Search Results (1,407)

In the context of tightening sustainability regulations and rising demands for transparent and responsible capital allocation, understanding how digital financial innovations influence market efficiency has become increasingly important. This study examines the impact of Financial Technology (FinTech) solutions and crowdfunding platforms on sustainable market efficiency, volatility dynamics, and risk structures in the United Kingdom. Using weekly data for the Financial Times Stock Exchange 100 (FTSE 100) index from January 2010 to June 2025, the analysis applies the Lo–MacKinlay variance ratio test to assess compliance with the Random Walk Hypothesis as a proxy for informational efficiency. Firm-level proxies for FinTech and crowdfunding activity are constructed using the Nomenclature of Economic Activities (NACE) and Standard Industrial Classification (SIC) systems. The empirical results indicate substantial deviations from random-walk behavior in crowdfunding-related market segments, where persistent positive autocorrelation and elevated volatility reflect liquidity constraints and informational frictions. By contrast, FinTech-dominated segments display milder inefficiencies and faster information absorption, pointing to more stable price-adjustment mechanisms. After controlling for structural distortions through heteroskedasticity-consistent corrections and volatility adjustments, variance ratios converge toward unity, suggesting a restoration of informational efficiency. The results provide relevant insights for investors, regulators, and policymakers seeking to align financial innovation with the objectives of sustainable financial systems. Full article

Against the escalating challenges of global climate change and intensifying resource-environment constraints, exploring the green effects of industrial spatial organization has become crucial. Utilizing panel data from the Yangtze River Delta cities spanning 2011–2023, this study empirically examines the nonlinear impact of manufacturing-producer services co-agglomeration on urban green efficiency. The results reveal a significant U-shaped relationship: co-agglomeration initially suppresses efficiency due to coordination costs and congestion effects, but after crossing a specific threshold, the resulting scale economies and knowledge spillovers dominate and begin to promote green enhancement. Mechanism tests indicate that industrial upgrading serves as a direct mediating channel, while the mediating effect of green technological innovation exhibits a time lag. Further heterogeneity analysis shows that this U-shaped pattern is particularly pronounced in cities with low agglomeration levels, those not designated as low-carbon pilots, and non-resource-based cities. This study uncovers the nonlinear dynamics and key boundary conditions of the green effects arising from industrial co-agglomeration, providing an empirical basis for implementing differentiated regional spatial coordination policies. Full article

Macroalgae plays a significant role in the formulation of innovative and environmentally sustainable approaches to address food challenges. Specifically, green macroalgae serve as dietary supplements aimed at improving the health, growth, and feeding efficiency of various species of marine and freshwater fishes, as well as mollusks. The effects of Chaetomorpha linum extract (CLE) on growth performance, physiological responses, and disease resistance are studied in Bellamya bengalensis against Aeromonas hydrophila. In this experiment, adult B. bengalensis (4412 ± 165.25 mg) were randomly divided into 15 rectangular glass aquariums (35 snail/aquaria; 45 L capacity) and their basal diet was supplemented with different levels of CLE, including 0 (CLE0), 1 (CLE1), 2 (CLE2), 3 (CLE3), and 4 (CLE4) g/kg for 60 days. The growth performance in the CLE3 dietary group was significantly higher that of the CLE0 group, exhibiting both linear and quadratic trends in relation to dietary CLE levels (p < 0.05). The activities of pepsin, amylase, and lipase were found to be highest in CLE3 and lowest in CLE0. Both linear and quadratic responses to dietary CLE levels in digestive enzymes were observed (p < 0.05). The activities of superoxide dismutase and catalase in the hepatopancreas were found to be elevated in snails due to the synergistic effect of the supplemented CLE diet. Among different levels of diet given, CLE2-supplemented snails showed an increase in their enzyme activity (p < 0.05). Interestingly, all the CLE-treated snails expressed elevated levels of mucus lysozyme and mucus protein when compared to control (p < 0.05). Additionally, hepatopancreatic acid phosphatase and alkaline phosphatase activity were elevated in snails consuming CLE3 (p < 0.05). The transcription levels of immune-related genes, including mucin-5ac and cytochrome, were significantly elevated in snails that were fed a diet supplemented with 2–4 g of CLE/kg. Furthermore, the transcription level of the acid phosphatase-like 7 protein gene also increased in snails receiving CLE-supplemented diets. After a 14-day period of infection, snails that consumed a diet supplemented with 3–4 g/kg of CLE exhibited a notable increase in survival rates against virulent A. hydrophila. Based on the above findings, it is suggested that a diet supplemented with 3 g/kg of CLE may enhance growth, antioxidant and immune defense, and disease resistance in the freshwater snail B. bengalensis. Full article

Driven by the national policy of total water resources control and efficiency improvement, the behavior of water resource utilization reduction by firms is widespread, which may have an impact on the value of firms. This study integrates dynamic capability theory and signaling theory to construct a dual-path analytical framework, systematically investigating the impact of water utilization reduction on firm value and its intrinsic mechanisms. Based on data from Chinese A-share listed companies spanning 2012–2023, fixed-effect models, mediation-effect tests, and heterogeneity analysis are employed for empirical verification. The results reveal that water utilization reduction exerts a significant dual-path promoting effect on firm value: it enhances financial performance (ROA) primarily through technological innovation, reflecting the process of resource orchestration and dynamic capability construction; concurrently, it boosts market performance (Tobin’s Q) mainly by improving ESG performance as a signaling channel, mirroring the capital market’s positive pricing of green signals. Further heterogeneity analysis indicates that these effects are more pronounced during the policy deepening stage, in non-water-intensive industries, and in humid/sub-humid regions. This study contributes theoretical support and empirical evidence for firms’ green transformation and the formulation of differentiated water resource policies by the government, highlighting the synergistic development of high-quality economic growth and ecological civilization construction. Full article

Technological innovation plays a vital role in enhancing the economic growth and sustainability of the forestry sector. However, research on the nature, dynamics, and impact of such innovations, particularly within small and medium-sized enterprises (SMEs), remains limited. The forestry sector is often characterised by low levels of technological advancement and a traditionally conservative attitude toward change. Limited expertise, financial constraints, and ownership structures further influence the potential for innovation. This study examines the development of innovation among SMEs in Lithuania’s forestry sector and its contribution to sustainable forest management. Forestry innovations are understood as new processes, products, or services introduced by forest owners and managers to improve management efficiency and sustainability. The study employed the method of a structured questionnaire survey to evaluate technological, organisational, and financial aspects of innovation adoption among small and medium-sized enterprises in the forestry sector. Drawing on comparative survey data from 2005 and 2024, the study analyses the types of innovations implemented by forestry enterprises, the factors driving or hindering their adoption, and the evolving trends in innovation application. The results reveal a significant shift toward digitalisation and technology-based management practices, suggesting that Lithuanian forestry enterprises are gradually transitioning toward a more innovation-driven model. These developments appear to be influenced by the EU Green Deal policy framework, evolving innovation support mechanisms, and broader socio-economic changes. Nonetheless, technological transformation introduces new challenges, including the need for workforce upskilling and enhanced adaptability to rapidly changing market conditions. Full article

This study analyzes artificial intelligence development and green economic efficiency across 31 Chinese provinces using 2019–2021 panel data. We apply the entropy weight TOPSIS method to measure AI development levels. The entropy weight TOPSIS method measures AI development levels, the DEA-BCC model assesses green economic efficiency, and their coordination types are identified. Findings reveal a significant negative correlation between AI development and green economic efficiency. We explain this complex relationship through three mechanisms: short-term polarization effects, technology conversion lags, and spatial spillovers. Spatial analysis shows AI development forms high-high agglomerations in the Yangtze River Delta and Shandong. Green economic efficiency shows high-high clustering in the Beijing-Tianjin-Hebei region and selected western provinces. Using a “two-system” coupling framework, we identify four provincial categories. The “double-high” type should function as growth poles. The “high-low” type requires improved technology conversion efficiency. The “low-high” type can leverage ecological advantages. The “double-low” type needs enhanced factor inputs. We propose three targeted policy recommendations: establishing digital-green synergy platforms, implementing inter-provincial AI resource collaboration mechanisms, and developing locally adapted action plans. Full article

In the rapidly evolving digital economy, the expansion of business-to-business e-commerce ecosystems has compelled traditional industries to integrate into digital supply chains to achieve sustainable development. Industrial e-commerce is no longer limited to online transactions but extends to the digital transformation of backend operations. Drawing upon the perspective of the digital business ecosystem, this study investigates how digital supply chain integration, manifested through digital transformation, impacts energy efficiency. By utilizing a panel fixed effects model and advanced text mining techniques on a dataset of 721 listed firms in the resource-intensive sectors of China spanning from 2011 to 2023, this research constructs a novel index to quantify corporate digital maturity based on semantic analysis. The empirical results demonstrate that digital transformation significantly enhances energy efficiency by facilitating optimized resource allocation and data-driven decision making required by modern digital markets. Mechanism analysis reveals that green innovation functions as a pivotal mediator that bridges the gap between digital investments and environmental performance. Furthermore, this relationship is found to be contingent upon corporate social responsibility strategies, ownership structures, and the scale of the firm. This study contributes to the electronic commerce literature by elucidating how traditional manufacturers can leverage digital technologies and green innovation to navigate the twin transition of digitalization and sustainability, offering theoretical implications for platform governance in industrial sectors. Full article

Green hydrogen has become a fundamental pillar in the transition towards a low-carbon economy, due to its ability to produce energy without polluting emissions and from renewable sources such as solar and wind. Unlike other hydrogen production technologies, green hydrogen is obtained through water electrolysis using renewable electricity, which makes it a clean and sustainable fuel, ideal for hard-to-decarbonized sectors such as heavy industry and long-distance transportation. The main objective of this review is to analyze the evolution, trends, and knowledge gaps related to the sustainability of green hydrogen, identifying the main research focus areas, scientific actors, and emerging opportunities. To do this, 1935 scientific articles indexed in Scopus and WOS were examined under PRISMA 2020. Among the most relevant results, an exponential growth in scientific production on hydrogen and sustainability is observed, with Asian authors leading due to strong national commitments. The main challenges identified by the scientific community are related to efficiency, profitability, optimization, integration into sustainable energy systems, and emission reduction. Green hydrogen technologies are central to future energy, and success depends on international collaboration, innovation, and stable policies that support large-scale, sustainable clean energy adoption. Full article

The development of agricultural new productive forces (ANPFs) represents a vital pathway to overcoming the bottlenecks of agricultural modernization and reshaping agricultural competitiveness. As sustainable development and green transformation have become global priorities, the formation of ANPFs is increasingly viewed as a key engine for promoting resource-efficient agriculture, low-carbon production, ecological protection, and resilient food systems. Using panel data from 16 prefecture-level cities in Anhui Province, China, spanning the period 2010–2023, this study employs the entropy-weighted TOPSIS method to measure the levels of ANPFs and sustainable agricultural development (SAD). A panel data model is then applied to examine the impact of ANPFs on SAD, while a mediation-effect model is used to test the underlying transmission mechanisms. Finally, a spatial econometric model is employed to assess the spatial spillover effects between ANPFs and SAD. The results reveal that ANPFs exert a significant and robust positive impact on Anhui’s SAD, with the strength of this effect decreasing gradually from central to southern and northern regions. Further analysis indicates that the driving influence of ANPFs operates through three key mediating pathways: the improvement of new-type infrastructure, the enhancement of agricultural scientific and technological innovation, and the advancement of agricultural digital transformation. Moreover, ANPFs demonstrate a positive spatial spillover effect, suggesting that the development of new productive forces in one region promotes agricultural modernization in neighboring areas. These findings demonstrate that ANPFs not only enhance productivity but also contribute to sustainable agricultural development. Accordingly, strengthening ANPFs development can serve as an effective strategy for promoting long-term agricultural sustainability, indicating that central Anhui should be prioritized as a core hub for fostering ANPFs, enabling the gradient diffusion of infrastructure, innovation capacity, and digital services toward southern and northern Anhui. Strengthening regional coordination mechanisms will further amplify the spatial spillover of ANPFs, thereby advancing high-quality agricultural development across the province. This study provides new evidence for how ANPFs can support sustainable agricultural transformation, offering policy insights for green growth, food security, and rural revitalization. Full article

This study examines how green credit policies, specifically the green credit guidelines (GCGs) implemented in 2012, influence corporate sustainable innovation. This study employs a quasi-natural experiment approach, utilizing data from Chinese listed companies between 2005 and 2023, to examine the differential impact of the GCGs on high-polluting enterprises versus energy-efficient enterprises. The study uses a Difference-in-Differences (DID) methodology to explore how policy-induced changes in financing conditions affect firms’ innovation behaviors, particularly in terms of green patent applications. This study uses a mechanism to understand the role of R&D investment and access to long-term financing in driving these changes. And this study considers heterogeneity across firm ownership types and industry competition to investigate the varying effects of the GCGs. By identifying the causal pathways through which green credit policies influence innovation, this study contributes to the understanding of how environmental policies shape corporate behavior and innovation outcomes. Full article

The accounting and analysis of agricultural grey water footprint (AGWF) are crucial for building a low-water-consumption agricultural production model and improving water resource efficiency in Fujian Province. This study innovatively integrated green development indicators into an extended STIRPAT model, quantitatively analyzed the drivers of AGWF from six dimensions (population, economy, technology, dietary structure, meteorology, and green development) based on data from 2009 to 2023. The results indicated that the AGWF in Fujian Province exhibited an overall upward trend, increasing from 114.61 billion m³ to 221.30 billion m³. Population expansion (elasticity: 0.49853) and economic growth (elasticity: 0.46329) were identified as the primary positive drivers, while technological progress exerted a mitigating effect (elasticity: −0.07253). The impacts of dietary structure, precipitation, and green development measures, though statistically significant, were quantitatively limited within the study period (elasticities of 0.0312, 0.0273, and 0.004, respectively). These findings provide quantitative support for formulating targeted policies for agricultural water resource management and non-point source pollution control in regions with similar characteristics. Full article

This paper tackles the challenge of disassembly sequence planning (DSP) in energy-efficient remanufacturing by introducing an innovative hybrid optimization framework. The proposed model integrates a Dynamic Time-Varying CRITIC–Entropy (DTVCE) decision-making framework with an Improved Honey Badger Algorithm (IHBA) to optimize disassembly sequences under key operational criteria, including idle rate, line smoothness, and energy consumption. The DTVCE framework constructs a dynamic composite score by normalizing evaluation criteria across time slices and incorporating temporal discounting to capture the evolving importance of each factor. Meanwhile, by establishing a symmetric disassembly constraint matrix to restrict the disassembly sequence and integrating exploration and exploitation mechanisms to enhance the IHBA, the solution process is empowered to efficiently generate feasible disassembly sequences and fulfill task allocation across workstations while satisfying takt time constraints. Experimental validation demonstrates that the proposed framework significantly outperforms traditional disassembly optimization approaches in both energy efficiency and line balance performance. In a case study involving an automotive drive axle, the method achieved a near-optimal configuration using only eight workstations, leading to a marked reduction in both energy consumption and idle times. Sensitivity analysis further verifies the model’s robustness, showing stable convergence and consistent performance under varying takt times and energy parameters. Overall, this study contributes to the advancement of green remanufacturing by offering a scalable, data-driven, and adaptive solution to disassembly optimization—paving the way toward sustainable and energy-aware production environments. Full article

During the global low-carbon transition, technology transfer serves as a crucial channel for the dissemination of knowledge and innovations, which is essential for increasing overall Green Total Factor Energy Efficiency (GTFEE). Leveraging the establishment of national technology transfer centers (NTTCs) in China as a quasinatural experiment, this study employs a multiperiod difference-in-differences (DID) framework and utilizes data from 280 prefecture-level cities (2006–2022) to identify the causal effect of technology transfer on GTFEE. The results demonstrate that this policy substantially boosts city-level GTFEE. Mechanistic tests reveal that technology transfer improves GTFEE primarily via improvements in industrial structure, innovations in green technology, and the accumulation of human capital. Furthermore, well-functioning markets positively moderate the policy effect, not only strengthening the direct impact but also reinforcing the two transmission mechanisms. Heterogeneity analysis reveals a more pronounced impact in municipalities with nascent digital economies, stronger intellectual property protection, nonresource-based profiles, and those serving as transportation hubs. These findings provide empirical support for improving national technology transfer systems and advancing regional green development, offering policy insights for achieving synergistic economic-environmental progress. Full article

The production of essential oils generates substantial quantities of solid post-distillation residues, a largely unutilized waste stream rich in bioactive compounds (e.g., phenolics, flavonoids) as well as polysaccharides. Managing this organic waste presents both environmental and economic challenges. This review critically examines environmentally friendly green innovations and resource-efficient technologies within circular bio-economy strategies for valorizing these residues, focusing on four primary conversion pathways: physico-mechanical, thermochemical, biological, and chemical methods. We highlight their potential for practical applications, including the extraction of active compounds for food, cosmetic, and pharmaceutical industries, utilization in agriculture, incorporation into construction materials and wastewater treatment. Despite these opportunities, wider industrial adoption remains limited by high processing costs and the lack of scalable, cost-effective technologies. Key research gaps included the need for methods applicable at the farm level, optimization of the residue-specific conversion process, and life-cycle assessments to evaluate environmental and economic impacts. Addressing these gaps is crucial to fully exploit the economic and ecological potential of post-distillation solid residues and integrate them into sustainable circular bio-economy practices through various processes. Full article

China’s Green Finance Reform and Innovation Pilot Zones (GFRIPZ) policy has emerged as a central instrument for promoting sustainable urban development and strengthening Urban Ecological and Environmental Resilience (UEER). However, systematic evidence on its actual effectiveness remains scarce. This study applies a difference-in-differences (DID) model to panel data for 279 Chinese cities from 2011 to 2022 to identify the causal impact of the GFRIPZ policy on UEER and to examine its transmission mechanisms and heterogeneity. Specifically, we incorporate green innovation efficiency and environmental regulation intensity to test the technological and regulatory channels through which green finance operates. The empirical results show that: (1) the GFRIPZ policy significantly improves UEER, and this finding is robust across a range of alternative specifications and robustness checks. (2) Green innovation efficiency and environmental regulation intensity serve as key mechanisms through which the policy enhances UEER. (3) The policy effect is stronger in eastern cities, megacities, small cities, and non-resource-based cities, while it is relatively weaker in central and western cities, medium-sized cities, and resource-based cities. These findings provide additional empirical evidence to inform the refinement and further advancement of the GFRIPZ policy and offer evidence-based implications for urban green development strategies. Full article