Search Results (3,573)

This study examines the impact of personal remittances on housing prices in European Union (EU) countries, while also accounting for a broader set of macroeconomic, demographic, and structural variables. Using annual data for 27 EU countries from 2007 to 2022, we employ a comprehensive panel econometric approach, including cross-sectional dependence tests, second-generation unit root tests, pooled mean group–autoregressive distributed lag (PMG-ARDL) estimation, and panel causality tests, to capture both short- and long-term dynamics. Our findings confirm that remittances significantly and positively influence long-term housing price levels, underscoring their relevance as a demand-side driver. Other key variables such as net migration, GDP, travel credit to GDP, economic freedom, and real effective exchange rates also contribute to housing price movements, while supply-side indicators, including production in construction and building permits, exert moderating effects. Moreover, real interest rates are shown to have a significant long-term negative effect on property prices. The analysis reveals key causal links from remittances, FDI, and net migration to housing prices, highlighting their structural and predictive roles. Bidirectional causality between economic freedom, housing output, and prices indicates reinforcing feedback effects. These findings position remittances as both a development tool and a key indicator of real estate dynamics. The study highlights complex interactions between international financial flows, demographic pressures, and domestic economic conditions and the need for policymakers to consider remittances and migrant investments in real estate strategies. These findings offer important implications for policymakers seeking to balance housing affordability, investment, and economic resilience in the EU context and key insights into the complexity of economic factors and real estate prices. Importantly, the analysis identifies several causal relationships, notably from remittances, FDI, and net migration toward housing prices, underscoring their predictive and structural importance. Bidirectional causality between economic freedom and house prices, as well as between housing output and pricing, reflects feedback mechanisms that further reinforce market dynamics. These results position remittances not only as a developmental instrument but also as a key signal for real estate market performance in recipient economies. Full article

Economic systems face critical challenges, including widening income inequality, unemployment driven by automation, mounting public debt, and environmental degradation. This study introduces Economocracy as a transformative framework aimed at addressing these systemic issues by integrating democratic principles into economic decision-making to achieve social equity, economic efficiency, and environmental sustainability. The research focuses on two core mechanisms: Economic Productive Resets (EPRs) and Economic Periodic Injections (EPIs). EPRs facilitate proportional redistribution of resources to reduce income disparities, while EPIs target investments to stimulate job creation, mitigate automion-related job displacement, and support sustainable development. The study employs a theoretical and analytical methodology, developing mathematical models to quantify the impact of EPRs and EPIs on key economic indicators, including the Gini coefficient for inequality, unemployment rates, average wages, and job displacement due to automation. Hypothetical scenarios simulate baseline conditions, EPR implementation, and the combined application of EPRs and EPIs. The methodology is threefold: (1) a mathematical–theoretical validation of the Cycle of Money framework, establishing internal consistency; (2) an econometric analysis using global historical data (2000–2023) to evaluate the correlation between GNI per capita, Gini coefficient, and average wages; and (3) scenario simulations and Difference-in-Differences (DiD) estimates to test the systemic impact of implementing EPR/EPI policies on inequality and labor outcomes. The models are further strengthened through tools such as OLS regression, and Impulse results to assess causality and dynamic interactions. Empirical results confirm that EPR/EPI can substantially reduce income inequality and unemployment, while increasing wage levels, findings supported by both the theoretical architecture and data-driven outcomes. Results demonstrate that Economocracy can significantly lower income inequality, reduce unemployment, increase wages, and mitigate automation’s effects on the labor market. These findings highlight Economocracy’s potential as a viable alternative to traditional economic systems, offering a sustainable pathway that harmonizes growth, social justice, and environmental stewardship in the global economy. Economocracy demonstrates potential to reduce debt per capita by increasing the efficiency of public resource allocation and enhancing average income levels. As EPIs stimulate employment and productivity while EPRs moderate inequality, the resulting economic growth expands the tax base and alleviates fiscal pressures. These dynamics lead to lower per capita debt burdens over time. The analysis is situated within the broader discourse of institutional economics to demonstrate that Economocracy is not merely a policy correction but a new economic system akin to democracy in political life. Full article

Driven by the need for sustainable and efficient energy systems, the optimal management of distributed generation, including photovoltaic systems and battery energy storage systems within prosumer households, is of crucial importance. This requires a comprehensive cost–benefit analysis to assess their viability. In this study, an optimization model formulated as a mixed-integer linear programming problem is proposed to evaluate the integration of battery storage systems for 10 prosumers on the radial feeder in Croatia and to quantify the benefits both from the prosumers’ perspective and that of the reduction in grid losses. The results show significant annual cost reductions for prosumers, totaling EUR 1798.78 for the observed feeder, with some achieving a net profit. Grid losses are significantly reduced by 1172.52 kWh, resulting in an annual saving of EUR 216.25 for the distribution system operator. However, under the current Croatian market conditions, the integration of battery storage systems is not profitable over the entire lifetime due to the high initial investment costs of EUR 720/kWh. The break-even analysis reveals that investment cost needs to decrease by 52.78%, or an inflation rate of 4.87% is required, to reach prosumer profitability. This highlights the current financial barriers to the widespread adoption of battery storage systems and emphasizes the need for significant cost reductions or targeted incentives. Full article

A just and sustainable energy transition in historically coal-dependent regions like Kentucky requires more than the adoption of new technologies and market-based solutions. This study uses a stated preferences approach to evaluate public support for various attributes of energy transition programs, revealing broad backing for moving away from coal, as indicated by a negative willingness to pay (WTP) for the status quo (–USD 4.63). Key findings show strong bipartisan support for solar energy, with Democrats showing the highest WTP at USD 8.29, followed closely by Independents/Others at USD 8.22, and Republicans at USD 8.08. Wind energy also garnered support, particularly among Republicans (USD 4.04), who may view it as more industry-compatible and less ideologically polarizing. Job creation was a dominant priority across political affiliations, especially for Independents (USD 9.07), indicating a preference for tangible, near-term economic benefits. Similarly, preserving cultural values tied to coal received support among Independents/Others (USD 4.98), emphasizing the importance of place-based identity in shaping preferences. In contrast, social support programs (e.g., job retraining) and certain post-mining land uses (e.g., recreation and conservation) were less favored, possibly due to their abstract nature, delayed benefits, and political framing. Findings from Kentucky offer insights for other coal-reliant states like Wyoming, West Virginia, Pennsylvania, Indiana, and Illinois. Ultimately, equitable transitions must integrate local voices, address cultural and economic realities, and ensure community-driven planning and investment. Full article

The cement industry is a significant contributor to global carbon dioxide emissions, primarily due to the energy demands of its production process and its reliance on clinker, a material formed through the high-temperature calcination of limestone. Strategies to reduce emissions include the adoption of low-carbon fuels, the use of carbon capture and storage (CCS) technologies, and the integration of supplementary cementitious materials (SCMs) to reduce the clinker content. The effectiveness of these measures depends on a complex set of interactions involving technological feasibility, market dynamics, and regulatory frameworks. This study presents a system dynamics model designed to assess how various decarbonization approaches influence long-term emission trends within the cement industry. The model accounts for supply chains, production technologies, market adoption rates, and changes in cement production costs. This study then analyzes a number of scenarios where there is large-scale sustained investment in each of three carbon mitigation strategies. The results show that CCS by itself allows the cement industry to achieve carbon neutrality, but the high capital investment results in a large cost increase for cement. A combined approach using alternative fuels and SCMs was found to achieve a large carbon reduction without a sustained increase in cement prices, highlighting the trade-offs between cost, effectiveness, and system-wide interactions. Full article

Using waste biomass as a raw material for the combined production of electricity and heat offers corresponding energy, economic, environmental and resource efficiency benefits. The study examines both the performance of a system for combined energy production based on the Organic Rankine Cycle (ORC) utilizing wood biomass and the market interest in its deployment within Bulgaria. Its objective is to propose a technically and economically viable solution for the recovery of waste biomass through the combined production of electricity and heat while simultaneously assessing the readiness of industrial and municipal sectors to adopt such systems. The cogeneration plant incorporates an ORC module enhanced with three additional economizers that capture residual heat from flue gases. Operating on 2 t/h of biomass, the system delivers 1156 kW of electric power and 3660 kW of thermal energy, recovering an additional 2664 kW of heat. The overall energy efficiency reaches 85%, with projected annual revenues exceeding EUR 600,000 and a reduction in carbon dioxide emissions of over 5800 t/yr. These indicators can be achieved through optimal installation and operation. When operating at a reduced load, however, the specific fuel consumption increases and the overall efficiency of the installation decreases. The marketing survey results indicate that 75% of respondents express interest in adopting such technologies, contingent upon the availability of financial incentives. The strongest demand is observed for systems with capacities up to 1000 kW. However, significant barriers remain, including high initial investment costs and uneven access to raw materials. The findings confirm that the developed system offers a technologically robust, environmentally efficient and market-relevant solution, aligned with the goals of energy independence, sustainability and the transition to a low-carbon economy. Full article

The restrictions on business and social activity during the COVID-19 pandemic have led to significant changes in consumption patterns worldwide. Such changes are causing structural shifts in the markets of goods and services, thus affecting regional resilience. In this article, we aim to assess the changing structure of the consumption of goods and services in highly urbanized Russian regions under the impact of the COVID-19 pandemic and to analyze its effects on the lifestyle of the population. According to our results, some Russian regions demonstrate a return to previous consumption levels, while others exhibit the emergence of new dynamics. The conclusion is made that COVID restrictions have invoked a paradigm shift in consumer behavior toward investment in self-development, safety, and comfort. This observation should be taken into account when developing strategies for the recovery growth of regional economies. Full article

This study investigates the predictive performance of financial indicators in forecasting stock prices within the automotive sector using an adaptive neuro-fuzzy inference system (ANFIS). In light of the growing complexity of global financial markets and the increasing demand for automated, data-driven forecasting models, this research aims to identify those financial ratios that most accurately reflect price dynamics in this specific industry. The model incorporates four widely used financial indicators, return on assets (ROA), return on equity (ROE), earnings per share (EPS), and profit margin (PM), as inputs. The analysis is based on real financial and market data from automotive companies, and model performance was assessed using RMSE, nRMSE, and confidence intervals. The results indicate that the full model, including all four indicators, achieved the highest accuracy and prediction stability, while the exclusion of ROA or ROE significantly deteriorated model performance. These findings challenge the weak-form efficiency hypothesis and underscore the relevance of firm-level fundamentals in stock price formation. This study’s sector-specific approach highlights the importance of tailoring predictive models to industry characteristics, offering implications for both financial modeling and investment strategies. Future research directions include expanding the indicator set, increasing the sample size, and testing the model across additional industry domains. Full article

This article investigates the macroeconomic and labor market conditions that shape the adoption of artificial intelligence (AI) technologies among large firms in Europe. Based on panel data econometrics and supervised machine learning techniques, we estimate how public health spending, access to credit, export activity, gross capital formation, inflation, openness to trade, and labor market structure influence the share of firms that adopt at least one AI technology. The research covers all 28 EU members between 2018 and 2023. We employ a set of robustness checks using a combination of fixed-effects, random-effects, and dynamic panel data specifications supported by Clustering and supervised learning techniques. We find that AI adoption is linked to higher GDP per capita, healthcare spending, inflation, and openness to trade but lower levels of credit, exports, and capital formation. Labor markets with higher proportions of salaried work, service occupations, and self-employment are linked to AI diffusion, while unemployment and vulnerable work are detractors. Cluster analysis identifies groups of EU members with similar adoption patterns that are usually underpinned by stronger economic and institutional fundamentals. The results collectively suggest that AI diffusion is shaped not only by technological preparedness and capabilities to invest but by inclusive macroeconomic conditions and equitable labor institutions. Targeted policy measures can accelerate the equitable adoption of AI technologies within the European industrial economy. Full article

The biopharmaceutical industry is undergoing a fundamental transformation from traditional batch manufacturing to continuous manufacturing (CM) for recombinant drugs and biosimilars, driven by regulatory support through the International Council for Harmonization (ICH) Q13 guidance and compelling economic advantages. This comprehensive review examines the technical, economic, and regulatory aspects of implementing continuous manufacturing specifically for recombinant protein production and biosimilar development, synthesizing validated data from peer-reviewed research, regulatory sources, and global implementation case studies. The analysis demonstrates that continuous manufacturing offers substantial benefits, including a reduced equipment footprint of up to 70%, a 3- to 5-fold increase in volumetric productivity, enhanced product quality consistency, and facility cost reductions of 30–50% compared to traditional batch processes. Leading biomanufacturers across North America, Europe, and the Asia–Pacific region are successfully integrating perfusion upstream processes with connected downstream bioprocesses, enabling the fully end-to-end continuous manufacture of biopharmaceuticals with demonstrated commercial viability. The regulatory framework has been comprehensively established through ICH Q13 guidance and region-specific implementations across the FDA, EMA, PMDA, and emerging market authorities. This review provides a critical analysis of advanced technologies, including single-use perfusion bioreactors, continuous chromatography systems, real-time process analytical technology, and Industry 4.0 integration strategies. The economic modeling presents favorable return-on-investment profiles, accompanied by a detailed analysis of global market dynamics, regional implementation patterns, and supply chain integration opportunities. Full article

This paper explores the intervening role in SEP performance of corporate environmental, cultural, and ethnic activities (ECEAs) and diversity, equity, inclusion, and social initiatives (DEISIs) on blockchain adoption (BCA) strategy, particularly useful in the Western Balkans (WB), which demands transparency due to extended fraud and ethnic complexities. In this domain, a question has been raised: In BCA strategies, is there any correlation between SEP performance and ECEAs and DEISIs in a mediating role? A serial mediation model was tested on a dataset of 630 WB and EU companies, and the research conceptual model was validated by CFA (Confirmation Factor Analysis), and the SEM (Structural Equation Model) fit was assessed. We found a statistically sound (significant, positive) correlation between BCA and ESG success performance, especially in the innovation and integrity ESG performance success indicators, when DEISIs mediate. The findings confirmed the influence of technology, and environmental, cultural, ethnic, and social factors on BCA strategy. The findings revealed some important issues of BCA that are of worth to WB companies’ managers to address BCA for better performance. This study adds to the literature on corporate blockchain transformation, especially for organizations seeking investment opportunities in new international markets to diversify their assets and skill pool. Furthermore, it contributes to a deeper understanding of how DEI initiatives impact the correlation between business transformation and socioeconomic performance, which is referred to as the “social impact”. Full article

Biochar, a carbon-rich material derived from biomass, presents a sustainable solution to several pressing challenges in U.S. agriculture, including soil degradation, carbon emissions, and waste management. Despite global advancements, the U.S. biochar market remains underexplored in terms of economic viability, adoption potential, and sector-specific applications. This narrative review synthesizes two decades of literature to examine biochar’s applications, production methods, and market dynamics, with a focus on its economic and environmental role within the United States. The review identifies biochar’s multifunctional benefits: enhancing soil fertility and crop productivity, sequestering carbon, reducing greenhouse gas emissions, and improving water quality. Recent empirical studies also highlight biochar’s economic feasibility across global contexts, with yield increases of up to 294% and net returns exceeding USD 5000 per hectare in optimized systems. Economically, the global biochar market grew from USD 156.4 million in 2021 to USD 610.3 million in 2023, with U.S. production reaching ~50,000 metric tons annually and a market value of USD 203.4 million in 2022. Forecasts project U.S. market growth at a CAGR of 11.3%, reaching USD 478.5 million by 2030. California leads domestic adoption due to favorable policy and biomass availability. However, barriers such as inconsistent quality standards, limited awareness, high costs, and policy gaps constrain growth. This study goes beyond the existing literature by integrating market analysis, SWOT assessment, cost–benefit findings, and production technologies to highlight strategies for scaling biochar adoption. It concludes that with supportive legislation, investment in research, and enhanced supply chain transparency, biochar could become a pivotal tool for sustainable development in the U.S. agricultural and environmental sectors. Full article

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical function as portfolio diversifiers. Investing in Hospitality REITs exposes one to the hospitality sector; however, these investments carry notable risks and provide little protection, particularly during economic upheavals. Furthermore, the study reveals that Hospitality REITs underperform on a risk-adjusted basis relative to benchmark indexes. The monthly returns of REITs show significant volatility during the post-COVID-19 era, which causes return-to-risk ratios to be below those of benchmark indexes. Estimates from multi-factor models indicate negative alpha values across conditional models, indicating that macroeconomic variables cause unremunerated risks. This industry shows great sensitivity to market beta and size and value determinants. Hospitality REITs’ susceptibility comes from their showing the most possibility for exceptional losses across asset classes under Value at Risk (VaR) and Conditional Value at Risk (CvaR) downside risk assessments. The findings have implications for investors and portfolio managers, suggesting that Hospitality REITs may not offer consistent diversification benefits during downturns but can serve a tactical role in procyclical investment strategies. Full article

Emerging markets face growing pressures to integrate sustainable English business practices while maintaining economic growth, particularly in addressing environmental challenges and achieving carbon neutrality goals. English Financial information extraction becomes crucial for supporting green finance initiatives, Environmental, Social, and Governance (ESG) compliance, and sustainable investment decisions in these markets. This paper presents FinATG, an AI-driven autoregressive framework for extracting sustainability-related English financial information from English texts, specifically designed to support emerging markets in their transition toward sustainable development. The framework addresses the complex challenges of processing ESG reports, green bond disclosures, carbon footprint assessments, and sustainable investment documentation prevalent in emerging economies. FinATG introduces a domain-adaptive span representation method fine-tuned on sustainability-focused English financial corpora, implements constrained decoding mechanisms based on green finance regulations, and integrates FinBERT with autoregressive generation for end-to-end extraction of environmental and governance information. While achieving competitive performance on standard benchmarks, FinATG’s primary contribution lies in its architecture, which prioritizes correctness and compliance for the high-stakes financial domain. Experimental validation demonstrates FinATG’s effectiveness with entity F1 scores of 88.5 and REL F1 scores of 80.2 on standard English datasets, while achieving superior performance (85.7–86.0 entity F1, 73.1–74.0 REL+ F1) on sustainability-focused financial datasets. The framework particularly excels in extracting carbon emission data, green investment relationships, and ESG compliance indicators, achieving average AUC and RGR scores of 0.93 and 0.89 respectively. By automating the extraction of sustainability metrics from complex English financial documents, FinATG supports emerging markets in meeting international ESG standards, facilitating green finance flows, and enhancing transparency in sustainable business practices, ultimately contributing to their sustainable development goals and climate action commitments. Full article

In the context of small and medium-sized enterprises (SMEs), organizational resilience has emerged as a critical capability for navigating dynamic and turbulent environments. The ability of firms to sustain their performance despite external disruptions, particularly those arising from market and technological change, is paramount for achieving long-term sustainability. This study offers a novel contribution by examining how two key dimensions of environmental turbulence—market turbulence and technological turbulence—moderate the relationship between organizational resilience capacity and sustainability performance. Our empirical findings, based on data from 423 SMEs, demonstrate that while organizational resilience positively correlates with sustainability performance, this relationship is significantly weakened under high levels of market and technological turbulence, indicating a negative moderating effect. These results advance resource-based and dynamic capabilities theory by highlighting the contingent nature of resilience in unstable contexts. Furthermore, this study provides practical guidance. SMEs should strategically invest in resilience-building efforts and continuously adapt their strategies in response to environmental fluctuations. Targeted approaches to managing different forms of turbulence and forming resilience-oriented collaborations can enhance sustainability outcomes. This research makes significant contributions to theory and practice; however, there are limitations that future research should take into account in order to appropriately utilize this study’s findings. Full article