Search Results (25)

Retaining the green workforce, employees driving sustainability and environmental innovation, is essential for organizational resilience and long-term environmental goals. While prior Green HRM research has primarily relied on survey-based methodologies and theoretical frameworks to examine retention factors, these approaches lack predictive capability and fail to provide actionable, employee-specific insights. This study advances beyond descriptive and correlational analyses by employing explainable artificial intelligence (XAI) to develop a transparent, data-driven framework for identifying attrition drivers and quantitatively evaluating retention strategies. Unlike existing studies that rely on self-reported perceptions, our approach leverages objective HR data and machine learning to predict individual-level attrition risk with calibrated probabilities. Leveraging the IBM HR Analytics dataset as a proxy for sustainability-focused roles, we construct an interpretable logistic regression model with strong predictive performance and isotonic regression calibration. Global and local interpretability techniques, including SHAP, LIME, and permutation importance, show that non-monetary factors, such as excessive overtime, frequent business travel, and limited promotion opportunities, have a greater impact on turnover risk than salary levels. These findings align with Green Human Management (Green HRM) principles, which emphasize work–life balance and employee well-being. Crucially, our policy simulation framework, absent from prior Green HRM studies, demonstrates that eliminating overtime could reduce predicted attrition probability by 17.35% for affected employees, potentially retaining 31 staff members, substantially outperforming modest salary adjustments. This work expands the value of predictive AI into HR analytics by consolidating HR analytics with Green HRM through a novel methodology that bridges the gap between prediction and actionable intervention. It represents the first systematic integration of XAI-based predictive modeling with counterfactual policy simulation in environmentally conscious sustainable organizations. Full article

This article offers a structural reappraisal of central bank Monetary Policy Transparency (MPT) by explicitly incorporating two dimensions that have long remained peripheral in the literature: Accounting Information Transparency (AIT) and Financial Stability Transparency (FST). Building on a rigorous theoretical foundation, we develop two original transparency dimensions centered on AIT and FST, designed to extend a widely recognized monetary policy transparency index developed in the existing literature. This extension aims to capture, in an integrated manner, the institutional and macroprudential foundations that underpin the credibility, coherence, and effectiveness of modern monetary policy. The empirical analysis relies on a balanced panel of 25 countries over the period 2000–2019 and employs both Ordinary Least Squares (OLS) and the Generalized Method of Moments (GMM) to address potential endogeneity concerns and ensure the structural robustness of the estimations. The results provide strong evidence that both AIT and FST exert a positive, statistically significant, and economically meaningful effect on MPT. These findings substantially enrich the analytical framework of central bank transparency by demonstrating that high-quality financial reporting and transparent macroprudential communication constitute fundamental pillars of central banks’ credibility capital in an increasingly complex and globalized financial environment. Full article

This paper examines the influence of Monetary Policy Transparency on Foreign Equity Portfolio Allocation by addressing the informational frictions that shape cross-border investment in Financial Markets. Building on recent developments in central bank communication, we construct a multidimensional measure of Monetary Policy Transparency that extends traditional frameworks by incorporating Accounting Information Transparency and Financial Stability Transparency. This enhanced index provides a more comprehensive representation of the informational environment faced by foreign investors. Using a panel of developed and emerging economies over a twenty-year period, the empirical analysis combines OLS and system GMM estimations to account for endogeneity, dynamic effects, and unobserved heterogeneity. The results indicate that higher levels of Monetary Policy Transparency significantly increase the attractiveness of domestic equity markets to foreign investors, with heterogeneous effects across country groups linked to differences in institutional credibility and financial integration. Overall, the findings highlight multidimensional transparency as a key determinant of Foreign Equity Portfolio Allocation, underscoring the strategic importance of Accounting Information Transparency and Financial Stability Transparency in shaping foreign equity portfolio allocation. Full article

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary tightening cycles reveal that financial stress originating in core markets continues to transmit rapidly and forcefully to emerging economies. This paper argues that such vulnerability reflects structural features of contemporary financial systems rather than deficiencies in domestic banking regulation alone. Adopting a conceptual and analytical approach, the article develops an integrated framework of macro-financial blind spots that links global financial cycles, non-bank financial intermediation, and regulatory fragmentation. The analysis highlights how funding liquidity, collateral valuation, margin dynamics, and market-based leverage amplify global shocks through channels that lie largely outside traditional, bank-centric macroprudential frameworks. As market-based finance expands, systemic risk increasingly originates in activities rather than institutions, limiting the effectiveness of entity-based regulation and reinforcing emerging markets’ role as price-takers in global portfolios. The paper contributes to the literature by synthesizing insights from macroprudential policy, market liquidity, and non-bank finance to explain the persistence of emerging market vulnerability in an era of globalized funding. It further derives policy implications for macro-financial governance, emphasizing the need for system-wide, activity-based approaches, improved data and transparency, and stronger domestic and international regulatory coordination. These findings are relevant for policymakers seeking to reconcile financial integration with systemic resilience in emerging markets. Full article

This study examines the determinants of inflation volatility in Tunisia, focusing on central bank independence (CBI), economic transparency, and macroeconomic fundamentals. Although CBI is widely regarded as essential for monetary credibility, its effectiveness depends on its institutional framework. Our contribution is twofold. First, we develop a theoretical framework based on game theory to illustrate how the effectiveness of economic transparency and CBI shapes the welfare of both the central bank and the private sector in the presence (or not) of fiscal policy. Second, we use a binary threshold nonlinear autoregressive distributed lag (NARDL) model to capture long-run relationships and a Markov-switching GARCH (MS-GARCH) framework to model volatility dynamics. As a continuous measure, CBI has no significant impact on volatility. Paradoxically, high de jure independence in a binary regime is associated with a slight increase in inflation fluctuations. This indicates that legal independence alone is insufficient without fiscal discipline or effective coordination between the monetary and fiscal authorities. Notably, under fiscal pressure, greater CBI substantially reduces inflation volatility, highlighting the need for a coherent macroeconomic framework. Economic transparency generally increases short-term volatility but stabilizes inflation when supported by credible fiscal signals. Among the macroeconomic fundamentals, volatility in broad money is strongly destabilizing, whereas fluctuations in industrial production and the real exchange rate are largely insignificant. Government spending and exposure to external shocks, including import prices and geopolitical risks, further amplify this volatility. The observed negative trend over time reflects gradual improvements owing to policy reforms. Policy recommendations emphasize the establishment of genuinely independent and credible monetary institutions, enhancing coordination with fiscal policy, improving communication strategies, and strengthening risk management. Full article

The increasing need to regenerate public housing stock highlights the importance of adopting integrated evaluation tools capable of supporting transparent, sustainable, and public value-oriented investment decisions. This study compares two alternative intervention strategies—renovation with extension and demolition followed by reconstruction—by applying a Cost–Benefit Analysis (CBA) model developed in two phases. In the first phase, the analysis focuses on social benefits, with the aim of assessing their contribution to collective well-being. The second phase incorporates potential energy-related benefits, estimated on the basis of performance improvements associated with the two design scenarios. The results demonstrate that the integrated consideration of economic, social, and energy–environmental dimensions affects the relative performance differences between the examined strategies, offering a more comprehensive evaluation framework than conventional approaches based solely on monetary costs. The proposed model, which is replicable in Mediterranean contexts, contributes to the ongoing international debate on ex ante evaluation tools and provides operational insights to support urban regeneration policies oriented towards more effective, equitable, and policy-consistent solutions, in line with the objectives of the European Green Deal and the 2030 Agenda. The two-phase structure allows decision-makers to distinguish between short-term social effects and long-term energy-related benefits, offering a transparent support tool for public investment choices under fiscal constraints. Full article

The Fed defends its independence based on the argument that an apolitical monetary policy brings stability to the economy. The Fed may be right, but how confident should the public be that the monetary arrangements that provide for economic stability are firmly in place now and in the future? To provide this assurance, policymakers should be able to explain what macroeconomic variables they control and how they exercise that control. What are the limits to their powers? The explanation should abandon the atheoretical language that focuses on near-term forecasts of the economy. Instead, it should use the general structure of a model to clarify how the Federal Open Market Committee exercises the control over the behavior of firms and households required to achieve its objectives. This explicitness would allow for an assessment of how well the monetary policy regime does in practice to provide for economic stability. It would also promote the durability of a successful regime. Finally, such transparency is required in a democracy. Full article

Sustainable economic development requires transparent and consistent institutional communication from monetary authorities to maintain long-term financial stability and public trust. This study investigates the latent authorial structure and stylistic heterogeneity of central bank communications by applying stylometric analysis and unsupervised machine learning to official announcements of the Central Bank of the Republic of Turkey (CBRT). Using a dataset of 557 press releases from 2006 to 2017, we extract a range of linguistic features at both sentence and document levels—including sentence length, punctuation density, word length, and type–token ratios. These features are reduced using Principal Component Analysis (PCA) and clustered via Hierarchical Clustering on Principal Components (HCPC), revealing three distinct authorial groups within the CBRT’s communications. The robustness of these clusters is validated using multidimensional scaling (MDS) on character-level and word-level n-gram distances. The analysis finds consistent stylistic differences between clusters, with implications for authorship attribution, tone variation, and communication strategy. Notably, sentiment analysis indicates that one authorial cluster tends to exhibit more negative tonal features, suggesting potential bias or divergence in internal communication style. These findings challenge the conventional assumption of institutional homogeneity and highlight the presence of distinct communicative voices within the central bank. Furthermore, the results suggest that stylistic variation—though often subtle—may convey unintended policy signals to markets, especially in contexts where linguistic shifts are closely scrutinized. This research contributes to the emerging intersection of natural language processing, monetary economics, and institutional transparency. It demonstrates the efficacy of stylometric techniques in revealing the hidden structure of policy discourse and suggests that linguistic analytics can offer valuable insights into the internal dynamics, credibility, and effectiveness of monetary authorities. These findings contribute to sustainable financial governance by demonstrating how AI-driven analysis can enhance institutional transparency, promote consistent policy communication, and support long-term economic stability—key pillars of sustainable development. Full article

To stabilize economies, central banks implemented unconventional monetary policies like quantitative easing following the global financial crisis. Although much research has been done on how quantitative easing affects financial markets, the influence of central bank transparency on bank profitability under such policies is still underexplored. This paper looks at how central bank transparency affects bank profitability in advanced countries under unconventional monetary policy. Using a panel dataset of commercial banks from 25 advanced economies (2013–2019), we apply a two-step Generalized Method of Moments (GMM) estimator to handle any endogeneity. Focusing on central bank transparency as a main transmission route, the model accounts for macroeconomic factors and bank-specific characteristics. The results show that central bank transparency greatly improves bank profitability together with quantitative easing. Although other elements, macroeconomic conditions and bank-specific characteristics, support transparency as a vital channel via which monetary policy influences the operation of the banking sector. This paper provides recommendations for legislators trying to enhance the effectiveness of unconventional policies in various institutional contexts by highlighting the need for central bank transparency as a channel for monetary policy efficacy. Full article

Background: Vaccine hesitancy represents a significant global health challenge that greatly hinders public health efforts focused on managing the transmission of infectious diseases. A wealth of original research conducted worldwide has examined various incentives that could help alleviate vaccine hesitancy and increase vaccination rates. Although some findings are conflicting, no comprehensive review has yet assessed the overall effectiveness of these strategies. This study aims to bridge this knowledge gap by examining how financial incentives influence people’s willingness to undergo vaccination. Methods: In August 2024, we extensively searched four databases for studies focusing on financial incentives and vaccination rates. Examples of financial incentives included lottery tickets and hypothetical or physical monetary rewards ranging in various amounts depending on the study. We selected nineteen relevant articles from a larger pool and evaluated them for validity and bias. Results: Around eighty percent of the research focused on COVID-19 vaccines, driven by the ongoing pandemic and the debates surrounding their use. Most of the studies indicated a positive influence of financial incentives on vaccination rates, although they often came with a higher risk of bias. Conversely, several studies suggest that financial incentives do not result in benefits. Instead, they highlight other factors that have a more profound effect on influencing people to undergo vaccination. The remaining studies are inconclusive regarding the effectiveness of financial incentives, concluding the need for further research. The strategies to mitigate these concerns included a combination of legal and monetary incentives. Summary: The effectiveness of financial incentives in boosting vaccination rates seems to differ significantly based on the region and context. They tend to be more effective in economically disadvantaged developing countries. In contrast, in developed nations, they may be ineffective or counterproductive due to various confounding factors such as financial background, lack of trust in the healthcare system, and/or lack of patient education. In resource-rich areas, educational programs often yield better results, and addressing widespread mistrust in healthcare systems and governmental policies through transparency is essential. Ultimately, employing tailored incentives alongside public education could enhance vaccination acceptance, particularly in culturally diverse countries like the United States, where understanding community preferences is crucial. Full article

Background: Increased maritime trade has led to a surge in drayage operations, causing congestion and environmental issues in port areas. Truck Appointment Systems (TASs) are commonly used to manage truck arrival rates, yet transparency and equity in slot allocation remain problematic, fostering distrust between Licensed Motor Carriers (LMCs) and Marine Terminal Operators (MTOs). Methods: This study proposes a polycentric approach to improve truck scheduling and ensure that those impacted by decisions are involved in the decision-making process. A single-round auction mechanism focused on optimizing the truck hauling process through a pricing policy that promotes sincere bidding is introduced. The proposed approach employs an optimization strategy to achieve equitable coordination in truck synchronization through means of adaptable capacity management. Results: Numerical experiments assessing scenarios of noncollaborative behavior against partial collaboration between MTOs and LMCs demonstrate the effectiveness of the proposed approach in enhancing user satisfaction and terminal conditions for a case study focused on a medium-sized terminal. Collaboration between trucking companies is shown to increase utility per monetary unit spent on slot acquisition. Conclusions: The polycentric strategy offers a solution to TAS limitations by ensuring stakeholder participation with respect to flexibility and transparency by ensuring that those impacted by decisions are involved in the decision-making process. Full article

We explore how expansionary monetary policy (EMP) influences bank loan loss provisioning. We find that banks’ discretionary loan loss provisions (DLLPs) increase during periods of EMP. This effect is stronger for banks with greater risk-taking, a larger proportion of influential stakeholders, lower ex-ante transparency of loan loss provisions, and more stringent bank regulation, which is consistent with external stakeholders requiring more conservative and timelier loan loss provisioning. We also find that both the timeliness and the validity of banks’ loan loss provisions (LLPs) increase during EMP periods. Our results are robust to the use of instrumental variable estimation and exogenous variations in monetary policy. Lastly, we show that conservative (i.e., higher DLLPs) and timely loan loss provisioning discipline banks from excessive risk-taking during periods of EMP. Full article

Central bank communication has changed over the years, following the trend of digitalization. It has been used as a tool for the implementation of monetary policies since the 1990s, when central banks started publishing their inflation reports, outlooks, and meeting minutes on the road towards greater transparency, and to help meet their price stability mandate. This mandate cannot be achieved through traditional financial instruments alone, so digital communication and marketing has become an economic policy tool. The effectiveness of the European Central Bank’s online communication tools will be tested via a GAP model, by applying an adapted version of the servuction scale to the Bank and disseminating it to 500 citizens, with the purpose of measuring citizen satisfaction with its website and communications. The servuction model focuses on high quality services that are perceived as such by private sector customers, having a strong marketing component. The originality of the research consists in adapting it to the public sector, more specifically to central banks, and by treating citizens as customers throughout the study. The model was successfully applied to the European Central Bank, demonstrating that citizens’ expectations are highest regarding both the reliability and assurance dimensions, meaning that they want to feel confident in ECB actions, and to the understandability dimension of its online content. The largest gaps between citizens’ expectations and perceptions were identified within the efficiency, understandability, and empathy dimensions. In future, the study can be replicated and adapted to both national central banks and private banks within the European Union, assessing how citizens perceive their websites, communication, and marketing strategies, with the purpose of improving the latter two, and increasing civic engagement. The model can also be adapted to narrower topics relating to sustainable digital development, such as the expectations and perceptions of citizens with regards to central bank digital currencies. Full article

The rapidly growing field of digital meal delivery platforms has transformed the out of home (OOH) food environment, presenting both opportunities and challenges for public health. This paper introduces the development and potential of a novel digital platform designed for monitoring the OOH food environment. Drawing on publicly available data from meal delivery applications, this platform provides valuable insights into the landscape of digital food offerings, such as the most common restaurants per region, average caloric content per meal type, and energy value per monetary unit. This research addresses the current void in regulations for this digital environment, particularly around food labeling and provision of nutrition information. Even though the platform has significantly improved our understanding of the digital food ecosystem, it highlights gaps, primarily due to the lack of publicly available individual data and inconsistencies in provided information. Despite these challenges, the proposed digital platform holds considerable promise for better understanding the digital food environment, supporting healthier food choices, and informing future policy interventions aimed at regulating the online food environment. This research advocates for mandatory regulations in the digital food sector to ensure comprehensive, comparable, and transparent nutrition information and equality in access to nutritious foods. Full article

This research analyzes the speeches and interviews of high-level European Central Bank decision makers from 1997 to 2021 to identify clusters of prominent topics. Transparency is a crucial aspect of modern monetary policy, and public speeches and interviews by central bankers play a vital role in achieving it. Our study employs structural topic modeling to compare the prevalence of topics during the Global Financial Crisis, pandemic crisis, and periods of heightened inflation. Additionally, we explore the impact of central bank independence on official rhetoric. Full article