Search Results (1,681)

This study investigates the interplay between asset quality, financial ratios, and market valuation in Indian commercial banks over a twelve-year period (2014–2025). Using a hybrid approach combining Structural Equation Modeling, correlation analysis, and trend evaluation, the research examines whether Non-Performing Assets (NPAs) influence market capitalization directly or through Return on Equity (ROE) as an intermediary. The findings reveal that NPAs exert a significant negative impact on both ROE and market value, while Net Interest Margin (NIM) emerges as a strong positive determinant of valuation. Conversely, Capital Adequacy Ratio (CAR), though vital for regulatory compliance, shows no direct effect on market prices. Mediation analysis challenges conventional assumptions, indicating that profitability alone does not fully explain valuation dynamics. These insights underscore the need for integrated strategies addressing asset quality and operational efficiency, offering practical implications for policymakers, investors, and bank management in strengthening resilience and optimizing shareholder value. Full article

This paper examines the impact of environmental, social, and governance (ESG) disclosure on the cost of capital for banks as well as financial technology companies in Europe, America, and Asia from 2010 to 2024. The study investigates how sustainability affects financing conditions in the two institutional settings of conventional and digital financial intermediaries. We estimate the average cost of capital using the traditional WACC (weighted average cost of capital) formula, which calculates the cost and proportions of debt and equity capital. Panel regressions with firm and year fixed effects are used, along with an instrumental variable (IV) approach (2SLS), by way of peer-based ESG instruments to correct for endogeneity. The paper also carries out robustness checks such as the Anderson–Rubin weak IV tests and over identification diagnostics. The findings indicate that more ESG disclosure has a significant negative effect on WACC and debt costs and no robust impact on equity cost. Governance disclosure is revealed to be the dominant dimension and it always correlates with lower financing costs. Environmental disclosure is occasionally associated with a higher cost of equity, owing to investors’ expectation of short-term compliance costs. The results shed light on the dynamic relationship between innovation and sustainability in driving banks and financial technology firms financing environment. Full article

Rapid decarbonization and decentralization of power systems are driving the integration of renewable generation, energy storage and digital technologies into unified energy ecosystems. In this context, photovoltaic (PV) systems combined with battery and hydrogen storage and blockchain-based platforms represent a promising pathway toward sustainable and transparent energy management. This study evaluates the techno-economic performance and operational feasibility of integrated PV systems combining battery and hydrogen storage with a blockchain-based peer-to-peer (P2P) energy trading platform. A simulation framework was developed for two representative consumer profiles: a scientific–educational institution and a residential household. Technical, economic and environmental indicators were assessed for PV systems integrated with battery and hydrogen storage. The results indicate substantial reductions in grid electricity demand and CO₂ emissions for both profiles, with hydrogen integration providing additional peak-load stabilization under current cost constraints. Blockchain functionality was validated through smart contracts and a decentralized application, confirming the feasibility of P2P energy exchange without central intermediaries. Grid electricity consumption is reduced by up to approximately 45–50% for residential users and 35–40% for institutional buildings, accompanied by CO₂ emission reductions of up to 70% and 38%, respectively, while hydrogen integration enables significant peak-load reduction. Overall, the results demonstrate the synergistic potential of integrating PV generation, battery and hydrogen storage and blockchain-based trading to enhance energy independence, reduce emissions and improve system resilience, providing a comprehensive basis for future pilot implementations and market optimization strategies. Full article

The cotton boll opening rate (BOR) is an important indicator for evaluating the physiological maturation process of cotton and the critical stage of yield formation, and it provides essential guidance for subsequent defoliant application and mechanical harvesting. The investigation of cotton BOR usually relies on manual field surveys, which are time-consuming and destructive, making it difficult to achieve large-scale and efficient monitoring. UAV remote sensing technology has been widely used in crop growth monitoring due to its operational flexibility and high image resolution. However, because of the dense growth of the cotton canopy in UAV remote sensing imagery, the boll opening condition in the lower parts of the canopy cannot be completely observed. In contrast, UAV imagery can effectively monitor cotton leaf chlorophyll content (SPAD) and leaf area index (LAI), both of which undergo continuous changes during the boll opening process. Therefore, this study proposes using SPAD and LAI retrieved from UAV multispectral imagery as physiological intermediary variables to construct an empirical statistical equation and compare it with end-to-end machine learning baselines. Multispectral and ground synchronous data (n = 360) were collected in Baibi Town, Anyang, Henan Province, across four dates (8/28, 9/6, 9/13, 9/24). Twenty-eight commonly used vegetation indices were calculated from multispectral imagery, and Pearson’s correlation analysis was conducted to select indices sensitive to cotton SPAD, LAI, and BOR. Prediction models were constructed using the Random Forest (RF), Gradient Boosting Decision Tree (GBDT), Support Vector Machine (SVM), and Partial Least Squares (PLS) models. The results showed that GBDT achieved the best prediction performance for SPAD (R² = 0.86, RMSE = 1.19), while SVM performed best for LAI (R² = 0.77, RMSE = 0.38). The quadratic polynomial equation constructed using SPAD and LAI achieved R² = 0.807 and RMSE = 0.109 in BOR testing, which was significantly better than the baseline model using vegetation indices to directly regress BOR. The method demonstrated stable performance in spatial mapping of BOR during the boll opening period and showed promising potential for guiding defoliant application and harvest timing. Full article

Reliable data availability and transparent governance are fundamental requirements for distributed edge-to-cloud systems that must operate across multiple administrative domains. Conventional cloud-centric architectures centralize control and storage, creating bottlenecks and limiting autonomous collaboration at the network edge. This paper introduces a decentralized governance and service-management framework that leverages Decentralized Autonomous Organizations (DAOs) and Decentralized Applications (DApps) to to govern and orchestrate verifiable, tamper-resistant, and continuously accessible data exchange between heterogeneous edge and cloud components. By embedding blockchain-based smart contracts within swarm-enabled edge infrastructures, the approach enables automated decision-making, auditable coordination, and fault-tolerant data sharing without relying on trusted intermediaries. The proposed OASEES framework demonstrates how DAO-driven orchestration can enhance data availability and accountability in real-world scenarios, including energy grid balancing, structural safety monitoring, and predictive maintenance of wind turbines. Results highlight that decentralized governance mechanisms enhance transparency, resilience, and trust, offering a scalable foundation for next-generation edge-to-cloud data ecosystems. Full article

Climate-driven sea ice decline is accelerating the commercial use of Arctic routes and raising the need for Green Shipping Corridors that couple decarbonization with safety and ecosystem protection. This study introduces the concept of Arctic Green Maritime Data—environmental, meteorological, operational, and emission datasets generated in polar navigation—and examines how the EU Data Act can serve as a legal–institutional backbone. Using a multilayered integrative analysis, we (i) interpret core provisions on user access, portability, compensation, public-interest requests, cloud switching, and interoperability; (ii) map the Act’s roles of data holder, user, and recipient onto shipping stakeholders; (iii) assess whether polar operational datasets qualify as “data generated through the use of a product”; and (iv) derive a contractual architecture for corridor operations. We propose a three-layer governance model: firm-level instruments (a Standard Arctic Green Maritime Data Transaction Agreement, enterprise data governance architecture, and FRAND (Fair, Reasonable, and Non-Discriminatory) based contracting), association-level tools (industry model terms, public-purpose data protocols, and a neutral data-trust intermediary), and IMO-level integration aligning EU Data Act principles with Polar Code and MARPOL. The analysis showed that structured rights and obligations reduce vendor lock-in, enable safe public-interest data flows (with emergency access and fair compensation), and improve interoperability across clouds and jurisdictions. The results provide implementable pathways for shipping companies to turn Arctic Green Maritime Data into strategic assets while supporting sustainable and resilient green shipping corridor operations. Full article

This study investigates performance overheads and security threats in 6th Generation Mobile Communication (6G) roaming environments, which are expected to enable services such as autonomous driving, smart cities, and remote healthcare that demand ultra-low latency and high reliability. To bridge the gap between standardization and real-world deployment, we built a realistic roaming testbed by separating the home and visited public land mobile networks (H-PLMN and V-PLMN) and simulating user equipment (UE) interactions. In this environment, we defined and measured roaming cost by comparing non-roaming and roaming procedures, and reproduced two Subscription Concealed Identifier (SUCI)-based denial-of-service (DoS) attacks: random generation and replay. Our experiments showed that intermediary functions such as the Security Edge Protection Proxy (SEPP) and Service Communication Proxy (SCP) introduced CPU/memory overhead and latency, highlighting performance degradation unique to roaming. Moreover, random SUCI generation concentrated load on the Authentication Server Function (AUSF) in the H-PLMN, whereas replay attacks distributed it across both the H-PLMN and the V-PLMN, consistently identifying the AUSF as a bottleneck. These findings demonstrate that roaming enlarges the attack surface and exposes vulnerabilities not fully addressed in current standards. We conclude that secure and reliable 6G roaming requires multi-layered defense strategies with inter-operator cooperation, providing empirical evidence to guide standardization and operational practice. Full article

This study explores the gap between producer price (PP) and consumer price (CP) in Cyprus’s fresh fruit and vegetable supply chain (2020–2022). Results show persistent disparities, with PP consistently below half of CP. Marketing margins in Cyprus exceed those in other EU countries, suggesting systemic inefficiencies such as weak producer organizations, intermediaries’ concentration, high logistics costs, and limited market transparency. Addressing these issues requires strengthening producer groups, enhancing transparency, promoting short supply chains, and reducing market concentration to ensure fairer supply chains. Full article

Autism spectrum disorder (ASD) arises from complex genetic and environmental influences. Despite its prevalence and being the focus of study for several decades, its causes and their underlying mechanisms are still not fully understood. However, one consistent causal mechanism of interest is epigenetic modification. While some risk factors, such as maternal stress, nutrition, and environmental toxins, have a more established epigenetic connection, early-life stress (ELS) in the postnatal years is less studied but may be just as impactful in terms of phenotypic outcomes. A major intermediary between ELS and ASD is likely the hypothalamic–pituitary–adrenal axis (HPA axis), which has been shown to be epigenetically modified by ELS and whose genes and dysfunction overlap with ASD genes and symptoms. In this narrative review, we synthesize human and animal evidence to examine the relationships between ELS and ASD through epigenetic regulation of a non-exhaustive list of autism candidate genes involved in the HPA axis, including NR3C1, FKBP5, MECP2, GAD1, RELN, SHANK3, OXTR, and BDNF. We discuss how ELS-induced epigenetics may modulate HPA axis negative feedback, and how epigenetic alterations in this pathway and associated genes could affect ASD phenotypes. Full article

Against the backdrop of pursuing technological self-reliance and strength, examining how participation in technical standard setting influences corporate patient capital investment holds significant importance. This study constructs a complex mediation model based on the Technology-Organization-Environment (TOE) framework. It employs a sample of 211 listed enterprises involved in China’s Information and Communication Technology (ICT) standardization. Utilizing both their cross-sectional data from 2023 and panel data spanning 2003 to 2024, it empirically tests the impact of participation in technical standard setting on corporate patient capital investment and its underlying mechanisms. Findings reveal: First, participation in technical standard setting exerts a significant and robust direct positive effect on corporate patient capital investment. Second, this influence operates primarily through multiple heterogeneous configurational pathways. Configurational analysis identifies four pathways leading to higher patient capital investment, categorized into “innovation-driven” and “sustainable development-driven” types. Further mediation tests reveal that three of these pathways mediate the relationship between participation in technical standard setting and patient capital investment. Third, comparative analysis of linear and complex mediation mechanisms reveals that participation in technical standard setting primarily exerts direct effects through independent pathways influencing innovation levels, innovation information disclosure, and ESG responsibility fulfillment. Variables such as long-term corporate investment and financing constraints—which are insignificant in linear models—emerge as critical components within specific configuration scenarios. These findings enrich the literature on the economic consequences of participating in technical standard setting and the determinants of patient capital investment, providing theoretical foundations and practical references for optimizing corporate strategic allocation and formulating relevant government policies. Full article

Background/Objectives: Inborn errors of metabolism (IEM) are chronic, life-threatening genetic disorders with a significant cumulative prevalence worldwide. Advances in early diagnosis and treatment have significantly increased life expectancy, underscoring the need for specialised adult care units and the establishment of structured transition programmes from paediatric to adult services. We hereby present a functional transition model for IEM patients and share our implementation experience. Methods: Initiated in 2012, the partnership between the paediatric Hospital Sant Joan de Déu (HSJD) and the adult-care centre at Hospital Clinic of Barcelona (HCB) culminated in 2019 with the transference of the first IEM patients under the structured A10! Programme. This model is structured around the transition units of paediatric and adult centres to guarantee communication and functional management. Regular monthly meetings at each centre and joint quarterly sessions allowed for protocol harmonisation and personalised care planning. Coordinated engagement of the multidisciplinary health care teams with patients and families smoothed the transfer process. Results: Between 2019 and 2024, 94 IEM patients were successfully transferred. Diagnoses included intermediary metabolism defects (71.23%), lipid metabolism and transport disorders (4.25%), heterocyclic compound metabolism (2.12%), complex molecules and organelle dysfunction (6.37%), cofactor and mineral metabolism (2.12%), signalling defects (5.31%), and unclassified cases (8.51% of rare disorders, maybe non-IEM). Transition formats included 21 in-person joint visits in HSJD, 37 remote transitions during the COVID-19 pandemic, and 36 streamlined transfers via standardised protocols. Sessions, trainings, and meetings allowed the exchange of patients’ needs and protocols. Conclusions: The successful transference of IEM patients requires structured programmes with interdisciplinary paediatric and adult teams, joining efforts with the patient, families, and caregivers. Communication between paediatric and adult transition units is essential to promote continuity of care and patient empowerment. While constantly updated, this model has proven effective, gaining positive evaluations from healthcare professionals and patients alike, representing a scalable framework for lifelong management of IEM in adult care settings. Full article

Short-chain fatty acids (SCFAs) produced by gut microbial fermentation influence host metabolism and neuroinflammatory processes implicated in Alzheimer’s disease (AD). However, the relationship between fecal SCFAs, microbial taxa, and cerebral amyloid-β (Aβ) burden in cognitively unimpaired individuals remains unclear. Fecal SCFAs were quantified using GC-MS, and microbial species were profiled by shotgun metagenomics in 87 participants. Associations between SCFAs, demographics, APOE ε4 status, and Aβ burden were tested using nonparametric statistics and multivariable regression. Microbial–SCFA links were evaluated using Spearman correlations and multivariate ordinations, with mediation analysis exploring potential indirect pathways. Acetate was the predominant SCFA and demonstrated the most robust microbial associations. Higher acetate concentrations were positively associated with Bacteroides ovatus and Faecalibacterium prausnitzii, whereas lower acetate levels were linked to species such as Bifidobacterium animalis and Lachnoclostridium scindens. Stratified analyses indicated that individuals with elevated Aβ burden exhibited more pronounced species–SCFA relationships, including a notable association between Bacteroides thetaiotaomicron and butyrate. Multivariate ordination further identified a significant overall coupling between SCFA profiles and microbial community structure. Mediation analysis suggested that an Oscillospiraceae species may represent a potential intermediary linking valerate concentrations with Aβ status. SCFA concentrations were not strongly influenced by demographic or genetic factors, but specific species demonstrated robust associations with acetate levels. Distinct SCFA–microbial interaction patterns in Aβ High individuals suggest subtle early gut microbial alterations linked to amyloid burden. These findings highlight the potential role of SCFA-related microbial pathways in preclinical AD. Full article

We examine whether and how book-tax differences (BTDs) may affect investors’ perception of information risk. Using bid-ask spreads as a proxy for information risk, we document a positive association between bid-ask spreads around 10-K filing dates and positive temporary BTDs for firms with low analyst following or institutional ownership, consistent with larger positive temporary BTDs exacerbating information asymmetry for firms with poor information environments. Furthermore, this positive association is less pronounced for firms with higher analyst following or institutional ownership, suggesting that financial analysts and institutional investors mitigate information risk from positive temporary BTDs through their monitoring and information intermediary roles. We find similar results using positive permanent BTDs. Overall, our findings suggest that investors factor BTDs into their assessments of information risk, highlighting the importance of considering information risk in the valuation of BTDs. Full article

Most current second-hand housing sales, contract signing, and other processes require the participation of intermediaries. However, suppose the intermediary refuses to disclose all information to the parties involved in the transactions. In that case, this traditional model can lead to weak supervision and punishment, adverse selection, moral hazards, and weak contract enforcement. Blockchain technology can not only secure the information intermediaries share, encouraging them to disclose information, but can also generate irreversible records of housing transactions for data traceability. Therefore, this study aims to develop a framework based on blockchain technology for the trading of second-hand housing. In this study, a second-hand housing online trading framework (SHHOTF) based on smart contract development is proposed for the second-hand housing business process, aiming to promote second-hand housing transactions. The contributions of this study lie in (1) determining the framework requirements, (2) proposing the functional module of a framework based on the blockchain and designing a complete business process, (3) developing an architecture for integrating blockchain and second-hand housing transaction processes, and developing technical components that support the framework functions, and (4) demonstrating the use case in Britain, analyzing the effectiveness and innovation of the framework. Furthermore, the framework demonstrated a 24% increase in transaction speed compared to the traditional Ethereum public network. The proposed process is highly adaptable within the current second-hand housing domain, and the developed framework can serve as a reference for introducing blockchain technology into other industries or application scenarios. Full article

Aquaculture is the fastest-growing food production sector globally. As its largest producer, China plays a pivotal role in ensuring aquatic food supply and supporting the blue economy. Despite its massive scale, a systematic understanding of the geographic distribution, structural composition, and drivers of China’s aquaculture value chain remains limited. We comprehensively characterized the sector’s composition, spatiotemporal evolution, and structural dynamics. We compiled and analyzed over 2.85 million enterprise registration records from the TianYanCha database, applying rigorous industry classification, spatial mapping, correlation analysis, and bottleneck assessment with natural and socioeconomic variables. Results show that policy reforms, notably the 2013 Company Law amendment and 2016 aquaculture certification measures, drove sharp increases in enterprise registrations, particularly in retail and farming. Enterprises are highly clustered in the Yangtze River Basin, Pearl River Delta, and southeastern coast, with inland expansion along major river systems. Strong interdependencies exist among sectors, while wholesale remains numerically scarce, forming a structural bottleneck. Standardization levels are low. Foreign investment, though under 5%, concentrated in processing and distribution, contributed to advanced technologies in the 1990s–2000s. These findings highlight rapid formalization, regional clustering, and structural imbalances, suggesting that enhancing formalization and addressing intermediary bottlenecks could improve sector resilience and efficiency. Full article