Search Results (1,961)

China’s economy is shifting from an era of rapid expansion to one focused on high-quality development, making it imperative to tackle environmental degradation linked to energy use. Understanding how New Quality Productive Forces (NQPF) interact with energy efficiency, along with the mechanisms driving this relationship, is essential for economic transformation and long-term sustainability. This study establishes an evaluation framework for NQPF, integrating technological, green, and digital dimensions. We apply fixed-effects models, the spatial Durbin model (SDM), a moderation model, and a threshold model to analyze the influence of NQPF on Green Total Factor Energy Efficiency (GTFEE) and its spatial implications. This underscores the necessity of distinguishing it from traditional productivity frameworks and adopting a new analytical perspective. Furthermore, by considering dimensions such as input, application, innovation capability, and market efficiency, we reveal the moderating role and heterogeneous effects of artificial intelligence (AI). The findings are as follows: The development of NQPF significantly enhances GTFEE, and the conclusion remains robust after tail reduction and endogeneity tests. NQPF has a positive spatial spillover effect on GTFEE; that is, while improving the local GTFEE, it also improves neighboring regions GTFEE. The advancement of AI significantly strengthens the positive impact of NQPF on GTFEE. AI exhibits a significant U-shaped threshold effect: as AI levels increase, its moderating effect transitions from suppression to facilitation, with marginal benefits gradually increasing over time. Full article

This study provides a comprehensive synthesis of climate risk and financial stability literature through a systematic review and bibliometric analysis of 174 Scopus-indexed publications from 1988 to 2024. Publications increased by 500% from 1988 to 2019, indicating growing research interest following the 2015 Paris Agreement. It explores how physical and transition climate risks affect financial markets, asset pricing, financial regulation, and long-term sustainability. Common themes include macroprudential policy, climate disclosures, and environmental risk integration in financial management. Influential authors and key journals are identified, with keyword analysis showing strong links between “climate change”, “financial stability”, and “climate risk”. Various methodologies are used, including econometric modeling, panel data analysis, and policy review. The main finding indicates a shift toward integrated, risk-based financial frameworks and rising concern over systemic climate threats. Policy implications include the need for harmonized disclosures, ESG integration, and strengthened adaptation finance mechanisms. Full article

Achieving synergies between government-led and market-based policy instruments is critical to advancing Energy–Environmental Productivity and Sustainable Urban Development. This study investigates the effects of China’s dual-pilot energy policies (New Energy Demonstration Cities (NEDCs) and Energy Consumption Permit Trading (ECPT)) on urban environmental productivity (UEP) across 279 prefecture-level cities from 2006 to 2023. Utilizing a Non-Radial Directional Distance Function (NDDF) approach, combined with Difference-in-Differences (DID) estimation and spatial econometric models, the analysis reveals that these synergistic policies significantly enhance both comprehensive and net measures of UEP. Mechanism analysis highlights the roles of industrial restructuring, technological innovation, and energy transition in driving these improvements, while heterogeneity analysis indicates varying effects across different city types. Spatial spillover analysis further demonstrates that policy impacts extend beyond targeted cities, contributing to broader regional gains in UEP. These findings offer important insights for the design of integrated energy and environmental policies and support progress toward key Sustainable Development Goals (SDG 7, SDG 11, and SDG 12). Full article

This paper develops a unified framework for mathematical finance under general semimartingale models that allow for dividend payments, negative asset prices, and unbounded jumps. We present a rigorous approach to the mathematical modeling of financial markets with dividend-paying assets by defining appropriate concepts of numéraires, discounted processes, and self-financing trading strategies. While most of the mathematical results are not new, this unified framework has been missing in the literature. We carefully examine the transition between nominal and discounted price processes and define appropriate notions of admissible strategies that work naturally in both settings. By establishing the equivalence between these models and providing clear conditions for their applicability, we create a mathematical foundation that encompasses a wide range of realistic market scenarios and can serve as a basis for future work on mathematical finance and derivative pricing. We demonstrate the practical relevance of our framework through a comprehensive application to dividend-paying equity markets where the framework naturally handles discrete dividend payments. This application shows that our theoretical framework is not merely abstract but provides the rigorous foundation for pricing derivatives in real-world markets where classical assumptions need extension. 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

The increasing demand for plant-based foods has led to significant growth in the availability, at a retail level, of plant-based cheese analogue products. This study presents the first comprehensive benchmarking of commercially available plant-based cheese analogue (PBCA) products in the Irish market, comparing them against conventional cheddar and processed dairy cheeses. A total of 16 cheese products were selected from Irish retail outlets, comprising five block-style plant-based analogues, seven slice-style analogues, two cheddar samples, and two processed cheese samples. Results showed that plant-based cheese analogues had significantly lower protein content (0.1–1.7 g/100 g) than cheddar (25 g/100 g) and processed cheese (12.9–18.2 g/100 g) and lacked a continuous protein matrix, being instead stabilized largely by solid fats, starch, and hydrocolloids. While cheddar showed the highest hardness, some plant-based cheeses achieved comparable hardness using texturizing agents but still demonstrated lower tan δ_max values, indicating inferior melting behaviour. Thermograms of differential scanning calorimetry presented a consistent single peak at ~20 °C across most vegan-based variants, unlike the dual-phase melting transitions observed in dairy cheeses. Sensory analysis further highlighted strong negative associations between PBCAs and consumer-relevant attributes such as flavour, texture, and overall acceptability. By integrating structural, functional, and sensory findings, this study identifies key formulation and performance deficits across cheese formats and provides direction for targeted improvements in next-generation PBCA product development. Full article

As a key enabling technology for energy transition, the smart grid is propelling the global power system to evolve toward greater efficiency, reliability, and sustainability. Based on the three-dimensional analysis framework of “technology–policy–application”, this study systematically sorts out the technical architecture, regional development mode, and typical application scenarios of the smart grid, revealing the multi-dimensional challenges that it faces. By using the methods of literature review, cross-national case comparison, and technology–policy collaborative analysis, the differentiated paths of China, the United States, and Europe in the development of smart grids are compared, aiming to promote the integration and development of smart grid technologies. From a technical perspective, this paper proposes a collaborative framework comprising the perception layer, network layer, and decision-making layer. Additionally, it analyzes the integration pathways of critical technologies, including sensors, communication protocols, and artificial intelligence. At the policy level, by comparing the differentiated characteristics in policy orientation and market mechanisms among China, the United States, and Europe, the complementarity between government-led and market-driven approaches is pointed out. At the application level, this study validates the practical value of smart grids in optimizing energy management, enhancing power supply reliability, and promoting renewable energy consumption through case analyses in urban smart energy systems, rural electrification, and industrial sectors. Further research indicates that insufficient technical standardization, data security risks, and the lack of policy coordination are the core bottlenecks restricting the large-scale development of smart grids. This paper proposes that a new type of intelligent and resilient power system needs to be constructed through technological innovation, policy coordination, and international cooperation, providing theoretical references and practical paths for energy transition. Full article

Our regression analysis documents that energy policies to promote renewable energy development, as well as hydroelectric imports from Canada, lead to short-run reductions in average electricity prices (also known as merit-order effects) throughout the Northeast United States. Changes in the reliance upon renewable energy in one of the Northeast’s three interconnected electricity markets will impact wholesale prices in the other two. The retirement of a 1000 MW nuclear plant can increase prices by about 9% in the Independent System Operator of New England market and 7% in the New York Independent System Operator market in the short run at reference hubs, while also raising prices in neighboring markets. Some proposed large-scale off-shore wind farms would not only lower prices in local markets at the reference hubs modeled but would also lower prices in neighboring markets. Full article

This study examines the impact of board characteristics on capital structure decisions in the context of a transition economy, focusing on Algeria, where governance institutions are underdeveloped and the financial market remains immature. Using the Generalized Method of Moments (GMM) on a panel dataset of 120 firms over the period 2015 to 2019, we identify a U-shaped relationship between board size and leverage, and an inverted U-shaped relationship between board size and debt maturity. Furthermore, increased nationality diversity on boards is found to significantly reduce debt maturity. These findings highlight the critical role of board composition in shaping corporate financing strategies in transition economies and provide novel insights into corporate governance dynamics in a relatively underexplored institutional context. The results are particularly relevant for national entities such as COSOB and Hawkama El Djazaïr and may guide banking sector practices by promoting the integration of board governance criteria into credit evaluation processes. Full article

This study explores sustainable rural tourism entrepreneurship within the Urlaub am Bauernhof (UaB) cooperative network in Austria, offering an integrated model that unites financial, social, environmental, institutional, and marketing dimensions. Employing exploratory factor analysis (EFA) and Structural Equation Modeling (SEM) on data from 393 farm-based accommodation stakeholders, this research identifies sustainable entrepreneurship as comprising six interconnected dimensions: Economic Resilience and Diversification, Sociocultural Integration, Environmental and Regional Commitment, Market Visibility and Strategic Communication, Quality Assurance and Institutional Support, and Perceived Value and Branding. This multidimensional and hierarchically structured framework reflects the complex yet coherent nature of sustainability-driven entrepreneurship in cooperative tourism networks. The findings confirm the multidimensional nature of sustainable entrepreneurship and support the hypothesized structural relationships. The UaB network is presented as a transferable model that demonstrates how cooperative frameworks can enhance sustainability, regional identity, and rural revitalization, offering valuable insights and practical guidance for rural regions in the Western Balkans, where economic challenges, depopulation, and underdeveloped tourism infrastructure prevail. By illustrating a successful cooperative approach rooted in sustainability and regional identity, this study contributes to policy-making aimed at fostering resilient, culturally rich, and environmentally responsible rural tourism entrepreneurship in transitioning contexts. Full article

This paper develops a novel modeling framework that integrates time-varying quantile-based spillover effects into a regime-switching realized volatility model. A dynamic spillover factor is constructed by identifying the most influential contributors to Bitcoin’s realized volatility across different quantile levels. This quantile-layered structure enables the model to capture heterogeneous spillover paths under varying market conditions at a macro level while also enhancing the sensitivity of volatility regime identification via its incorporation into a time-varying transition probability (TVTP) Markov-switching mechanism at a micro level. Empirical results based on the cryptocurrency market demonstrate the superior forecasting performance of the proposed TVTP-MS-HAR model relative to standard benchmark models. The model exhibits strong capability in identifying state-dependent spillovers and capturing nonlinear market dynamics. The findings further reveal an asymmetric dual-tail amplification and time-varying interconnectedness in the spillover effects, along with a pronounced asymmetry between market capitalization and systemic importance. Compared to decomposition-based approaches, the X-RV type of models—especially when combined with the proposed quantile-driven factor—offers improved robustness and predictive accuracy in the presence of extreme market behavior. This paper offers a coherent approach that bridges phenomenon identification, source localization, and predictive mechanism construction, contributing to both the academic understanding and practical risk assessment of cryptocurrency markets. Full article

Renewable energy communities (RECs) are increasingly recognized as pivotal instruments in the global energy transition, offering decentralized, participatory, and sustainable solutions for energy management, specifically regarding energy production and consumption. The present review provides a comprehensive examination of the REC concept, tracing its regulatory evolution, particularly within the European Union through the renewable energy directives (RED II and RED III) and by analyzing its practical implementation across various countries. This paper explores the diverse technologies integrated into REC projects, such as photovoltaic systems, wind turbines, biogas, hydroelectric, and storage solutions, while also considering the socioeconomic frameworks, management models, and local engagement strategies that underpin their success. Key case studies from Europe, Asia, Africa, and Australia illustrate the various approaches, challenges, and outcomes of REC initiatives in different geographic and policy contexts. The analysis also highlights barriers to implementing RECs, including regulatory uncertainty and market integration issues, and identifies the best practices and policies that support REC scalability. By synthesizing current trends and lessons learned, this review aims to inform policymakers, researchers, and practitioners about the transformative role of RECs in achieving decarbonization goals and accomplishing resilient energy systems. Full article

This study investigates the impact of rural digital economy development on agricultural carbon emission efficiency, aiming to elucidate the intrinsic mechanisms and pathways through which digital technology enables low-carbon transformation in agriculture, thereby contributing to the achievement of agricultural carbon neutrality goals. Based on provincial-level panel data from China spanning 2011 to 2022, this study examines the relationship between the rural digital economy and agricultural carbon emission efficiency, along with its underlying mechanisms, using bidirectional fixed effects models, mediation effect analysis, and Spatial Durbin Models. The results indicate the following: (1) A significant N-shaped-curve relationship exists between rural digital economy development and agricultural carbon emission efficiency. Specifically, agricultural carbon emission efficiency exhibits a three-phase trajectory of “increase, decrease, and renewed increase” as the rural digital economy advances, ultimately driving a sustained improvement in efficiency. (2) Industrial integration acts as a critical mediating mechanism. Rural digital economy development accelerates the formation of the N-shaped curve by promoting the integration between agriculture and other sectors. (3) Spatial spillover effects significantly influence agricultural carbon emission efficiency. Due to geographical proximity, regional diffusion, learning, and demonstration effects, local agricultural carbon emission efficiency fluctuates with changes in neighboring regions’ digital economy development levels. (4) The relationship between rural digital economy development and agricultural carbon emission efficiency exhibits a significant inverted N-shaped pattern in regions with higher marketization levels, planting-dominated areas of southeast China, and digital economy demonstration zones. Further analysis reveals that within rural digital economy development, production digitalization and circulation digitalization demonstrate a more pronounced inverted N-shaped relationship with agricultural carbon emission efficiency. This study proposes strategic recommendations to maximize the positive impact of the rural digital economy on agricultural carbon emission efficiency, unlock its spatially differentiated contribution potential, identify and leverage inflection points of the N-shaped relationship between digital economy development and emission efficiency, and implement tailored policy portfolios—ultimately facilitating agriculture’s green and low-carbon transition. Full article

The New Space movement led to an exponential increase in the number of the smallest satellites in orbit in the last two decades. The number of required communication channels increased with that as well and revealed the limitations of classical radio frequency channels. Free-space optical communication overcomes these challenges and has been successfully demonstrated, with operational systems in orbit on large and small satellites. The next step is to miniaturize the technology of laser communication to make it usable on CubeSats. Thus, the German Aerospace Center (DLR) developed, together with Tesat-Spacecom GmbH & Co. KG in Backnang, Germany, a highly miniaturized and power-efficient laser terminal, which is based on a potential customer’s use case. OSIRIS4CubeSat uses a new patented design that combines electronics and optomechanics into a single system architecture to achieve a high compactness following the CubeSat standard. Interfaces and software protocols that follow established standards allowed for an easy transition to the industry for a commercial mass market. The successful demonstration of OSIRIS4CubeSat during the PIXL-1 mission proved its capabilities and the advantages of free-space optical communication in the final environment. This paper gives an overview of the system architecture and the development of the single subsystems. The system’s capabilities are verified by the already published in-orbit demonstration results. Full article

This study introduces a novel tripartite evolutionary game model to analyze the strategic interactions among electric vehicle (EV) aggregators, local governments, and EV users in vehicle–grid interaction (VGI) markets. The core novelty lies in capturing bounded rationality and dynamic decision-making across the three stakeholders, revealing how policy incentives and market mechanisms drive the transition from disordered charging to bidirectional VGI. Key findings include the following: (1) The system exhibits five stable equilibrium points, corresponding to three distinct developmental phases of the VGI market: disordered charging (V0G), unidirectional VGI (V1G), and bidirectional VGI (V2G). (2) Peak–valley price differences are the primary driver for transitioning from V0G to V1G. (3) EV aggregators’ willingness to adopt V2G is influenced by upgrade costs, while local governments’ subsidy strategies depend on peak-shaving benefits and regulatory costs. (4) Increasing the subsidy differential between V1G and V2G accelerates market evolution toward V2G. The framework offers actionable policy insights for sustainable VGI development, while advancing evolutionary game theory applications in energy systems. Full article