Search Results (953)

The agricultural sector is a cornerstone of Serbia’s economy, ensuring national food security and contributing significantly to GDP, but it also generates notable environmental pressures, particularly through air and water pollution. This paper investigates the impact of agricultural enterprises’ environmental pressures on their financial performance between 2011 and 2021. The sample comprises 52 of the 63 agricultural enterprises listed in the national PRTR register as major air polluters in Serbia. Using enterprise-level data, environmental performance is measured through air emissions relative to revenues, while profitability is captured by return on assets (ROA). Panel regression analysis is conducted with Dynamic Ordinary Least Squares (DOLS) and Fully Modified Ordinary Least Squares (FMOLS) estimators to assess the long-run relationship between eco-efficiency and financial outcomes. The results show that reductions in environmental pressure are associated with improved profitability, highlighting the trade-offs and synergies between ecological responsibility and economic performance. These findings underscore the importance of promoting eco-efficiency as both a managerial strategy and a public policy priority, offering evidence to support Serbia’s alignment with EU environmental and agricultural sustainability goals. Full article

Strategic mergers and acquisitions (M&A) can support sustainable business models by enabling firms to adapt their capabilities and competitive positions as conditions change. This study examines how target listing status (public vs. private) and acquirer size shape short-term shareholder wealth in Korean SMEs (Small- and medium-sized enterprise), and links announcement reactions to subsequent operating outcomes. Using an event study and multivariate regressions on 155 M&A announcements by KOSDAQ-listed SMEs (Korean Securities Dealers Automated Quotations) (2016–2020), we find that smaller acquirers earn significantly higher announcement-period cumulative abnormal returns (CAR)—i.e., smaller firm size is positively associated with superior market-adjusted performance around M&A events. Although acquisitions of privately held targets and diversifying deals show higher unadjusted means, their effects become statistically insignificant once firm fundamentals and size are controlled for. To connect M&A strategy with business-model sustainability, we operationalize sustainability as the alignment between short-term market expectations (CAR) and realized operating performance over 1–2 years, measured by return on operating cash flow (ROCF); medium-term checks indicate that the short-run “size effect” attenuates, underscoring the role of execution and scale in longer-run outcomes. Overall, the evidence highlights the primacy of firm-specific fundamentals, strategic fit, and integration capacity in guiding M&A decisions that advance both near-term performance and longer-term resilience. The Korean SME setting—marked by concentrated ownership, resource constraints, and a chaebol-influenced market and policy environment—provides a stringent context for these tests. Full article

Once an online public opinion emerges, the interweaving of information distortion and public panic makes it difficult for enterprises to accurately grasp the emotional turning point and formulate sustainable marketing strategies. Based on the perspective of information asymmetry, in this paper, we construct a four-agent evolutionary game model involving the central government, local governments, enterprises and netizens. It analyzes the balance of strategies used by different actors in public opinion crises and examines how these strategies drive public panic from three perspectives: content, users and emotions. Finally, the findings are verified through simulation calculations. Our research reveals that when panic sentiment is in the medium range, the central government’s strengthened supervision coexists with enterprises’ deceptive marketing, and the impact of the event is magnified. When panic breaks through the threshold, local governments shift from full disclosure to partial disclosure, while consumers maintain their purchasing confidence and are less likely to be swayed by rumors. Research shows that after a public opinion crisis occurs, only by replacing deception with transparent and genuine content and jointly creating green solutions with consumers can enterprises transform panic into sustainable brand assets and provide a decision-making basis for the long-term development of the enterprise. Full article

In the contemporary structure of political economy, one of the leading actors is Non-Governmental Organisations (NGOs). Some of these organisations, to promote their goals, often engage in public disputes with enterprises that have publicly traded shares on the stock market. Consequently, they serve as channels for negative information relevant to these enterprises that falls within their discourse. In this paper, we examine the impact on the share price volatility of these enterprises due to the public debate initiated by an NGO aiming to change the enterprise’s behaviour on a particular matter (e.g., using more eco-friendly materials). Data from Greenpeace’s Detox Campaign are used to examine its influence on several enterprises. Using GARCH, OLS, and Difference-in-Differences models, we find that volatility increased significantly during the campaign for firms like Burberry (13.71%), Adidas (5.40%), and VFC Group (3.96%). After companies complied, volatility declined, notably in Burberry (−16.84%), Marks & Spencer (−3.24%), and VFC Group (−4.88%). These results highlight how NGO activism can heighten investor uncertainty in the short term but stabilise markets once companies respond, offering key insights for policymakers on the financial impact of civil Society’s engagement. Full article

This study constructs a neural-network-inspired multi-layer machine learning model ($RQLNet$) to measure and analyze the effects of tail risk spillover and its associated sensitivities to macroeconomic factors among petroleum supply chain enterprises. On this basis, the study constructs a tail risk spillover network and analyzes its network-level structural features. The results show the following: (1) The proposed model improves the accuracy of tail risk measurement while addressing the issue of excessive penalization in spillover weights, offering enhanced interpretability and structural stability and making it particularly suitable for high-dimensional tail risk estimation. (2) Tail risk spillovers propagate from up- and midstream to downstream and ultimately to end enterprises. Structurally, the up- and midstream are the main sources, whereas the downstream and end enterprises are the primary recipients. (3) The tail risk sensitivities of Chinese petroleum supply chain enterprises exhibit significant differences across macroeconomic factors and across types of enterprises. Overall, the sensitivities to CIMV and LS are higher. (4) The network evolves in stages: during trade frictions, spillovers accelerate and core nodes strengthen; during public-health events, intra-community cohesion increases and cross-community spillovers decline; in the recovery phase, cross-community links resume and concentrate on core nodes; and during geopolitical conflicts, spillovers are core-dominated and cross-community transmission accelerates. Full article

As small–medium-sized enterprises (SMEs) increasingly adopt cloud technologies, understanding the factors influencing this shift is crucial as it helps to optimize cloud integration strategies, enabling SMEs to thrive in today’s digital economy. A cross-sectional, quantitative survey was conducted in February 2022 on 626 employees of SMEs in the USA, based on the TAM-2, TAM-3, and UTAUT-2 models. The questionnaire presented satisfactory reliability, as well as factorial and convergent validity. Employees presented positive behavioral intentions to use cloud technologies, particularly during the COVID-19 period. SMEs were satisfied with the use of Software as a Service (SaaS), Infrastructure as a Service (IaaS), and the public cloud development model in the wake of the COVID-19 period. Behavioral intention to use cloud technologies was linked with higher performance and effort expectancy, price, perceived enjoyment, computer self-efficacy, and social influence. A higher behavioral intention was observed in employees (a) with a mid–top-level role; (b) who worked in finance and insurance, information services data, construction, or software and in an SME with 26–500 employees; (c) who had a master’s degree; (d) were 35–44 years old; and (e) had family obligations. Higher experience with the use of cloud technologies enhanced the positive impacts of effort expectancy, computer self-efficacy, and perceived enjoyment on behavioral intention. Full article

Background and Aim: Food hygiene is fundamental to public health, ensuring safe and nutritious food free from contaminants, and is vital for economic development and sustainability. The Hazard Analysis and Critical Control Points (HACCP) system is a crucial tool for managing risks in food production. Despite global recognition of food safety’s importance, significant disparities exist, especially in Southern Italy, where diverse food production, tourism, and economic factors pose challenges to enforcing hygiene standards. This study evaluates non-compliance with food hygiene regulations within a Local Health Authority (LHA) in Calabria, Southern Italy, to inform effective public health strategies. Materials and Methods Authorized by the Food Hygiene and Nutrition Service (FHNS) of the LHA, the study covers January 2022 to December 2024, analyzing 579 enterprises with 1469 production activities. Inspections followed EC Regulation No. 852/2004, verifying the correct application of procedures based on the Hazard Analysis and Critical Control Points (HACCP) principles, including the operator’s monitoring of Critical Control Points (CCPs), and adherence to Good Hygiene Practices (GHPs). Non-compliances were classified by severity, and corrective and punitive actions were applied. Data were analyzed annually and across the full period using descriptive statistics and chi-squared tests to assess trends. Results: Inspection coverage increased markedly from 29.8% of production activities in 2022 to 62.5% in 2023, sustaining 62.0% in early 2024, exceeding the growth of new activities. Inspections were mainly triggered by RASFF alerts (22.4%), routine controls (20.0%), and verification of previous prescriptions (14.3%). The most frequent corrective measures were long-term prescriptions (28.6%), violation reports (22.9%), and short-term prescriptions (20.0%). Enterprises averaged 4.61 production activities, highlighting operational complexity. Conclusions: This study provides a granular analysis of food hygiene non-compliance within a Local Health Authority (LHA) in Southern Italy, to inform effective public health strategies. While official control data may be publicly available in some contexts, our research offers a unique, in-depth view of inspection triggers, non-compliance patterns, and corrective measures, which is crucial for understanding specific regional challenges. The analysis reveals that the prevalence of long-term prescriptions and reliance on RASFF alerts indicate systemic challenges requiring sustained interventions. Full article

Postal traffic and transport face challenges related to the rapid growth of parcel volumes, increasing demands for sustainability, and the need for integration into the smart transportation concept. This study explores the application of machine learning (ML) models for the classification of postal delivery times, with the aim of improving service efficiency and quality. As a case study, the Postal Center Zenica, one of the seven organizational units of the Public Enterprise “BH Pošta” in Bosnia and Herzegovina, was analyzed. The available dataset comprised 11,138 instances, which were cleaned and filtered, then expanded through two iterations of data augmentation using an autoencoder neural network. Five ML models, Random Forest, Support Vector Machine (SVM), Extreme Gradient Boosting (XGBoost), k-Nearest Neighbors (kNN), and Multi-Layer Perceptron (MLP), were developed and compared, with hyperparameters optimized using the Bayesian method and evaluated through standard classification metrics. The results indicate that the data augmentation method significantly improves model performance, particularly in the classification of delayed shipments, with ensemble, especially Random Forest and XGBoost, emerging as the most robust solutions. Beyond contributions in the context of postal traffic and transport, the proposed methodological framework demonstrates interdisciplinary relevance, as it can also be applied in telecommunication traffic classes, where similar network dynamics require reliable predictive models. Full article

This study examines the causal impact of China’s New Energy Demonstration City construction policy on corporate energy consumption. The results demonstrate that this policy effectively reduces corporate energy consumption. The policy significantly decreases the consumption of coal, natural gas, and diesel. Although the policy significantly reduces energy consumption in both local state-owned enterprises (SOEs) and non-SOEs, its effect does not show statistically significant variation across different types of controlling shareholders. The energy-saving effect is particularly pronounced in the following industries: Manufacturing, Electricity, Heat, Gas, and Water Production & Supply, Wholesale & Retail Trade, Information Technology Services, Leasing & Business Services, and Water Conservancy, Environment, and Public Infrastructure Management. The policy operates through multiple channels: internal mechanisms including direct innovation effect, accelerated green M&As effect as well as digital empowerment effect, and external moderators including marketization level and green finance environment. The findings yield important insights for scholars, policymakers and corporate stakeholders. Full article

Climate change is inducing new and increasing existing hazards that can cascade from one system or region to another affecting communities, ecosystems and various sectors of the economy. In 2022 Greece has incorporated the national climate law describing climate actions on mitigation and adaptation, introducing strategies and outlining key priorities and commitments of the country. Moreover, under article 20 of the national climate law, it is declared that it is mandatory for enterprises and public bodies to calculate their carbon footprint and publish a carbon footprint report in which mitigation actions and measures are also summarized. Reports collected within the first 2 years of the implementation of the law have been reviewed and data extracted are discussed in this work. A clear reduction of the total carbon footprint is evident in most sectors of Greek economy. Policy recommendations to enhance not only regulatory but also voluntary compliance and ensure progress towards the 2050 net-zero carbon emissions target are also outlined. Full article

Environmental pollution and waste caused by traditional citrus farming has become more serious. As the direct subject of agricultural production, we should pay more attention to the green production behavior of farmers. Numerous studies have fully proven that technology training is the important driving factor of farmers’ production behavior, but the question of which main body or organization should carry out the training is the question that still has no definite conclusion, in order to solve this problem. Based on the perspective of the heterogeneity of agricultural technology training organizations, this study conducts a discussion on the indicators of the difference in training organization and technology adoption behavior, and uses the Oprobit and IV-Oprobit models to conduct an empirical analysis on 782 Chinese farmers’ survey data. Finally, we find: (1) Technical training has a positive impact on farmers’ GPT adoption at the 1% level. For each additional training, the probability of adopting five GPT increased by 2.6%; (2) Different training organizations have different impacts on the farmers’ technology adoption. The training of profit-oriented organizations represented by agricultural enterprises has the most obvious promotion effect on GPT adoption by farmers. The overall effect of the training of government agricultural extension departments is better than that of quasi-public welfare organizations such as scientific research institutions; (3) The above effects also have obvious heterogeneity among farmers of different ages, education levels, family social networks, planting scale, family incomes and structure. Based on this, we put forward policy suggestions such as building a diversified agricultural extension training system. Full article

Microbial contamination in frozen beverages threatens public safety and food quality. By systematically analyzing safety incidents, potential microbial hazards can be identified. This study reviewed 155 microbial safety incidents related to frozen beverages reported by nine international regulatory agencies from January 2015 to December 2024, as well as 903 incidents published by the State Administration for Market Regulation of China. The results indicate a higher risk in Southeast Asia, particularly in Malaysia (16.13%) and Thailand (11.61%). In China, the risks are concentrated in South China (Guangdong, 14.52%), Northeast China (Liaoning, 10.20%; Heilongjiang, 9.87%), and the Huang-Huai-Hai region (Henan 6.87%; Shandong 5.99%). Statistical analysis reveals that non-compliance incidents related to coliforms account for 67.7% globally, while incidents involving pathogens such as Listeria monocytogenes, Staphylococcus aureus, Salmonella, and Norovirus account for 6.4%. The characteristics in the Chinese market align with global trends, with the highest proportion of coliform exceedance (41%), while the incidence of pathogenic contamination remains relatively low (0.6%). Further analysis of different types of frozen beverages (ice cream, ice milk, ice frost, ice lolly, sweet ice, edible ice, and others) and their association with microbial hazards reveals significant issues with ice cream products globally; however, in the Chinese market, the contamination problems with ice milk and ice lolly are more severe. This study provides regional and category-specific data for the microbial risk assessment of frozen beverages and offers guidance for regulatory agencies and enterprises to implement targeted control measures, including optimizing sampling plans, enhancing hygiene controls during production processes, and promoting compliance in cold chain management. Consequently, this approach effectively reduces the risk of foodborne diseases and enhances the overall safety level of the industry, demonstrating significant practical application value and public health significance. Full article

The Work-Unit Compound (WUC) is a common neighborhood type that became prevalent during China’s socialist era, typically offering communal spaces that serve as vital spatial carriers for communal life. Following the shift in public housing provision from the work-unit (state-owned enterprise) through the social welfare system to a market-oriented system, the decline of work-unit systems and the privatization of housing led to the distribution of responsibility for communal spaces in WUC neighborhoods becoming more intricate. Issues related to these spaces, such as underutilization and poor management, were exacerbated as the built environment deteriorated. By the 2010s, these challenges had become central targets of various participatory regeneration initiatives. However, current discourse on participatory regeneration predominantly focuses on social outcomes, paying limited attention to post-regeneration governance modes. In response, this study develops a framework to examine the continuity and heterogeneity of communal space governance during and after regeneration projects in WUC neighborhoods. It offers a nuanced investigation of context-specific facilitating mechanisms, with the goal of supporting more effective and sustainable communal space governance in the future. Using a case study approach, the research draws on in-depth interviews that were systematically analyzed. The findings indicate that daily communal space governance in the sampled projects continues to rely on internal problem-solving methods inherited from the work-unit system (e.g., the collective sense of honor and a persistent reliance on state actors). Additionally, governance is driven by economic initiatives repurposing underutilized spaces—for instance, vegetable cultivation in enclosed areas is employed for self-sufficiency (Case A), and small-scale business that benefits the neighborhood is performed (Case B). This study also identifies a blend of formal and informal institutional arrangements linked to participatory regeneration, including the coproduction of space management between residents and grassroots government (Case A), and the government-funded purchase of community services (Case B). Moreover, extra-local networks—such as gaining mutual support from Community Garden Networks (Case A) and Community Economic Cooperatives (Case B)—play a significant role. In conclusion, this study highlights the role of facilitating mechanisms associated with participatory regeneration in shaping daily communal space governance and explores the potential of participatory strategies within contemporary neighborhood governance, particularly under recent Chinese policies targeting dilapidated urban neighborhoods. Practically, this study offers recommendations for planners and practitioners regarding incorporating facilitating mechanisms into participatory regeneration to enhance community engagement in communal space governance, especially in other post-socialist cities experiencing similar challenges. Full article

This study examined the relationship between residential environment satisfaction, neighbor relations, and the intention of continuous residence. Previous research has not comprehensively analyzed the combined effects of these factors. Accordingly, this study investigated the influence of residential environment satisfaction on the intention of continuous residence and analyzed the mediating role of neighbor relations. Residential environments were categorized into commercial facilities, medical facilities, childcare/educational facilities, and cultural facilities. Respondents aged 20 years and above were selected from Innovation Cities where public institution relocation had been completed. Data were collected from 1606 participants through an online survey. Hypotheses were tested using mediation analysis. The results showed that residential environment satisfaction positively influenced the intention of continuous residence, with satisfaction with medical facilities having the strongest effect. In addition, neighbor relations had both direct and indirect positive effects on the intention of continuous residence, underscoring their importance in encouraging residents to remain. In many developing countries where the private market is less developed, state-owned enterprises play a crucial role in the national economy, and development is often concentrated around their locations. In the long term, relocating public institutions could serve as a strategy to address regional disparities. The findings of this study thus offer important policy implications. Full article

Based on the concept of sustainable development, China has formulated a “dual carbon” strategic plan. Steel enterprises are in urgent need of a green and low-carbon transition, requiring substantial funding for technological upgrades and transformation. The “Reform Plan for the Legal Disclosure System of Environmental Information” implemented in 2021 explicitly mandates that high-pollution industries such as steel and cement must disclose their environmental information. Green finance policies impose numerous restrictions on steel enterprises, making it imperative to address the issues of difficult and expensive financing. Against this backdrop, this paper uses listed companies in China’s steel industry from 2014 to 2023 as a sample to empirically examine the impact of environmental information disclosure on debt financing. The study finds that environmental information disclosure is negatively correlated with corporate debt financing costs and positively correlated with the scale and structure of debt financing. Neither enterprise size nor nature can reduce debt financing costs. The publication of a standalone environmental report can enhance the impact of environmental information disclosure on debt financing costs. Further research reveals that the impact of environmental information disclosure on debt financing exhibits a dual time-node effect, with the time nodes corresponding to the year of the promulgation of the Environmental Protection Law and the year of the release of the Reform Plan for the Legal Disclosure System of Environmental Information. Finally, conclusions and policy recommendations are proposed. Full article