Search Results (154)

Accepting a certain degree of investment loss risk is essential for long-term portfolio management. However, overconfidence bias within financial literacy can prompt excessively risky behavior and amplify susceptibility to other cognitive biases. These tendencies can undermine investment loss tolerance beyond the baseline level shaped by sociodemographic, economic, psychological, and cultural factors. This study empirically examines the association between overconfidence and investment loss tolerance, which is measured by the point at which respondents indicate they would sell their investments in a hypothetical loss scenario. Using a large-scale dataset of 161,765 active investors from one of Japan’s largest online securities firms, we conduct ordered probit and ordered logit regression analyses, controlling for a range of sociodemographic, economic, and psychological variables. Our findings reveal that overconfidence is statistically significantly and negatively associated with investment loss tolerance, indicating that overconfident investors are more prone to prematurely liquidating assets during market downturns. This behavior reflects an impulse to avoid even modest losses. The findings suggest several possible practical strategies to mitigate the detrimental effects of overconfidence on long-term investment behavior. Full article

This paper examines the moderating role of corporate social responsibility (CSR) on the relationship between environmental, social, and governance (ESG) dimensions and investor decision-making in Jordan. Data were collected using a structured questionnaire designed for institutional investors and financial analysts, capturing perceptions of ESG, CSR, and investment behavior. A stratified random sample of 350 professionals across the financial, industrial, and service sectors was surveyed. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings show that environmental and social dimensions have positive effects on investor decisions, with governance dimensions having a negative effect. Notably, CSR has a negative moderating effect on the governance dimensions and investor decision, with no observed statistical moderating effect for environmental or social dimensions. This research unravels the multidimensional role of CSR in building the ESG-investor decision interface and identifies a counterintuitive negative moderating impact of CSR on governance, contributing to the existing literature on sustainability alignment in emerging markets. The results offer practical implications for companies aiming to attract sustainability-oriented investors by indicating the necessity for an integrated and genuine CSR and ESG approach. Full article

This study examined the relationship between margin trading and cryptocurrency investment using data from the 2018 and 2021 waves of the National Financial Capability Study (NFCS) Investor Survey. Guided by behavioral finance theory, which suggests that cognitive biases may influence risk-taking, the study explored whether margin loan use and margin calls are associated with higher cryptocurrency participation. Margin loans are inherently risky, as they must be repaid regardless of investment outcomes, and margin calls are triggered when an investor’s equity falls below a required threshold. The results showed a positive and statistically significant association between margin activity and cryptocurrency investment. Specifically, individuals with a margin loan were 17 percentage points more likely to invest in cryptocurrency, while those who have experienced a margin call were 23 percentage points more likely. Given the extreme volatility of cryptocurrencies, these results highlight the increased risks investors face when using leverage in speculative markets. The analysis is based on cross-sectional data from U.S. investors; therefore, the findings should be interpreted as correlational rather than causal. Full article

The Greek islands have been blessed with excellent wind potential, with hundreds of sites featuring annual average wind velocity higher than 8–10 m/s. Due to specific regulations in the legal framework, some GWs of wind parks have been submitted since the late 2000s by a small number of large investors in the Greek islands, favoring the creation of energy monopolies and imposing serious impacts on natural ecosystems and existing human activities. These projects have caused serious public reactions against renewables, considerably decelerating the energy transition. This article aims to summarize the legal points in the Greek framework that caused this distorted approach and present the imposed potential social and environmental impacts. Energy monopolies distort the electricity wholesale market and lead to energy poverty and a low standard of living by imposing higher electricity procurement prices on the final users. The occupation of entire insular geographical territories by large wind park projects causes important deterioration of the natural environment, which, in turn, leads to loss of local occupations, urbanization, and migration by affecting negatively the countryside life. Serious concerns from the local population are clearly revealed through an accomplished statistical survey as well as a clear intention to be engaged in future wind park projects initiated by local stakeholders. The article is integrated with specific proposed measures and actions toward the rational development of renewable energy projects. These refer mainly on the formulation of a truly supportive and just legal framework aiming at remedying the currently formulated situation and the strengthening of the energy communities’ role, such as through licensing priorities, funding mechanisms, and tools, as well as additional initiatives such as capacity-building activities, pilot projects, and extensive activation of local citizens. Energy communities and local stakeholders should be involved in the overall process, from the planning to the construction and operation phase. Full article

Volatility forecasting for financial institutions plays a pivotal role across a wide range of domains, such as risk management, option pricing, and market making. For instance, banks can incorporate volatility forecasts into stress testing frameworks to ensure they are holding sufficient capital during extreme market conditions. However, volatility forecasting is challenging because volatility can only be estimated, and different factors influence volatility, ranging from macroeconomic indicators to investor sentiments. While recent works show promising advances in machine learning and artificial intelligence for volatility forecasting, a comprehensive assessment of current statistical and learning-based methods is lacking. Thus, this paper aims to provide a comprehensive survey of the historical evolution of volatility forecasting with a comparative benchmark of key landmark models, such as implied volatility, GARCH, LSTM, and Transformer. We open-source our benchmark code to further research in learning-based methods for volatility forecasting. Full article

As the global emphasis on sustainability intensifies, logistics companies face mounting pressure from stakeholders to adopt environmental, social, and governance (ESG) practices. Despite this growing interest, few studies have investigated how both external pressures and internal organizational factors jointly influence ESG management and its outcomes in the logistics sector. This study aims to examine the effects of international, governmental, investor, and customer pressures on three ESG dimensions—environmental management, social responsibility, and governance practices. Furthermore, the study evaluates how these ESG dimensions affect corporate image and organizational performance. Data were collected from 352 logistics professionals through a structured online survey. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to test the proposed research model. The findings reveal that investor and customer pressures are the most influential drivers of comprehensive ESG engagement. As an internal factor, hierarchy culture significantly enhances organizational performance and strengthens the impact of corporate image on performance. Environmental and governance management contribute to both image and performance, while social responsibility primarily enhances corporate image. These results provide valuable insights for logistics companies and managers seeking to align ESG strategy with stakeholder expectations and operational excellence. Full article

The construction industry continues to face significant challenges related to waste on construction sites, significantly impacting cost, timelines, and the quality of project outcomes. This study aims to identify contemporary sources of construction waste, assess their variability over time using data from 2016, 2021, and 2024, and evaluate strategies for their reduction. A mixed-methods approach was adopted, combining a literature review with a survey among Polish construction contractors. A total of 34 waste factors were assessed in terms of frequency and significance. Building Information Modelling (BIM) is recommended—based on both survey results and studies in the literature—as an effective strategy to optimise construction efficiency by reducing waste and supporting sustainability objectives. The analysis also shows increasing awareness and application of Lean Principles and BIM among contractors. By 2024, BIM use increased from 8% in 2016 to 63%, indicating broader recognition, although this recognition was still insufficient given the severity of reported waste. The findings revealed design errors as the most critical source of waste, alongside execution delays, quality defects, damages to completed works, and excessive workloads. Respondents also identified additional factors, including erroneous bid assumptions, unclear investor expectations, unrealistic deadlines, equipment failures, and overdesign. These underscore the need for strategic, technology-driven waste mitigation. Full article

Since the early 21st century, BIM technology has enhanced building design, construction and management, while continuously evolving to create new specializations. Despite this, its full potential remains untapped. Today, BIM offers diverse applications in construction and related industries, incorporating advanced techniques such as laser scanning and photogrammetry. A specialized approach, HBIM (Heritage Building Information Modeling), enables the digital mapping, documentation, analysis and management of historic architecture. This study focuses on the Koprowski Family Villa in Celestynów, known as “Koprówka”, demolished twenty years ago. Despite its cultural significance, the property disappeared from the village. Using LiDAR survey data, preserved window frames, archival photographs and documents, this engineering study reconstructs “Koprówka” as an HBIM model, integrated into the existing landscape. The resulting 3D model can aid municipal authorities and potential investors in rebuilding “Koprówka”, while emphasizing the importance of cultural heritage in shaping local identity and raising awareness of historical structures’ value. Full article

Punjab, the most populous province in Pakistan, is currently facing substantial electricity shortages that are adversely affecting both residential and industrial sectors. To address this issue, the Cholistan Desert presents a promising solution due to its high solar irradiance, making it an ideal location for solar energy production. This study aims to identify the most suitable area for solar photovoltaic (PV) power plants in the Cholistan Desert using Geographic Information System (GIS) and machine learning techniques. The analysis included field survey data encompassing 14 conditioning factors such as geophysical, socio-economic, and resource conditions. Three machine learning models were utilized: Random Forest, XGBoost, and Multilayer Perceptron (MLP). The Random Forest model demonstrated superior performance with an AUC of 0.92, and feature importance was measured through SHAP. The resulting suitability map indicates that Bahawalnagar in the eastern region and Bahawalpur in the central region have 10.50% and 11.06% of their areas classified as having a “high” and “very high” probability for solar PV installation, respectively. For stakeholders in the wind industry, these regions also present potential for wind farm feasibility due to favorable wind conditions and flat terrain. The methodology can be adapted to prioritize wind energy sites by incorporating factors such as land availability, wind direction, and other related factors. Co-locating solar and wind farms in these regions could optimize land use, enhance grid stability, and support Pakistan’s renewable energy targets. Future research integrating real-time solar and wind data could further refine site selection and support multi-source renewable energy planning, providing actionable insights for policymakers and investors. Full article

Spot Bitcoin Exchange Traded Products (ETPs) are financial instruments enabling Bitcoin to be traded on traditional brokerage platforms, reducing the risks associated with direct Bitcoin exposure while addressing fraud and market manipulation concerns. This study examines the adoption of Spot Bitcoin ETPs, emphasizing the roles of financial and digital literacy, market dynamics, and regulatory frameworks in influencing individual investor behavior. Based on a survey of 428 U.S. respondents, financial literacy and early adopter traits were found to significantly enhance adoption likelihood (β = 0.458, p < 0.001). Government factors, such as compliance guidelines and tax policies, improved investor confidence and adoption rates (β = 0.409, p < 0.001). Market factors, including volatility and sentiment, played a notable yet secondary role (β = 0.34, p < 0.001). Institutional investment mediated the effects of regulatory and market dynamics on individual adoption, legitimizing Spot Bitcoin ETPs and fostering trust (β = 0.298, p < 0.001). The findings emphasize the need for clear regulations, robust disclosure requirements, and investor education to enhance adoption. Policymakers should focus on regulatory transparency to build investor confidence, while financial institutions can advance adoption by promoting financial and digital literacy. This study contributes to understanding how individual, market, and regulatory factors collectively drive the integration of regulated cryptocurrency products into mainstream finance. Full article

Rural tourism and agritourism are essential drivers of sustainable economic development in mountain regions, generating income opportunities while preserving cultural and natural heritage. The North-West region of Romania has significant potential in this sector. Yet, tourism development is unevenly distributed, and the integration of local economic activities remains limited, an imbalance that reduces the overall impact of tourism on regional sustainability and economic resilience. To assess viable strategies for agritourism development, the study applies the TOPSIS method, evaluating four key criteria: infrastructure accessibility, diversity of tourism experiences, service quality, and long-term economic sustainability. A survey was conducted with 102 respondents, and the collected data were analyzed using the TOPSIS framework to determine the most effective development approaches. The findings indicated that the ecotourism trails represent the most favorable strategy (Ci = 0.678), followed by promoting local products within tourism (Ci = 0.602) and expanding rural guesthouses (Ci = 0.467). In contrast, integrated tourism packages and tourist information centers ranked lower, suggesting that infrastructure investment and the strategic use of local resources should be prioritized. These insights provide practical recommendations for policymakers, investors, and local stakeholders, emphasizing the need for targeted support in ecotourism and rural economic initiatives. Furthermore, the study contributes to academic research by offering a structured, replicable approach to evaluating rural tourism development. By highlighting sustainable investment directions, the findings support efforts to enhance Romania’s rural tourism competitiveness while fostering economic growth in mountain regions. Full article

The chemical industry plays a pivotal role in the health of the world’s economies despite facing significant criticism for its contribution to environmental degradation, particularly in pollution management and sustainable development. This paper investigates the key factors motivating executives in chemical companies to engage in corporate social responsibility (CSR), including regulatory pressure, profit maximization, stakeholder demands, and environmental concerns. Data were collected through a cross-sectional survey of over 400 executives worldwide, and structural equation modelling (SEM) was employed to test four hypotheses examining the relationships among various variables. The findings indicate that regulatory pressure positively influences CSR adoption, although a profit-maximization orientation negatively moderates this relationship. This suggests that companies with an excessive focus on profits are less likely to engage in meaningful CSR activities beyond mere compliance. Additionally, unmet stakeholder needs drive environmental commitment, highlighting that managers and executives are responsive to the environmental expectations of consumers, society, and investors. In turn, environmental commitment strongly correlates with implementing pollution-prevention mechanisms, emphasizing the role of intrinsic motivations in promoting authentic CSR practices. This research expands on prior studies of CSR in high-impact industries by proposing a more integrated theoretical framework, drawing from Institutional Theory, Stakeholder Theory, and the Theory of Planned Behavior. Practical implications underscore the value of incentives that encourage firms to make substantial CSR commitments without jeopardizing profitability. Limitations of the study include its cross-sectional design, which calls for longitudinal research to understand causation better. Future studies could also explore additional industries to produce findings applicable across various sectors. Full article

The purpose of this study is to analyze the factors influencing the attitudes of women investors in the context of Islamic unit trust funds in Malaysia, with a focus on women’s religiosity and on the perceived religiosity of fund providers. Using the UTAUT model, the study examines data from a survey of 263 Muslim women in Malaysia and considers seven key factors: risk aversion, religiosity, price sensitivity, and Islamic financial literacy on the side of the investing women and past performance, perceived religiosity, and perceived risk on the side of the fund providers. The findings indicate that the perceived religiosity of a fund provider has a significant and positive impact on attitude, with positive moderating effects on the women’s own religiosity and Islamic financial literacy, and a negative moderating effect on the women’s price sensitivity. The study also discusses the practical implications of these findings and offers recommendations for fund providers. Full article

Startups face significant challenges in balancing survival with sustainability, as approximately 90% of them fail. Sustainability is often perceived as a short-term cost, yet turbulent business environments—driven by climate change, environmental regulations, and evolving social expectations—are compelling startups to align their innovations with Environmental, Social, and Governance (ESG) principles. These efforts aim to attract investors, customers, and other stakeholders. Despite resource constraints and the liabilities of smallness and newness, understanding how startups leverage innovation to achieve sustainability performance is of both theoretical and practical importance, particularly within the framework of triple bottom line theory. This study empirically examines the roles of absorptive capacity, appropriability, and openness in mediating and moderating the relationship between innovation activities and sustainability performance in startups. Using data from the Korean Innovation Survey 2018—a structured tool aligned with global standards for tracking innovation activities—we analyze 278 young manufacturing firms. Regression analyses reveal that product innovation and organizational innovation are significantly associated with sustainability performance. Furthermore, absorptive capacity mediates the relationship between these types of innovation and sustainability performance. To explore the contingencies influencing these relationships, we test appropriability (measured by protection mechanisms) and openness (quantified by external partnerships). Moderated mediation analysis indicates that openness strengthens the direct relationship between product innovation and sustainability performance up to a threshold but weakens it beyond this point. Organizational innovation’s impact on sustainability performance is fully mediated by absorptive capacity, while appropriability moderates this mediation by enhancing absorptive capacity’s effectiveness when limited protection mechanisms are used. These findings contribute to sustainability research by highlighting that startups’ sustainability efforts are driven by innovation activities mediated by absorptive capacity and contingent upon specific factors such as appropriability and openness. The study confirms the paradox of openness in startup contexts pursuing triple bottom line objectives. Practically, this research provides actionable insights for corporate leaders and policymakers on fostering absorptive capacity through external knowledge acquisition while carefully managing appropriability mechanisms and collaboration strategies to enhance sustainability outcomes. Full article

This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region. Full article