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24 pages, 3460 KB  
Article
From Prediction to Insight: Understanding Drivers of UK Tourism Demand with Machine Learning
by Athanasia Dimitriadou, Theophilos Papadimitriou and Periklis Gogas
Economies 2026, 14(4), 141; https://doi.org/10.3390/economies14040141 (registering DOI) - 18 Apr 2026
Abstract
This study forecasts inbound tourism demand for the United Kingdom, using monthly data from February 1989 to February 2020. In the empirical analysis, we evaluate and compare the performance of five machine learning models (decision trees, random forests, XGBoost, and support vector regression [...] Read more.
This study forecasts inbound tourism demand for the United Kingdom, using monthly data from February 1989 to February 2020. In the empirical analysis, we evaluate and compare the performance of five machine learning models (decision trees, random forests, XGBoost, and support vector regression with the RBF and linear kernels) against a more traditional linear SARIMA regression model. Forecasting performance metrics included MSE, RMSE, MAE, R2, and MAPE. The SVR RBF kernel model achieves the highest accuracy, with an MAPE of 0.014% on the training set. To enhance model interpretability, feature importance analysis is applied to identify the most influential predictors of tourist arrivals. This research offers significant policy implications, aiding government policymakers and private industry stakeholders in optimizing their planning and decisions, deploying better long-term business strategies and tourism-related services, and optimizing the allocation of public and private resources to support the tourism sector. Full article
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32 pages, 2343 KB  
Article
Green Hydrogen Development and Readiness Status in Indonesia: A Multistakeholder Perspective
by Aditia Ramdhan, Andante Hadi Pandyaswargo and Hiroshi Onoda
Energies 2026, 19(8), 1961; https://doi.org/10.3390/en19081961 (registering DOI) - 18 Apr 2026
Abstract
Indonesia has identified clean hydrogen as one of the strategic initiatives for its energy transition, recognizing its potential as an energy carrier that can support the achievement of net zero emissions. To deepen the understanding of this emerging technology, this study assesses the [...] Read more.
Indonesia has identified clean hydrogen as one of the strategic initiatives for its energy transition, recognizing its potential as an energy carrier that can support the achievement of net zero emissions. To deepen the understanding of this emerging technology, this study assesses the readiness of green hydrogen development in Indonesia through a multi-stakeholder perspective combined with a technology readiness evaluation and insights from global developments. Based on stakeholder interviews across government, industry, academia, and energy institutions, this analysis identifies key enabling conditions and barriers for hydrogen deployment in the Indonesian context. This analysis indicates that the readiness level of green hydrogen technology in Indonesia has reached approximately technology readiness level (TRL) 5–TRL 6, suggesting that most initiatives remain at the pilot and demonstration stages. In addition, seven key factors influencing green hydrogen adoption were identified: infrastructure and technology, policy and regulation, finance, application sectors, public acceptance, standardization, and private sector participation. These results provide policy-relevant insights for accelerating hydrogen development and highlight priority areas for advancing Indonesia’s transition toward a low-carbon energy system. Full article
(This article belongs to the Special Issue Transitioning to Green Energy: The Role of Hydrogen)
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26 pages, 2494 KB  
Systematic Review
Project Delivery Methods (PDMs) in BIM Implementation: A Scoping Review
by Filip Ivančić and Mladen Vukomanović
Buildings 2026, 16(8), 1595; https://doi.org/10.3390/buildings16081595 (registering DOI) - 18 Apr 2026
Abstract
Building Information Modeling (BIM) supports information integration and coordination across the construction lifecycle, but benefits depend on collaboration that is shaped by the selected project delivery method (PDM). BIM-PDM evidence is difficult to consolidate due to heterogeneous terminology and fragmented, context-specific studies. This [...] Read more.
Building Information Modeling (BIM) supports information integration and coordination across the construction lifecycle, but benefits depend on collaboration that is shaped by the selected project delivery method (PDM). BIM-PDM evidence is difficult to consolidate due to heterogeneous terminology and fragmented, context-specific studies. This scoping review maps which PDMs are addressed in the BIM-related literature and how adequacy is framed. Following PRISMA-ScR, Web of Science and Scopus were searched and 71 studies met the eligibility criteria. Publications increased markedly after 2018 and were geographically concentrated, with the largest shares associated with author affiliations in China, the United Kingdom, Australia, Canada, Malaysia, and the United States. Integrated Project Delivery (IPD) was the most frequently examined (46 studies), followed by Design–Bid–Build (DBB) (29), Design–Build (DB) (29), Public–Private Partnership (PPP) (17), and Engineering, Procurement, and Construction (EPC) (14), while Alliancing, Lean-oriented delivery approaches, and Construction Management were comparatively underrepresented. A temporal analysis indicates a recent shift toward collaborative delivery methods in BIM research. Case-based studies are predominantly situated in public sector projects, with DBB, DB, EPC, and IPD examined across both infrastructure and building contexts, while PPP is limited to infrastructure. The literature is largely focused on design and construction phases, with limited attention to early project stages and operation and maintenance. Results indicate both traditional and relationship-based PDMs are studied in the existing literature, with research framing PDMs that allow for early contractor involvement as most compatible with BIM. Moreover, IPD, DB, and EPC show the best alignment compared to most used traditional DBB methods primarily due to the early involvement of the contractor in the project. EPC and DB achieve this through the allocation of responsibility to the contractor, whereas IPD relies on the early engagement of key participants and the systematic alignment of their objectives. Collaborative and relationship-based approaches are consistently presented as the most suitable for BIM, while DBB tends to constrain BIM benefits because of its fragmented nature. This study contributes by providing a systematic synthesis of BIM-PDM relationships in the scientific literature, identifying the key mechanisms underlying the suitability of different delivery methods for BIM implementation, and offering recommendations for future research based on the identified gaps. Full article
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19 pages, 294 KB  
Review
Social and Solidarity Economy and Social Innovation in the Agri-Food Sector: A Conceptual Synthesis of Contributions to Sustainable Local and Rural Development
by Antonios Kostas, Vasileios Zoumpoulidis, Maria Fragkioudaki and Anastasios Karasavvoglou
Soc. Sci. 2026, 15(4), 248; https://doi.org/10.3390/socsci15040248 - 13 Apr 2026
Viewed by 247
Abstract
The dominant agri-food system’s well-documented failures—biodiversity loss, deepening rural inequalities, and the erosion of small-scale farming livelihoods—have elevated SSE initiatives and social innovation in the agri-food sector and bioeconomy from a niche policy concern to a structural priority. This paper examines how SSE [...] Read more.
The dominant agri-food system’s well-documented failures—biodiversity loss, deepening rural inequalities, and the erosion of small-scale farming livelihoods—have elevated SSE initiatives and social innovation in the agri-food sector and bioeconomy from a niche policy concern to a structural priority. This paper examines how SSE arrangements drive meaningful transformation in agri-food chains while advancing sustainable development at local and regional scales. Through a narrative review of interdisciplinary peer-reviewed literature and key institutional sources, the paper synthesizes evidence that SSE initiatives generate transformation through three interconnected mechanisms: (a) the reconfiguration of governance structures; (b) the deepening of producer–consumer relationships through spatial proximity and relational transparency; and (c) the more equitable redistribution of value across agri-food territories. These findings suggest that place-based SSE models occupy a central—rather than peripheral—role in sustainability transitions and local development. The paper presents a structured analytical framework linking SSE practices to agri-food chain transformation and develops nine concrete policy implications for scaling and sustaining SSE innovations through coordinated collaboration among public, private, and social economy stakeholders. The findings contribute to a sharper understanding of the conditions under which SSE-driven models can foster sustainable, socially inclusive, and community-oriented agri-food systems and of why the solidarity dimension, rather than organisational form alone, is the decisive criterion for identifying genuinely transformative initiatives. Full article
(This article belongs to the Special Issue Social Innovation: Local Solutions to Global Challenges)
40 pages, 1626 KB  
Article
ESG Determinants of Financial Development: Integrating Econometrics and Machine-Learning Evidence
by Angelo Leogrande, Massimo Arnone, Alberto Costantiello and Carlo Drago
J. Risk Financial Manag. 2026, 19(4), 279; https://doi.org/10.3390/jrfm19040279 - 13 Apr 2026
Viewed by 429
Abstract
The objective of this research is to analyze the relationship between ESG factors and financial development, measured by Domestic Credit to the Private Sector by Banks (DCB). The empirical analysis employs a balanced panel of 82 countries for the years 2016 to 2022, [...] Read more.
The objective of this research is to analyze the relationship between ESG factors and financial development, measured by Domestic Credit to the Private Sector by Banks (DCB). The empirical analysis employs a balanced panel of 82 countries for the years 2016 to 2022, obtained from the World Bank database. The proposed econometric model incorporates multiple ESG factors, including environmental (E), social (S), and governance (G). The list of econometric models under consideration includes fixed effects, random effects, WLS (weighted least squares), dynamic panel, and fixed effects with HAC estimation. Based on the conducted tests, the fixed effects estimation method has been chosen because the presence of serial correlation, heteroskedasticity, and cross-sectional dependence suggests that other methods will not provide an adequate model. As a result, fixed effects enable obtaining reliable estimates regarding the relationships between ESG factors and DCB. In addition, a KNN (K-Nearest Neighbors) regression was used to analyze potential nonlinear effects of the factors. The results show the strong positive relationship between ESG factors and financial development. More specifically, the presence of clean energy sources is associated with a positive DCB, and the depletion of natural resources is negatively associated with DCB. Moreover, social and governance factors are positively associated with financial development. Full article
(This article belongs to the Special Issue Advancing Research in International Finance)
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29 pages, 1647 KB  
Article
Comparative Evaluation of EU Circular Economy Sector Performances: Cluster-Driven Analysis and MCDM Methods
by Žarko Rađenović, Ivana Janjić Papakosmidis, Miljana Talić and Miško Rađenović
Sustainability 2026, 18(8), 3716; https://doi.org/10.3390/su18083716 - 9 Apr 2026
Viewed by 145
Abstract
The main purpose of the research is to rank EU member states by the intensity of their efforts to implement the CE model. Understanding EU member states’ differences is crucial to formulating effective policy measures that foster sustainable development and enhance economic resilience [...] Read more.
The main purpose of the research is to rank EU member states by the intensity of their efforts to implement the CE model. Understanding EU member states’ differences is crucial to formulating effective policy measures that foster sustainable development and enhance economic resilience across the EU. The degree of CE development was examined through three sub-indicators: (i) private investment related to CE sectors; (ii) persons employed in CE sectors; and (iii) gross value added as a percentage of GDP. Data from the Eurostat database for the last five available years were used. Hierarchical agglomerative cluster analysis is used to identify groups of structurally similar countries. Countries are ranked using the PROMETHEE II multi-criteria decision-making method with objectively derived CRITIC weights, complemented by GAIA visualisation. The analysis identifies five distinct clusters with a highly heterogeneous CE landscape across the EU. The PROMETHEE-GAIA research results reveal two different paths on which European countries are moving towards CE. The first, characterized by high structural maturity but limited dynamic flexibility, is evident in Sweden and Belgium. And the second path, illustrated by Estonia and Croatia, is distinguished by a rapid pace of transformation and lower historical structural capacities. Full article
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18 pages, 1237 KB  
Article
Knowledge and Determinants of Nonalcoholic Fatty Liver Disease Among Adults in Northern Border Region, Saudi Arabia: A Cross-Sectional Study
by Yusef Muhana Alenezi, Rana Awad S. Alanazi, Danah Ashwi S. AlShalikhi, Rimas Naif A. Alanazi, Aryam Meshal S. Alanazi, Sarah Ahmed S. Alanazi, Renad Abdulrahman O. Alanazi, Noor Awad S. Alanazi, Baraah Abu Alsel, Fathia Ahmed Mersal, Safya E. Esmaeel and Manal S. Fawzy
Diseases 2026, 14(4), 139; https://doi.org/10.3390/diseases14040139 - 9 Apr 2026
Viewed by 315
Abstract
Background/Objectives: Nonalcoholic fatty liver disease (NAFLD), also referred to as metabolic dysfunction-associated steatotic liver disease (MASLD), affects roughly one-quarter of the global population and represents a major public health concern. Despite its rising prevalence and potential for serious complications, NAFLD remains underrecognized and [...] Read more.
Background/Objectives: Nonalcoholic fatty liver disease (NAFLD), also referred to as metabolic dysfunction-associated steatotic liver disease (MASLD), affects roughly one-quarter of the global population and represents a major public health concern. Despite its rising prevalence and potential for serious complications, NAFLD remains underrecognized and poorly understood in many communities. This study aimed to assess knowledge of NAFLD and its determinants among adults in the Northern Border Region of Saudi Arabia. Methods: A descriptive, population-based cross-sectional study was conducted using a previously validated online questionnaire adapted from published NAFLD awareness instruments, administered to adults residing in the Northern Border Region of Saudi Arabia. Data were analyzed using Python (statsmodels, version 0.14), and non-parametric tests, correlation analyses, and multivariable linear regression were used to examine NAFLD knowledge and its associated determinants. Results: A total of 1016 adults (mean age 34.7 ± 11.8 years) were included in the analysis. The mean NAFLD knowledge score was 14.6 ± 8.3 out of 30 (48.7% correct responses), with a median of 16 (interquartile range 8–21). Overall, 59.2% of participants had poor knowledge, 26.8% had moderate knowledge, and 14% had good knowledge. In bivariate analyses, educational level (χ2 = 15.62, p < 0.001), family history of liver disease (p = 0.001), body weight category (p = 0.003), and smoking status (p = 0.007) were significantly associated with NAFLD knowledge. In multivariable linear regression, university education (B = 2.783, 95% CI 0.627–4.940, p = 0.011) was an independent positive predictor of higher knowledge scores. Current smoking (B = −1.857, 95% CI −3.477 to −0.237, p = 0.025), private-sector employment (B = −1.934, 95% CI −3.867 to −0.001, p = 0.050), and overweight status (B = −4.119, 95% CI −7.337 to −0.901, p = 0.012) were independently associated with lower knowledge scores. The final model explained 2.2% of the variance in knowledge (adjusted R2 = 0.022). Conclusions: This study demonstrates generally low levels of NAFLD knowledge among adults in the Northern Border Region of Saudi Arabia, with only a minority achieving good knowledge scores. The findings underscore the need for targeted health promotion initiatives, educational interventions, and public campaigns to improve awareness of NAFLD and to support its prevention and management. Full article
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12 pages, 1089 KB  
Communication
Altimetry Data from ICESat-2 Brings Value to the Private Sector
by Molly E. Brown, Aimee Neeley, Abigail Phillips and Denis Felikson
Remote Sens. 2026, 18(8), 1114; https://doi.org/10.3390/rs18081114 - 9 Apr 2026
Viewed by 416
Abstract
This short communication synthesizes evidence on how the Ice, Cloud and Land Elevation Satellite-2 (ICESat-2) altimetry data are used by private sector actors and the implications for economic value creation. Using secondary research that collected and summarized information from existing data from reports, [...] Read more.
This short communication synthesizes evidence on how the Ice, Cloud and Land Elevation Satellite-2 (ICESat-2) altimetry data are used by private sector actors and the implications for economic value creation. Using secondary research that collected and summarized information from existing data from reports, journals, websites, and databases, the work identifies 54 companies across 9 sectors leveraging ICESat-2-derived elevation, canopy height, bathymetry, and surface measurements to inform decision-making, risk assessment, and new business models. The analysis situates ICESat-2 within a broader context where freely available Earth observation data can generate substantial private- and public-sector value, potentially exceeding hundreds of billions in aggregate when scaled across industries such as geospatial services, climate management, real estate, and insurance. The paper uses a four-pillar conceptual model to guide valuation of data-driven impacts: Data Utility (intrinsic information value of altimetry and related metrics), Decision Impact (tangible economic benefits from improved models and operations), Strategic Integration (emergence of new business models and market opportunities), and Data Ecosystem Exclusivity (development of proprietary datasets and workflows that enable competitive differentiation). Empirical findings illustrate how these pillars manifest in practice. The paper seeks to connect private-sector uptake to NASA’s Earth Science to Action framework and related capacity-building efforts, highlighting pathways for broader utilization through training, tutorials, and accessible interfaces. Limitations of the study include partial sector coverage and reliance on publicly reported use cases. Future work should quantify economic returns with standardized metrics and extend the dataset to capture dynamic shifts in data products, governance, and IP development within the evolving data ecosystem. Full article
(This article belongs to the Section Satellite Missions for Earth and Planetary Exploration)
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32 pages, 1817 KB  
Article
Managing Tourism Destinations as Complex Adaptive Systems: An MCDM-Based Hybrid Governance Selection Model for Sustainable Regional Development
by Eda Kaya and Yusuf Karakuş
Systems 2026, 14(4), 402; https://doi.org/10.3390/systems14040402 - 5 Apr 2026
Viewed by 538
Abstract
The purpose of this study is to determine the most suitable Destination Management Organization (DMO) model for the sustainable development of the Rize destination. Approached from the perspective of Complex Adaptive Systems (CAS), the research is of strategic importance in order to overcome [...] Read more.
The purpose of this study is to determine the most suitable Destination Management Organization (DMO) model for the sustainable development of the Rize destination. Approached from the perspective of Complex Adaptive Systems (CAS), the research is of strategic importance in order to overcome systemic entropy threats, such as coordination deficiencies and unplanned growth, faced by the destination through a scientific model. Methodologically, a sequential exploratory mixed method integrating qualitative and quantitative methods was adopted. In the qualitative phase, system bottlenecks were identified through interviews with 15 strategic stakeholders; in the quantitative phase, Analytical Hierarchy Process (AHP) and Quality Function Deployment (QFD) analyses were applied with 271 participants. Key findings indicate that the most critical factors disrupting the system’s homeostatic balance are weak inter-institutional coordination and inadequate infrastructure. AHP results confirm that market diversification, sustainable planning, and quality standards are priority activities. The final analysis conducted using the QFD decision matrix identified the PPCP (Public–Private–Community Partnership) model, which synchronizes public oversight with private sector innovation and integrates community-based feedback mechanisms, as the most effective structure for enabling resource integration and value co-creation among actors. The model’s adaptive architecture further accommodates emergent stakeholder dynamics, including the growing role of tourists as co-creators of destination experiences through digital platforms. The study contributes to the literature by offering a rational decision support mechanism for complex system management through AHP-QFD integration and proposes a three-phase evaluation framework to ensure results-oriented governance adaptation. Full article
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29 pages, 1831 KB  
Article
Creative Tourism in a Peripheral Rural Destination: Latent Experiential Portfolios and Early-Stage Development
by Evelina Gulbovaitė, Aušra Liorančaitė-Šukienė, Jūratė Dabravalskytė-Radzevičė and Martynas Radzevičius
Tour. Hosp. 2026, 7(4), 101; https://doi.org/10.3390/tourhosp7040101 - 4 Apr 2026
Viewed by 259
Abstract
Creative tourism is increasingly discussed as a pathway for tourism development in rural and peripheral destinations, yet empirical evidence remains uneven and is still drawn mainly from contexts where it is already explicitly labelled and institutionally supported. This article examines whether and how [...] Read more.
Creative tourism is increasingly discussed as a pathway for tourism development in rural and peripheral destinations, yet empirical evidence remains uneven and is still drawn mainly from contexts where it is already explicitly labelled and institutionally supported. This article examines whether and how creative tourism-aligned practices are present in Kupiškis District, a peripheral rural municipality in north-eastern Lithuania where creative tourism has not been formally institutionalised as a tourism development category. The study adopts a qualitative single-case design combining a multi-stakeholder focus group and semi-structured interviews with municipal, intermediary, and private-sector actors. The findings reveal a meaningful but weakly integrated experiential base shaped by educational activities, water-based leisure, symbolic narratives, routes, and micro-entrepreneurial initiatives. Although these practices are rarely named locally as creative tourism, they display several of its defining characteristics, including participatory learning, host involvement, small-scale interaction, and local embeddedness. The study suggests that the main development challenge lies not in the absence of creative resources, but in limited coordination, weak articulation, and the difficulty of translating dispersed practices into coherent and consistently bookable visitor experiences. The article conceptualises this condition as a latent experiential portfolio and, in doing so, makes three contributions: it offers a sensitising concept for describing pre-consolidation stages of creative tourism where relevant practices exist but remain only partly articulated; it supports a practice-based rather than label-based identification of creative tourism in weakly institutionalised settings; and it extends the empirical scope of creative tourism research to a peripheral rural case in the Baltic region. Full article
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20 pages, 376 KB  
Article
What Makes Employees Innovate Green? A Multi-Source Examination of HRM, Leadership, and Psychological Mechanisms
by Vera Lazanaki, Evdokia Tsoni and Kleanthis Katsaros
World 2026, 7(4), 61; https://doi.org/10.3390/world7040061 - 3 Apr 2026
Viewed by 309
Abstract
Organizations increasingly invest in sustainability, yet limited knowledge exists regarding the psychological and leadership mechanisms through which Green Human Resource Management (GHRM) fosters employees’ green innovative behavior. This study addresses this scientific problem by examining how GHRM relates to green innovation through sequential [...] Read more.
Organizations increasingly invest in sustainability, yet limited knowledge exists regarding the psychological and leadership mechanisms through which Green Human Resource Management (GHRM) fosters employees’ green innovative behavior. This study addresses this scientific problem by examining how GHRM relates to green innovation through sequential psychological processes and under which leadership conditions these relationships become stronger. Using multi-source data from 300 employee–supervisor dyads across three industries in the Greek private sector, the study tests a serial mediation model linking GHRM to green innovative behavior through psychological safety and work engagement, as well as the moderating role of Green Transformational Leadership (GTL). Structural equation modelling supports all hypothesized associations: GHRM is positively related to psychological safety, which predicts work engagement, which in turn strongly predicts green innovative behavior. GTL strengthens the relationship between GHRM and psychological safety, resulting in a stronger indirect effect on green innovation. The findings provide an integrative understanding of how HR systems, psychological conditions, and leadership jointly support employee-driven environmental innovation. Full article
(This article belongs to the Special Issue Green Human Resources Management and Innovation)
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15 pages, 497 KB  
Article
Nature-Based Environment as a Workplace of Forest Therapy Specialist in Healthcare Context: Legal Perspective
by Gintarė Tamašauskaitė-Janickė and Daiva Petruševičienė
Healthcare 2026, 14(7), 933; https://doi.org/10.3390/healthcare14070933 - 3 Apr 2026
Viewed by 286
Abstract
Background/Objectives: This study examines the legislation governing forest therapy in healthcare, centered on nature-based environments as workplaces for professional forest therapy specialists within international, EU, and national legal frameworks from a labor law perspective. Methods: Using systematic legal analysis, comparative document analysis, and [...] Read more.
Background/Objectives: This study examines the legislation governing forest therapy in healthcare, centered on nature-based environments as workplaces for professional forest therapy specialists within international, EU, and national legal frameworks from a labor law perspective. Methods: Using systematic legal analysis, comparative document analysis, and analysis of the scientific literature, the study examines current relevant international, EU, and national (Lithuania, the Republic of Korea) regulations. Results: Based on a cross-sectoral legal norms analysis, the legal conception of forest therapy in healthcare systems and the general regulatory framework for the professional use of nature-based environments as workplaces were identified, along with their impact on the realization of the right to work, workplace requirements, and the provision of forest therapy services. Regulatory mechanisms and conditions governing the use of nature-based environments for forest therapy purposes, under schemes administered by public and private bodies, were identified and analyzed. The interaction between nature-based workplace factors and legal liability arising from professional, contractual, and service-based relationships was also defined and clarified. Conclusions: Fragmented legal regulation of nature-based environments as workplaces for forest therapy creates legal uncertainty, limits the realization of the right to work, and increases legal risks in employment, service provision, patient protection, and resource use. Strengthened interdisciplinary integration between health and forest policy is essential to ensure service quality, accessibility, and legal certainty. Therefore, future regulation should prioritize integrated and harmonized legal frameworks that recognize forest therapy within healthcare systems, ensure fair working conditions, and establish clear rules for the professional use of nature-based environments in therapeutic practices. Full article
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12 pages, 411 KB  
Article
Dynamics of Oil Markets Amid Financial Distress Among Small Firms in the Energy Industry
by Salem Al Mustanyir
Risks 2026, 14(4), 80; https://doi.org/10.3390/risks14040080 - 1 Apr 2026
Viewed by 430
Abstract
This research examines market reactions to financial distress announcements by small privately held Canadian oil firms operating in the upstream sector between 2015 and 2021, employing an event study methodology, with daily spot prices for Brent and WTI crude oil serving as market [...] Read more.
This research examines market reactions to financial distress announcements by small privately held Canadian oil firms operating in the upstream sector between 2015 and 2021, employing an event study methodology, with daily spot prices for Brent and WTI crude oil serving as market benchmarks. The sample includes 11 firms that filed for insolvency, giving 99 observations for analysis. Data were collected from the publicly available Haynes Boone repository, ensuring transparency and verifiability. Abnormal returns were computed using market-adjusted returns to control for general market movements, isolating event-specific effects. The findings reveal statistically significant yet modest abnormal returns around the announcement day, indicating a measured market reaction. These results indicate that investors may partially anticipate such events and interpret them as potential restructuring opportunities rather than indicators of sector-wide collapse. The study underscores the importance of transparent disclosure and structured legal frameworks in moderating market volatility during financial distress. While the analysis is confined to short-term effects and small firms, it provides valuable insights into how financial distress in small upstream oil firms influences commodity markets, contributing new evidence to the literature on event studies and financial distress in energy markets, and offers implications for policymakers aiming to enhance market stability. Full article
(This article belongs to the Special Issue Corporate Governance and Risk Management at Financial Institutions)
20 pages, 1752 KB  
Article
Beyond the Green Façade: A Critical Analysis of Digital Participatory Budgeting for Climate Resilience and Governance in Lisbon
by Jorge Gonçalves, Sílvia Jorge and Beatrice Lorenz Fontolan
Sustainability 2026, 18(7), 3436; https://doi.org/10.3390/su18073436 - 1 Apr 2026
Viewed by 298
Abstract
This article critically analyses Lisbon’s Green Participatory Budget (GPB), launched in 2020 within the symbolic context of the city’s designation as the European Green Capital. Rather than treating the GPB as a radical democratic innovation, the study situates it as a thematic and [...] Read more.
This article critically analyses Lisbon’s Green Participatory Budget (GPB), launched in 2020 within the symbolic context of the city’s designation as the European Green Capital. Rather than treating the GPB as a radical democratic innovation, the study situates it as a thematic and digital reconfiguration of Lisbon’s long-standing participatory budgeting process, which has been active since 2008 and already incorporated environmental dimensions. Drawing on critical urban studies, political ecology, and literature on participatory governance, the analysis explores the democratic and justice implications of digital participatory climate governance. The article identifies structural limitations in the design and implementation of the GPB, including technocratic gatekeeping, digital exclusion, restricted deliberation, and the significant involvement of private sector consultancies. Beyond these internal constraints, the article argues that the most critical limitation of Lisbon’s GPB lies in its lack of continuity. Despite the mobilization of financial resources and public expectations, the GPB was not renewed after 2021, nor were its outcomes systematically evaluated or integrated into long-term governance strategies. This discontinuation compromises the potential of participatory climate governance as a learning process and raises broader questions about symbolic policy-making, institutional memory, and democratic accountability in urban climate action. The study concludes by proposing a set of redistributive and justice-oriented principles to restructure participatory mechanisms toward genuine climate democracy. Full article
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20 pages, 461 KB  
Article
From Leadership Recession to Systemic Leadership: An Ethical Model of Recovery
by Sofia Manoutzopoulou, Panagiotis Serdaris and Konstantinos Spinthiropoulos
Adm. Sci. 2026, 16(4), 174; https://doi.org/10.3390/admsci16040174 - 1 Apr 2026
Viewed by 429
Abstract
The contemporary crisis of trust in institutions and organizations has intensified what recent literature describes as a “leadership recession”, characterized by declining ethical legitimacy and limited capacity to manage systemic change. This article introduces the concept of leadership recession as a systemic and [...] Read more.
The contemporary crisis of trust in institutions and organizations has intensified what recent literature describes as a “leadership recession”, characterized by declining ethical legitimacy and limited capacity to manage systemic change. This article introduces the concept of leadership recession as a systemic and ethical phenomenon and proposes an ethical–systemic leadership model as potential pathway toward leadership recovery. Drawing on Aristotelian ethics—particularly the concepts of phronesis (practical wisdom), justice, and virtue—combined with systems theory and change management, the study develops an integrated theoretical framework that reconceptualizes leadership legitimacy as both a moral and organizational condition. Empirically, the study is based on a quantitative survey of 402 employees from the public and private sectors in Greece. The findings indicate that employees’ perceptions of effective leadership are positively associated with ethical virtues and leaders’ capacity to understand and manage organizational interdependencies. Ethical legitimacy emerges as an important relational mechanism that enhances trust, participation, and acceptance of organizational change. The article contributes to leadership and administrative sciences literature by introducing the notion of leadership recession and by proposing an ethical–systemic leadership paradigm that integrates values-based leadership, systemic thinking, and change management. The findings offer both theoretical insights and practical implications for leaders and organizations seeking sustainable and ethically legitimate transformation. Full article
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