to implement techniques such as keyword co-occurrence analysis, thematic clustering, and the tracing of thematic evolution over time. These methods facilitate rigorous data cleansing, breakpoint identification, and the visualization of intellectual structures and emerging research patterns. In the second phase, a targeted qualitative review is conducted to evaluate the influence of regional policies on Chinese firms across three critical stages of business development: start-up, expansion, and maturity. The findings reveal that regional policy interventions generally exert a positive influence on firm performance throughout all stages of development. Notably, a significant concentration of citation activity occurred prior to 2017; however, post-2017, the volume of scholarly publications, journal-level impact (as measured by h-index), and author-level influence experienced a marked increase. Among the 3428 analyzed publications, a substantial portion—2259 articles—originated from Chinese academic institutions, highlighting the strong domestic research interest in the subject. Furthermore, since 2015, there has been a discernible shift in keyword co-occurrence trends, with increasing scholarly attention directed towards sustainable development issues, particularly those related to carbon dioxide emissions and green innovation, reflecting evolving policy priorities and environmental imperatives. Full article
(This article belongs to the Special Issue Regional Economic Development: Policies, Strategies and Prospects)
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18 pages, 313 KiB  
Article
Sustainability and Profitability of Large Manufacturing Companies
by Iveta Mietule, Rasa Subaciene, Jelena Liksnina and Evalds Viskers
J. Risk Financial Manag. 2025, 18(8), 439; https://doi.org/10.3390/jrfm18080439 - 6 Aug 2025
Viewed by 479
Abstract
This study explores whether sustainability achievements—proxied through ESG (environmental, social, and governance) reporting—are associated with superior financial performance in Latvia’s manufacturing sector, where ESG maturity remains low and institutional readiness is still emerging. Building on stakeholder, legitimacy, signal, slack resources, and agency theories, [...] Read more.
This study explores whether sustainability achievements—proxied through ESG (environmental, social, and governance) reporting—are associated with superior financial performance in Latvia’s manufacturing sector, where ESG maturity remains low and institutional readiness is still emerging. Building on stakeholder, legitimacy, signal, slack resources, and agency theories, this study applies a mixed-method approach (that consists of two analytical stages) suited to the limited availability and reliability of ESG-related data in the Latvian manufacturing sector. Financial indicators from three large firms—AS MADARA COSMETICS, AS Latvijas Finieris, and AS Valmiera Glass Grupa—are compared with industry averages over the 2019–2023 period using independent sample T-tests. ESG integration is evaluated through a six-stage conceptual schema ranging from symbolic compliance to performance-driven sustainability. The results show that AS MADARA COSMETICS, which demonstrates advanced ESG integration aligned with international standards, significantly outperforms its industry in all profitability metrics. In contrast, the other two companies remain at earlier ESG maturity stages and show weaker financial performance, with sustainability disclosures limited to general statements and outdated indicators. These findings support the synergy hypothesis in contexts where sustainability is internalized and operationalized, while also highlighting structural constraints—such as resource scarcity and fragmented data—that may limit ESG-financial alignment in post-transition economies. This study offers practical guidance for firms seeking competitive advantage through strategic ESG integration and recommends policy actions to enhance ESG transparency and performance in Latvia, including performance-based reporting mandates, ESG data infrastructure, and regulatory alignment with EU directives. These insights contribute to the growing empirical literature on ESG effectiveness under constrained institutional and economic conditions. Full article
(This article belongs to the Section Business and Entrepreneurship)
14 pages, 1820 KiB  
Article
Ozone Treatment Modulates Reactive Oxygen Species Metabolism Regulation and Enhances Storage Quality of Kiwifruit During Cold Storage
by Ziyu Jin, Jin Tan, Xinyu Zhang, Xin Li, Wenqiang Guan, Pu Liu and Aiqiang Chen
Horticulturae 2025, 11(8), 911; https://doi.org/10.3390/horticulturae11080911 - 4 Aug 2025
Viewed by 275
Abstract
Fresh fruit are highly perishable commodities, facing significant postharvest losses primarily due to physiological deterioration and microbial spoilage. Conventional preservation methods often face limitations regarding safety, residue, and environmental impact. Because of its rapid decomposition and low-residue-impact characteristics, ozone has proven superior as [...] Read more.
Fresh fruit are highly perishable commodities, facing significant postharvest losses primarily due to physiological deterioration and microbial spoilage. Conventional preservation methods often face limitations regarding safety, residue, and environmental impact. Because of its rapid decomposition and low-residue-impact characteristics, ozone has proven superior as an efficient and eco-friendly solution for preserving fruit quality after harvest. The maturation and aging processes of kiwifruit are closely linked to the involvement of reactive oxygen species (ROS) metabolism. This study aimed to investigate the effects of intermittent ozone treatment (21.4 mg/m3, applied for 0, 1, 3, or 5 h weekly) on ROS metabolism, the antioxidant defense system, and storage quality of kiwifruit during cold storage (0.0 ± 0.5 °C). The results showed ozone treatment slowed the decline in titratable acid (TA) content and fruit firmness, inhibited increases in total soluble solids (TSSs) and weight loss, and maintained the storage quality. Additionally, ozone treatment enhanced the activities of antioxidant-related enzymes. This includes superoxide dismutase (SOD), catalase (CAT), peroxidase (POD), and ascorbate peroxidase (APX). Furthermore, it delayed the reduction in ascorbate (ASA), glutathione (GSH), total phenolic compounds, and flavonoid content, while also preventing the accumulation of ROS and the rise in malondialdehyde (MDA) levels. In summary, the results indicate that ozone treatment enhances the antioxidant capacity of kiwifruit by increasing the structural integrity of cell membranes, preserving the structural integrity of cell membranes, and effectively maintaining the storage quality of the fruit. Full article
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26 pages, 1613 KiB  
Article
Olive Oil-Based Lipid Coating as a Precursor Organogel for Postharvest Preservation of Lychee: Efficacy Combined with Polyamide/Polyethylene Packaging Under Passive Atmosphere
by Alessandra Culmone, Roberta Passafiume, Pasquale Roppolo, Ilenia Tinebra, Vincenzo Naselli, Alfonso Collura, Antonino Pirrone, Luigi Botta, Alessandra Carrubba, Nicola Francesca, Raimondo Gaglio and Vittorio Farina
Gels 2025, 11(8), 608; https://doi.org/10.3390/gels11080608 - 2 Aug 2025
Viewed by 515
Abstract
Lychee (Lychee chinensis Sonn.) is a tropical fruit highly appreciated for its vivid red color, sweet flavor, and nutritional properties. However, it is highly perishable, with postharvest losses often due to oxidative browning and dehydration. This study evaluated the organic olive oil [...] Read more.
Lychee (Lychee chinensis Sonn.) is a tropical fruit highly appreciated for its vivid red color, sweet flavor, and nutritional properties. However, it is highly perishable, with postharvest losses often due to oxidative browning and dehydration. This study evaluated the organic olive oil coating (OC), a natural lipidic system with the potential to act as a precursor for organogel development, combined with polyamide/polyethylene (PA/PE) packaging under passive modified atmosphere. Fruits were harvested at commercial maturity and divided into two groups: OC-treated and untreated control (CTR). Both groups were stored at 5 ± 1 °C and 90 ± 5% relative humidity and analyzed on days 0, 3, 6, and 9. The OC-treated fruits showed significantly better retention of physical, chemical, microbiological, and sensory qualities. The coating reduced oxidative stress and enzymatic browning, preserving color and firmness. The PA/PE packaging regulated gas exchange, lowering oxygen levels and delaying respiration and ripening. As a result, OC fruits had lower weight loss, a slower increase in browning index and maturity index, and better visual and sensory scores than the CTR group. This dual strategy proved effective in extending shelf life while maintaining the fruit’s appearance, flavor, and nutritional value. It represents a sustainable and natural approach to enhancing the postharvest stability of lychee. Full article
(This article belongs to the Special Issue Edible Coatings and Film: Gel-Based Innovations)
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33 pages, 1497 KiB  
Article
Beyond Compliance: How Disruptive Innovation Unleashes ESG Value Under Digital Institutional Pressure
by Fang Zhang and Jianhua Zhu
Systems 2025, 13(8), 644; https://doi.org/10.3390/systems13080644 - 1 Aug 2025
Viewed by 567
Abstract
Amid intensifying global ESG regulations and the expanding influence of green finance, China’s digital economy policies have emerged as key institutional instruments for promoting corporate sustainability. Leveraging the implementation of the National Big Data Comprehensive Pilot Zone as a quasi-natural experiment, this study [...] Read more.
Amid intensifying global ESG regulations and the expanding influence of green finance, China’s digital economy policies have emerged as key institutional instruments for promoting corporate sustainability. Leveraging the implementation of the National Big Data Comprehensive Pilot Zone as a quasi-natural experiment, this study utilizes panel data of Chinese listed firms from 2009 to 2023 and applies multi-period Difference-in-Differences (DID) and Spatial DID models to rigorously identify the policy’s effects on corporate ESG performance. Empirical results indicate that the impact of digital economy policy is not exerted through a direct linear pathway but operates via three institutional mechanisms, enhanced information transparency, eased financing constraints, and expanded fiscal support, collectively constructing a logic of “institutional embedding–governance restructuring.” Moreover, disruptive technological innovation significantly amplifies the effects of the transparency and fiscal mechanisms, but exhibits no statistically significant moderating effect on the financing constraint pathway, suggesting a misalignment between innovation heterogeneity and financial responsiveness. Further heterogeneity analysis confirms that the policy effect is concentrated among firms characterized by robust governance structures, high levels of property rights marketization, and greater digital maturity. This study contributes to the literature by developing an integrated moderated mediation framework rooted in institutional theory, agency theory, and dynamic capabilities theory. The findings advance the theoretical understanding of ESG policy transmission by unpacking the micro-foundations of institutional response under digital policy regimes, while offering actionable insights into the strategic alignment of digital transformation and sustainability-oriented governance. Full article
(This article belongs to the Section Systems Practice in Social Science)
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29 pages, 540 KiB  
Systematic Review
Digital Transformation in International Trade: Opportunities, Challenges, and Policy Implications
by Sina Mirzaye and Muhammad Mohiuddin
J. Risk Financial Manag. 2025, 18(8), 421; https://doi.org/10.3390/jrfm18080421 - 1 Aug 2025
Viewed by 992
Abstract
This study synthesizes the rapidly expanding evidence on how digital technologies reshape international trade, with a particular focus on small and medium-sized enterprises (SMEs). Guided by two research questions—(RQ1) How do digital tools influence the volume and composition of cross-border trade? and (RQ2) [...] Read more.
This study synthesizes the rapidly expanding evidence on how digital technologies reshape international trade, with a particular focus on small and medium-sized enterprises (SMEs). Guided by two research questions—(RQ1) How do digital tools influence the volume and composition of cross-border trade? and (RQ2) How do these effects vary by countries’ development level and firm size?—we conducted a PRISMA-compliant systematic literature review covering 2010–2024. Searches across eight major databases yielded 1857 records; after duplicate removal, title/abstract screening, full-text assessment, and Mixed Methods Appraisal Tool (MMAT 2018) quality checks, 86 peer-reviewed English-language studies were retained. Findings reveal three dominant technology clusters: (1) e-commerce platforms and cloud services, (2) IoT-enabled supply chain solutions, and (3) emerging AI analytics. E-commerce and cloud adoption consistently raise export intensity—doubling it for digitally mature SMEs—while AI applications are the fastest-growing research strand, particularly in East Asia and Northern Europe. However, benefits are uneven: firms in low-infrastructure settings face higher fixed digital costs, and cybersecurity and regulatory fragmentation remain pervasive obstacles. By integrating trade economics with development and SME internationalization studies, this review offers the first holistic framework that links national digital infrastructure and policy support to firm-level export performance. It shows that the trade-enhancing effects of digitalization are contingent on robust broadband penetration, affordable cloud access, and harmonized data-governance regimes. Policymakers should, therefore, prioritize inclusive digital-readiness programs, while business leaders should invest in complementary capabilities—data analytics, cyber-risk management, and cross-border e-logistics—to fully capture digital trade gains. This balanced perspective advances theory and practice on building resilient, equitable digital trade ecosystems. Full article
(This article belongs to the Special Issue Modern Enterprises/E-Commerce Logistics and Supply Chain Management)
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34 pages, 930 KiB  
Article
Optimal Governance for Post-Concession Logistics Infrastructure: A Comparative Study of Self-Operation vs. Delegation Under Information Asymmetry
by Minghua Xiong
Sustainability 2025, 17(15), 6982; https://doi.org/10.3390/su17156982 - 31 Jul 2025
Viewed by 259
Abstract
Public–private partnership (PPP) logistics infrastructure projects have become increasingly prevalent globally. Consequently, the effective management of these projects as their concession periods expire presents a crucial challenge for governments, vital for the sustainable management of PPP logistics infrastructure. This study addresses this challenge [...] Read more.
Public–private partnership (PPP) logistics infrastructure projects have become increasingly prevalent globally. Consequently, the effective management of these projects as their concession periods expire presents a crucial challenge for governments, vital for the sustainable management of PPP logistics infrastructure. This study addresses this challenge by focusing on the pivotal post-concession decision: whether the government should self-operate the mature logistics infrastructure or re-delegate its management to a private entity. Our theoretical model, built on a principal–agent framework, first establishes a social welfare baseline under government self-operation and then analyzes delegated operation under symmetric information, identifying efficiency frontiers. Under symmetric information, we find that government self-operation is more advantageous when its own operational efficiency is sufficiently high, irrespective of the private enterprise’s efficiency; conversely, delegating to an efficient private enterprise is optimal only when government operational efficiency is low. We also demonstrate that if the government can directly specify the demand quantity and service level and delegates operation via a fixed fee, the enterprise can be incentivized to align with the social optimum. However, under asymmetric information, potential welfare gains from delegation are inevitably offset by informational rent and output distortion. We further uncover non-monotonic impacts of parameters like the proportion of low-cost firms on social welfare loss and demonstrate how information asymmetry can indirectly compromise the long-term resilience of the infrastructure. Ultimately, our work asserts that delegation is only superior if its potential efficiency gains sufficiently offset the inherent losses stemming from information asymmetry. Full article
(This article belongs to the Section Sustainable Transportation)
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25 pages, 527 KiB  
Article
Do Board Characteristics Influence Leverage and Debt Maturity? Empirical Evidence from a Transitional Economy
by Adja Hamida, Olivier Colot and Rabah Kechad
J. Risk Financial Manag. 2025, 18(8), 418; https://doi.org/10.3390/jrfm18080418 - 28 Jul 2025
Viewed by 397
Abstract
This study examines the impact of board characteristics on capital structure decisions in the context of a transition economy, focusing on Algeria, where governance institutions are underdeveloped and the financial market remains immature. Using the Generalized Method of Moments (GMM) on a panel [...] Read more.
This study examines the impact of board characteristics on capital structure decisions in the context of a transition economy, focusing on Algeria, where governance institutions are underdeveloped and the financial market remains immature. Using the Generalized Method of Moments (GMM) on a panel dataset of 120 firms over the period 2015 to 2019, we identify a U-shaped relationship between board size and leverage, and an inverted U-shaped relationship between board size and debt maturity. Furthermore, increased nationality diversity on boards is found to significantly reduce debt maturity. These findings highlight the critical role of board composition in shaping corporate financing strategies in transition economies and provide novel insights into corporate governance dynamics in a relatively underexplored institutional context. The results are particularly relevant for national entities such as COSOB and Hawkama El Djazaïr and may guide banking sector practices by promoting the integration of board governance criteria into credit evaluation processes. Full article
(This article belongs to the Special Issue Emerging Trends and Innovations in Corporate Finance and Governance)
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13 pages, 788 KiB  
Article
Advancing Kiwifruit Maturity Assessment: A Comparative Study of Non-Destructive Spectral Techniques and Predictive Models
by Michela Palumbo, Bernardo Pace, Antonia Corvino, Francesco Serio, Federico Carotenuto, Alice Cavaliere, Andrea Genangeli, Maria Cefola and Beniamino Gioli
Foods 2025, 14(15), 2581; https://doi.org/10.3390/foods14152581 - 23 Jul 2025
Viewed by 359
Abstract
Gold kiwifruits from two different farms, harvested at different times, were analysed using both non-destructive and destructive methods. A computer vision system (CVS) and a portable spectroradiometer were used to perform non-destructive measurements of firmness, titratable acidity, pH, soluble solids content, dry matter, [...] Read more.
Gold kiwifruits from two different farms, harvested at different times, were analysed using both non-destructive and destructive methods. A computer vision system (CVS) and a portable spectroradiometer were used to perform non-destructive measurements of firmness, titratable acidity, pH, soluble solids content, dry matter, and soluble sugars (glucose and fructose), with the goal of building predictive models for the maturity index. Hyperspectral data from the visible–near-infrared (VIS–NIR) and short-wave infrared (SWIR) ranges, collected via the spectroradiometer, along with colour features extracted by the CVS, were used as predictors. Three different regression methods—Partial Least Squares (PLS), Support Vector Regression (SVR), and Gaussian process regression (GPR)—were tested to assess their predictive accuracy. The results revealed a significant increase in sugar content across the different harvesting times in the season. Regardless of the regression method used, the CVS was not able to distinguish among the different harvests, since no significant skin colour changes were measured. Instead, hyperspectral measurements from the near-infrared (NIR) region and the initial part of the SWIR region proved useful in predicting soluble solids content, glucose, and fructose. The models built using these spectral regions achieved R2 average values between 0.55 and 0.60. Among the different regression models, the GPR-based model showed the best performance in predicting kiwifruit soluble solids content, glucose, and fructose. In conclusion, for the first time, the effectiveness of a fully portable spectroradiometer measuring surface reflectance until the full SWIR range for the rapid, contactless, and non-destructive estimation of the maturity index of kiwifruits was reported. The versatility of the portable spectroradiometer may allow for field applications that accurately identify the most suitable moment to carry out the harvesting. Full article
(This article belongs to the Section Food Quality and Safety)
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27 pages, 2260 KiB  
Article
Machine Learning for Industrial Optimization and Predictive Control: A Patent-Based Perspective with a Focus on Taiwan’s High-Tech Manufacturing
by Chien-Chih Wang and Chun-Hua Chien
Processes 2025, 13(7), 2256; https://doi.org/10.3390/pr13072256 - 15 Jul 2025
Viewed by 1360
Abstract
The global trend toward Industry 4.0 has intensified the demand for intelligent, adaptive, and energy-efficient manufacturing systems. Machine learning (ML) has emerged as a crucial enabler of this transformation, particularly in high-mix, high-precision environments. This review examines the integration of machine learning techniques, [...] Read more.
The global trend toward Industry 4.0 has intensified the demand for intelligent, adaptive, and energy-efficient manufacturing systems. Machine learning (ML) has emerged as a crucial enabler of this transformation, particularly in high-mix, high-precision environments. This review examines the integration of machine learning techniques, such as convolutional neural networks (CNNs), reinforcement learning (RL), and federated learning (FL), within Taiwan’s advanced manufacturing sectors, including semiconductor fabrication, smart assembly, and industrial energy optimization. The present study draws on patent data and industrial case studies from leading firms, such as TSMC, Foxconn, and Delta Electronics, to trace the evolution from classical optimization to hybrid, data-driven frameworks. A critical analysis of key challenges is provided, including data heterogeneity, limited model interpretability, and integration with legacy systems. A comprehensive framework is proposed to address these issues, incorporating data-centric learning, explainable artificial intelligence (XAI), and cyber–physical architectures. These components align with industrial standards, including the Reference Architecture Model Industrie 4.0 (RAMI 4.0) and the Industrial Internet Reference Architecture (IIRA). The paper concludes by outlining prospective research directions, with a focus on cross-factory learning, causal inference, and scalable industrial AI deployment. This work provides an in-depth examination of the potential of machine learning to transform manufacturing into a more transparent, resilient, and responsive ecosystem. Additionally, this review highlights Taiwan’s distinctive position in the global high-tech manufacturing landscape and provides an in-depth analysis of patent trends from 2015 to 2025. Notably, this study adopts a patent-centered perspective to capture practical innovation trends and technological maturity specific to Taiwan’s globally competitive high-tech sector. Full article
(This article belongs to the Special Issue Machine Learning for Industrial Optimization and Predictive Control)
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11 pages, 2166 KiB  
Case Report
Case Report: Atypical Nodular Dermatofibrosis and Renal Cysts in a Bichon Frise with a BRCA2 Mutation and No FLCN Mutation
by Kwangsup Lee, Chansik Nam, Taejung Dan, Kijong Lee and Heemyung Park
Animals 2025, 15(14), 2070; https://doi.org/10.3390/ani15142070 - 14 Jul 2025
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Abstract
A 10-year-old intact female Bichon Frise presented with multiple firm skin nodules on all four limbs. The nodules progressively increased in number and size over seven months. Diagnostic tests included cytology of fine-needle aspirates, histopathology of skin biopsies, radiography, and abdominal ultrasonography. Cytology [...] Read more.
A 10-year-old intact female Bichon Frise presented with multiple firm skin nodules on all four limbs. The nodules progressively increased in number and size over seven months. Diagnostic tests included cytology of fine-needle aspirates, histopathology of skin biopsies, radiography, and abdominal ultrasonography. Cytology revealed spindle-shaped mesenchymal cells and extracellular matrix components, and histopathology confirmed ND characterized by mature collagen deposition without evidence of malignancy. Ultrasonography detected multiple kidney cysts bilaterally, although their exact nature (benign or malignant) could not be confirmed histologically. Genetic analysis was performed, revealing no mutation in the traditionally implicated FLCN gene but multiple nonsynonymous mutations in the BRCA2 gene. This case suggests a potential association between BRCA2 gene mutations and the development of ND with renal cystic lesions, broadening the known genetic causes beyond the commonly reported FLCN mutation. Regular genetic screening and close monitoring of dermatological and renal conditions in atypical breeds are recommended. To the best of current knowledge, this is the first case report demonstrating ND and renal cysts associated with BRCA2 mutations in a Bichon Frise. Full article
(This article belongs to the Section Veterinary Clinical Studies)
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