Search Results (658)

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary tightening cycles reveal that financial stress originating in core markets continues to transmit rapidly and forcefully to emerging economies. This paper argues that such vulnerability reflects structural features of contemporary financial systems rather than deficiencies in domestic banking regulation alone. Adopting a conceptual and analytical approach, the article develops an integrated framework of macro-financial blind spots that links global financial cycles, non-bank financial intermediation, and regulatory fragmentation. The analysis highlights how funding liquidity, collateral valuation, margin dynamics, and market-based leverage amplify global shocks through channels that lie largely outside traditional, bank-centric macroprudential frameworks. As market-based finance expands, systemic risk increasingly originates in activities rather than institutions, limiting the effectiveness of entity-based regulation and reinforcing emerging markets’ role as price-takers in global portfolios. The paper contributes to the literature by synthesizing insights from macroprudential policy, market liquidity, and non-bank finance to explain the persistence of emerging market vulnerability in an era of globalized funding. It further derives policy implications for macro-financial governance, emphasizing the need for system-wide, activity-based approaches, improved data and transparency, and stronger domestic and international regulatory coordination. These findings are relevant for policymakers seeking to reconcile financial integration with systemic resilience in emerging markets. Full article

This study investigates how financial literacy, FinTech adoption, and financial attitudes shape economic decision-making among millennials in Lebanon, a crisis-affected emerging economy. The study examines whether enhancing financial literacy can strengthen economic resilience through improved financial behavior, with financial attitudes acting as a mediator. Guided by Behavioral Finance Theory, the study employs a quantitative approach using data from 390 Lebanese millennials collected via a structured questionnaire. Structural equation modeling was applied to test direct and mediating effects. Both financial literacy and FinTech adoption were found to significantly influence millennials’ financial behavior, with financial literacy emerging as the stronger predictor. The findings also revealed that financial attitude significantly mediates the link between literacy and behavior, suggesting that financial knowledge alone is insufficient without attitudinal reinforcement. This study fills a critical empirical gap in the MENA region by offering evidence from a highly under-researched, crisis-affected emerging market. It introduces an integrated model combining technological, cognitive, and attitudinal dimensions of financial behavior. The study offers practical implications for policymakers, financial institutions, and international development actors seeking to strengthen financial inclusion and household stability in similar turbulent contexts. Full article

Global health faces unprecedented challenges driven by communicable diseases, which are increasingly amplified by persistent health inequities, the impact of climate change, and the speed of emerging crises. Prevention is not merely a component but the foundational strategy for an effective, sustainable, and fiscally responsible public health response. This paper delves into the pivotal role of core prevention levers: robust vaccination programs, stringent hygiene standards, advanced epidemiological surveillance, and targeted health education. We detail how contemporary technological advancements, including Artificial Intelligence (AI), big data analytics, and genomics, are fundamentally reshaping infectious disease management, enabling superior predictive capabilities, faster early warning systems, and personalized prevention models. Furthermore, we thoroughly examine the imperative of integrating the One Health approach, which formally recognizes the close, interdependent links between human, animal, and environmental health as critical for combating complex threats like zoonoses and Antimicrobial Resistance (AMR). Despite significant scientific progress, persistent socio-economic disparities, the pervasive influence of health-related misinformation (infodemics), and structural weaknesses in global preparedness underscore the urgent need for decisive international cooperation and equitable financing models. We conclude that only through integrated, multidisciplinary, and resource-equitable strategies can the global community ensure effective prevention, mitigate severe socio-economic disruption, and successfully build resilient healthcare systems capable of withstanding future global health threats. Full article

Anaerobic digestion of organic waste offers renewable energy and waste-management benefits, relevant to multiple SDGs. This study evaluates a proposed 50 t/d farm-based biogas plant co-digesting poultry manure (PM) and fruit/vegetable waste (FVW) in South Africa. Five substrate blends (100% PM, 100% FVW, and three PM–FVW mixtures) and three biogas utilization routes (100% electricity via a combined heat and power (CHP) system, 50/50 CHP–biomethane, and 100% biomethane) were modelled in a combined techno-economic analysis (TEA) and life-cycle assessment (LCA) framework. Key metrics included GWP100 per ton of feedstock and the project’s internal rate of return (IRR), debt service coverage ratio (DSCR), and net present value (NPV) over a 20-year project lifespan. Under base-case assumptions, electricity-led pathways yield the highest returns; in the best case, 80% FVW + 20% PM with 100% CHP achieves a project IRR of 10% with a minimum DSCR of 2.4. The LCA shows total GWP100 ranging 118–168 kgCO₂-eq/t, minimum for pure FVW, maximum for pure PM, and clearly identifies digestate handling as the dominant emission source. Overall, the CHP-only configuration emerges as the most financeable option at this scale, and emphasis on closed digestate management is recommended to minimize emissions. Full article

The main purpose of this study was to conduct a bibliometric analysis of scientific knowledge and trends in modern finance. To this end, the analysis was based on the keywords: “finance”, “automation”, and “ESG”. The analysis aimed to provide theoretical insights into the economic and financial implications of automation and its role in achieving ESG objectives. From a methodological standpoint, bibliometric research was conducted on 21 September 2025. It involved analysing a total of 16,500 scientific articles published between 1974 and 2026 in two databases: The Web of Science Core Collection and Scopus. The Bibliometrix R 5.2.0 version tool was used to generate visualisations. Thematic mapping, three-field plotting, keyword mapping, and clustering were the main methods used to analyse the associations between finance, automation, and ESG principles. The study’s results showed an average annual increase in publications of approximately 3.80% and 2.50%, respectively, while international collaborations between researchers have become increasingly prominent in recent years. At the same time, the co-occurrence network analysis identified five key thematic clusters in the Web of Science Core Collection and three in Scopus. From a comparative perspective, these clusters highlight the most significant connections between environmental, social, and governance (ESG) performance, corporate social responsibility (CSR) impact, financial performance, economic growth, sustainable development, and the implications of the automation process. From a bibliometric point of view, this research contributes to a better understanding of the multiple digital transformations specific to the current financial framework, generating possible future research directions on the significant role of automation in financial, environmental, and social performance. Furthermore, automation is a critical component of the digital future of finance. Analysing and investigating the causal relationships between automation and Environmental, Social, and Governance (ESG) principles will necessitate new areas of study within the financial sphere. Full article

Against the backdrop of carbon quota trading policies and Energy Performance Contracting (EPC), Energy Service Companies (ESCOs) engage in supply chain emission reduction via embedded low-carbon services. However, the impact mechanism of their financing mode selection on emission reduction efficiency and economic benefits has not been fully revealed, and there is a lack of support from a systematic theoretical and engineering design framework. Therefore, this study innovatively constructs a multi-agent Stackelberg game model with bank financing, green bond financing, and internal factoring financing. We incorporate the embedding degree, emission reduction cost coefficient, and financing mode selection into a unified analysis framework. The research findings are as follows: (1) There is a significant positive linear relationship between supply chain profit and the embedding degree. In contrast, the profit of ESCOs shows an inverted “U-shaped” change trend. Moreover, there is a sustainable cooperation threshold for each of the three financing modes. (2) Green bond financing can significantly increase the overall emission reduction rate of the industrial supply chain in high-embedding-degree scenarios. However, due to emission reduction investment cost pressure, ESCOs tend to choose bank financing. (3) The dynamic change of the emission reduction investment cost coefficient will trigger a reversal effect on the financing preferences of the supply chain and ESCOs. This study unveils the internal mechanism of multi-party decision-making in the low-carbon industrial supply chain and is supported by cross-country institutional evidence and comparative case-based analysis, providing a scientific basis and engineering design guidance for optimizing ESCO financing strategies, crafting incentive contracts, and enhancing government subsidy policies. Full article

For a long time, low efficiency in the transfer of rural collective land use rights and the ambiguous attribution of collective land property rights have not only restricted the mobility of rural labor factors but have also hindered the release of vitality in the rural collective economy. This has resulted in lagging growth in the income that rural residents obtain from collective economic factors, contributing to the persistent widening of the urban/rural income gap. As an important institutional innovation to address these issues, the effects of the reform of the rural collective property rights system urgently need to be clarified. The reform of the rural collective property rights system constitutes a major initiative in the transformation of the rural land system. Centered on asset verification and valuation, as well as the demarcation of membership rights and the restructuring towards a shareholding cooperative system, it aims to establish a collective property rights regime characterized by clearly defined ownership and fully functional entitlements. This study takes the national pilot reform of rural collective property rights launched in 2016 as a quasi-natural policy experiment, systematically examining the impact of this pilot policy on the internal income gap within households and its spillover effects on the urban–rural income gap. Based on microdata from the China Household Finance Survey (CHFS) and the China Longitudinal Night Light Data Set (PANDA-China), this study constructs a five-period balanced panel dataset covering 2304 rural households across 25 provinces. A relative exploitation index based on the Kawani index is constructed, and empirical analysis is conducted using a combination of multi-period difference-in-differences (Multi-period DID), discrete binary models, and propensity score matching-difference-in-differences (PSM-DID) models. The results show that: First, the pilot reform significantly reduced the level of income inequality within rural areas in the pilot regions, and its policy benefits further generated positive spillovers via market-driven factor allocation mechanisms, effectively bridging the urban–rural income gap. Second, institutional reforms activated the potential of rural non-agricultural economic factors, establishing new channels for a two-way flow of urban and rural factors, becoming an important path to achieve the goal of common prosperity. Third, the policy effects exhibited significant heterogeneity, specifically manifested in the attributes of major grain-producing regions, initial household income levels, and the human capital characteristics of household heads having significant moderating effects on reform outcomes. This study not only provides theoretical support and empirical evidence for deepening rural property rights reforms under the new rural revitalization strategy, but it also reveals the driving role of institutional innovation in factor mobility, thereby influencing the transmission mechanism of income distribution patterns. This finding offers a China-based solution for developing countries to address the imbalance in urban–rural development and the widening income gap. Full article

From adaptation to building effective resilience to climate change is critical for transforming West and Central Africa (WCA) agricultural system. Climate-Smart Agriculture (CSA) is an approach initiated by leading international organizations to ensure food security, increased adaptation to climate change and mitigation. Its application spans from innovative policies, practices, technologies, innovations and financing. However, CSA initiatives lack scientific-based assessment prior to implementation to ensure their effectiveness. To fill this gap, future interventions should not only be assessed using rigorous methodology but should also be built on lessons learned from previous initiatives. Although there are a lot of climate related agricultural initiatives in WCA, most of them have not been analyzed through a CSA lens and criteria to capitalize on their experiences to improve future interventions. In this study we mapped previous climate-related initiatives in WCA, highlighted their gaps and lessons learned to accelerate the implementation of CSA in the region. The study covered 20 countries in WCA: Benin, Burkina Faso, Cameroon, Cape Verde, Central African Republic, Chad, Côte d’Ivoire, Congo, Gabon, Gambia, Ghana, Guinea, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, Togo. CSA initiatives were reviewed using a three-steps methodology: (i) national data collection, (ii) regional validation of the national database, (iii) data analysis including spatial mapping. Data was collected from the websites of international, regional and national organizations working in the field of agricultural development in the region. Each initiative was analyzed using a multicriteria analysis based on CSA principles. A total of 1629 CSA related initiatives were identified in WCA. Over 75% of them were in the form of projects/programs with more of a focus on the first CSA pillar (productivity and food security), followed by adaptation. The mitigation pillar is less covered by the initiatives. Animal production, fisheries, access to markets, and energy are poorly included. More than half of these initiatives have already been completed, calling for more new initiatives in the region. Women benefit very little from the implementation of the identified CSA initiatives, despite the substantial role they play in agriculture. CSA initiatives mainly received funding from technical and financial partners and development partners (45%), banks (22%), and international climate financing mechanisms (20%). Most of them were implemented by government institutions (48%) and development partners (23%). In total, more than 600 billion EUR have been disbursed to implement 83 of the 1629 initiatives identified. These initiatives contributed to reclaiming and/or rehabilitating almost 2 million ha of agricultural land in all countries between 2015 and 2025. Future initiatives should ensure the consideration of the three CSA pillars right from their formulation to the implementation. These initiatives should consider investing in mixed production systems like crop-animal-fisheries. Activities should be built around CSA innovation platforms to encourage networking among actors for more sustainability. Full article

In the grand context of the global convergence of the “dual-carbon” strategy and the digital economy, the underlying mechanisms by which corporate fintech impacts ESG performance remain a “black box” waiting to be explored. To this end, this study reveals the path by which corporate fintech unlocks ESG performance by constructing a theoretical framework that integrates resources, technology and governance. Based on data from Chinese A-share listed companies from 2011 to 2023, we found that corporate fintech can significantly improve ESG performance. Its core mechanism is to optimize resource allocation by alleviating financing constraints, promote green innovation-driven technological upgrades, and reduce agency costs to improve internal governance. Heterogeneity analysis further reveals that this effect is particularly prominent in companies with financial difficulties or high proportions of independent directors, and areas with weak institutional environments, highlighting the catalytic role of corporate fintech in specific situations. This study not only provides micro-mechanism evidence for digital technology to empower the sustainable development of enterprises but also offers important policy implications for emerging markets to leverage fintech to make up for institutional shortcomings and promote green transformation. Full article

This study examines how the seven pillars of ZTA are implemented in a CDS environment that demands high security reliability, similar to the defense and finance sectors, and identifies the technological advancements and integration patterns that emerge during this process. With the introduction of user- and device-centric authentication methods like distributed identity and RF fingerprinting in the Identity and Device areas, there is a growing trend towards strengthening trust even in domains where distrust is prevalent. In the Network and Application domains, the focus is on using micro-segmentation and SDN to segment and control internal traffic flows, while dynamically enforcing the principle of least privilege. In the Data, Visibility, and Orchestration domains, AI analysis is being applied in real-time, leveraging log and visibility data, and orchestration is automating policy execution and response. In conclusion, it is clear that each pillar of ZTA operates in tandem with the others, rather than as isolated components within the CDS environment. This fusion structure demonstrates its ability to function as a unified security strategy that balances trust with comprehensive coverage of diverse domains. Full article

Background: Traumatic brain injury (TBI) is a leading cause of disability but one of the least recognized health problems in the world, affecting up to 69 million people annually. The associated lifelong disability in survivors, the loss of economic productivity, and being a risk factor for dementia consume 0.5% of global economic activity. Yet TBI is still largely invisible in national surveillance systems and not well represented in chronic disease frameworks. Consequently, governments are not equipped to provide proportional financing of acute care and long-term care of survivors, nor to build health care systems and resources for improving outcomes of TBI through policy frameworks targeting prevention, treatment, and equitable access. Objective: This commentary aims to provide a comprehensive picture of the global effort to formally recognize TBI as a notifiable and chronic condition, including the justifications for recognition, the formation of an international coalition of stakeholders, and the strategic plan for resolution at WHA79 of the World Health Assembly, one of the first concerted multinational efforts that occurred as a side event during the 78th World Health Assembly (WHA78) in May 2025. Methods: This commentary integrates information from epidemiological studies, global registries, and testimonies from people with lived experience of TBI. We analyze these data to develop policy needs and corresponding initiatives to address key needs. These include coordinated efforts to advocate change, such as technical briefings, consultations with stakeholders, and storytelling led by survivors, all of which informed and formed a part of the WHA78 side event. Our efforts have garnered wide, multi-sector support. Results: The WHA78 side event showed that ministries of health, neurosurgical, neurological, and rehabilitation societies, academic researchers, WHO representatives, and survivors all unprecedentedly support the recognition of the importance of TBI, facilitating national policies for its prevention and treatment via standardized surveillance. More than 30 non-governmental groups officially supported the campaign. A sponsoring member state made a public commitment to co-sponsor a WHA resolution, which set the stage for ongoing diplomatic progress and engagement across regions. Conclusion: To improve global brain health equity, access to long-term care, and the resilience of health systems, it is important to recognize TBI as a notifiable and chronic condition. A dedicated WHA resolution would make TBI a part of global health governance, making sure that it is counted, tracked, and dealt with as quickly and comprehensively as possible. It is both a technical necessity and a moral duty to help survivors and families and fight for justice in global health systems. Full article

Background: The COVID-19 pandemic exposed major deficiencies in global health governance, including fragmented authority, inequitable resource distribution, and weak compliance mechanisms. Although the WHO Pandemic Agreement (2025) addresses several of these gaps, significant operational and institutional challenges remain. This study aims to develop and empirically validate a Global Governance for Health (GGFH) Framework that strengthens leadership, financing, equity, and legal accountability across global, regional, and national levels. Methods: A three-round Delphi study was conducted. Thirty-one experts from diverse sectors, including public health, international law, economics, environment, and diplomacy, evaluated 32 structured governance statements across seven domains. Experts rated all statements using a 7-point Likert scale. Consensus was determined using a strict threshold median ≥ 6; SD ≤ 1.35; ≥75% agreement. Open-text comments were systematically reviewed through thematic analysis. All statements were systematically mapped to the WHO Pandemic Agreement articles to identify areas lacking operational clarity or enforceability. Results: All seven governance domains achieved consensus by Round 3. High agreement emerged on strengthening WHO leadership, implementing sustainable and equitable financing mechanisms, embedding LMIC representation, establishing legal preparedness and capacity-building, and integrating independent accountability tools. Correlation and interdependence analyses demonstrated that governance goals form an integrated, mutually reinforcing system, with financing, equity, and legal frameworks identified as core enablers of effective treaty implementation. Conclusions: The Delphi process validated a comprehensive and operational Global Governance for Health Framework. The GGFH complements the WHO Pandemic Agreement by addressing its unresolved governance, financing, and equity limitations and offers a structured roadmap to guide global pandemic preparedness and treaty implementation. Full article

The proposed research aims to analyse the effects of the relationship between Sustainability Governance (SG) and Climate Impact (CI), taking into consideration Green Finance (GF). Furthermore, it examines how Institutional Support (IS) enhances the governance systems governing these variables. The research provides a holistic approach for analysing the effects of financial dynamics on climate impacts. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed in this research study. The data were collected from various industries using a standardised questionnaire. The structural model examined the direct and indirect relationships between variables such as GF, SG, and CI. IS emerged as the moderated variable. The outcomes of the study confirmed that “GF has an important and direct as well as indirect (through SG as the mediator) impact on CI. IS significantly increases SG and thus exerts an overall enhancing effect on the impact of GF on the climate.” The study has supported the research objectives and aims. The limitations of this study comprised constraints related to both time and cost. The researchers encountered limitations in accessing senior managers and directors of various organisations for the study. IS emerged as an important intermediate factor that can significantly link various actions and activities that impact the climate. This study supports both global and local research objectives. The study offers significant insights, underscoring the critical role of SG within Green Business (GB). Additionally, IS emerges as a vital enabling tool that strengthens the overall governance framework. The study contributes significantly to the development of integrated frameworks for institutions seeking to effectively address environmental challenges. The implications for action indicate that furthering entrenched institutional structures and instilling good governance practices can add tremendous value to the transformation potential of GF and usher in accelerated efforts to achieve national and international objectives on climate change. Full article

Employee satisfaction, as a critical form of organisational social capital, represents a significant interdisciplinary topic in management and finance. A key question is whether it can be transformed into sustainable innovation momentum for corporates amid extreme crisis shocks. This study examines Chinese A-share listed corporates, utilising large-scale anonymous employee evaluation data from the Chinese employer review platform ‘KanZhun.com’, to construct corporate-level employee satisfaction indicators. Through econometric modelling, it investigates the impact of employee satisfaction on corporate innovation output during major crises and its underlying mechanisms. Findings reveal that during crises, employee satisfaction significantly enhances overall corporate innovation levels, with a particularly pronounced effect on green innovation. Mechanism analysis indicates that high employee satisfaction primarily drives innovation, especially green innovation, through two channels. These channels include reducing internal governance costs and alleviating external financing constraints. Heterogeneity tests further reveal that this effect is particularly pronounced in high-tech industries, technology-intensive sectors, non-state-owned corporates, and corporates under strong external institutional constraints or with relatively weak innovation capabilities. This study expands the theoretical boundaries of employee satisfaction’s economic value from an innovation perspective. It further provides Chinese empirical evidence for corporates seeking to enhance innovation resilience in complex environments via employee feedback and quality labour relations. Full article

The growing economic pressures on healthcare systems have heightened the need for effective and sustainable cost management strategies. This study presents a PRISMA-based systematic review of 210 peer-reviewed articles published between 1974 and 2024, retrieved from the Scopus and Web of Science databases. Following a structured selection and screening process, the articles were analysed to identify dominant cost control tools, contextual applications, and methodological trends across diverse health systems. The findings highlight a strong prevalence of Activity-Based Costing (ABC), Diagnosis-Related Groups (DRG), and benchmarking practices, predominantly in public hospital settings. However, significant thematic gaps remain, particularly concerning low-income countries, interdisciplinary integration, and the evaluation of digital technologies for financial optimisation. This review provides a comprehensive thematic synthesis of international research, consolidating knowledge in healthcare cost management and offering evidence-based recommendations to guide future empirical research, policy design, and strategic planning in health finance. Full article