Search Results (93)

First homesteaded in 1870, Longdale Farm (289 ha) in the Driftless Area hill country of west central Wisconsin, USA, has remained under the same family ownership since 1888 (138 years and five generations). Because such long-term family farm ownership and operation is very rare, our objective was to document and describe how the history and operational changes that took place on this family farm allowed it to continue under management of the same family, while so many other family farms were being sold off or transferred to commercial entities. We examined available farm records, diaries, and documents, governmental records, and historical photographs, and questioned living family members to gather data that allowed us to examine expected shifts away from self-sustaining farming, decreasing farm diversification, and changes in family interest in active farming. Hand-written entries in a multi-volume farm book or diary spanning 1913 through 2007 and information provided by living family members allowed for a generation-by-generation reconstruction of farm activities and assessments of changing practices. The farm has remained as a diversified operation throughout its history, including crop production, livestock (dairy and beef cattle, hogs, chickens) rearing, timber harvest, and wildlife and fish harvest. Farming priorities have shifted significantly across the generations, moving away from being largely self-sustaining but not becoming specialized in one particular area (e.g., dairy production) as have neighboring farms, instead remaining as a diversified operation. Multiple generations of family-owners still reside on and manage the farm with assistance from governmental land management professionals, but the farm’s croplands and pastures are now leased to neighboring farmers as a major source of farm income. Although the latest generations of farm owners have shifted away from active crop and livestock farming, Longdale Farm continues as a sustainable, revenue-generating operation available to future generations. Full article

This study examines how non-interest income diversification affects bank performance and risk in selected emerging Asian economies. Drawing on panel data from 44 banks across China (36) and Thailand (8) over 2022–2025, the analysis employs fixed-effects regressions, mediation analysis, and subsample testing to unpack the performance implications of revenue diversification. The non-interest income ratio (NII) serves as the proxy for income diversification, capturing the strategic shift away from traditional net-interest margins toward fee-based and digitally facilitated activities in markets where mobile payment ecosystems and virtual banking frameworks have reshaped competitive dynamics. Results indicate that NII exerts a statistically significant positive effect on bank profitability (ROA and ROE), with no corresponding increase in risk exposure as measured by Z-score. The relationship is markedly stronger among large banks, consistent with scale advantages in technology infrastructure, network effects, and regulatory compliance cost amortization. Cost efficiency does not mediate the NII-performance nexus, suggesting that revenue-side mechanisms dominate in this context. Cross-country exploratory patterns reveal stable but modest effects in China’s mature diversification ecosystem against larger but statistically imprecise coefficients in Thailand’s early-stage transition. These findings offer a qualified complement to the Western-centric complexity-risk narrative and highlight institutional boundary conditions governing bank diversification outcomes in emerging markets. Full article

Rationale: This research explores the connections between shelter and rescue revenues and expenses and live release outcomes, specifically focusing on the implications of a nonprofit having a government contract to provide animal control and welfare services. Methods: Two data sources were used for the project: nonprofit I990s as reported to the Internal Revenue Service (for financial data) and live release data from Shelter Animals Count (to measure shelter outcomes). The project focuses on financing for nonprofit shelters and rescues and 252 organizations from the Shelter Animals Count database, classified as nonprofits with and without government contracts, were used in the analysis. Data on revenue and expenditures were pulled from the nonprofit 990s using the GuideStar website. Results: Two variables—relinquishment rate and diversification of revenue—account for 40% of the variation in live release rates. Organizations with greater diversification of revenue have significantly higher live release rates and those with higher numbers of relinquished animals have lower ones. Conclusions: The study concludes that: a more even distribution of revenue between donations, programs, and government contracts for service is related to better outcomes; it is not so much whether a shelter or rescue has a government contract, but the portion of its revenue provided by the contract that is related to live release rates; and, overall, there are few significant relationships between revenue, expenditures, and outcomes. Full article

Counting electricity connections is easy. Understanding what those connections actually do for people is harder—and more important. This study examines how a 450 kWp Smart Grid Hybrid Microgrid on Semau Island, East Nusa Tenggara, Indonesia, shaped the daily lives and economic futures of a community in one of the country’s most geographically isolated 3T territories (Frontier, Outermost, Underdeveloped), using a sequential explanatory mixed-methods design (SEM-AMOS, n = 123; key informant interviews, n = 4)—and we find that forty percent of households have shifted from passive consumption to productive agricultural use within five years of grid connection, a rate that challenges common assumptions about rural electrification in eastern Indonesia. The data also reveal a troubling pattern at the heart of Indonesia’s subsidy architecture: the 450 VA tier, which absorbs the highest per-kWh State Budget subsidy (IDR 10,518/kWh; 96.2% of Cost of Supply), is associated with the weakest welfare returns. Meanwhile, an estimated IDR 1.87 billion per year in lost capacity—a figure we term the Governance Maintenance Loss (GML)—is linked to governance shortfalls rather than hardware failure. SEM-AMOS results (χ²/df = 1.613; RMSEA = 0.049; CFI = 0.973; TLI = 0.983; SRMR = 0.043) indicate that, among the constructs examined, Energy Diversification Policy shows the strongest association with community welfare (β = 0.718, p < 0.001)—more so than the physical infrastructure itself. In response, this study proposes three governance instruments: the MIDEK framework, a Knowledge Transfer Mandate (KTM), and a Productive Energy Tariff (PET). Together, these tools offer a replicable, low-cost pathway for Indonesia’s 1200 planned island installations under Presidential Regulation No. 112/2022—one that is simultaneously revenue-positive for PLN, budget-positive for the State, and welfare-positive for the communities these systems are meant to serve. Full article

Innovation clusters contribute to regional development but face substantial organizational challenges when time-limited public support is reduced or withdrawn. This study examines how membership-based cluster organizations build resilience during such funding transitions. Drawing on organizational resilience theory and conceptualizing clusters as meta-organizations governed through negotiated authority, we conducted a qualitative comparative multiple-case study of nine innovation clusters in Norway and Europe. The empirical material comprises five live semi-structured interviews, four written responses to the same interview guide, and secondary documentary sources. An abductive within-case and cross-case analysis identified four strategic adaptation types: Revenue Diversifiers, Government-Exit Strategists, Survivalists, and Platform Shifters. Cross-case analysis showed that Revenue Diversifiers and Platform Shifters combined multiple revenue mechanisms and service infrastructures, whereas Survivalists remained primarily dependent on public grants and basic membership contributions. The findings show that resilience during predictable funding transitions is strengthened by anticipatory development of member-value propositions, service portfolios, partnerships, and digital infrastructure. The study contributes a typology of post-grant adaptation and explains how negotiated member legitimacy and coordinated service reconfiguration shape resilience in membership-based innovation intermediaries. Full article

This paper examines the asymmetric association between economic diversification and gross domestic product (GDP) growth volatility in the Gulf Cooperation Council (GCC) countries during the period 2000–2022. GDP growth volatility is measured using the rolling five-year standard deviation of real GDP growth. Economic diversification is measured using a Composite Economic Diversification Index (CEDIX), which is constructed through principal component analysis (PCA) and comprises export, fiscal revenue, and sectoral diversification. The index is rescaled to the unit interval and is decomposed into cumulative positive and negative partial sums in order to distinguish between diversification gains and diversification deteriorations. The empirical methodology includes cross-sectional dependence, panel unit-root and cointegration tests, and then the estimation of a pooled mean group nonlinear autoregressive distributed lag (PMG-NARDL) model. The results indicate a long-run relationship between growth volatility and its determinants, with significant long-run asymmetry between diversification gains and diversification deteriorations. Diversification gains are linked to lower volatility of GDP growth, whereas diversification deteriorations are linked to higher volatility. This suggests that deteriorations in diversification may be more strongly associated with macroeconomic instability than diversification gains are associated with stabilization. Short-run diversification effects are statistically insignificant, and the Wald test does not support short-run asymmetry. These results are consistent with the notion that diversification is more strongly associated with long-run resilience than with short-term stabilization. Full article

The rapid growth of graphics processing unit (GPU)-accelerated AI workloads has made data centers significant sources of medium-grade waste heat, creating both a sustainability challenge and an urban decarbonization opportunity. This paper presents the Cascaded Exergy-Economic Valorization (CEEV) framework, a three-stage system that converts data-center waste heat through (1) an organic Rankine cycle for GPU liquid-cooling loops at 65–85 °C; (2) a transcritical CO₂ heat pump, upgrading residual heat to 75–90 °C; and (3) thermochemical energy storage using SrBr₂·6H₂O for seasonal heat banking. The framework introduces two metrics: the Exergy Value Index (EVI, $/kJ) and the Levelized Cost of Stored Heat (LCSH, $/kWhth). Results for a 10 MW liquid-cooled data center across three climate zones show cascade exergy utilization of 31.2–38.7%, operational cost reductions of 15–25%, 20-year NPV of $2.2–8.4 million, and payback periods of 5.8–7.8 years. The simpler HP (heat pump) +TCES (thermochemical energy storag) configuration achieves higher deterministic Net Present Value (NPV) because it preserves the full waste-heat temperature for the heat pump; however, the full three-stage cascade becomes preferable when electricity prices exceed approximately $50/MWhe, when revenue diversification is valued, or when real-options flexibility is important. Real-options analysis shows that traditional NPV undervalues cascaded waste-heat recovery investments by 18–32%. Even without carbon credit revenue, NPV remains positive at $1.6–6.1 million, confirming that district-heating sales and electricity revenue alone can support investment. The CEEV framework advances sustainable data-center development by providing quantifiable tools for waste-heat performance assessment, supporting policy instruments such as the EU Energy Efficiency Directive and the German EnEfG, and aligning with SDGs 7, 9, 11, and 13. Full article

Understanding the determinants of economic growth remains a central issue for resource-dependent economies seeking to achieve sustainable development and economic diversification. In this context, Kazakhstan represents a particularly relevant case due to its heavy reliance on energy resources and its increasing emphasis on tourism development as a potential diversification strategy. This study investigates the validity of the tourism-led growth hypothesis and the energy-led growth hypothesis in Kazakhstan using annual data covering the period 1995–2024. Economic growth is modeled as a function of tourism revenues, energy consumption, inflation, and the real effective exchange rate. To examine both short-run and long-run relationships among the variables, the Autoregressive Distributed Lag (ARDL) bounds testing approach is employed. In addition, structural breaks are identified using the Bai–Perron multiple breakpoint test and incorporated into the empirical framework. The empirical results reveal the existence of a long-run cointegration relationship among the variables. Long-run estimates indicate that energy consumption has a positive and statistically significant effect on economic growth, providing support for the energy-led growth hypothesis. In contrast, tourism revenues do not exert a statistically significant impact on economic growth, suggesting that the tourism-led growth hypothesis is not supported in the case of Kazakhstan. The real effective exchange rate exhibits a negative long-run relationship with economic growth, while inflation does not appear to be a significant determinant. Short-run results are broadly consistent with the long-run findings and indicate a gradual adjustment toward equilibrium. Furthermore, diagnostic and stability tests indicate the adequacy, robustness, and stability of the estimated model. The findings suggest that Kazakhstan’s economic growth remains strongly associated with energy-related activities despite ongoing diversification efforts. While tourism may contribute to regional development and broader socioeconomic objectives, its contribution to macroeconomic growth appears to be limited relative to the dominant role of the energy sector. The study contributes to the literature by jointly evaluating the tourism-led growth and energy-led growth hypotheses within a unified framework and provides policy-relevant evidence regarding the challenges of economic diversification in resource-dependent economies. Full article

This study evaluates the economic efficiency of the timber-production function across 24 forest stands in Czech Republic, representing monocultures, low-diversity mixed stands, mixed stands, and structurally differentiated stands, in the context of the profound changes that have affected forestry in the Czech Republic in recent years. Bark beetle outbreaks, climatic extremes, and the degradation of Norway spruce monocultures have increased concerns about their long-term production reliability and economic stability, highlighting the need to identify more resilient and sustainable management approaches. Mixed and structurally diversified stands, owing to their species diversity and higher ecological stability, represent a potential alternative; however, their management and economic assessment require more complex planning and interpretation. The study analyses the volume production of selected stands, timber market prices by assortments and tree species recalculated on a per-hectare basis and compares silvicultural and harvesting costs. Economic efficiency is expressed using the cost coefficient (Kn) and the efficiency coefficient (Ke), which quantify both direct production costs and the economic return of individual stand types. Results show that monoculture stands, especially those with a high share of valuable assortments, achieved the highest economic efficiency under the applied static cost–revenue assessment. This finding reflects the observed assortment structure, realized timber prices, and selected management costs. In the broader Central European forestry context, however, previous studies indicate that even-aged conifer monocultures may be more exposed to biotic and abiotic disturbance risks, which can affect their long-term production reliability and economic stability. Stands with higher species and structural diversity exhibit an economic profile that differs substantially from that of monocultures. Based on aggregated price and cost inputs for the reference period 2020–2024, low-diversity mixed and mixed stands reach intermediate values of cost intensity and efficiency, whereas structurally differentiated stands display the highest cost intensity and the lowest efficiency. Monocultures, by contrast, achieve the highest economic efficiency, primarily due to a greater share of high-quality timber assortments (classes I–III). Diversified stand structures (mixed and structurally differentiated stands) broaden the assortment composition and produce a more even distribution of monetization across quality classes. Diversification, therefore, did not maximize immediate economic efficiency in the static assessment; rather, it was associated with broader assortment composition and a less concentrated revenue structure across quality classes. Full article

Over the last two decades, social enterprises in Romania have taken on an increasingly important role in the production and provision of social goods and services for vulnerable groups. Although forms of the social economy have long existed in Romanian society, sustainability remains a constant concern, particularly in the context of dependence on European Union structural funds. This study identifies the multidimensional factors influencing the sustainability of social enterprises in Romania, combining a quantitative analysis of 121 certified social enterprises from the National Register (2016–2022) with qualitative case studies of 15 selected organisations. Revenue diversification was significantly associated with financial sustainability (β = −0.28, p < 0.01), whilst high dependence on EU funding (>50% of revenue) was negatively associated with long-term viability (HR = 2.18, p = 0.002). Participation in networks was associated with markedly higher five-year survival rates (87.2% for network members versus 69.5% for non-members). Six key sustainability strategies were identified: hybrid revenue models, integration into the value chain, community inclusion, adaptive leadership, strategic partnerships, and effective communication of results and impact. Environmental sustainability is addressed with preliminary proxy evidence from the qualitative component; systematic measurement of this dimension represents a priority for future research. The findings confirm the absence of an integrated support framework for the sustainable activities of the social economy and, in some cases, the limited capacity of public institutions to support vulnerable groups. Policy recommendations include phased funding mechanisms, transitional support instruments and the systematic development of regional ecosystems. Full article

The Gulf Cooperation Council (GCC) countries, heavily reliant on oil revenues, have long aimed to diversify their economies to mitigate the volatility of global oil prices and foster sustainable growth. Two countries, Saudi Arabia, representing the biggest economy, and Kuwait, the third biggest economy in the GCC, were chosen based on their promising economic visions, while being considered as the more historically conservative countries. Both countries represent case studies to reflect on the effectiveness of their diversification measures on GDP/capita as one of the main macroeconomic indicators for prosperity. The paper aims to use time series data over the period 2000–2024 for both countries to reflect the diversification efforts on GDP per capita. A straightforward multivariate regression model is employed, utilizing the value-added contributions of the three primary sectors—industry, agriculture, and services—to examine whether recent economic transformations and policy reforms have influenced GDP per capita and to identify in which country reforms exerted the greatest impact. Findings are expected to reflect a bigger impact of diversification aims on GDP/capita in Saudi Arabia due to the pace of reforms that have been implemented. This research shall provide valuable insights for policymakers, highlighting the need to promote policy reforms to foster sustainable economic growth. The outcome of this study will provide hydrocarbon-dependent GCC economies with an updated, replicable methodological framework to support a better formulation of policy and strategy connecting digital transformation and sustainability agendas in line with efforts related to the Saudi Vision 2030 and Kuwait Vision 2035, which shall present a benchmark that can be applicable for the other GCC economies. Full article

Grid-connected photovoltaic–energy storage systems (PV-ESSs) enhance electricity reliability and lower energy costs in emerging markets. However, their commercial viability under multi-objective optimization remains under-quantified. This study offers a techno-economic and financial analysis of PV-ESS setups optimized with the Non-Dominated Sorting Genetic Algorithm II across Nigeria, South Africa, and India. The best systems feature 1.3–1.5 MW of solar capacity and 2.5–2.9 MWh of lithium-ion batteries. Results show unsubsidized levelized energy costs of USD 0.061–USD 0.064/kWh, achieving 27–35% savings compared to grid tariffs. Battery storage accounts for 67–76% of total capital costs, making battery expenses the key economic factor. Financial analysis reports net present values of USD 238,000–USD 522,000, internal rates of return of 13.7–15.8%, and discounted payback periods of 7.9–9.2 years. Monte Carlo simulations indicate an 83.4–100% probability of a positive net present value. Sensitivity analysis highlights grid tariffs and battery costs as major influences. Revenue diversification through grid services, capacity credits, and demand response can boost net present value by up to 35%. Overall, optimized PV-ESS projects can be commercially viable in emerging markets with suitable tariffs, financing, and revenue strategies. Full article

As digital creators increasingly operate through organized business structures rather than as individual content producers, understanding organizational characteristics associated with digital creator organizations’ performance has become an important research question. This study examines how content production scale, revenue model diversification, and workforce structure are related to the performance of digital creator organizations. Using survey data on the Korean digital creator media industry, we analyze organizational performance in terms of sales volume and sales per employee. The results indicate that content production scale and revenue model diversification are positively associated with organizational performance. The findings also indicate that workforce structure is relevant: the share of permanent employees is positively related to efficiency, whereas the share of production and development employees is negatively associated with performance. Overall, this study suggests that organizational performance in digital creator organizations is associated not only with content production itself, but also with revenue model breadth and workforce structure. This study contributes to the literature by providing an organizational perspective on performance in the creator economy and offers practical implications for the sustainable growth of digital creator organizations. Full article

Mauritius, as a Small Island Developing State (SIDS), depends heavily on tourism and is therefore exposed to external shocks; this study examines how the sector’s performance and value capture evolved from 2010 to 2025, with particular attention to the COVID-19 disruption and subsequent recovery. The analysis uses only secondary data, combining arrivals and source-market breakdowns published by the Ministry of Tourism with the monthly series of gross tourism earnings released by the Bank of Mauritius. Trends and seasonality are described for both arrivals and earnings, and three indicators are derived to support interpretation: revenue per arrival (as a proxy for value capture), the intensity of seasonality, and the concentration of source markets. The results document the magnitude of the pandemic-related break, trace the timing of the rebound, and show how value capture and market concentration shifted between the pre- and post-COVID periods. The paper concludes by discussing the implications for resilience in island destinations, highlighting the need for diversification and higher-value positioning, and proposing a replicable monitoring approach that can be updated as new official data become available. Full article

The Colombian Amazon faces persistent tensions between biodiversity conservation and rural livelihoods, while territorially grounded productive alternatives remain limited. This study assesses the feasibility of a cacao-based agroforestry system as a sustainable value-chain strategy in Puerto Nariño (Amazonas) and Puerto Caicedo (Putumayo), Colombia. Using participatory action research and mixed methods (100 semi-structured interviews, participatory mapping, techno-economic scenario modeling, and MICMAC structural analysis), the study integrates local knowledge, productivity projections, and territorial governance assessment. The analysis indicates that cacao can be integrated into Amazonian chagra systems without introducing external species, preserving sociocultural compatibility and ecological continuity. Under empirically calibrated productivity assumptions and nine cost–price scenarios, projected annual revenues range from USD 1200 to 2550 per hectare, with an average net present value of USD 3596 over 30 years. MICMAC results identify community governance and institutional articulation as key enabling conditions shaping value-chain feasibility in both territories. Rather than proposing a universal model, the findings suggest that cacao-based agroforestry may strengthen food security and income diversification when embedded in locally legitimate institutions. These results are prospective and should be further assessed through pilot implementations and participatory monitoring. Full article