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23 pages, 3403 KB  
Article
Rethinking Winter Heating in University Classrooms in China’s Hot Summer and Cold Winter Regions: Setpoint–Preference Mismatches, Pre-Heating, and Comfort Assessment
by Quyi Gong, Xin Ye, Xiaoyi Yang, Tao Zhang and Weijun Gao
Buildings 2026, 16(7), 1304; https://doi.org/10.3390/buildings16071304 (registering DOI) - 25 Mar 2026
Abstract
Winter thermal comfort in university classrooms in China’s Hot Summer and Cold Winter (HSCW) regions remains problematic due to mismatches between institutional heating setpoints and students’ actual thermal preferences. To investigate students’ thermal perceptions and behavioral responses, a post-occupancy evaluation (POE) survey was [...] Read more.
Winter thermal comfort in university classrooms in China’s Hot Summer and Cold Winter (HSCW) regions remains problematic due to mismatches between institutional heating setpoints and students’ actual thermal preferences. To investigate students’ thermal perceptions and behavioral responses, a post-occupancy evaluation (POE) survey was conducted, followed by field measurements in a typical classroom in Chengdu under three conditions: no-heating condition, heating conditions at 20 °C and 25 °C. Indoor environmental parameters were continuously monitored, and thermal comfort was assessed using the Predicted Mean Vote (PMV) and Predicted Percentage of Dissatisfied (PPD) model. The results show that no-heating conditions were unacceptable, highlighting the necessity of heating. While the 20 °C setpoint provided partial improvement, thermal comfort was not consistently achieved throughout the day. In contrast, the 25 °C setpoint maintained near-neutral conditions during most occupied periods. In addition, a pre-heating duration of approximately 30 min was found to be essential for reducing initial thermal discomfort. Overall, the findings indicate that fixed institutional heating standards may not adequately satisfy students’ thermal needs. Adaptive heating strategies that combine appropriate setpoints with sufficient pre-heating duration are therefore recommended to balance thermal comfort and energy efficiency in university classrooms in the HSCW regions. Full article
(This article belongs to the Section Building Energy, Physics, Environment, and Systems)
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32 pages, 4987 KB  
Article
Reinterpreting Le Corbusier’s Concept of Unlimited Growth for University Campus Transformation Under Demographic Decline: A Typo-Morphological and Spatial Adaptation Framework
by Bih-Chuan Lin, Chin-Feng Lin and Xuan-Xi Wang
Sustainability 2026, 18(7), 3226; https://doi.org/10.3390/su18073226 - 25 Mar 2026
Abstract
Declining birth rates are reshaping higher education across East Asia, accelerating the large-scale underutilization and, in some contexts, partial abandonment of university campus assets. Although adaptive reuse has been widely discussed, campus transformation is often framed primarily as a programmatic or policy problem, [...] Read more.
Declining birth rates are reshaping higher education across East Asia, accelerating the large-scale underutilization and, in some contexts, partial abandonment of university campus assets. Although adaptive reuse has been widely discussed, campus transformation is often framed primarily as a programmatic or policy problem, with limited attention to the inherited spatial logic embedded in campus morphology. This study revisits Le Corbusier’s concept of unlimited growth as a generative framework for campus transformation. Rather than treating it as a museum-specific historical typology, the research reinterprets unlimited growth as a scalable spatial logic defined by modular continuity, circulation hierarchy, and open-ended sequencing. To enhance reproducibility and operational clarity, the study formalizes a typo-morphological decoding protocol—modules, circulation, and growth sequence—and applies it through plan-, section-, and diagram-based analysis. Through comparative examination of three museum precedents—Sanskar Kendra Museum, the National Museum of Western Art (Tokyo), and the Chandigarh Museum and Art Gallery—the study extracts a set of transferable spatial mechanisms: modular increment, circulation-centered ordering, directional displacement, and fifth-façade ecological continuity. These mechanisms are then translated into an operational right-sizing model and tested through a design-operational demonstrator on a single anonymized Taiwanese campus experiencing demographic contraction. The findings indicate that unlimited growth functions not merely as a formal principle but as a spatial governance logic that supports phased consolidation, adaptive recomposition, and system-level coherence under long-term uncertainty. Importantly, this framework contributes to sustainability by reducing land consumption through spatial consolidation, minimizing unnecessary new construction, enabling adaptive reuse of existing campus assets, and improving long-term resource-use efficiency through phased right-sizing and ecological continuity. This study further advances a reproducible, mechanism-based methodological framework for institutional spatial transformation, providing a transferable approach for large-scale campus restructuring under conditions of long-term demographic and environmental uncertainty. Full article
(This article belongs to the Special Issue Urban Resilience and Sustainable Construction Under Disaster Risk)
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22 pages, 569 KB  
Article
Student Involvement in Digital Tool Selection: A Pedagogical Approach to Critical Thinking-Oriented Learning
by Ester Aflalo
Educ. Sci. 2026, 16(4), 512; https://doi.org/10.3390/educsci16040512 - 25 Mar 2026
Abstract
Digital technologies are widely recognized for their potential to support active learning and foster higher-order cognitive skills, including critical thinking. However, limited research has examined the extent to which students are directly involved in selecting digital tools that shape their learning. This study [...] Read more.
Digital technologies are widely recognized for their potential to support active learning and foster higher-order cognitive skills, including critical thinking. However, limited research has examined the extent to which students are directly involved in selecting digital tools that shape their learning. This study investigates teachers’ ability to engage students in the selection and pedagogical use of digital technologies, with attention to practices supporting active, personalized learning and critical thinking. Data were collected from 156 educators across diverse disciplines in five teacher-training colleges in Israel using an online questionnaire assessing levels of digital tool use, from non-use to active student involvement. Item Response Theory (IRT) was applied to model teachers’ proficiency and examine differences across tools and background characteristics. Results indicate substantial variability in teachers’ ability to involve students, with particularly low involvement in tools related to problem-solving, differentiation, and personalized learning. Gender and institutional role were significant predictors, with female educators and those holding additional roles demonstrating higher proficiency. These findings highlight the importance of teachers’ techno-pedagogical competence in enabling student participation in digital decision-making and suggest that involving students in tool selection can support the development of critical thinking and learner agency in digitally mediated learning environments. Full article
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28 pages, 6373 KB  
Article
Mitigating Urban-Centric Bias to Address the Rural Eligibility Discovery Lag
by Guiyan Jiang and Donghui Zhang
Land 2026, 15(4), 535; https://doi.org/10.3390/land15040535 - 25 Mar 2026
Abstract
Urban sustainability depends on rural hinterlands, yet national-scale evaluation and AI screening often rely on urban-centric proxies, which can under-recognize remote villages where the evidence base is sparse. Using China’s national honored-village programme (N = 24,450) as a case, we examine how recognition [...] Read more.
Urban sustainability depends on rural hinterlands, yet national-scale evaluation and AI screening often rely on urban-centric proxies, which can under-recognize remote villages where the evidence base is sparse. Using China’s national honored-village programme (N = 24,450) as a case, we examine how recognition patterns change when data availability and observability are unequal across regions, with a focus on the Qinghai–Tibetan Plateau (QTP), where 923 honored villages account for only 3.78% of the national total. We interpret urban-centric proxy reliance as the tendency for recognition patterns to correlate with urban-linked observability signals (e.g., nighttime lights). In this study, discovery lag refers to situations where villages exhibit characteristics similar to historically recognized villages but remain unrecognized under the current honor regime due to uneven data availability and observability. Methodologically, we build a scene-aware predictive framework that integrates multi-source geospatial indicators and explicitly handles extreme imbalance and environmental heterogeneity to estimate recognition likelihood under the current honor regime, treating national honor lists as administratively produced recognition outcomes rather than objective measures of village value. The model highlights four high-probability nomination belts on the QTP and reveals a pronounced DEM–NTL decoupling: the median NTL of currently honored QTP villages is 0, suggesting that NTL-based urban proxies can fail in high-altitude, data-scarce contexts. Overall, the observed under-representation is consistent with uneven observability and institutional constraints within the current honor system, and the proposed framework provides a scalable diagnostic and screening tool for identifying villages with high predicted recognition likelihood and supporting more evidence-aware rural data collection. Full article
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18 pages, 427 KB  
Article
Exploring Staff Experiences of Rainbow Office Hours: An LGBTQIA+ Inclusive Initiative in Higher Education—“I’m Gay at Home, but I’m also Gay at Work”
by Sarah E. McHillier, Chloe Casey and Hyun-Joo Lim
Soc. Sci. 2026, 15(4), 216; https://doi.org/10.3390/socsci15040216 - 25 Mar 2026
Abstract
Students are more likely to disclose their sexual orientation or gender identity with university staff compared to staff in high school or college. For some, higher education (HEI) offers the first opportunity to encounter “out” LGBTQIA+ role models, whose visibility can positively influence [...] Read more.
Students are more likely to disclose their sexual orientation or gender identity with university staff compared to staff in high school or college. For some, higher education (HEI) offers the first opportunity to encounter “out” LGBTQIA+ role models, whose visibility can positively influence both students and colleagues. Rainbow Office Hours is an initiative that offers students a supportive, informal opportunity to engage with LGBTQIA+ staff. At a HEI in southwest England, LGBTQIA+ staff and allies were invited to host Rainbow Office Hours during LGBTQIA+ History Month. This research, using semi-structured interviews, is the first to explore the lived experience of staff hosting Rainbow Office Hours. Findings highlighted the impact on staff identity, professional connectedness, and students, as well the importance of visibility, validation, and allyship. Policy and practice recommendations are offered to strengthen LGBTQIA+ inclusion and address the emotional labour and under-recognised workload of equality, diversity, and inclusion activities that is regularly undertaken by minoritised identities. The research highlights the reciprocal benefits of such initiatives for students and staff, emphasising the need for sustained institutional commitment beyond celebratory months. Full article
(This article belongs to the Special Issue The Embodiment of LGBTQ+ Inclusive Education)
26 pages, 963 KB  
Review
Toxicity and Appeal of Flavoured E-Cigarettes and Flavour Ban Outcomes: A Narrative Review
by Stijn Everaert, Filip Lardon, Eric Deconinck, Sophia Barhdadi, Dirk Adang, Nicolas Van Larebeke, Greet Schoeters, Adrien Meunier, Veerle Maes, Suzanne Gabriels, Eline Remue, Katrien Eger, Pieter Goeminne and Frieda Matthys
Int. J. Environ. Res. Public Health 2026, 23(4), 416; https://doi.org/10.3390/ijerph23040416 - 25 Mar 2026
Abstract
Background: E-cigarette use has risen sharply among young never-smokers, largely driven by the availability of several thousand appealing flavours. This narrative review synthesises evidence on the health effects of vaping, flavour toxicology and attractiveness, designs and outcomes of flavour bans, and complementary measures. [...] Read more.
Background: E-cigarette use has risen sharply among young never-smokers, largely driven by the availability of several thousand appealing flavours. This narrative review synthesises evidence on the health effects of vaping, flavour toxicology and attractiveness, designs and outcomes of flavour bans, and complementary measures. Methods: Peer-reviewed publications and institutional reports (up to January 2026) were retrieved from PubMed, Web of Science, Google Scholar, and reference lists of included articles. Evidence from about 200 references was synthesised by a multidisciplinary working group. Results: Although flavouring substances are generally considered safe for ingestion, their inhalation toxicity remains uncertain. In vitro and in vivo studies have reported oxidative stress, inflammation, cytotoxicity, impaired ciliary function, transcriptomic changes, genotoxicity, and DNA damage. These findings—along with the strong youth appeal of fruit/sweet flavours, the inconclusive effects of flavours on smoking cessation, and persisting uncertainties—support banning non-tobacco e-cigarette flavours under the precautionary principle. Flavour bans can reduce e-cigarette use and initiation, especially among young adults, although partial substitution towards combustible cigarettes has been reported in some U.S. states. Policy success requires effective enforcement, prevention of industry circumvention, curbing cross-border sales, and closing regulatory loopholes—ideally at the international level (e.g., EU-wide). Conclusions: E-cigarette flavours may increase vaping toxicity and strongly appeal to youth, justifying flavour bans to prioritise youth protection. To maximise effectiveness, accompanying measures and sustained investment in tobacco prevention, youth education, and accessible evidence-based smoking cessation support are essential. Full article
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33 pages, 792 KB  
Article
Sustainable Distance Education for All: A Mixed-Methods Study on User Experience and Universal Design Principles in MOOCs
by Seçil Kaya Gülen
Sustainability 2026, 18(7), 3215; https://doi.org/10.3390/su18073215 (registering DOI) - 25 Mar 2026
Abstract
Massive Open Online Courses (MOOCs) serve as catalysts for sustainable education by democratizing access to lifelong learning. While this potentially positions them as a key driver of the United Nations Sustainable Development Goal 4 (SDG 4), their long-term impact depends heavily on the [...] Read more.
Massive Open Online Courses (MOOCs) serve as catalysts for sustainable education by democratizing access to lifelong learning. While this potentially positions them as a key driver of the United Nations Sustainable Development Goal 4 (SDG 4), their long-term impact depends heavily on the implementation of inclusive design and ethical governance. This study evaluates the social sustainability of the AKADEMA platform—defined through equity of access, institutional trust, and long-term learner retention—using Badrul Khan’s e-learning framework. Employing a multi-layered mixed-methods design, the study triangulates subjective user perceptions—gathered via quantitative surveys (N = 209; a convenience sample of 6140 contacted users) and qualitative insights (n = 122)—with objective structural evidence from a technical accessibility audit. Although the results indicate high satisfaction with pedagogical quality, the findings reveal specific structural nuances regarding platform inclusivity and user diversity. Specifically, data triangulation highlights a notable ‘privacy awareness gap’—where working professionals demonstrate higher sensitivity regarding data governance than learners—alongside structural barriers hindering ‘Universal Design’ for learners with disabilities. Consequently, to strengthen the sustainability of open education models, future strategies should emphasize digital equity and institutional trust, ensuring that technical environments align with the promise of inclusive quality education. Full article
(This article belongs to the Section Sustainable Education and Approaches)
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30 pages, 1388 KB  
Article
SIRAF: From Sustainability Assessment Tools to Reflective Sustainability Implementation in Higher Education
by Maria Xenaki, Irini Dimou, Eleni Drakaki and Ioannis Passas
Sustainability 2026, 18(7), 3208; https://doi.org/10.3390/su18073208 (registering DOI) - 25 Mar 2026
Abstract
The integration of sustainability in higher education institutions (HEIs) is critical but often hindered by the limitations of existing sustainability assessment tools (SATs), which are complex, rigid, and not sufficiently adaptable to specific organizational and socio-economic or local contexts. This study presents the [...] Read more.
The integration of sustainability in higher education institutions (HEIs) is critical but often hindered by the limitations of existing sustainability assessment tools (SATs), which are complex, rigid, and not sufficiently adaptable to specific organizational and socio-economic or local contexts. This study presents the Sustainability Implementation Reflective Assessment Framework (SIRAF), a meta-framework designed to assist HEIs in developing their own reflective, flexible, and user-friendly tools. The SIRAF taxonomy was developed through the findings of: a. a systematic literature review retrieved in authors’ previous research, b. a comparative analysis and synthesis of 12 SATs, as well as c. a theory-building process. It features a taxonomy of six core indicators with multiple sub-indicators. Its “pick-and-mix” approach enables institutions to customize assessments to align with their distinct needs, objectives, and resources. The SIRAF model was assessed in eight Greek universities offering tourism studies programs. The assessment incorporated data from institutional websites and a qualitative analysis. An evaluation of three fundamental indicators—curriculum, research, and institutional identity—disclosed a paucity of sustainability integration in curricula and governance, notwithstanding the augmentation of sustainability-related research activity. The findings underscore the significance of meticulously designed yet user-centred tools that facilitate evaluation, organizational learning, and strategic planning. As SIRAF shifts its paradigm of sustainability reporting from external compliance to internal improvement, it concomitantly reduces technical barriers and fosters institutional change. Though initially implemented in tourism and higher education, its inherent flexibility suggests the potential for broader applications, while future enhancements could include weighted scoring and wider empirical validation. Full article
(This article belongs to the Special Issue Sustainable Quality Education: Innovations, Challenges, and Practices)
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18 pages, 412 KB  
Article
Corporate Social Responsibility Reporting in the Saudi Arabian Banking Sector: Implications for Vision 2030
by Abdulaziz M. Alessa and Subas P. Dhakal
Sustainability 2026, 18(7), 3213; https://doi.org/10.3390/su18073213 (registering DOI) - 25 Mar 2026
Abstract
The role of Corporate Social Responsibility (CSR) in advancing economic, social, and environmental well-being has been increasingly acknowledged in the broader context of the United Nations Sustainable Development Goals. For instance, CSR in Saudi Arabia is increasingly framed as a mechanism to support [...] Read more.
The role of Corporate Social Responsibility (CSR) in advancing economic, social, and environmental well-being has been increasingly acknowledged in the broader context of the United Nations Sustainable Development Goals. For instance, CSR in Saudi Arabia is increasingly framed as a mechanism to support Vision 2030—a national strategy aimed at transforming Saudi Arabia to a sustainable economy. However, evidence on how financial institutions disclose and prioritize CSR at the country level remains fragmented. This study examines the extent and patterns of CSR disclosure across the Saudi banking sector by analyzing publicly available documents, e.g., annual reports and ESG/CSR reports (n = 36) from 10 banks (4 Islamic and 6 commercial). Findings indicate that CSR disclosures were primarily clustered into four macro themes—society, economic contribution, internal stakeholders, and environment—with a strong thematic emphasis on philanthropic activities, financial donations, disability support, and financing for Small and Medium Enterprises (SMEs). Environmental initiatives were disclosed less frequently and were generally narrower in scope, focusing on resource efficiency, recycling, and selective green financing. In addition, a comparative analysis between Commercial and Islamic banks revealed that the latter focused on values-based CSR, while commercial ones emphasized governance-oriented CSR. Full article
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18 pages, 1530 KB  
Review
Spring Bread Wheat (Triticum aestivum L.) Grain Quality in Northern Kazakhstan: Status and Potential for Improvement for Domestic and Export Markets
by Timur Savin, Alexey Morgounov, Irina Chilimova and Carlos Guzmán
Agriculture 2026, 16(7), 724; https://doi.org/10.3390/agriculture16070724 (registering DOI) - 25 Mar 2026
Abstract
Kazakhstan is one of the world’s major wheat producers and exporters, playing an important role in regional and global food security. However, increasing quality requirements in domestic and export markets have exposed limitations in the country’s capacity to consistently supply high-quality spring bread [...] Read more.
Kazakhstan is one of the world’s major wheat producers and exporters, playing an important role in regional and global food security. However, increasing quality requirements in domestic and export markets have exposed limitations in the country’s capacity to consistently supply high-quality spring bread wheat (Triticum aestivum L.). This review aims to assess the current status of spring wheat grain quality in Northern Kazakhstan, identify the main factors driving its variation, and outline pathways for quality improvement. The analysis is based on published literature, official statistics, national quality standards, and recent data on wheat production, grading, breeding systems, agronomic practices, and trade patterns. The review reveals that wheat production is dominated by medium-quality grain (primarily class 3), while high-quality classes suitable for premium and improver markets represent a small share. Compared with major exporters such as Canada, the United States, and Australia, Kazakh wheat is generally inferior across key quality parameters. Structural constraints include the limited integration of quality assessments within breeding programs, insufficient laboratory infrastructure, weak agroecological zoning by quality classes, and suboptimal agronomic management, particularly regarding nitrogen use. Environmental heterogeneity and climate change further influence the yield–quality balance. Overall, the findings suggest that improving wheat grain quality in Kazakhstan will require coordinated advances in breeding, agronomy, institutional capacity, and market alignment, enabling a gradual shift toward a more competitive, quality-oriented wheat production system. Full article
(This article belongs to the Section Agricultural Product Quality and Safety)
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24 pages, 3912 KB  
Article
Sustainability Assessment and Sustainable Management Scenarios as a Green Hospital Model in West Java, Indonesia: A Multi-Aspect Method
by Ari Nurfikri, Rachmadhi Purwana, Tri Edhi Budhi Soesilo and Deni Danial Kesa
Sustainability 2026, 18(7), 3211; https://doi.org/10.3390/su18073211 (registering DOI) - 25 Mar 2026
Abstract
The implementation of a green hospital reduces negative impacts and contributes ensures sustainability, but Indonesia does not yet have a comprehensive model for assessing its status. Therefore, this research aimed to analyze the sustainability status of hospitals, considering current conditions and future scenarios. [...] Read more.
The implementation of a green hospital reduces negative impacts and contributes ensures sustainability, but Indonesia does not yet have a comprehensive model for assessing its status. Therefore, this research aimed to analyze the sustainability status of hospitals, considering current conditions and future scenarios. The Multi-Aspect Sustainability (MSA) framework was used to assess sustainability status based on the implementation of a green hospital, integrating Triple Bottom Line (TBL), Environmental, Social, and Governance (ESG), and GGHH concepts across institutional, environmental, economic, and social dimensions. Primary data was collected through in-depth interviews with five members of the green team and observations at R Syamsudin SH Regional General Hospital in Sukabumi. The institutional dimension was the highest, with current and future sustainability scores of 94.05 and 50.66, respectively. Meanwhile, the social dimension was the lowest, with current and future sustainability scores of 47.33 and 57.33, respectively. The findings presented in this study indicate an imbalance among the dimensions. This study highlights the scenarios of each leverage factor for each stakeholder. Further research is recommended to involve more hospitals in terms of ownership, type, and region. Full article
(This article belongs to the Section Air, Climate Change and Sustainability)
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16 pages, 1488 KB  
Article
From Battlefield Tourism to Military Cultural Tourism as a Catalyst for Rural Development: A Case Study of Cultural Heritage in Extremadura (Spain)
by Ignacio Ruiz Guerra, Santos Manuel Cavero López and Rodolfo Arroyo de la Rosa
Tour. Hosp. 2026, 7(4), 90; https://doi.org/10.3390/tourhosp7040090 - 25 Mar 2026
Abstract
This research examines the potential of Battlefield Tourism as a strategic tool for rural development, focusing on the cultural heritage of Extremadura, Spain. Given the specific nature of the regional tourism offer, this paper is presented as a case study to analyze how [...] Read more.
This research examines the potential of Battlefield Tourism as a strategic tool for rural development, focusing on the cultural heritage of Extremadura, Spain. Given the specific nature of the regional tourism offer, this paper is presented as a case study to analyze how military historical resources can be integrated into sustainable tourism models. The study employs a mixed-methodology approach, combining a quantitative cross-sectional survey with complementary qualitative analysis of open-ended responses. A sample of 149 municipal managers was analyzed to evaluate their institutional perceptions of military cultural tourism and its potential integration into regional strategic initiatives. Results, supported by χ2 tests and Cronbach’s α reliability analysis, suggest that the use of specific terminology associated with cultural heritage, rather than ‘war’ or ‘dark’ tourism, is perceived by local stakeholders as more socially and politically acceptable for rural development plans. Given the sample size and self-selection bias, these perception-based findings highlight the importance of terminological sensitivity for local leaders exploring new tourism offerings. The study concludes that, from an institutional standpoint, framing Battlefield Tourism through professional heritage protocols may facilitate its acceptance as a potential tool for economic diversification in inland destinations facing challenges of depopulation. Full article
(This article belongs to the Special Issue Challenges and Development Opportunities for Tourism in Rural Areas)
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19 pages, 679 KB  
Systematic Review
Educational Innovation and University Research, Distinction, Points of Contact and Productive Interactions
by Raquel Ayala-Carabajo and Joe Llerena-Izquierdo
Educ. Sci. 2026, 16(4), 510; https://doi.org/10.3390/educsci16040510 - 25 Mar 2026
Abstract
Higher education is undergoing a constant paradigm shift, transforming itself into a system of innovation for society. This study has explored and determined the relationship between educational innovation and research in university contexts in order to distinguish, compare, and establish dynamics of interaction. [...] Read more.
Higher education is undergoing a constant paradigm shift, transforming itself into a system of innovation for society. This study has explored and determined the relationship between educational innovation and research in university contexts in order to distinguish, compare, and establish dynamics of interaction. The contributions of scientific articles published in WoS-indexed journals between 2019 and 2025 in a total of 108 sources were analyzed using the PRISMA method and an analysis inspired by grounded theory with open coding and axial coding (mixed method). As a result, both functions have been conceptually differentiated while establishing these points of contact, productive interactions, and their relationship with university institutional management. It is concluded that higher education is facing a paradigm shift, transforming itself from a center of knowledge and professional training to the hub of innovation systems. The main contribution of this study is its exposition of how this profound change is taking place and the conditions of research–innovation interaction in the university setting. Full article
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35 pages, 2760 KB  
Article
Bubbles and the Pro-Cyclicality of Systemic Risk Measures in Shadow Banking
by Adrian Cantemir Călin, Radu Lupu, Andreea Elena Croicu and Răzvan Alexandru Topa
J. Risk Financial Manag. 2026, 19(4), 242; https://doi.org/10.3390/jrfm19040242 - 25 Mar 2026
Abstract
We examine whether speculative bubbles in shadow banking institutions contribute to the buildup and materialization of systemic risk. Using the Phillips–Shi–Yu (BSADF) bubble detection methodology and market-based systemic risk measures (ΔCoVaR and Marginal Expected Shortfall), we analyze daily data for 17 publicly listed [...] Read more.
We examine whether speculative bubbles in shadow banking institutions contribute to the buildup and materialization of systemic risk. Using the Phillips–Shi–Yu (BSADF) bubble detection methodology and market-based systemic risk measures (ΔCoVaR and Marginal Expected Shortfall), we analyze daily data for 17 publicly listed U.S. shadow banking firms over the period 2010–2026. We document a pronounced pro-cyclical measurement puzzle. During bubble periods, firms exhibit higher market exposure and greater tail risk—Beta increases by 4.9% and Expected Shortfall by 7.9%—yet widely used systemic risk measures decline, with ΔCoVaR falling by 6.6%. This pattern suggests that conventional systemic risk metrics may underestimate vulnerabilities during speculative expansions. However, when bubbles burst, systemic risk materializes rapidly. During burst windows, ΔCoVaR increases by 7.9% and MES by 8.6%, indicating that vulnerabilities accumulated during bubble phases translate into significant systemic spillovers once speculative dynamics collapse. Our findings highlight a pro-cyclical bias in commonly used systemic risk indicators: these measures capture realized financial stress but fail to detect the buildup of fragility during expansion phases. Monitoring bubble dynamics in shadow banking may therefore provide valuable complementary signals for macroprudential surveillance. Full article
(This article belongs to the Special Issue Financial Stability)
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28 pages, 512 KB  
Systematic Review
Experimental Governance: Insights into Its Application in Business Processes and Future Research Directions
by Luciane Dutra Oliveira, Gabriel Sperandio Milan, André Gobbi Farina and Miriam Borchardt
Adm. Sci. 2026, 16(4), 162; https://doi.org/10.3390/admsci16040162 - 25 Mar 2026
Abstract
Experimental Governance (EG) has emerged as a strategic framework for managing complexity in high-uncertainty environments. However, its application in the private sector remains fragmented, often conflated with purely operational tools. This study addresses this gap by performing a conceptual transfer of EG principles [...] Read more.
Experimental Governance (EG) has emerged as a strategic framework for managing complexity in high-uncertainty environments. However, its application in the private sector remains fragmented, often conflated with purely operational tools. This study addresses this gap by performing a conceptual transfer of EG principles into the domain of business processes. Through an expanded Systematic Literature Review (SLR) of 41 peer-reviewed articles (covering the period 2004–2026), we identify what we term the ‘Internalization Paradox’: while firms rapidly adopt experimental methodologies like Agile or Lean, they often fail to embed them into formal governance structures that ensure long-term accountability and institutional learning. This updated review incorporates cutting-edge discussions on Artificial Intelligence (AI) governance, experimentalist metagovernance, and the strategic regulation of uncertainty. Our findings suggest that organizational resilience is not merely a byproduct of technological readiness, but an emergence of ‘Institutionalized Experimentalism’. We propose a Conceptual Framework that operationalizes EG through iterative feedback loops, corporate sandboxes, and adaptive decision rights, providing a robust roadmap for future empirical research in management and organizational theory. Full article
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