Search Results (48,186)

Rapid expansion in urbanisation, along with the rising demand for energy consumption, has deepened environmental apprehensions among developing economies and intensified their concerns about long-run environmental sustainability. This article examines how urban expansion and rising energy consumption impact environmental sustainability, and whether environmental taxes moderate this relationship, by using a panel of 110 developing countries over the period of 2010 to 2024. To capture both static and dynamic relationships among the variables, we have applied complementary econometric methodologies that allow for cross-country heterogeneity and persistence in emissions. The estimated outcomes show that urban expansion and energy consumption are significantly increasing gas emissions, and this outcome is consistent with the idea that environmental costs of urban-led growth and energy-intensive development. But as we have added environmental taxes as a moderating policy instrument, the positive impact of energy consumption and urbanisation on emissions becomes negative in most specifications. The significant impact of both interaction terms, i.e., environmental taxes and urbanisation, and environmental taxes and energy consumption, across different estimation strategies, suggests that environmental taxation weakens emissions and encourages structural change with rising energy use. Renewable energy consumption and foreign direct investment have significant influences on emissions, emphasising the role of energy structure and investment composition in shaping environmental outcomes, whereas the income effect varies across models. The outcomes of dynamic models also confirm emissions persistence, but over time, environmental taxes reduce the degree of emissions persistence. The estimated outcomes imply that environmental taxes can support a decoupling of urbanisation and energy-driven growth from environmental degradation. Thus, developing countries should balance urban development, energy demand, and environmental sustainability through credible market-based regulations. Full article

This study constitutes the second part of a comprehensive investigation of the persistence of weighted average cost of capital (WACC) rates despite declining risk-free interest rates. While theory suggests that WACC should reflect lower risk-free interest rates and decline with falling government bond yields, empirical evidence reveals minimal adjustment in the reported WACC figures. Disclosed WACC of DAX40 companies remain between 7% and 8% as the yield of a ten-year German government bond fell from 4.1% to −0.2%. After the quantitative risk analysis (part I) systematically lacks market-based and fundamental explanations—demonstrating that neither systematic risk, overall market risk, earnings risk nor leverage increased sufficiently to justify this stability—this article addresses the resulting explanatory gap through qualitative inquiry. Employing a grounded theory methodology, we investigate the causes and consequences of persistent WACC through systematic analysis of 18 problem-centered semi-structured expert interviews (22 respondents comprising corporate finance executives, investment bankers, strategy consultants, auditors). The investigation reveals that behavioral economics (risk aversion, opportunism, subjectivity), organizational constraints (strategic path dependency, implementation complexity, financial criterion rigidity), and model-theoretic discretion (parameter averaging, analyst influence, supplementary risk adjustments) substantially shape practical WACC determination—factors that quantitative risk analysis cannot capture. Practitioners employ disclosed WACC strategically to reconcile investor return requirements with long-term operational stability, avoid audit friction, and hedge geopolitical–monetary risks—consequences that generate capital opportunity costs offsetting traditional value-maximization objectives. Combined quantitative and qualitative evidence yields actionable insights for value-based capital cost methodologies that are aligned with organizational and market realities. Full article

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

Champereia manillana (Bl.) Merr. var. longistaminea is an evergreen small tree. It belongs to the genus Champereia Griff. (Opiliaceae), and its tender leaves or flower buds can be eaten. It also has important medicinal and nutritional values. Wild populations of C. manillana are small and has a phenomenon of deforestation. Market development is hindered by propagation constraints, including low seed germination rates and poor rooting of cuttings. Standardized cultivation protocols are currently lacking. This paper systematically reviews the current status of propagation and cultivation research on C. manillana and analyzed the primary challenges. Recent research indicated that seed germination obstacles had been preliminarily overcome, and 50% shading was identified as the optimal cultivation condition. However, challenges remain, including slow growth, lack of standardized water and fertilizer management, and unclear molecular mechanisms regulating development. Future research should focus on improving vegetative propagation efficiency, elucidating growth mechanisms via multi-omics, and establishing standardized cultivation protocols from breeding to harvest. These strategies are essential for the sustainable utilization of C. manillana resources. 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

Corporations are under mounting pressure from diverse stakeholders to address their climate change commitments amidst rising environmental concerns. In response, companies are improving their governance structures to strengthen their climate commitments. This study explores the impact of green directors on the disclosure of climate change targets (CTD), prompted by the recent developments in corporate structures. The dataset for this study includes companies listed on China’s A-share market from 2010 to 2022. The findings indicate that the inclusion of directors with environmental backgrounds on boards enhances the level of CTD. Results also reveal that the entry of eco-conscious investors amplifies the impact of green directors on CTD. The mediation results identify corporate environmental attention as a key mechanism through which green directors drive CTD. The findings remain robust when considering different proxies, variations over time, and checks for endogeneity. Additionally, heterogeneity analysis suggests that the influence of green directors on CTD is pronounced for sensitive sector firms and those exhibiting low sustainability performance. This study contributes to the existing body of knowledge on corporate environmental governance and provides valuable insights for policymakers and corporate leaders seeking to enhance environmental transparency and accountability. 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

Eutrophication driven by excess nitrogen (N) and phosphorus (P) remains a pervasive global water-quality challenge, necessitating scalable nutrient recovery strategies that extend beyond conventional treatment approaches. This review synthesizes the emerging literature on algae-based systems as dual-purpose platforms for nutrient mitigation and biomass valorization. We examine systems including seaweed bioextraction, integrated multi-trophic aquaculture, algal turf scrubbers, and wastewater phycoremediation, while highlighting reported nutrient removal efficiencies and operational constraints. Beyond remediation, the spectrum of valorization pathways considered ranges from biofertilizers, feed, bioenergy, and materials to nutraceuticals, cosmetics, biomedical materials, biomanufacturing, and methane-mitigating livestock additives. The review emphasizes the economic and logistical challenges linking remediation-scale biomass production to commercial markets, including the contamination risk, processing intensity, regulatory classification, and scale mismatch. We propose an integrated remediation–valorization framework to guide research, policy, and industry toward nutrient-circular, economically viable restoration strategies. 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

Societies need a practical way to assess total costs of future energy mixes in complex power systems. To demonstrate such an approach, we assess the cost of electricity in the ERCOT system across two distinct generation mix scenarios, varying mostly by wind, solar and gas-fired generation, between 2023 and 2050. We use commercial software, also used by system operators and power plant developers, to ensure that evolving generation mixes in both scenarios can meet electricity demands at all times at all nodes. Such jurisdiction-specific, hourly nodal dispatch modeling is recognized as necessary for more accurate representation of costs to maintain reliable operations in complex electricity systems. We capture generation and some system costs, which we call consumer cost of electricity, CCOE, given that end-users pay these costs under different line items in their electricity bills. CCOEs are insightful cost estimates for system planning and policy discussions for a given power system and must be recalculated for different scenarios as technologies, market designs, policies, and more, change. This can be done as part of routine annual or bespoke analyses conducted by system operators. 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

Economic evaluation plays a pivotal role in investment decision-making for mining projects, especially under volatile market conditions. In this study, a risk-based decision-support framework is developed to assess the economic sustainability of an open-pit gold mining operation by integrating sensitivity analysis with Monte Carlo simulation, where Net Present Value (NPV) is used as the primary performance indicator. The proposed approach provides a flexible and practical computational framework for evaluating investment risk under uncertainty. A case study from an open-pit gold mine in Kyrgyzstan is used to compare two scenarios: continuation of the current operation and an alternative option involving a $30 million investment to improve mill processing performance. The sensitivity analysis shows that gold price, mining cost, and recovery rate are the most influential parameters affecting project outcomes, while Monte Carlo simulation is used to capture uncertainty in these variables and to generate a distribution of possible NPV results. The results indicate that gold price and recovery rate have a dominant influence on project value, and that improving mill performance leads to higher recovery and increased economic returns. The simulation results show a median NPV of approximately 220 million USD with a probability of negative NPV (17.52%), while the enhanced scenario achieves an IRR of approximately 13%, indicating improved financial performance. In addition, the findings suggest that accounting for uncertainty provides more reliable support for investment decisions and contributes to a more efficient use of mineral resources. In this context, the proposed framework contributes to sustainability assessment tools by supporting economically sustainable resource utilization through risk-based evaluation of recovery improvement under uncertainty. While the present study focuses on the economic pillar of sustainability, the framework can provide a basis for future integration of environmental and social indicators. Full article

The Landauer principle motivates the definition of economic temperature as the monetary price of processing a bit irreversibly. No empirical test of this definition exists in transparent fee markets. This paper fills that gap using daily Bitcoin and Ethereum data, constructing canonical thermodynamic state variables and evaluating five diagnostic layers: state variable behavior, Maxwell-type integrability, Carnot-style efficiency bounds, nonlinear regime separation, and structural break sensitivity to protocol events. Bitcoin’s log-temperature behaves as a persistent mean-reverting process with an AR(1) coefficient of 0.97 and a half-life of 21 days; Ethereum is highly persistent, with weaker formal evidence of stationarity than Bitcoin. Maxwell integrability is frequency-dependent: Bitcoin passes all four relations at monthly frequency, whereas Ethereum passes two of four. Carnot-style evidence is the strongest: realized fee extraction efficiency stays well below the implied bound, with daily compliance exceeding 97% on both chains. Structural breaks around Bitcoin ordinals, EIP-1559, the merge, and Shanghai confirm that protocol changes reorganize the temperature relation. The thermodynamic framework provides structure that standard fee market analysis does not, including a first principles efficiency bound and a state space coherence test. The findings provide partial, frequency-dependent, and chain-specific empirical support for a Landauer-based thermodynamic description of blockspace markets. Full article