Search Results (17,814)

This research paper examines the spatial and time variation of demographic dependency in Europe in a 30-year horizon of the evolution of the demographic dividend regarding the economic dependency ratio (ADR1). We used the Curve Fit Forecast tool to estimate the trends of ADR1 in each of the EU Member States using data on Eurostat projections and a sophisticated geostatistical analysis tool developed in ArcGIS Pro 3.2.2. The findings indicate that the dependency in all countries has increased significantly in a statistically significant manner as the Gompertz function has appeared as the best curve in a third of the cases. It is an S-shaped asymptotic behaviour of this function that effectively describes the nonlinear patterns of acceleration and saturation of demographic ageing. As indicated in the analysis, the European regions are increasingly moving apart, with the southern and eastern nations such as Romania demonstrating the most alarming decline in ADR1. These trends highlight the need to reform labour market policies and social protection mechanisms to an ageing population. The paper combines the curve-fitting, descriptive statistics (median, skewness, interquartile range (IQR)) with time clustering (value, correlation, and Fourier) to provide an effective, replicable approach to early warning and policy prioritisation. Overall, the results highlight the importance of integrating predictive spatial modelling and demographic economics to support anticipatory and evidence-based policy decisions. The proposed approach proves to be a robust and transferable framework, applicable to a wide range of socio-economic phenomena characterised by inertia and structural change. Future research should extend the analysis to subnational levels, incorporate additional explanatory variables, and develop scenario-based simulations, including multivariate Gompertz-type models, to further enhance both predictive accuracy and policy relevance in the context of emerging structural labour scarcity. Full article

This paper develops a tractable theoretical framework to study how network participation shapes the boom–bust dynamics of non-fungible token (NFT) prices. We model NFT pricing under network effects and heterogeneous consumers, and show that prices and participation are jointly determined in equilibrium. The model implies a critical participation threshold that separates expansion from contraction regimes: above this threshold, positive feedback between participation and valuation generates self-reinforcing growth, while below it, weakening network benefits lead to contraction. We provide empirical evidence using data from the aggregate NFT market and prominent collections including Bored Ape Yacht Club (BAYC) and CryptoPunks. Reduced-form regressions show a positive association between prices and network participation, with stronger effects at the collection level than in the aggregate market. Threshold estimation further provides evidence consistent with regime-dependent dynamics, with clearer tipping behaviour in well-defined NFT communities than in the aggregate market. These findings suggest that NFT valuation is closely tied to network structure and participation dynamics. More broadly, this paper contributes a unified framework that links participation, price formation, and threshold behaviour in NFT markets. Full article

This study analyzes the econometric correlation between resale prices and CO₂ emissions of 832 bulk carriers sold from 2018 to 2025. It uses a cross-sectional hedonic pricing model to look at how environmental performance affects the value of sub-types of dry bulk vessels (Capesize, Panamax, Supramax, and Handysize) and age groups (0–5, 6–10, 11–15, and 16+). The findings show that emission efficiency has a statistically significant and negative effect on second-hand prices for all models. Results indicate that higher emission intensity (higher technical efficiency values) reduces vessel values. The magnitude of this effect varies by ship type and age group. Based on the Technical Efficiency Indicator (TEI), refers to Energy Efficiency Existing Ship Index (EEXI) or Energy Efficiency Design Index (EEDI) coefficients, the Supramax segment appears to be the most price-sensitive, followed by Panamax, Capesize, and Handysize. Age has a consistently negative and significant effect on prices, while vessel size positively affects asset values. Further analysis shows that TEI levels increase with vessel age, whereas they decrease with larger vessel size and more recent measurement years. These results are consistent with tightening regulatory pressures under the International Maritime Organization (IMO) frameworks. The economic implications of IMO’s environmental regulations on carbon intensity indicate that compliance with regulation standards creates a measurable price differential in the second-hand ship market. These findings have important implications for shipowners’ investment strategies, regulatory policy design, and the decarbonization path of the maritime sector. This study contributes to the growing research on environmental economics in maritime transport by providing empirical evidence on how carbon regulations translate into tangible asset value impacts. Full article

In the context of intensified trade frictions and frequent financial market fluctuations, assessing the risk resilience of strategic emerging industries holds significant strategic value. Based on quarterly data from 2010 to 2025, this study empirically examines the time-varying and asymmetric shock effects of trade policy uncertainty and financial stress on the profitability of China’s strategic emerging industries using the TVP-VAR-SV model. The study finds that China’s strategic emerging industries exhibit significant asymmetric resilience differences when facing different external shocks, specifically demonstrating stronger trade resilience and weaker financial resilience. The shocks brought by trade uncertainty typically show short-term pain followed by rapid recovery, with the negative impact being largely eliminated within two quarters and subsequently turning into positive growth, reflecting outstanding recovery capability. In contrast, the impact of financial stress on corporate profitability has a profound long-tail effect, with negative disruptions often persisting for more than two years before gradually dissipating. This contrast indicates that trade policy uncertainty and financial stress affect industrial resilience through asymmetric response patterns in terms of impact intensity and persistence. Over time, as autonomy and controllability have improved, the industry’s defensive ability to cope with trade frictions has significantly strengthened, yet credit tightening and liquidity pressure in the financial sector remain the core threats to its profitability recovery. This study not only reveals the asymmetric resilience paths of strategic emerging industries under different external shocks but also provides empirical evidence and policy recommendations for the future improvement of the technology–finance system and the construction of a more resilient domestic industrial chain. Full article

Background: Prophylactic human papillomavirus (HPV) vaccines are crucial for preventing HPV-related cancers. This study aimed to preclinically evaluate a novel recombinant 9-valent HPV vaccine produced in Escherichia coli (E. coli), which targets HPV types 6, 11, 16, 18, 31, 33, 45, 52, and 58, and is based on virus-like particles (VLPs) of the HPV major capsid protein L1. Methods: The molecular weight and purity of HPV L1 protein bands were assessed by sodium dodecyl sulfate-polyacrylamide gel electrophoresis (SDS-PAGE) with Coomassie Brilliant Blue staining. The morphology and size distribution of VLPs were characterized using cryo-electron microscopy and DLS. The immunogenicity and durability of the recombinant 9-valent HPV vaccine were evaluated in BALB/c mice and Wistar rats. Mice received single or triple immunizations (2-week intervals) of two vaccine batches or Gardasil^®9 (MSD, USA) control at 1/20 human dose. Antibody responses were monitored via ELISA and pseudovirus neutralization assays over 24 weeks. Rats were administered single or triple immunizations (2-week intervals) of high- (1/10), medium- (1/20), or low-dose (1/40) vaccine or Gardasil^®9 control (1/20), with neutralizing antibodies tracked for 16 weeks. Results: Cryo-electron microscopy and DLS revealed that VLPs of each type appeared as uniformly distributed, spherical or ellipsoidal hollow intact particles with a diameter of approximately 45–65 nm. This vaccine demonstrated robust immunogenicity and long-lasting efficacy in BALB/c mice and Wistar rats, with effects comparable to those of the commercially available vaccine Gardasil^®9. Conclusions: The 9-valent HPV vaccine induces robust and persistent immune responses in mice and rats, strongly supporting further clinical trials. It is expected to be an alternative to marketed vaccines and ease the global supply shortage of 9-valent HPV vaccines. Full article

This study focuses on the argument that greenwashing behavior (GWB) among key stakeholders leads to the degradation of governance networks in large-scale construction projects. Grounded in opportunism theory, a cross-scale computational model is developed by integrating a four-party evolutionary game with differential dynamics to capture the co-evolution of stakeholder strategies and network states. The results indicate that GWB exhibits free-riding and herd-like characteristics, and that governance networks possess a degradation equilibrium. Sensitivity analysis based on 50,000 Monte Carlo simulations shows that the frequency of GWB by subcontractors has the greatest impact on network degradation (sensitivity range: 0 to −0.98), followed by general contractors (0 to −0.38), while the influence of supervisory roles is relatively weaker. In contrast, contractual penalties demonstrate limited effectiveness (sensitivity range: −0.08 to 0.06), whereas reputational loss exerts a stronger inhibitory effect (up to −0.5 during the mid-stage evolution). These findings suggest that contract-based governance alone is insufficient to constrain GWB, thereby challenging the conventional assumption of its effectiveness. The results highlight the necessity of shifting from contract-centric governance toward reputation-based and market-oriented mechanisms to effectively mitigate GWB and enhance the resilience of green construction governance. Full article

This study examines how operational efficiency, credit risk, and third-party funds affect the stock prices of banks listed on the Indonesia Stock Exchange, with financial performance acting as a mediating variable. Focusing on banks included on the main board during 2020–2024, the study uses panel data collected from annual reports and financial statements published on the official Indonesia Stock Exchange website. The sample consists of 29 commercial banks selected through purposive sampling, yielding 145 observations. Operational efficiency is measured using Stochastic Frontier Analysis (SFA), while the relationships among variables are tested through Structural Equation Modeling with the Partial Least Squares approach. The results show that third-party funds and operational efficiency contribute positively to stock prices, whereas credit risk does not have a direct effect. At the same time, all three independent variables exert positive indirect effects through financial performance. These findings indicate that financial performance serves as an important mechanism linking banks’ internal conditions to market valuation. The study underscores the relevance of managerial efficiency and strong funding capacity in enhancing investor confidence and offers novelty through the application of SFA and a simultaneous mediation model in the context of Indonesia’s post-pandemic banking sector. Full article

Obesity is currently recognized as a chronic and multifactorial disease. According to epidemiological data released by the World Health Organization in 2022, more than 2.5 billion adults were overweight and more than 890 million were affected by obesity. The aim of this narrative review is to clarify what leads to overweight and obesity, to explain the concept of energy balance, to address the limited effectiveness of dietary products marketed for weight reduction, to examine commonly promoted nutritional strategies for weight loss and to challenge claims of their superiority. The most recent, robust, and high-quality evidence available on the topic was selected, with particular emphasis on systematic reviews and meta-analyses. Overweight and obesity are characterized by an excessive accumulation of fat mass. At the basis of excessive adipose tissue accumulation lies a persistent positive energy balance. Energy balance is generally considered a central physiological determinant of body weight regulation. Approaches that do not explicitly incorporate this principle may be associated with variable or unsustained outcomes. Available evidence suggests that, when an equivalent caloric deficit is achieved, differences in the timing of energy intake or in dietary patterns—such as intermittent fasting or low-carbohydrate diets—are not consistently associated with greater weight loss compared with other guideline-based dietary strategies. Some supplements supporting weight loss, in selected cases, may offer marginal support; however, based on the current state of scientific knowledge, no product represents an effective shortcut for weight loss. Full article

This study empirically examines the joint effect of financial anomaly risk and ESG performance on accounting conservatism using accrual models, market models, and earnings time-series models. Financial anomaly scores are obtained using unsupervised machine learning to identify reporting anomalies for firms. Our findings suggest that higher financial anomaly risk is negatively related to accounting conservatism through delayed or reduced loss recognition. ESG engagement serves as a moderating variable to mitigate conditional conservatism losses partially for both accrual- and earnings-based models, conditional on financial anomaly risk; otherwise, ESG engagement has a weak or insignificant effect on market-based models. ESG practice is therefore a state-dependent conditional governor to complement traditional governance structures, depending on both levels of anomaly risk as well as accounting models used to derive conservatism measures. Our findings have practical implications for investors and government regulators, as well as managers, which emphasize that ESG practice is not universally beneficial to conservatism but can further improve reporting quality, conditional on certain risk levels. Full article

This paper examines how digital infrastructure affects agricultural upgrading in China’s edible fungi industry, focusing on the divergence between output expansion and unit value enhancement. Using a balanced panel of 28 Chinese provinces from 2019 to 2024, we apply a Two-Stage Least Squares (2SLS) approach, instrumenting digital infrastructure with the 1984 provincial fixed-line telephone penetration rate (first-stage F-statistic = 82.15) to address endogeneity concerns. The results reveal a clear asymmetry between quantity and quality outcomes. Digital infrastructure significantly increases total output (coefficient = 1.540, p < 0.01), primarily through improved market coordination rather than productivity gains. However, it produces no statistically discernible effect on unit output value. This divergence suggests that agricultural digitalization follows a stage-dependent pattern: basic connectivity effectively relaxes constraints on production scaling but is insufficient on its own to shift producers toward higher-value activities. Consequently, scale expansion may proceed without corresponding value creation, raising concerns for long-term economic and environmental sustainability. Achieving genuine agricultural upgrading therefore requires complementary investments in institutional capacity, downstream processing, and brand development alongside digital infrastructure deployment. Full article

This study uses the Motivation–Opportunity–Ability (MOA) framework to examine the drivers of food waste behavior among Generation Z, a demographic that contributes disproportionately to household food waste. Using structural equation modeling on survey data from 349 undergraduate students, the influence of morals and attitudes toward food waste (motivation), cooking and grocery shopping skills (ability), food purchase triggers, and frequencies of grocery shopping and cooking (opportunity) was investigated. The results indicate that strong moral convictions and creative cooking skills significantly reduce waste. Conversely, susceptibility to marketing-driven purchase triggers increases wasteful behavior. Notably, other factors such as shopping frequency and attitudes toward food waste showed no significant impact. These findings highlight the need for targeted interventions for young consumers that reinforce moral motivations, enhance practical culinary abilities, and mitigate the impact of predatory purchase triggers to effectively curb food waste. Full article

We estimate Oregon’s mass timber-related market value and economic contribution using two complementary valuation strategies and two IMPLAN implementations. Although mass timber includes CLT, glulam, nail-laminated timber, dowel-laminated timber, mass plywood panels, and structural composite lumber products, the empirical market-value estimates are centered primarily on CLT- and MPP-related evidence because these products have the most consistently available Oregon-specific data. Market value is inferred from production-based approaches, including facility capacity, Oregon’s share of U.S. output, and tracer-product scaling, and from demand-based approaches, including harvest routing, construction floor area, and U.S. demand allocation. These direct values are then entered into industry contribution analysis (ICA) for Oregon’s Engineered Wood Member and Truss Manufacturing sector and into analysis-by-parts (ABP) using a custom mass timber spending pattern. During 2018–2023, production-based estimates were larger and more variable than demand-based estimates, bracketing a plausible scenario range rather than providing a single point estimate. In 2022 price scenarios, all price-exposed cases scale proportionally with assumed panel prices. When identical direct values are used, ABP produces larger total employment and output effects than ICA because it routes more activity through upstream supplier industries. Output-per-worker sensitivity affects only direct employment in ABP. Forward scenarios for 2030 and 2035 indicate substantially larger total effects under ABP than ICA, but these estimates are conditional scenarios rather than forecasts. The framework provides a transparent basis for policy, investment, supplier-development, and workforce-planning discussions in an emerging industry with incomplete product-level data. Full article

Efficient calibration is essential for the practical application of option pricing models. The Fractional Stochastic Volatility Jump Diffusion (FVSJ) model can reproduce several stylized features observed in option markets, including the volatility smile, volatility clustering, and long-memory effects. However, its multiple stochastic components make conventional calibration computationally expensive. This paper proposes a two-step calibration framework that combines a neural network with a differential evolution (DE) algorithm. In the first step, we construct a Physics-Informed Kolmogorov–Arnold Network (PCKAN) to approximate the FVSJ pricing map. Specifically, we replace the B-spline basis in KAN with second-kind Chebyshev polynomials and incorporate a Black–Scholes PDE residual as an additional penalty term in the training objective, aiming to improve global approximation and enhance numerical stability and interpretability. In the second step, the trained PCKAN is used as a fast surrogate pricer within the DE algorithm to accelerate parameter estimation. Empirical results show that the proposed method achieves calibration accuracy comparable to direct pricing while substantially reducing computational time. Full article

The rising market penetration of new energy vehicles (NEVs) is transforming urban traffic into a heterogeneous mix of battery electric (BEVs), hybrid electric (HEVs), and conventional fuel vehicles (FVs). For analytical brevity, traditional internal combustion engine vehicles (ICEVs) are hereafter referred to as ‘fuel vehicles (FVs)’ in the discussion of New Energy Vehicle (NEV) networks. This research investigates the efficacy of centralized coordination for NEVs within a localized region, as opposed to individualized speed control, in enhancing the mitigation of traffic congestion. Evaluating traffic efficiency and decarbonization strategies in such settings often requires extensive random sampling and Monte Carlo simulations over a large set of parameter combinations. However, conventional microscopic traffic simulators (e.g., SUMO), which rely on fine-grained modeling of vehicle dynamics and signal control, incur prohibitive computational time when scaled to large networks and numerous experimental scenarios. In this study, battery electric vehicles and hybrid electric vehicles are designed as density-aware vehicles, whose movement speed is adaptively adjusted according to the regional traffic density in their vicinity and the control parameter β. In contrast, fuel vehicles adopt a stochastic movement speed and, together with other vehicle types, exhibit either movement or stoppage in the lattice environment. This density-driven speed-adaptive control and lattice arbitration mechanism is intended to reproduce, in a simplified yet extensible manner, changes in mobility and traffic-flow stability under high-density traffic conditions. The simulation results indicate that, under the same Manhattan road network and vehicle-density conditions, tuning the β parameter of new energy vehicles to reduce their movement speed in high-density areas and to mitigate abrupt position changes can suppress traffic-flow oscillations, delay the onset of the congestion phase transition, and promote spatial equilibrium of traffic flow. Meanwhile, this study develops simplified energy-consumption and carbon emission models for battery electric vehicles, hybrid electric vehicles, and fuel vehicles, demonstrating that incorporating a speed-adaptive density strategy into mixed traffic flow not only helps alleviate abnormal congestion but also reduces potential energy use and carbon emissions caused by congestion and stop-and-go behavior. From a sensing and practical perspective, the proposed framework assumes that future connected and autonomous vehicles (CAVs) can estimate vehicle states and local traffic density through GNSS–IMU multi-sensor fusion and V2X communications, indicating methodological consistency between the proposed model and real-world CAV sensing capabilities and making it a suitable and effective experimental platform for investigating the relationships among new energy vehicle penetration, density-control strategies, and carbon footprint. Full article

Small and Medium-sized Enterprises (SMEs) are central to the industrial fabric of Sub-Saharan Africa (SSA). Yet, they confront increasing demands to implement sustainability practices originating from institutional contexts markedly different from their own. Existing research has tended to neglect the cultural and institutional negotiations inherent in this process, often framing sustainability adoption as a technical or compliance-oriented exercise rather than as a multifaceted cultural adaptation. This study proposes and empirically examines the concept of sustainability acculturation—the process by which firms align global sustainability norms with local business cultures. Drawing on Institutional Theory, the Resource-Based View, and Berry’s Acculturation Model, we present a context-specific framework, tested using a sequential explanatory mixed-methods approach: survey data from 284 manufacturing SMEs across six SSA countries, followed by 24 semi-structured interviews. Structural equation modeling reveals that international market pressure and owner–manager values are direct drivers, whereas local regulatory pressure exhibits only a weak association with deep cultural integration. Managerial commitment and organizational learning mediate these relationships, while Ubuntu values enhance social sustainability integration, and institutional voids diminish regulatory effectiveness. The model accounts for 57% of the variance in sustainability acculturation. Findings show that SSA SMEs employ distinct acculturation strategies—Integration, Assimilation, Resilient Adaptation, and Decoupling—shaped by the interplay of external pressures, internal capabilities, and contextual conditions. The study underscores the importance of culturally attuned, context-specific interventions for sustainable industrial development in SSA. Full article