Search Results (318)

This article presents an initial effort to systematize two interrelated research fronts within ecological economics (EE): ecological microeconomics and ecological macroeconomics. In response to the field’s transdisciplinary and plural nature—attributes that, while enriching, may limit its political influence—the article proposes a conceptual delineation of these two domains as a means to strengthen EE’s analytical identity and facilitate dialogue with other economic approaches. Ecological microeconomics focuses on the material and energy intensity of economic activity, the complementarity of natural capital in production processes, and the redesign of consumption and firm behavior under ecological constraints. Ecological macroeconomics, in turn, centers on the biophysical limits to growth, the concept of sustainable and optimal scale, and the integration of environmental variables into macroeconomic indicators and policy frameworks. The article argues that both fronts, despite their distinct emphases, are united by the need for long-term structural change and a normative commitment to sustainability. Together, they offer a coherent basis for rethinking prosperity within the ecological boundaries of the Earth system. Full article

Fractional Vegetation Cover (FVC) is an important parameter to reflect vegetation growth and describe plant canopy structure. This study integrates both active and passive remote sensing, capitalizing on the complementary strengths of optical and radar data, and applies various machine learning algorithms to retrieve FVC. The results demonstrate that, for FVC retrieval, the optimal combination of optical remote sensing bands includes B2 (490 nm), B5 (705 nm), B8 (833 nm), B8A (865 nm), and B12 (2190 nm) from Sentinel-2, achieving an Optimal Index Factor (OIF) of 522.50. The LiDAR data of ICESat-2 imagery is more suitable for extracting FVC than that of GEDI imagery, especially at a height of 1.5 m, and the correlation coefficient with the measured FVC is 0.763. The optimal feature variable combinations for FVC retrieval vary among different vegetation types, including synthetic aperture radar, optical remote sensing, and terrain data. Among the three models tested—multiple linear regression, random forest, and support vector machine—the random forest model outperformed the others, with fitting correlation coefficients all exceeding 0.974 and root mean square errors below 0.084. Adding LiDAR data on the basis of optical remote sensing combined with machine learning can effectively improve the accuracy of remote sensing retrieval of vegetation coverage. Full article

The study of capital structure is one of the most relevant topics in finance because, despite the various theories that seek to explain it, there is still no consensus on the determining factors or the behaviors of financing decisions in companies. This study empirically analyzes the capital structure decisions of Latin American companies during the period of 2013–2023, in light of trade-off and pecking order theories. A panel data methodology was applied to 62 companies, using fixed and random effects models. The results show that, on average, companies correct around 5.80% of the gap between their current and optimal level of indebtedness per period, partially supporting the trade-off theory. However, the effects of the financial deficit on indebtedness are heterogeneous and, in most cases, inconsistent with the pecking order theory, especially in countries such as Colombia. It is concluded that country risk has a marginal influence on debt decisions, and the need to consider each country’s institutional and market particularities when analyzing the dynamics of capital structure in emerging economies is emphasized. Full article

To promote the deepening of reform and the effective implementation of policies, the State Council launched the special supervision of the liquidation of local governments’ arrears in project funds in 2016, which supports the optimization of the government debt structure. Based on the quasi-natural experiment of the special supervision action, in this study, we use the difference-in-difference (DID) method to investigate the effect and mechanism of the optimization of the government debt structure on the financing constraints of private enterprises. This research is particularly relevant for private enterprises, which face acute financing challenges and are critical for promoting inclusive economic growth, employment, and innovation—key pillars of sustainable development. The results are as follows. Firstly, the special supervision significantly reduces the financing constraints of private enterprises. Secondly, it has heterogeneous effects on the financing constraints of different types of enterprises, and the alleviating effect is particularly significant for enterprises that rely on the funding support of local governments. This highlights the importance of institutional reforms in fostering equitable access to financial resources for vulnerable enterprise groups such as private enterprises. Thirdly, the optimization of the government debt structure eases enterprises’ financing constraints by improving their capital turnover and trade credit. By enhancing liquidity and creditworthiness, these changes create a more resilient financial environment for private enterprises, supporting their long-term development and contribution to sustainable economic systems. Full article

The increasing deployment of photovoltaic and energy storage systems (ESSs) in modern power grids has highlighted the critical challenge of component degradation, which significantly impacts system efficiency, operational costs, and long-term reliability. Conventional energy dispatch and optimization approaches fail to adequately mitigate the progressive efficiency loss in PV modules and battery storage, leading to suboptimal performance and reduced system longevity. To address these challenges, this paper proposes a quantum-enhanced degradation pathway optimization framework that dynamically adjusts operational strategies to extend the lifespan of PV storage systems while maintaining high efficiency. By leveraging quantum-assisted Monte Carlo simulations and hybrid quantum–classical optimization, the proposed model evaluates degradation pathways in real time and proactively optimizes energy dispatch to minimize efficiency losses due to aging effects. The framework integrates a quantum-inspired predictive maintenance algorithm, which utilizes probabilistic modeling to forecast degradation states and dynamically adjust charge–discharge cycles in storage systems. Unlike conventional optimization methods, which struggle with the complexity and stochastic nature of degradation mechanisms, the proposed approach capitalizes on quantum parallelism to assess multiple degradation scenarios simultaneously, significantly enhancing computational efficiency. A three-layer hierarchical optimization structure is introduced, ensuring real-time degradation risk assessment, periodic dispatch optimization, and long-term predictive adjustments based on PV and battery aging trends. The framework is tested on a 5 MW PV array coupled with a 2.5 MWh lithium-ion battery system, with real-world degradation models applied to reflect light-induced PV degradation (0.7% annual efficiency loss) and battery state-of-health deterioration (1.2% per 100 cycles). A hybrid quantum–classical computing environment, utilizing D-Wave’s Advantage quantum annealer alongside a classical reinforcement learning-based optimization engine, enables large-scale scenario evaluation and real-time operational adjustments. The simulation results demonstrate that the quantum-enhanced degradation optimization framework significantly reduces efficiency losses, extending the PV module’s lifespan by approximately 2.5 years and reducing battery-degradation-induced wear by 25% compared to conventional methods. The quantum-assisted predictive maintenance model ensures optimal dispatch strategies that balance energy demand with system longevity, preventing excessive degradation while maintaining grid reliability. The findings establish a novel paradigm in degradation-aware energy optimization, showcasing the potential of quantum computing in enhancing the sustainability and resilience of PV storage systems. This research paves the way for the broader integration of quantum-based decision-making in renewable energy infrastructure, enabling scalable, high-performance optimization for future energy systems. Full article

In regions where transportation and the economy are closely integrated, optimizing network structure and enhancing synergy are vital for regional integration. This paper constructs a dual-factor linkage network using enterprise investment and liner shipping data to analyze linkage strength and synergy effects among cities in the Greater Bay Area. The findings reveal that (1) a core-periphery structure exists, with core cities dominating resource flows while secondary cities remain weak. The logistics network is led by Hong Kong and Shenzhen, while the capital flow network showcases the dominance of Hong Kong, Shenzhen, and Guangzhou. (2) From 2016 to 2021, interactions between transportation and the economy deepened, showing strong correlations in logistics and capital flows among core cities and between core and edge cities, but weaker correlations with sub-core and edge cities. Core cities stabilize regional transportation and economy, fostering agglomeration, while sub-core cities are more reliant on them, indicating a need for better resource balance. (3) The spatio-temporal coupling analysis reveals significant heterogeneity in flows among cities, with many exhibiting antagonistic couplings outside core areas. This study enhances understanding of synergy mechanisms in transportation and economic networks, offering insights for optimizing layouts and improving capital flow efficiency. Full article

In the era of low-carbon economy, green mergers and acquisitions (green M&As) have emerged as a pivotal strategic pathway for heavily polluting enterprises to not only carve out a competitive edge in the market but also contribute significantly to the achievement of Sustainable Development Goal 12 (SDG 12)—Responsible Consumption and Production. Based on the data of China’s heavily polluting enterprises listed on the Shanghai and Shenzhen A-share markets from 2010 to 2022, this study applies the multi-temporal difference-in-differences method to analyze the impact of green M&As on the market power of heavily polluting enterprises. The findings suggest that the adoption of green M&As by heavily polluting enterprises in China can enhance market power, and this conclusion remains valid after a series of robustness tests. The mediation effect analysis shows that green M&As promote the market power of heavily polluting enterprises by increasing green total factor productivity, optimizing human capital structure and enhancing brand capital. Meanwhile, according to the heterogeneity study conducted, the implementation of green M&As by non-state-owned heavily polluting enterprises and heavily polluting enterprises within the growth period has a more pronounced effect on market power promotion. In addition, domestic green M&As have a stronger effect on the market power of heavily polluting enterprises. By bridging the theoretical gap between green M&As and the driving mechanisms of market power, this study not only enriches the academic literature but also provides actionable insights for heavily polluting enterprises seeking to enhance their market competitiveness while adhering to sustainable development principles. Full article

Utilizing data from 282 prefecture-level cities in China from 2005 to 2021, this study constructs an evaluation index system for high-quality economic development across the following five dimensions: innovation, coordination, green, openness, and sharing. A continuous difference-in-differences approach is employed for regression analysis to empirically examine the impact of high-speed rail on high-quality economic development, further exploring its mechanisms and spatial spillover effects. The findings reveal that (1) HSR significantly promotes high-quality economic development; (2) with the development of HSR, from 2005 to 2021, China’s high-quality economic development showed an evolutionary trend of overall improvement, with a gradual optimization of spatial patterns; (3) it facilitates high-quality economic development by enhancing capital and labor mobility, strengthening industrial chain resilience, and advancing industrial structure upgrading; (4) high-speed rail development in neighboring regions generates positive spatial spillover effects on local urban economic quality; and (5) the impact of high-speed rail on high-quality economic development exhibits significant heterogeneity across cities with different regions, tiers, scales, and resource endowments. These results confirm the positive role of high-speed rail in fostering high-quality economic development. Full article

To address the issue of insufficient prediction accuracy in traditional GM(1,1) models caused by significant nonlinear fluctuations in time-series data for ancient building structural health monitoring, this study proposes a wavelet decomposition-based GM(1,1)-BP neural network coupled prediction model. By constructing a multi-scale fusion framework, we systematically resolve the collaborative optimization between trend prediction and detail modeling. The methodology comprises four main phases: First, wavelet transform is employed to decompose original monitoring sequences into time-frequency components, obtaining low-frequency trends characterizing long-term deformation patterns and high-frequency details reflecting dynamic fluctuations. Second, GM(1,1) models are established for the trend extrapolation of low-frequency components, capitalizing on their advantages in limited-data modeling. Subsequently, BP neural networks are designed for the nonlinear mapping of high-frequency components, leveraging adaptive learning mechanisms to capture detail features induced by environmental disturbances and complex factors. Finally, a wavelet reconstruction fusion algorithm is developed to achieve the collaborative optimization of dual-channel prediction results. The model innovatively introduces a detail information correction mechanism that simultaneously overcomes the limitations of single grey models in modeling nonlinear fluctuations and enhances neural networks’ capability in capturing long-term trend features. Experimental validation demonstrates that the fused model reduces the Root Mean Square Error (RMSE) by 76.5% and 82.6% compared to traditional GM(1,1) and BP models, respectively, with the accuracy grade improving from level IV to level I. This achievement provides a multi-scale analytical approach for the quantitative interpretation of settlement deformation patterns in ancient architecture. The established “decomposition-prediction-fusion” technical framework holds significant application value for the preventive conservation of historical buildings. Full article

This paper develops a nonlinear optimization model for the optimal allocation of labor and investment resources in a three-sector open economy. The model is based on the Cobb–Douglas production function and incorporates sectoral interdependencies, capital depreciation, trade balances, and import quotas. The resource allocation problem is formalized as a constrained optimization task, solved analytically using the Lagrange multipliers method and numerically via the golden section search. The model is calibrated using real statistical data from Kazakhstan (2010–2022), an open resource-exporting economy. The results identify structural thresholds that define balanced growth conditions and resource-efficient configurations. Compared to existing studies, the proposed model uniquely integrates external trade constraints with analytical solvability, filling a methodological gap in the literature. The developed framework is suitable for medium-term planning under stable external conditions and enables sensitivity analysis under alternative scenarios such as sanctions or price shocks. Limitations include the assumption of stationarity and the absence of dynamic or stochastic features. Future research will focus on dynamic extensions and applications in other open economies. Full article

The relationship between firm size and the financial performance of advertising and marketing companies remains understudied in the academic literature, including in the regional context. Using a panel data methodology, this study analyzes the impact of three proxies for firm size (total assets, number of employees, and sales) on the financial performance (return on assets and profit margin) of the 500 most profitable advertising and marketing companies from 16 Western European countries over the period 2019–2023. Weighted least squares regression analysis revealed statistically significant negative effects of all three proxies for firm size on financial performance, with the strongest negative effects on total assets on return on assets and sales on profit margin, which is similar to return on sales. Empirical data confirm the inverse relationship between total assets and their profitability; this indicates the advantages of resource-optimized business models with high management flexibility and effective use of intellectual capital compared to material-intensive structures. The inverse relationship between the number of employees and financial performance is due to higher operating personnel costs and the difficulty of effectively managing human resources as the number of employees increases. Increased sales negatively affect profit margins, demonstrating a decrease in the efficiency of converting revenue into profits as operations expand. These findings are important for developing effective financial management strategies and making investment decisions in the industry under study. The research contributes to SDGs 8, 9, and 12 by demonstrating how resource-optimized structures with higher management flexibility and effective use of intellectual capital can outperform material-intensive structures in the advertising and marketing industry. Full article

In the evolving landscape of China’s capital markets, the integration of Environmental, Social, and Governance (ESG) considerations has become increasingly crucial for investors and decision-makers. Traditional financial performance metrics often fall short in capturing the multidimensional and long-term impacts of ESG factors. This study introduces a novel computational framework that combines domain-adapted pre-trained language models with structured financial regression analysis, aiming to empirically assess the correlation between ESG disclosures and long-term financial performance. This approach allows for the simultaneous processing of both structured and unstructured ESG data, using graph-based modeling and reinforcement learning to guide sustainability aligned policy optimization. Our empirical results show that firms with consistent and well-structured ESG strategies exhibit significantly superior long-term financial outcomes compared to those with weak or inconsistent ESG engagement. This study not only confirms the value of ESG engagement in enhancing financial resilience but also offers practical recommendations for investors, regulators, and corporate decision-makers, emphasizing consistent disclosure, sector-aligned ESG investment, and proactive adaptation to policy shifts. Full article

Strengthening the coordinated development of high-quality financial development and urban–rural economic integration has become an inherent requirement for promoting rural revitalization. This study investigates the coordinated development between financial quality and urban–rural economic integration in China using data from 2011 to 2022. It applies coupling coordination models, kernel density estimates, and Gini coefficients to examine coordination levels, regional disparities, dynamic changes, and environmental outcomes. The results show the following: (1) the level of both have grown steadily each year, showing a “strong East, weak West” trend; (2) the coupling coordination development level of the two has steadily increased from 0.321 to 0.434, but remains on the edge of dislocation, with significant regional differences, presenting a “high East, low West” pattern; (3) improvements in human capital, industrial structure optimization, information infrastructure development, and government support significantly enhance the synergistic development level of the dual systems; (4) the coupling coordination development of the two has a significant effect on emission reduction. Full article

The advancement of digital technology is driving high-quality and sustainable development in China’s manufacturing sector. This study investigates the role of digitalization in this transformation, using provincial panel data from China spanning 2011 to 2022. A comprehensive theoretical framework is developed to examine both the direct effects of digitalization and its indirect pathways through innovation factor mobility and industrial structure upgrading. The results show that digitalization significantly enhances high-quality manufacturing development, supported by robust empirical evidence. Mechanism analysis confirms that digitalization accelerates innovation diffusion and structural optimization, promoting sustainable industrial transformation. Heterogeneity analysis reveals stronger effects in central and western regions, and in areas with lower economic development and human capital levels. The findings provide valuable insights for aligning digitalization strategies with sustainable development objectives, particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 12 (Responsible Consumption and Production). While grounded in the Chinese context, this study offers lessons for other emerging economies pursuing sustainable industrial modernization. Full article

The growing scale of offshore wind farms and increasing transmission distances has driven the demand for optimized offshore substation (OSS) configurations. This study proposes a comprehensive techno-economic framework to minimize the total lifecycle cost (LCC) of an OSS by determining the optimal number of OSSs and transformers considering wind farm capacity and transmission distance. The methodology incorporates three cost models: capital expenditure (CAPEX), operational expenditure (OPEX), and expected energy not supplied (EENS). CAPEX considers transformer costs, topside structural mass effects, and nonlinear installation costs. OPEX accounts for substation maintenance and vessel operating expenses, and EENS is calculated using transformer failure probability models and redundancy configurations. The optimization is performed through scenario-based simulations and a net present value (NPV)-based comparative analysis to determine the cost-effective configurations. The quantitative analysis demonstrates that for small- to medium-scale wind farms (500–1000 MW), configurations using 1–2 substations and 3–4 transformers achieve minimal LCC regardless of the transmission distance. In contrast, large-scale wind farms (≥1500 MW) require additional substations to mitigate transmission losses and disruption risks, particularly over long distances. These results demonstrate that OSS design should holistically balance initial investment costs, operational reliability, and supply security, providing practical insights for cost-effective planning of next-generation offshore wind projects. Full article