Search Results (352)

Solid biomass (agro-residue) is the most important source of renewable energy. The accelerating impacts of climate change and global population growth contribute to air pollution through the use of fossil fuels. These processes increase the demand for energy. The European Union has adopted a climate action plan to address the above challenges. The main aim of this study was to assess the economic performance of the producers of biomass for energy generation in Poland. The detailed objectives were to determine land resources in the studied agricultural farms and to determine the value of fixed and current assets in the analyzed farms. We used questionnaires as the main method to collect data. Purposive sampling was used to choose the farms. We conducted various tests to analyze the revenues from biomass sales and their normality, such as the Dornik–Hansen test, the Shapiro–Wilk test, the Liliefors test, and the Jargue–Berra statistical test. Moreover, we conducted regression analysis to find factors that are the basis for the economic performance (incomes) of farms that sell biomass. Results: This study demonstrated that biomass sales had a minor impact on the performance of agricultural farms, but they enabled farmers to maintain their position on the market. The economic analysis was carried out on a representative group of Polish agricultural farms, taking into account fixed and current assets, land use, production structure, and employment. The findings indicate that a higher income from biomass sales was generally associated with better economic results per farm and per employee, although not always per hectare of land. This suggests that capital intensity and strategic resource management play a crucial role in the profitability of bioenergy-oriented agricultural production. Conclusions: We concluded that biomass sales had a negligible influence on farm income. But a small income from biomass sales could affect a farm’s economic viability. Full article

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article

The impact of five different nets—conventional black, grey, white, and photoselective red and yellow—on the performance of “Gala Redlum” apples was evaluated over a five-year period (2020–2024) and compared to an uncovered control. The cumulative production over this period, ranked from highest to lowest, was as follows: white net (182.4 t/ha), grey net (178.5 t/ha), yellow net (175.8 t/ha), black net (175.5 t/ha), red net (169.5 t/ha), and uncovered control (138.8 t/ha). Vegetative growth results were inconsistent among the studied years. The cumulative photosynthetic rate (An) was slightly higher under the white net (57.9 µmol m⁻² s⁻¹). Fv/Fm values remained closest to optimal levels under the black and grey nets. Netting effectively protected fruits from elevated temperatures, particularly under the grey net, and reduced sunburn damage, with the grey, black, and yellow nets performing best in this regard. Overall profitability was increased by netting: the black net provided the highest cumulative income per hectare over a five-year period (EUR 72,315) alongside the second-lowest sunburn loss (0.69%), while the yellow net also showed strong economic performance (€64,742) with a moderate sunburn loss (1.26%) compared to the red net. Fruit dry matter and soluble solids content (SSC) were generally higher in the uncovered control, whereas °Hue values tended to be higher under the red and yellow nets. In summary, the black and yellow nets provided more balanced microclimatic conditions that enhanced tree performance, particularly under heat stress, leading to improved yield and profitability. However, the economic feasibility of each net type should be evaluated in relation to its installation and maintenance costs. Full article

For high-growth firms, designing and implementing strategies to ensure the long-term sustainability of business models is a key priority. Although these strategies are carefully planned to achieve specific outcomes, these firms also encounter contextual factors inherent to entrepreneurship, as well as the potential negative consequences of operating as small- and medium-sized enterprises (SMEs). Consequently, they adapt emergent outcomes to secure positive scaling-up processes. A comprehensive analysis of 69 studies from 1978 to 2023 revealed that 34.8% used sales as the main indicator of high-growth outcomes, 18.8% considered employment to be the most important outcome, and 37.7% incorporated both. The assessment period for these studies spanned three to seven consecutive years. A subsequent review of the existing literature yielded 56 potential new outcomes, emphasising the existence of a diverse array of concepts and metrics with which to assess high-growth performance. The study confirmed sales and positive profits arising during the planning process as strategic outcomes. However, it was also demonstrated that geographical expansion and innovation become emergent outcomes in critical situations. The research also identified that external factors, including an adverse public environment, business context difficulties, and a favourable business environment, may influence the effect of the firm’s high growth. Full article

Over the past decade, multifactor models have shown enhanced capability compared to single-factor models in explaining asset return variability. Given the common assertion that higher risk tends to yield higher returns, this study empirically examines the augmented human capital six-factor model’s performance on thirty-two portfolios of non-financial firms sorted by size, value, profitability, investment, and labor income growth in the Indian market over the period July 2010 to June 2023. Moreover, the current study extends the Fama and French five-factor model by incorporating a human capital proxy by labor income growth as an additional factor thereby proposing an augmented six-factor asset pricing model (HC6FM). The Fama and MacBeth two-step estimation methodology is employed for the empirical analysis. The results reveal that small-cap portfolios yield significantly higher returns than large-cap portfolios. Moreover, all six factors significantly explain the time-series variation in excess portfolio returns. Our findings reveal that the Indian stock market experienced heightened volatility during the COVID-19 pandemic, leading to a decline in the six-factor model’s efficiency in explaining returns. Furthermore, Gibbons, Ross, and Shanken (GRS) test results reveal mispricing of portfolio returns during COVID-19, with a stronger rejection of portfolio efficiency across models. However, the HC6FM consistently shows lower pricing errors and better performance, specifically during and after the pandemic era. Overall, the results offer important insights for policymakers, investors, and portfolio managers in optimizing portfolio selection, particularly during periods of heightened market uncertainty. Full article

This paper proposes a conceptual framework for studying the KPIs of digital accelerators. Therefore, a critical review was developed and we derived clear recommendations in terms of KPIs that researchers must consider when evaluating digital accelerators applicable to startups. Digital startup businesses must focus on product, external factors, process, capability, organizational factors, and market to achieve sustainability. The proposed framework asserts that profitability, growth, productivity, and size are key categories that should be taken into consideration while grouping KPIs. These categories should be grouped into three different dimensions, economic, technological, and organization/client. The proposed KPIs can help the accelerator program evaluate its own performance and make the necessary adjustments to improve the program and eventually measure the startup’s success. Full article

This paper investigates the financial performance and corporate governance variables that influence firm valuation. This study analyzes 91 Spanish small and medium-sized enterprises (SMEs) listed on BME Growth using a fixed effects panel data model based on 5760 observations. This study covered a period of five years from 2015 to 2019. This study concludes that profitability, capital structure and ownership concentration are key value drivers, while liquidity and efficiency are not statistically significant and require further contextual examination. Regarding corporate governance, the presence of controlling shareholders was found to have a significant positive impact on firm value, reinforcing the importance of ownership concentration in reducing agency conflicts and enhancing oversight. Other governance frameworks, such as firm structure and managerial concentration, did not exhibit significant effects. Full article

This study investigates biochar-enriched organic fertilizers made from bagasse, ash, spent wash, and cane tops, assessing their impact on corn growth over 45 days. A randomized complete block design with three replicates was used, testing six formulations with biochar levels at 0%, 10%, and 20%, along with soil-only and commercial fertilizer controls. Treatments T5 (bagasse + ash + spent wash + cane tops), T11 (T5 + 10% biochar), and T17 (T5 + 20% biochar) showed the best results for plant height, leaf development, and biomass production, with T17 performing the best for growth, biomass, and girth. The biochar in T17 had a pH of 9.37 ± 0.16, 18.00 ± 1.25% ash content, and a surface area of 144.58 m²/g. Nutrient analysis of the compost showed 2.85% potassium, 1.12% phosphorus, 1.85% nitrogen, 4.1% calcium, 0.23% magnesium, and 130 mg/kg zinc. The elemental composition was 68.50% carbon, 4.50% hydrogen, 6.00% nitrogen, and 25.30% oxygen, with 85.00% total organic carbon (TOC). This study concludes that T17 is the most effective formulation, offering both environmental and financial benefits, with composting potentially generating $11.16 million in profit, compared to the $19.32 million spent annually on waste management in Sri Lanka’s sugar industry. Full article

The transition to a circular economy is essential for enhancing sustainability and resource efficiency, particularly in forestry-dependent regions. This study examines circular economy business models (CEBMs) in Kouvola, Finland, focusing on the utilization of forestry by-products. It compares two case studies: Keltakangas Waste Station, which processes wood waste into biogas, and Koumet, a forestry company producing biochar. Using a comparative case study approach, this research integrates financial analysis (2020–2023), interviews with managers, and policy reviews to assess economic performance, scalability, and environmental impact. Additionally, this study introduces a generalizable framework—Scalability Path Dependency (SPD)—which theorizes how early strategic decisions shape the long-term growth trajectories of circular business models. The findings reveal that Keltakangas follows a capital-intensive model with declining profit margins, while Koumet operates a resource-efficient model with stable but low profitability. Their scaling strategies diverge: Keltakangas relies on external financing for expansion, whereas Koumet emphasizes cost efficiency and market diversification. Despite ongoing challenges related to infrastructure, regulation, and financial viability, both models contribute meaningfully to circularity. This study offers actionable insights for policymakers and businesses aiming to support sustainable forestry practices. Full article

This study aims to analyze the determinants of bank profitability in Angola by employing panel data econometric models, specifically, the Generalized Method of Moments (GMM), to assess the impact of internal and external factors on the financial indicators ROE, ROA, and NIM for the period 2016 to 2023. The results reveal that credit risk, operational efficiency, and liquidity are critical determinants of banking performance. Effective credit risk management and cost optimization are essential for the sector’s stability. Banking concentration presents mixed effects, enhancing net interest income while potentially undermining efficiency. Economic growth supports profitability, whereas inflation exerts a negative influence. The COVID-19 pandemic worsened asset quality, increased credit risk, and led to a rise in non-performing loans and provisions. Reforms implemented by the National Bank of Angola have contributed to strengthening the banking system’s resilience through restructuring and regulatory improvements. The rise of digitalization and fintech presents opportunities to enhance financial inclusion and efficiency, although their success relies on advancing financial literacy. This study contributes to the literature by providing updated empirical evidence on the factors influencing bank profitability within an emerging economy’s distinctive institutional and economic context. Full article

This article considers the impact of self-sufficiency in basic raw materials on the level of systematic risk, required return and capitalization on the example of Russian ferrous metallurgy companies. The methods applied include classical approaches to determining beta coefficient, required return and capitalization, as well as correlation–regression analysis performed in the Python programming language (version 3.0, libraries: Numpy, Pandas, Matplotlib, Datetime, Statistics, Scipy, Bambi). The study revealed an inverse relationship between the self-sufficiency of ferrous metallurgy companies in iron ore and coking coal and their systematic risk. That was confirmed by the developed regression model. The presence of this dependence directly indicates the need to consider self-sufficiency when assessing a company’s required return and capitalization. The acquisition of the Tikhov coal mine by PJSC Magnitogorsk Iron and Steel Works (MMK) led to an increase in capitalization not only due to additional profit from the new asset, but also due to a decrease in the required return caused by the growth of the company’s self-sufficiency in coking coal. The proposed approach contributes to a more accurate assessment of the company’s capitalization and creates additional incentives for vertical integration transactions. Full article

Maternal overnutrition and targeted supplements during pregnancy strongly affect fetal development in beef cattle, influencing gene expression, tissue development, and productivity after birth. As modern feeding practices often result in cows receiving energy and protein above requirements, understanding the balance between adequate nutrition and overconditioning is critical for sustainable beef production. This review synthesizes findings from recent studies on maternal overnutrition and supplementation, focusing on macronutrients (energy, protein, methionine) and key micronutrients (e.g., selenium, zinc). It evaluates the timing and impact of supplementation during different gestational stages, with emphasis on fetal muscle and adipose tissue development, immune function, and metabolic programming. The role of epigenetic mechanisms, such as DNA methylation and non-coding RNAs, is also discussed in relation to maternal dietary inputs. Mid-gestation supplementation promotes muscle growth by activating muscle-specific genes, whereas late-gestation diets enhance marbling and carcass traits. However, maternal overnutrition may impair mitochondrial efficiency, encourage fat deposition over muscle, and promote collagen synthesis, reducing meat tenderness. Recent evidence highlights sex-specific fetal programming differences, the significant impact of maternal diets on offspring gut microbiomes, and breed-specific nutritional responses, and multi-OMICs integration reveals metabolic reprogramming mechanisms. Targeted trace mineral and methionine supplementation enhance antioxidant capacity, immune function, and reproductive performance. Precision feeding strategies aligned with gestational requirements improve feed efficiency and minimize overfeeding risks. Early interventions, including protein and vitamin supplementation, optimize placental function and fetal development, supporting stronger postnatal growth, immunity, and fertility. Balancing nutritional adequacy without excessive feeding supports animal welfare, profitability, and sustainability in beef cattle systems. Full article

Nitrogen fertilization plays a critical role in promoting plant growth, improving physiological and biochemical traits, and enhancing wheat productivity. This study aimed to evaluate the effects of seven nitrogen (N) doses—0, 45, 90, 135, 180, 225, and 270 kg N ha⁻¹—on wheat performance under semi-arid subtropical conditions over three consecutive growing seasons (2015–2018). A randomized complete block design (RCBD) was used to assess a comprehensive set of agronomic, physiological, biochemical, and nutritional parameters. Key factors examined included grain yield, above-ground biomass, nitrogen harvest index, total nitrogen content in grains and straw, and physiological traits such as photosynthetic rate, stomatal conductance, transpiration rate, and the accumulation of soluble proteins, sugars, and amino acids. The study also incorporated multivariate statistical techniques, such as multi-trait genotype–ideotype distance index (MGIDI), principal component analysis (PCA), and descriptive statistics to identify the most effective nitrogen dose. Results indicated that 180 kg N ha⁻¹ (T₄) was the most effective treatment for improving wheat growth, physiological efficiency, and grain yield, with 135 kg N ha⁻¹ (T₃) also showing favorable outcomes. In contrast, higher doses (225 and 270 kg N ha⁻¹) led to diminished performance, suggesting a threshold beyond which nitrogen becomes counterproductive. These findings support 180 kg N ha⁻¹ as the optimal dose for maximizing yield and biochemical quality while contributing to more sustainable and profitable wheat production. Full article

The present study aims to assess the determinants of the environmental, social, and governance (ESG) performance of European insurance companies, exploring the connections between the determinants and each of the three ESG pillars. Using a European panel dataset, the study includes a sample of the 30 most relevant European insurance companies listed in the stock exchange index Stoxx Europe 600 index, over the period 2016–2020. Main findings indicate that older insurance companies, with a larger dimension and profitability, less leveraged, with smaller boards, but with more gender diverse boards, with a sustainability committee and with a standalone sustainability report, tend to present a higher level of ESG performance. Findings also indicate that insurance companies with higher ESG performance are located in countries with higher gross domestic product growth rate. The current research setting has never been studied hitherto. Therefore, it adds to the limited empirical research on the determinants of ESG performance among insurance companies, which is focused on insurances companies in the United States of America. Full article

In the context of increasing pressures on European agriculture, the economic sustainability of farming sectors is becoming a key strategic objective, especially for Member States with structural vulnerabilities such as Romania. This study proposes an integrated assessment of the economic sustainability of farming sectors in the European Union and Romania for the period 2013–2022 using an analytical framework based on composite indicators built on data from the FADN network. The seven indicators used are grouped into three dimensions: (i) economic performance—profitability, capitalization, and liquidity (FESI, FCI, PCFI); (ii) subsidy dependence and efficiency (FSDI, SEI); and (iii) technical–economic efficiency in the use of resources (FEPI, COEI). The results indicate accelerated economic growth of Romanian farms, but it is associated with structural vulnerabilities, such as low capitalization, high liquidity volatility, and high dependence on public support. In contrast, farms in the EU show superior financial resilience and a steady investment capacity. This study underlines the need for differentiated agricultural policies aimed at strengthening financial autonomy, increasing investment efficiency, and reducing the gap between Romania and the EU, helping to inform policy interventions for the transition towards a more competitive and resilient farming sector. Full article