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Search Results (5,446)

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28 pages, 930 KiB  
Review
Financial Development and Energy Transition: A Literature Review
by Shunan Fan, Yuhuan Zhao and Sumin Zuo
Energies 2025, 18(15), 4166; https://doi.org/10.3390/en18154166 - 6 Aug 2025
Abstract
Under the global context of climate governance and sustainable development, low-carbon energy transition has become a strategic imperative. As a critical force in resource allocation, the financial system’s impact on energy transition has attracted extensive academic attention. This paper presents the first comprehensive [...] Read more.
Under the global context of climate governance and sustainable development, low-carbon energy transition has become a strategic imperative. As a critical force in resource allocation, the financial system’s impact on energy transition has attracted extensive academic attention. This paper presents the first comprehensive literature review on energy transition research in the context of financial development. We develop a “Financial Functions-Energy Transition Dynamics” analytical framework to comprehensively examine the theoretical and empirical evidence regarding the relationship between financial development (covering both traditional finance and emerging finance) and energy transition. The understanding of financial development’s impact on energy transition has progressed from linear to nonlinear perspectives. Early research identified a simple linear promoting effect, whereas current studies reveal distinctly nonlinear and multidimensional effects, dynamically driven by three fundamental factors: economy, technology, and resources. Emerging finance has become a crucial driver of transition through technological innovation, risk diversification, and improved capital allocation efficiency. Notable disagreements persist in the existing literature on conceptual frameworks, measurement approaches, and empirical findings. By synthesizing cutting-edge empirical evidence, we identify three critical future research directions: (1) dynamic coupling mechanisms, (2) heterogeneity of financial instruments, and (3) stage-dependent evolutionary pathways. Our study provides a theoretical foundation for understanding the complex finance-energy transition relationship and informs policy-making and interdisciplinary research. Full article
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22 pages, 288 KiB  
Article
An X-Ray Using NLP Techniques of Financial Reporting Quality in Central and Eastern European Countries
by Tatiana Dănescu and Roxana Maria Stejerean
Int. J. Financial Stud. 2025, 13(3), 142; https://doi.org/10.3390/ijfs13030142 - 6 Aug 2025
Abstract
This study assesses the quality of financial reporting in ten Central and Eastern European countries using a methodology based on natural language processing (NLP) techniques. 570 annual reports of companies listed on the main index on the stock exchanges of 10 Central and [...] Read more.
This study assesses the quality of financial reporting in ten Central and Eastern European countries using a methodology based on natural language processing (NLP) techniques. 570 annual reports of companies listed on the main index on the stock exchanges of 10 Central and Eastern European (CEE) countries, over the period 2019–2023, were evaluated to determine the degree of convergence of the following four measurable qualitative characteristics: relevance, exact representation, comparability and understandability. The main objective is to identify consistency in the quality of accounting information based on the application of an international financial reporting framework. The applied methodology eliminates subjective variability by implementing a standardized scoring system, aligned with the criteria developed by NiCE, using libraries such as spaCy and NLTK for term extraction, respective sentiment analysis and word frequency evaluation. The results reveal significant heterogeneity in all characteristics examined, with statistical tests confirming substantial differences between countries. The investigation of relevance revealed partial convergence, with three dimensions achieving complete uniformity, while the exact representation showed the highest variability. The assessment of comparability showed a significant difference between countries’ extreme values, and in terms of comprehensibility a formalistic approach was evident, with technical dimensions outweighing user-oriented aspects. The overall quality index varied significantly across countries, with a notable average deterioration in 2023, indicating structural vulnerabilities in financial reporting systems. These findings support initial hypotheses on the lack of homogeneity in the quality of financial reporting in the selected region, despite the implementation of international standards. Full article
26 pages, 1589 KiB  
Systematic Review
Machine Learning and Generative AI in Learning Analytics for Higher Education: A Systematic Review of Models, Trends, and Challenges
by Miguel Ángel Rodríguez-Ortiz, Pedro C. Santana-Mancilla and Luis E. Anido-Rifón
Appl. Sci. 2025, 15(15), 8679; https://doi.org/10.3390/app15158679 (registering DOI) - 5 Aug 2025
Abstract
This systematic review examines how machine learning (ML) and generative AI (GenAI) have been integrated into learning analytics (LA) in higher education (2018–2025). Following PRISMA 2020, we screened 9590 records and included 101 English-language, peer-reviewed empirical studies that applied ML or GenAI within [...] Read more.
This systematic review examines how machine learning (ML) and generative AI (GenAI) have been integrated into learning analytics (LA) in higher education (2018–2025). Following PRISMA 2020, we screened 9590 records and included 101 English-language, peer-reviewed empirical studies that applied ML or GenAI within LA contexts. Records came from 12 databases (last search 15 March 2025), and the results were synthesized via thematic clustering. ML approaches dominate LA tasks, such as engagement prediction, dropout-risk modelling, and academic-performance forecasting, whereas GenAI—mainly transformer models like GPT-4 and BERT—is emerging in real-time feedback, adaptive learning, and sentiment analysis. Studies spanned world regions. Most ML papers (n = 75) examined engagement or dropout, while GenAI papers (n = 26) focused on adaptive feedback and sentiment analysis. No formal risk-of-bias assessment was conducted due to heterogeneity. While ML methods are well-established, GenAI applications remain experimental and face challenges related to transparency, pedagogical grounding, and implementation feasibility. This review offers a comparative synthesis of paradigms and outlines future directions for responsible, inclusive, theory-informed AI use in education. Full article
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15 pages, 1839 KiB  
Article
Cluster Complementarity and Consistency Mining for Multi-View Representation Learning
by Yanyan Wen and Haifeng Li
Mathematics 2025, 13(15), 2521; https://doi.org/10.3390/math13152521 - 5 Aug 2025
Abstract
With the advent of the big data era, multi-view clustering (MVC) methods have attracted considerable acclaim due to their capability in handling the multifaceted nature of data, which achieves impressive results across various fields. However, two significant challenges persist in MVC methods: (1) [...] Read more.
With the advent of the big data era, multi-view clustering (MVC) methods have attracted considerable acclaim due to their capability in handling the multifaceted nature of data, which achieves impressive results across various fields. However, two significant challenges persist in MVC methods: (1) They resort to learning view-invariant information of samples to bridge the heterogeneity gap between views, which may result in the loss of view-specific information that contributes to pattern mining. (2) They utilize fusion strategies that are susceptible to the discriminability of views, i.e., the concatenation and the weighing fusion of cross-view representations, to aggregate complementary and consistent information, which is difficult to guarantee semantic robustness of fusion representations. To this end, a simple yet effective cluster complementarity and consistency learning framework (CommonMVC) is proposed for mining patterns of multiview data. Specifically, a cluster complementarity learning is devised to endow fusion representations with discriminate information via nonlinearly aggregating view-specific information. Meanwhile, a cluster consistency learning is introduced via modeling instance-level and cluster-level partition invariance to coordinate the clustering partition of various views, which ensures the robustness of multi-view data pattern mining. Seamless collaboration between two components effectively enhances multi-view clustering performance. Finally, comprehensive experiments on four real-world datasets demonstrate CommonMVC establishes a new state-of-the-art baseline for the MVC task. Full article
(This article belongs to the Special Issue Artificial Intelligence and Data Science, 2nd Edition)
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21 pages, 3733 KiB  
Article
DNO-RL: A Reinforcement-Learning-Based Approach to Dynamic Noise Optimization for Differential Privacy
by Guixin Wang, Xiangfei Liu, Yukun Zheng, Zeyu Zhang and Zhiming Cai
Electronics 2025, 14(15), 3122; https://doi.org/10.3390/electronics14153122 - 5 Aug 2025
Abstract
With the globalized deployment of cross-border vehicle location services and the trajectory data, which contain user identity information and geographically sensitive features, the variability in privacy regulations in different jurisdictions can further exacerbate the technical and compliance challenges of data privacy protection. Traditional [...] Read more.
With the globalized deployment of cross-border vehicle location services and the trajectory data, which contain user identity information and geographically sensitive features, the variability in privacy regulations in different jurisdictions can further exacerbate the technical and compliance challenges of data privacy protection. Traditional static differential privacy mechanisms struggle to accommodate spatiotemporal heterogeneity in dynamic scenarios because of the use of a fixed privacy budget parameter, leading to wasted privacy budgets or insufficient protection of sensitive regions. This study proposes a reinforcement-learning-based dynamic noise optimization method (DNO-RL) that dynamically adjusts the Laplacian noise scale by real-time sensing of vehicle density, region sensitivity, and the remaining privacy budget via a deep Q-network (DQN), with the aim of providing context-adaptive differential privacy protection for cross-border vehicle location services. Simulation experiments of cross-border scenarios based on the T-Drive dataset showed that DNO-RL reduced the average localization error by 28.3% and saved 17.9% of the privacy budget compared with the local differential privacy under the same privacy budget. This study provides a new paradigm for the dynamic privacy–utility balancing of cross-border vehicular networking services. Full article
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25 pages, 8686 KiB  
Article
Urban Shrinkage in the Qinling–Daba Mountains: Spatiotemporal Patterns and Influencing Factors
by Yuan Lv, Shanni Yang, Dan Zhao, Yilin He and Shuaibin Li
Sustainability 2025, 17(15), 7084; https://doi.org/10.3390/su17157084 - 5 Aug 2025
Abstract
With the global economic restructuring and the consequent population mobility, urban shrinkage has become a common phenomenon. The Qinling–Daba Mountains, a zone with a key ecological function in China, have long experienced population decline and functional degradation. Clarifying the dynamics and influencing factors [...] Read more.
With the global economic restructuring and the consequent population mobility, urban shrinkage has become a common phenomenon. The Qinling–Daba Mountains, a zone with a key ecological function in China, have long experienced population decline and functional degradation. Clarifying the dynamics and influencing factors of urban shrinkage plays a vital role in supporting the sustainable development of the region. This study, using permanent resident population growth rates and nighttime light data, classified cities in the region into four spatial patterns: expansion–growth, intensive growth, expansion–shrinkage, and intensive shrinkage. It further examined the spatial characteristics of shrinkage across four periods (2005–2010, 2010–2015, 2015–2020, and 2020–2022). A Geographically and Temporally Weighted Regression (GTWR) model was applied to examine core influencing factors and their spatiotemporal heterogeneity. The results indicated the following: (1) The dominant pattern of urban shrinkage in the Qinling–Daba Mountains shifted from expansion–growth to expansion–shrinkage, highlighting the paradox of population decline alongside continued spatial expansion. (2) Three critical indicators significantly influenced urban shrinkage: the number of students enrolled in general secondary schools (X5), the per capita disposable income of urban residents (X7), and the number of commercial and residential service facilities (X12), with their effects exhibiting significant spatiotemporal heterogeneity. Temporally, X12 was the most influential factor in 2005 and 2010, while in 2015, 2020, and 2022, X5 and X7 became the dominant factors. Spatially, X7 significantly affected both eastern and western areas; X5’s influence was most pronounced in the west; and X12 had the greatest impact in the east. This study explored the patterns and underlying drivers of urban shrinkage in underdeveloped areas, aiming to inform sustainable development practices in regions facing comparable challenges. Full article
(This article belongs to the Special Issue Sustainable Urban Planning and Regional Development)
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34 pages, 640 KiB  
Review
Future Pharmacotherapy for Bipolar Disorders: Emerging Trends and Personalized Approaches
by Giuseppe Marano, Francesco Maria Lisci, Gianluca Boggio, Ester Maria Marzo, Francesca Abate, Greta Sfratta, Gianandrea Traversi, Osvaldo Mazza, Roberto Pola, Gabriele Sani, Eleonora Gaetani and Marianna Mazza
Future Pharmacol. 2025, 5(3), 42; https://doi.org/10.3390/futurepharmacol5030042 - 4 Aug 2025
Abstract
Background: Bipolar disorder (BD) is a chronic and disabling psychiatric condition characterized by recurring episodes of mania, hypomania, and depression. Despite the availability of mood stabilizers, antipsychotics, and antidepressants, long-term management remains challenging due to incomplete symptom control, adverse effects, and high relapse [...] Read more.
Background: Bipolar disorder (BD) is a chronic and disabling psychiatric condition characterized by recurring episodes of mania, hypomania, and depression. Despite the availability of mood stabilizers, antipsychotics, and antidepressants, long-term management remains challenging due to incomplete symptom control, adverse effects, and high relapse rates. Methods: This paper is a narrative review aimed at synthesizing emerging trends and future directions in the pharmacological treatment of BD. Results: Future pharmacotherapy for BD is likely to shift toward precision medicine, leveraging advances in genetics, biomarkers, and neuroimaging to guide personalized treatment strategies. Novel drug development will also target previously underexplored mechanisms, such as inflammation, mitochondrial dysfunction, circadian rhythm disturbances, and glutamatergic dysregulation. Physiological endophenotypes, such as immune-metabolic profiles, circadian rhythms, and stress reactivity, are emerging as promising translational tools for tailoring treatment and reducing associated somatic comorbidity and mortality. Recognition of the heterogeneous longitudinal trajectories of BD, including chronic mixed states, long depressive episodes, or intermittent manic phases, has underscored the value of clinical staging models to inform both pharmacological strategies and biomarker research. Disrupted circadian rhythms and associated chronotypes further support the development of individualized chronotherapeutic interventions. Emerging chronotherapeutic approaches based on individual biological rhythms, along with innovative monitoring strategies such as saliva-based lithium sensors, are reshaping the future landscape. Anti-inflammatory agents, neurosteroids, and compounds modulating oxidative stress are emerging as promising candidates. Additionally, medications targeting specific biological pathways implicated in bipolar pathophysiology, such as N-methyl-D-aspartate (NMDA) receptor modulators, phosphodiesterase inhibitors, and neuropeptides, are under investigation. Conclusions: Advances in pharmacogenomics will enable clinicians to predict individual responses and tolerability, minimizing trial-and-error prescribing. The future landscape may also incorporate digital therapeutics, combining pharmacotherapy with remote monitoring and data-driven adjustments. Ultimately, integrating innovative drug therapies with personalized approaches has the potential to enhance efficacy, reduce adverse effects, and improve long-term outcomes for individuals with bipolar disorder, ushering in a new era of precision psychiatry. Full article
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21 pages, 2746 KiB  
Article
The Social Side of Internet of Things: Introducing Trust-Augmented Social Strengths for IoT Service Composition
by Jooik Jung and Ihnsik Weon
Sensors 2025, 25(15), 4794; https://doi.org/10.3390/s25154794 - 4 Aug 2025
Abstract
The integration of Internet of Things (IoT) systems with social networking concepts has opened new business and social opportunities, particularly by allowing smart objects to autonomously establish social relationships with each other and exchange information. However, these relations must be properly quantified and [...] Read more.
The integration of Internet of Things (IoT) systems with social networking concepts has opened new business and social opportunities, particularly by allowing smart objects to autonomously establish social relationships with each other and exchange information. However, these relations must be properly quantified and integrated with trust in order to proliferate the provisioning of IoT composite services. Therefore, this proposed work focuses on quantitatively computing social strength and trust among smart objects in IoT for the purpose of aiding efficient service composition with reasonable accuracy. In particular, we propose a trust-augmented social strength (TASS) management protocol that can cope with the heterogeneity of IoT and demonstrate high scalability and resiliency against various malicious attacks. Afterward, we show how the TASS measurements can be applied to service planning in IoT service composition. Based on the experimental results, we conclude that the proposed protocol is, in fact, capable of exhibiting the above-mentioned characteristics in real-world settings. Full article
(This article belongs to the Section Internet of Things)
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26 pages, 18131 KiB  
Article
MINTFormer: Multi-Scale Information Aggregation with CSWin Vision Transformer for Medical Image Segmentation
by Chao Deng and Xiao Qin
Appl. Sci. 2025, 15(15), 8626; https://doi.org/10.3390/app15158626 (registering DOI) - 4 Aug 2025
Abstract
Transformers have been extensively utilized as encoders in medical image segmentation; however, the information that an encoder can capture is inherently limited. In this study, we propose MINTFormer, which introduces a Heterogeneous encoder that integratesCSWin and MaxViT to fully exploit the potential of [...] Read more.
Transformers have been extensively utilized as encoders in medical image segmentation; however, the information that an encoder can capture is inherently limited. In this study, we propose MINTFormer, which introduces a Heterogeneous encoder that integratesCSWin and MaxViT to fully exploit the potential of encoders with different encoding methodologies. Additionally, we observed that the encoder output contains substantial redundant information. To address this, we designed a Demodulate Bridge (DB) to filter out redundant information from feature maps. Furthermore, we developed a multi-Scale Sampling Decoder (SSD) capable of preserving information about organs of varying sizes during upsampling and accurately restoring their shapes. This study demonstrates the superior performance of MINTFormer across several datasets, including Synapse, ACDC, Kvasir-SEG, and skin lesion segmentation datasets. Full article
(This article belongs to the Special Issue AI-Based Biomedical Signal and Image Processing)
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12 pages, 1178 KiB  
Systematic Review
Exploring the Preventive Effects of Omega-3 Polyunsaturated Fatty Acids Supplementation on Global Cognition: A Systematic Review and Meta-Analysis of Cognitively Unimpaired Older Adults
by Roberta Mulargia, Federica Ribaldi, Sophie Mutel, Ozge Sayin, Giorgi Khachvani, Gabriele Volpara, Giulia Remoli, Umberto Nencha, Stefano Gianonni-Luza, Stefano Cappa, Giovanni B. Frisoni and Augusto J. Mendes
Clin. Transl. Neurosci. 2025, 9(3), 34; https://doi.org/10.3390/ctn9030034 - 4 Aug 2025
Viewed by 38
Abstract
Dementia prevention is a global public health priority, and lifestyle interventions, including nutrition, have gained interest for their potential to maintain cognitive health. Among nutritional interventions, omega-3 polyunsaturated fatty acids (n-3 FA), particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), have been widely [...] Read more.
Dementia prevention is a global public health priority, and lifestyle interventions, including nutrition, have gained interest for their potential to maintain cognitive health. Among nutritional interventions, omega-3 polyunsaturated fatty acids (n-3 FA), particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), have been widely studied for their potential to support cognitive health. This systematic review evaluated whether n-3 FA supplementation improves global cognition in cognitively unimpaired older adults. Nineteen randomized controlled trials (RCTs) met inclusion criteria, of which five reported significant improvements in global cognition. A random-effects meta-analysis of 11 placebo-controlled RCTs showed no significant effect (SMD = −0.02, 95% CI: −0.07 to 0.04). Heterogeneity in supplement type, dosage, duration, and outcome measures may have contributed to inconsistent findings and limited comparability. Furthermore, methodological quality of the trials was generally low. While current evidence does not demonstrate a significant effect of n-3 FA supplementation on global cognition, future research should prioritize well-powered, longer-duration RCTs that incorporate biomarker monitoring and more appropriate doses. Clarifying the role of n-3 FA in cognitive aging remains essential for informing nutrition-based dementia prevention strategies. Full article
(This article belongs to the Special Issue Brain Health)
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30 pages, 2928 KiB  
Article
Unsupervised Multimodal Community Detection Algorithm in Complex Network Based on Fractal Iteration
by Hui Deng, Yanchao Huang, Jian Wang, Yanmei Hu and Biao Cai
Fractal Fract. 2025, 9(8), 507; https://doi.org/10.3390/fractalfract9080507 - 2 Aug 2025
Viewed by 154
Abstract
Community detection in complex networks plays a pivotal role in modern scientific research, including in social network analysis and protein structure analysis. Traditional community detection methods face challenges in integrating heterogeneous multi-source information, capturing global semantic relationships, and adapting to dynamic network evolution. [...] Read more.
Community detection in complex networks plays a pivotal role in modern scientific research, including in social network analysis and protein structure analysis. Traditional community detection methods face challenges in integrating heterogeneous multi-source information, capturing global semantic relationships, and adapting to dynamic network evolution. This paper proposes a novel unsupervised multimodal community detection algorithm (UMM) based on fractal iteration. The core idea is to design a dual-channel encoder that comprehensively considers node semantic features and network topological structures. Initially, node representation vectors are derived from structural information (using feature vectors when available, or singular value decomposition to obtain feature vectors for nodes without attributes). Subsequently, a parameter-free graph convolutional encoder (PFGC) is developed based on fractal iteration principles to extract high-order semantic representations from structural encodings without requiring any training process. Furthermore, a semantic–structural dual-channel encoder (DC-SSE) is designed, which integrates semantic encodings—reduced in dimensionality via UMAP—with structural features extracted by PFGC to obtain the final node embeddings. These embeddings are then clustered using the K-means algorithm to achieve community partitioning. Experimental results demonstrate that the UMM outperforms existing methods on multiple real-world network datasets. Full article
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22 pages, 2498 KiB  
Article
SceEmoNet: A Sentiment Analysis Model with Scene Construction Capability
by Yi Liang, Dongfang Han, Zhenzhen He, Bo Kong and Shuanglin Wen
Appl. Sci. 2025, 15(15), 8588; https://doi.org/10.3390/app15158588 (registering DOI) - 2 Aug 2025
Viewed by 196
Abstract
How do humans analyze the sentiments embedded in text? When attempting to analyze a text, humans construct a “scene” in their minds through imagination based on the text, generating a vague image. They then synthesize the text and the mental image to derive [...] Read more.
How do humans analyze the sentiments embedded in text? When attempting to analyze a text, humans construct a “scene” in their minds through imagination based on the text, generating a vague image. They then synthesize the text and the mental image to derive the final analysis result. However, current sentiment analysis models lack such imagination; they can only analyze based on existing information in the text, which limits their classification accuracy. To address this issue, we propose the SceEmoNet model. This model endows text classification models with imagination through Stable diffusion, enabling the model to generate corresponding visual scenes from input text, thus introducing a new modality of visual information. We then use the Contrastive Language-Image Pre-training (CLIP) model, a multimodal feature extraction model, to extract aligned features from different modalities, preventing significant feature differences caused by data heterogeneity. Finally, we fuse information from different modalities using late fusion to obtain the final classification result. Experiments on six datasets with different classification tasks show improvements of 9.57%, 3.87%, 3.63%, 3.14%, 0.77%, and 0.28%, respectively. Additionally, we set up experiments to deeply analyze the model’s advantages and limitations, providing a new technical path for follow-up research. Full article
(This article belongs to the Special Issue Advanced Technologies and Applications of Emotion Recognition)
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19 pages, 1025 KiB  
Review
A Genetically-Informed Network Model of Myelodysplastic Syndrome: From Splicing Aberrations to Therapeutic Vulnerabilities
by Sanghyeon Yu, Junghyun Kim and Man S. Kim
Genes 2025, 16(8), 928; https://doi.org/10.3390/genes16080928 (registering DOI) - 1 Aug 2025
Viewed by 155
Abstract
Background/Objectives: Myelodysplastic syndrome (MDS) is a heterogeneous clonal hematopoietic disorder characterized by ineffective hematopoiesis and leukemic transformation risk. Current therapies show limited efficacy, with ~50% of patients failing hypomethylating agents. This review aims to synthesize recent discoveries through an integrated network model [...] Read more.
Background/Objectives: Myelodysplastic syndrome (MDS) is a heterogeneous clonal hematopoietic disorder characterized by ineffective hematopoiesis and leukemic transformation risk. Current therapies show limited efficacy, with ~50% of patients failing hypomethylating agents. This review aims to synthesize recent discoveries through an integrated network model and examine translation into precision therapeutic approaches. Methods: We reviewed breakthrough discoveries from the past three years, analyzing single-cell multi-omics technologies, epitranscriptomics, stem cell architecture analysis, and precision medicine approaches. We examined cell-type-specific splicing aberrations, distinct stem cell architectures, epitranscriptomic modifications, and microenvironmental alterations in MDS pathogenesis. Results: Four interconnected mechanisms drive MDS: genetic alterations (splicing factor mutations), aberrant stem cell architecture (CMP-pattern vs. GMP-pattern), epitranscriptomic dysregulation involving pseudouridine-modified tRNA-derived fragments, and microenvironmental changes. Splicing aberrations show cell-type specificity, with SF3B1 mutations preferentially affecting erythroid lineages. Stem cell architectures predict therapeutic responses, with CMP-pattern MDS achieving superior venetoclax response rates (>70%) versus GMP-pattern MDS (<30%). Epitranscriptomic alterations provide independent prognostic information, while microenvironmental changes mediate treatment resistance. Conclusions: These advances represent a paradigm shift toward personalized MDS medicine, moving from single-biomarker to comprehensive molecular profiling guiding multi-target strategies. While challenges remain in standardizing molecular profiling and developing clinical decision algorithms, this systems-level understanding provides a foundation for precision oncology implementation and overcoming current therapeutic limitations. Full article
(This article belongs to the Section Molecular Genetics and Genomics)
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42 pages, 2867 KiB  
Article
A Heuristic Approach to Competitive Facility Location via Multi-View K-Means Clustering with Co-Regularization and Customer Behavior
by Thanathorn Phoka, Praeploy Poonprapan and Pornpimon Boriwan
Mathematics 2025, 13(15), 2481; https://doi.org/10.3390/math13152481 - 1 Aug 2025
Viewed by 204
Abstract
Solving competitive facility location problems can optimize market share or operational efficiency in environments where multiple firms compete for customer attention. In such contexts, facility attractiveness is shaped not only by geographic proximity but also by customer preference characteristics. This study presents a [...] Read more.
Solving competitive facility location problems can optimize market share or operational efficiency in environments where multiple firms compete for customer attention. In such contexts, facility attractiveness is shaped not only by geographic proximity but also by customer preference characteristics. This study presents a novel heuristic framework that integrates multi-view K-means clustering with customer behavior modeling reinforced by a co-regularization mechanism to align clustering results across heterogeneous data views. By jointly exploiting spatial and behavioral information, the framework clusters customers and facilities into meaningful market segments. Within each segment, a bilevel optimization model is applied to represent the sequential decision-making of competing entities—where a leader first selects facility locations, followed by a reactive follower. An empirical evaluation on a real-world dataset from San Francisco demonstrates that the proposed approach, using optimal co-regularization parameters, achieves a total runtime of approximately 4.00 s—representing a 99.34% reduction compared to the full CFLBP-CB model (608.58 s) and a 99.32% reduction compared to a genetic algorithm (585.20 s). Concurrently, it yields an overall profit of 16,104.17, which is an approximate 0.72% increase over the Direct CFLBP-CB profit of 15,988.27 and is only 0.21% lower than the genetic algorithm’s highest profit of 16,137.75. Moreover, comparative analysis reveals that the proposed multi-view clustering with co-regularization outperforms all single-view baselines, including K-means, spectral, and hierarchical methods. This superiority is evidenced by an approximate 5.21% increase in overall profit and a simultaneous reduction in optimization time, thereby demonstrating its effectiveness in capturing complementary spatial and behavioral structures for competitive facility location. Notably, the proposed two-stage approach achieves high-quality solutions with significantly shorter computation times, making it suitable for large-scale or time-sensitive competitive facility planning tasks. Full article
(This article belongs to the Section E: Applied Mathematics)
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22 pages, 405 KiB  
Article
The Impact of ESG Performance on Corporate Investment Efficiency: Evidence from Chinese Listed Companies
by Zhuo Li, Yeteng Ma, Li He and Zhili Tan
J. Risk Financial Manag. 2025, 18(8), 427; https://doi.org/10.3390/jrfm18080427 - 1 Aug 2025
Viewed by 273
Abstract
Recent theoretical and empirical studies highlight that information asymmetry and owner–manager conflict of interest can distort corporate investment decisions. Building on this premise, we hypothesize that superior environmental, social, and governance (ESG) performance mitigates these frictions by (H1) alleviating financing constraints and (H2) [...] Read more.
Recent theoretical and empirical studies highlight that information asymmetry and owner–manager conflict of interest can distort corporate investment decisions. Building on this premise, we hypothesize that superior environmental, social, and governance (ESG) performance mitigates these frictions by (H1) alleviating financing constraints and (H2) intensifying external analyst scrutiny. To test these hypotheses, we examine all Shanghai and Shenzhen A-share non-financial firms from 2009 to 2023. Using panel fixed-effects and two-stage least squares with an industry–province–year instrument, we find that higher ESG performance significantly reduces investment inefficiency; the effect operates through both lower financing constraints and greater analyst coverage. Heterogeneity analyses reveal that the improvement is pronounced in small non-state-owned, non-high-carbon firms but absent in large state-owned high-carbon emitters. These findings enrich the literature on ESG and corporate performance and offer actionable insights for regulators and investors seeking high-quality development. Full article
(This article belongs to the Section Business and Entrepreneurship)
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