Search Results (391)

This study examines the relationship between energy use, economic growth, and stock market performance in the COMESA region. It utilizes yearly data from 1990 to 2022, sourced from the World Bank. It applies the Method of Moments Quantile Regression (MMQR), a statistical technique that captures how relationships vary across different levels of stock market development. The analysis examines how fossil fuels, renewable energy, and energy imports impact stock market size (market capitalization) at varying levels of performance. The results indicate that both the use of fossil fuels and renewable energy have a significant impact on stock markets, although the effects vary. Renewable energy has the most important positive effect in countries with smaller or weaker markets, suggesting it can help strengthen financial systems in developing economies. However, its impact becomes weaker in stronger markets, possibly due to the costs and challenges of switching to clean energy. On the other hand, economic growth does not always lead to stock market growth, likely due to structural problems in the region that prevent economic progress from boosting financial markets. This study shows how energy policy, economic growth, and market performance are closely linked. It calls for targeted policies to support the shift to renewable energy, manage short-term challenges, and build strong infrastructure to support long-term growth and financial stability. This research helps explain how energy and economic factors shape stock market outcomes in COMESA, offering helpful guidance for investors, researchers, and policymakers aiming for sustainable development. Full article

Ecosystem services—the benefits humans derive from nature—are foundational to environmental sustainability and economic well-being, with carbon sequestration and storage standing out as critical regulating services in the fight against climate change. This study presents a comprehensive financial valuation of the carbon sequestration, storage and product substitution ecosystem services provided by the Hungarian forest-based sector. Using a multi-scenario framework, four complementary valuation concepts are assessed: total carbon storage (biomass, soil, and harvested wood products), annual net sequestration, emissions avoided through material and energy substitution, and marketable carbon value under voluntary carbon market (VCM) and EU Carbon Removal Certification Framework (CRCF) mechanisms. Data sources include the National Forestry Database, the Hungarian Greenhouse Gas Inventory, and national estimates on substitution effects and soil carbon stocks. The total carbon stock of Hungarian forests is estimated at 1289 million tons of CO₂ eq, corresponding to a theoretical climate liability value of over EUR 64 billion. Annual sequestration is valued at approximately 380 million EUR/year, while avoided emissions contribute an additional 453 million EUR/year in mitigation benefits. A comparative analysis of two mutually exclusive crediting strategies—improved forest management projects (IFMs) avoiding final harvesting versus long-term carbon storage through the use of harvested wood products—reveals that intensified harvesting for durable wood use offers higher revenue potential (up to 90 million EUR/year) than non-harvesting IFM scenarios. These findings highlight the dual role of forests as both carbon sinks and sources of climate-smart materials and call for policy frameworks that integrate substitution benefits and long-term storage opportunities in support of effective climate and bioeconomy strategies. Full article

This study investigates the impact of environmental, social, and governance (ESG) disclosure on value creation in a balanced panel of 100 non-financial Sharia-compliant firms listed on the Saudi Stock Exchange over the period 2014–2023. The analysis employs a combination of econometric techniques, including fixed effects models with Driscoll–Kraay standard errors, Pooled Ordinary Least Squares (POLS) with Driscoll–Kraay standard errors and industry and year dummies, and two-step system generalized method of moments (GMM) estimation to address potential endogeneity and omitted variable bias. Value creation is measured using Tobin’s Q (TBQ), Return on Assets (ROA), and Return on Equity (ROE). The models also control for firm-specific variables such as firm size, leverage, asset tangibility, firm age, growth opportunities, and market capitalization. The findings reveal that ESG disclosure has a positive and statistically significant effect on firm value across all three performance measures. Furthermore, firm size significantly moderates this relationship, with larger Sharia-compliant firms experiencing greater value gains from ESG practices. These results align with agency, stakeholder, and signaling theories, emphasizing the role of ESG in enhancing transparency, reducing information asymmetry, and strengthening stakeholder trust. The study provides empirical evidence relevant to policymakers, investors, and firms striving to achieve Saudi Arabia’s Vision 2030 sustainability goals. Full article

Prior research often portrays Corporate Social Responsibility (CSR) as a coercive institutional force compelling firms to passively conform for legitimacy. More recent studies, however, suggest firms actively pursue CSR to gain sustainable competitive advantages. Yet, how and when CSR buffers firms against adverse shocks of crises remains insufficiently understood. This study addresses this gap by using multiple regression analysis to examine the buffering effects of CSR investments during the COVID-19 crisis, which severely disrupted capital markets and firm valuation. Drawing on signaling theory and CSR literature, we analyze the stock market performance of China’s A-share listed firms using a sample of 2577 observations as of the end of 2019. Results indicate that firms with higher CSR investments experienced significantly greater cumulative abnormal returns during the pandemic. Moreover, the buffering effect is amplified among firms with higher debt burdens, greater financing constraints, and those operating in regions with stronger social trust and more severe COVID-19 impact. These findings are robust across multiple robustness checks. This study highlights the strategic value of CSR as a resilience mechanism during crises and supports a more proactive view of CSR engagement for sustainable development, complementing the traditional legitimacy-focused perspective in existing literature. Full article

Manufacturing serves as a vital indicator of a nation’s economic strength, technological advancement, and comprehensive competitiveness. In the context of the VUCA (Volatility, Uncertainty, Complexity, Ambiguity) business environment and globalization, uncertain market demand has intensified supply chain disruption risks, necessitating resilience strategies to enhance supply chain stability. This study proposes five resilience strategies—establishing an information sharing system, multi-sourcing, alternative suppliers, safety stock, and alternative transportation plans—while integrating sustainability requirements. A multi-objective mixed-integer optimization model was developed to balance cost efficiency, resilience, and environmental sustainability. Comparative analysis reveals that the resilience-embedded model outperforms traditional approaches in both cost control and risk mitigation capabilities. The impact of parameter variations on the model results was examined through sensitivity analysis. The findings demonstrate that the proposed optimization model effectively enhances supply chain resilience—mitigating cost fluctuations while maintaining robust demand fulfillment under uncertainties. Full article

Emerging digital technologies are transforming how consumers participate in financial markets, yet their benefits depend critically on the speed, reliability, and transparency of the underlying platforms. Online stock trading platforms must maintain high efficiency underload to ensure a good user experience. This paper presents performance analysis under various load conditions based on the containerized stock exchange system. A comprehensive data logging pipeline was implemented, capturing metrics such as API response times, database query times, and resource utilization. We analyze the collected data to identify performance patterns, using both statistical analysis and machine learning techniques. Preliminary analysis reveals correlations between application processing time and database load, as well as the impact of user behavior on system performance. Association rule mining is applied to uncover relationships among performance metrics, and multiple classification algorithms are evaluated for their ability to predict user activity class patterns from system metrics. The insights from this work can guide optimizations in similar distributed web applications to improve scalability and reliability under a heavy load. By framing performance not merely as a technical property but as a determinant of financial decision-making and well-being, the study contributes actionable insights for designers of consumer-facing fintech services seeking to meet sustainable development goals through trustworthy, resilient digital infrastructure. Full article

Bank operations are contingent upon investor confidence, particularly during periods of economic distress. If investor confidence drops, a bank faces difficulties obtaining money, higher borrowing costs, and lower stock values. Non-performing loans (NPLs) potentially jeopardize a bank’s long-term viability and short-term profitability, and investors are naturally wary of institutions that pose a high credit risk. The purpose of the study was to explore how non-performing loans influence investor confidence in banks. A purposive sampling technique was used to identify 253 New York Stock Exchange banks in the Thomson Reuters Eikon DataStream that satisfied all the inclusion and exclusion selection criteria. The Common Correlated Effects Mean Group (CCEMG) and Generalized Method of Moments (GMM) models were used to analyze the data, providing insight into the relationship between the variables. The study discovered that NPLs had a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. Furthermore, the bank’s age was found to have a positive and significant relationship with the P/E and P/B ratio. The moderating relationship between NPLs and bank age was found to have a negative and significant influence on price–earnings (P/E) and price-to-book value (P/B) ratios. The findings underscore the importance of asset quality and institutional reputation in influencing market perceptions. Bank managers should focus on managing non-performing loans effectively and leveraging institutional credibility to sustain investor confidence, particularly during financial distress. Full article

Against the backdrop of China’s urban transformation from incremental expansion to stock regeneration, community regeneration has emerged as a critical mechanism for enhancing urban governance efficacy. As fundamental units of urban systems, the regeneration of communities requires comprehensive approaches to address complex socio-spatial challenges, with public participation serving as the core driver for achieving sustainable renewal goals. However, significant regional disparities persist in the effectiveness of public participation across China, necessitating the systematic institutionalization of participatory practices. Guangzhou, as a pioneering city in institutional innovation and the practical exploration of urban regeneration, provides a representative case for examining the evolutionary trajectory of participatory planning. This research employs Arnstein’s Ladder of Participation theory, utilizing literature analysis and comparative case studies to investigate the evolution of participatory mechanisms in Guangzhou’s community regeneration over four decades. The study systematically examined the transformation of public engagement models across multiple dimensions, including organizational frameworks of participation, participatory effectiveness, diversified financing models, and the innovation of policy instruments. Three paradigm shifts were identified: the (1) transition of participants from “passive responders” to “active constructors”, (2) advancement of engagement phases from “fragmented intervention” to “whole-cycle empowerment”, and (3) evolution of participation methods from “unidirectional communication” to “collaborative co-governance”. It identifies four drivers of participatory effectiveness: policy frameworks, financing mechanisms, mediator cultivation, and engagement platforms. To enhance public engagement efficacy, the research proposes the following: (1) a resilient policy adaptation mechanism enabling dynamic responses to multi-stakeholder demands, (2) a diversified financing framework establishing a “government guidance + market operation + resident contribution” cost-sharing model, (3) a professional support system integrating “localization + specialization” capacities, and (4) enhanced digital empowerment and institutional innovation in participatory platform development. These mechanisms collectively form an evolutionary pathway from “symbolic participation” to “substantive co-creation” in urban regeneration governance. Full article

This research evaluates the effectiveness of traditional models in predicting movements in the Moroccan financial market, with a focus on the MASI and MASI ESG indices. As environmental, social, and governance (ESG) criteria gain prominence in financial analysis, this study examines the strengths and limitations of conventional predictive models. The findings reveal a significant correlation between the two indices while underscoring the challenges traditional models face in effectively integrating extra-financial dimensions, particularly environmental and social factors. These limitations hinder their ability to fully capture the complexities of the Moroccan financial market, where ESG considerations are increasingly shaping economic trends. Given these constraints, the study emphasizes the need for more advanced forecasting tools, particularly models that comprehensively incorporate ESG factors. Such advancements would enhance the understanding of ongoing economic transformations and address emerging challenges. By refining these tools, predictive models could become more relevant and better equipped to meet the specific demands of Morocco’s evolving financial landscape. Full article

This study examines the impact of capital market openness on corporate green total factor productivity (GTFP) using a quasi-natural experiment based on the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect policies. Employing a multi-period difference-in-differences (DID) approach, the findings reveal that capital market openness significantly enhances corporate GTFP through two primary mechanisms: strengthening firms’ green financial resources and technological innovation (green “hard strength”) and improving corporate environmental governance, green information disclosure, and managerial green expertise (green “soft strength”). Further heterogeneity analysis suggests that firms with greater institutional investor engagement, higher market competition, and non-state ownership exhibit stronger responses. These results provide policy insights into leveraging financial liberalization to drive corporate sustainability and green economic growth. This study highlights the role of financial markets in supporting global carbon neutrality and sustainable development goals. Full article

Forest carbon sink (FCS) is essential for achieving carbon neutrality and supporting sustainable development in ecologically fragile, resource-based cities such as those on the Loess Plateau. Despite the success of national afforestation programs, economic valuations of FCS at the city level remain limited. This study develops an integrated framework combining carbon stock estimation, regional carbon pricing, and net present value (NPV)-based valuation. Using Shenmu City in Shaanxi Province as a case study, forest carbon stocks from 2010 to 2023 are estimated based on the 2006 IPCC Guidelines. Future stocks (2024–2060) are projected using the GM (1,1) model. A dynamic pricing mechanism with a government-guaranteed floor price is applied under three offset scenarios (5%, 10%, 15%). The results show that Shenmu’s forest carbon stock could reach 20.67 million tonnes of CO₂ by 2060, and under a 15% offset scenario, the peak NPV reaches CNY 4.02 billion. Higher offset ratios increase FCS value by 18–22%, reflecting the growing scarcity of carbon credits. The pricing model improves market stability and investor confidence. This study provides a replicable approach for carbon sink valuation in semi-arid areas and offers policy insights aligned with SDG 13 (Climate Action) and SDG 15 (Life on Land). Full article

This research investigates the effect of board characteristics on environmental, social, and governance (ESG) disclosure among firms listed on the Saudi Stock Exchange (Tadawul) from 2021 to 2023. Motivated by the global shift toward sustainable development and the Saudi Vision 2030 agenda, this study examines how board size, gender diversity, independence, expertise, and compensation impact ESG disclosure practices. Drawing on stakeholder and agency theories, the regression model uses a sample of 78 Saudi-listed companies. ESG disclosure is measured using a content analysis-based checklist that conforms to international and Saudi ESG reporting frameworks. The findings indicate that background and skills, female representation, and compensation positively correlate with ESG disclosure. Conversely, board size and independence do not show significant relationships. The results highlight the pivotal role of board composition in emphasizing business practices for sustainability in emerging markets, particularly within the unique institutional setting of Saudi Arabia. The study contributes to the growing body of ESG literature by offering factual proof from an under-researched context and practical ramifications for investors, legislators, and business executives, as well as seeking to enhance transparency and accountability through effective board governance. Full article

This study investigates the impact of digital finance on corporate ESG performance, using panel data from A-share listed companies on the Shanghai and Shenzhen stock markets between 2011 and 2022. Our findings demonstrate that digital finance significantly enhances corporate ESG outcomes, with financing constraints and digital transformation serving as partial mediators and internal control quality acting as a moderating factor. The results from channel tests indicate that digital finance facilitates notable improvements in social performance and corporate governance, while its influence on environmental performance remains limited. Further analysis reveals that the positive impacts of digital finance on ESG are more evident in small-scale, technology-intensive, and non-polluting firms. This study concludes by proposing tailored recommendations for government, financial institutions, and corporations, emphasizing the need for differentiated policies to elevate ESG practices and promote higher quality, sustainable economic, and social development in China. Full article

This study examines the interplay between oil price volatility, sustainability-driven initiatives, and the MSCI UAE Index, highlighting the challenges that oil-dependent economies face in balancing financial stability with sustainability transitions. Using a dataset of 2707 daily observations from 2014 to 2024, we applied linear regression, ARCH, GARCH, and TARCH models to analyze volatility dynamics across two key periods: the 2014–2016 oil price collapse and the 2019–2023 phase marked by the COVID-19 pandemic and increasing sustainability efforts. Our findings indicate that oil price fluctuations significantly impact the MSCI UAE Index, with GARCH models confirming persistent volatility and TARCH models revealing asymmetrical effects, where negative shocks intensify market fluctuations. While the initial sustainability policy announcements contributed to short-term volatility and investor uncertainty, they ultimately fostered market confidence and long-term stabilization. Unlike previous studies focusing solely on oil price volatility in emerging markets, this research integrates sustainability policy announcements into financial modeling, providing novel empirical insights into their impact on financial stability in oil-exporting economies. The findings suggest that stabilization funds, dynamic portfolio strategies, and transparent regulatory policies can mitigate oil price volatility risks and enhance market resilience during sustainability transitions, offering valuable insights for investors, policymakers, and financial institutions navigating the UAE’s evolving economic landscape. Full article

The creative breakthroughs in policy implementation by China hold essential practical importance for promoting global sustainability. The carbon emission trading (CET) pilot policy initiated in 2011 provides a quasi-natural experimental setting to investigate the dual impacts of market-incentivized environmental regulation on corporate carbon emissions (CEs) and capacity utilization (CU) enhancement. This study employs panel data from A-share listed manufacturing companies on the Shanghai and Shenzhen stock exchanges spanning 2007–2022, constructing a corporate carbon reduction efficiency (CRE). A Generalized difference-in-differences (DID) approach is adopted to examine the policy effects. The study reveals that the execution of the CET pilot policy has shown a notable and enduring enhancement in corporate CRE, yielding the combined advantage of advancing corporate decarbonization and improving CU. These conclusions remain resilient despite thorough sensitivity analysis. Furthermore, the pilot improves CRE via three principal avenues: augmenting corporate innovation capabilities, increasing green investment intensity, and refining managerial practices. The impacts of CET pilots are most significant in state-owned firms (SOEs), capital-intensive industries (CIEs), eastern region enterprises (EEs), and sectors with little market concentration. The findings set essential empirical standards for assessing decarbonization initiatives and guiding social progress towards sustainability. Full article