Search Results (2,549)

The purpose of this study is to examine the interrelationships between public and corporate finance, gross value added (GVA), and the output of the agricultural sector in Bulgaria. The value of crop production shows a strong correlation with all financial indicators of the agricultural sector in Bulgaria—public, corporate, and total—as well as with corporate finance in the national economy. The value of the final output of the agricultural sector in Bulgaria also exhibits a strong correlation with national corporate finance, the corporate finance of the agricultural sector, and this sector’s total financial resources, both public and private. The regression analysis demonstrates that public funding plays a leading role in mobilising private capital in the agricultural sector. A strong dependency is observed between state support, corporate lending, and total financial resources, confirming that public funds promote trust and stimulate investment activity. Crop production is identified as the structural driver of productivity and gross value added (GVA) of the agricultural sector in Bulgaria. However, excessive public subsidies may reduce its efficiency. Private loans—particularly agricultural credits—are emerging as a key mechanism for transforming the potential of the agricultural sector into actual growth. The regression models indicate the possibility that 1 billion BGN in loans lead to the creation of more than 2 billion BGN worth of crop production output, and more than 6 billion BGN in terms of final products. These findings justify that the sustainable development of the agricultural sector in Bulgaria is based on a balanced interaction between public financing and active private investment. Full article

School dropout remains a persistent challenge in developing countries, undermining human capital accumulation and long-term economic development. This paper examines the extent to which Mexico’s PROGRESA conditional cash transfer program influenced school enrollment and reenrollment decisions by analyzing post-program panel data with a Correlated Random Effects probit model. Results indicate that PROGRESA grants significantly increased school enrollment among girls, with the strongest gains observed at the secondary level. Reenrollment effects for girls were positive only when household childcare responsibilities were limited or when secondary schools were located nearby, highlighting the influence of family and community constraints. In contrast, boys exhibited no consistent response in either enrollment or reenrollment outcomes. These findings indicate that although conditional cash transfers can reduce educational inequality, their lasting developmental impact relies on complementary measures—such as childcare provision and improved school access—that mitigate structural barriers to reenrollment and reinforce the connection between education and inclusive growth. Full article

This study investigates the impacts of geopolitical risks on corporate leverage decisions of Vietnamese listed firms from 2017 to 2024. The research findings reveal a negative impact of geopolitical risks on both corporate leverage and short-term leverage. That is, Vietnamese listed firms actively reduce corporate leverage and short-term leverage as firms face rising geopolitical risks and uncertainties. Additionally, the effects of geopolitical risks are more pronounced for financially unconstrained firms, HOSE- and HNX-listed firms. Based on the main findings, policymakers at government levels and managers at corporate levels should consider the impacts of geopolitical risks when designing and implementing new policies in order to mitigate the negative effects of these risks and increase the resilience of Vietnamese firms considering geopolitical risks and uncertainties. Full article

Background: Financial sustainability remains a central challenge for U.S. hospitals as rising operating costs, shifting federal reimbursement, and policy uncertainty intensify economic pressures. This study estimates the prevalence and recent changes in financial distress among U.S. short-term acute care hospitals. Methods: We conducted a national longitudinal analysis of all U.S. short-term acute care hospitals from 2021 to 2023 using financial and operational data from Medicare cost reports linked with community-level data from the American Community Survey. Financial distress was measured using the Altman Z-score, with severe distress defined as Z ≤ 1.8. Logistic regression models were used to identify organizational, operational, and market characteristics associated with distress. Results: The proportion of hospitals classified as severely financially distressed increased from 18.6% in 2021 to 22.0% in 2023. Operating margins and returns on assets declined significantly over the study period, while mean Z-scores showed a modest but non-significant downward trend. In adjusted models, urban hospitals had higher odds of distress (OR 1.27, 95% CI 1.15–1.40, p < 0.001), as did hospitals with longer average lengths of stay (OR 1.07 per day, 95% CI 1.04–1.09, p < 0.001) and higher debt-to-equity ratios (OR 1.05 per unit, 95% CI 1.05–1.06, p < 0.001). Higher occupancy rates were protective (OR 0.31, 95% CI 0.25–0.40, p < 0.001). Larger market population was also associated with increased distress risk (OR 1.61, 95% CI 1.21–2.14, p = 0.001), while other market characteristics were not significant. Conclusions: Financial distress remains widespread and appears to be increasing among U.S. acute care hospitals. Operational efficiency, capital structure, and local market scale are key drivers of financial vulnerability, highlighting the need for targeted strategies to strengthen hospital resilience and preserve access to essential acute care services. Full article

While global climate adaptation goals are well-established, their translation into neighborhood-scale spatial reality remains underexplored, creating a critical knowledge gap regarding the social acceptability of specific interventions. This study addresses this “governance–perception mismatch” through a case study of Caferağa, a high-density coastal district in Istanbul. By surveying 104 “ground-floor interface” stakeholders, the research investigates the extent to which spatial strategies are integrated and how they are perceived by local users. The findings reveal three significant patterns: (1) an “implementation gap”, where a majority of respondents (51.0%) report no effective adaptation measures despite strongly prioritizing green infrastructure (38.5%) over water management solutions (13%); (2) a “participation paradox”, evidenced by a stark divergence between high willingness to engage (73.1%) and negligible perceived involvement; and (3) the conceptual validation of “informed cynicism”, where higher education levels correlate with deeper institutional distrust due to the recognized inadequacy of current actions. The study concludes that in centralized planning systems, the structural exclusion of high-human-capital stakeholders transforms potential co-production into active alienation. Full article

This paper investigates whether intelligent workplace technologies improve firm-level productivity and, if so, under what conditions, with particular attention to their implications for the economic and social sustainability of firms. This investigation occurs in a context where firms increasingly combine automation, artificial intelligence (AI), and work-from-home (WFH) practices to sustain performance under structural shocks such as the COVID-19 pandemic. Despite evidence that firms adopt these technologies jointly and reorganize work accordingly, existing research typically examines them in isolation. We develop a micro-founded, task-based production model in which firms allocate tasks between on-site and remote labor and automated capital in an optimal manner. This model allows both automation technologies and remote work collaboration tools to affect productivity and coordination costs that are central to long-term organizational sustainability. Using firm-level survey data from nearly 4000 large firms across industries and countries (2018–2021), we show that working from home (WFH) exhibits diminishing productivity returns when scaled in isolation, reflecting rising coordination frictions. In contrast, firms that combine WFH with automation and digital collaboration tools experience significantly higher labor productivity growth. These integrated technology systems support sustainable productivity by enabling capital deepening, resilient task reallocation, and more efficient use of labor resources over time. Overall, the findings suggest that productivity gains—and by extension sustainable firm performance—stem from integrated workplace technology systems rather than isolated investments, highlighting the importance of coherent technology strategies for organizing work in the post-pandemic economy. Full article

Land disputes can pose significant threats to the life and property of residents, and integrated resolutions of land disputes can create opportunities for refining and adjusting land resources and rights. Over time, research on the determinants of land disputes has evolved from focusing on legal, administrative, and economic factors to exploring deeper social factors, particularly social capital. Drawing on data from China Judgement Online, Chinese social surveys, and various statistical yearbooks, this study uses an econometric model to innovatively assess three types social capital (social networks, interpersonal trust, and institutional trust) as key determinants of land disputes. The findings reveal that both structural social capital (represented by social networks) and cognitive social capital (in the form of institutional trust) can significantly reduce land disputes. Furthermore, administrative intervention may have a mediating effect by mitigating the negative influence of structural social capital on land disputes. The findings of this study not only advance the theoretical understanding of the influence of social capital on land disputes but also offer practical insights into preventing and resolving such disputes, thereby contributing to the establishment of a peaceful and secure society. Full article

With the rapid development of the sharing economy and the progress of social ecological civilization, social media influencers (SMIs) have garnered significant from academia and practitioners for their pivotal role in fostering pro-environmental behavioral intentions within the tourism consumption context. Drawing on the two-step flow theory, social influence theory, and social learning theory, this study establishes an integrated analytical framework to elucidate how SMIs facilitate the balance between tourism development and ecosystem preservation by activating pro-environmental behavioral behavior. This study conceptualizes the SMIs’ multi-traits as a higher-order construct (a third-order reflective structure), which integrates content-determined and personality-determined attributes, viewing SMIs’ effectiveness as a coherent system of influence rather than a series of fragmented traits. Based on survey data collected from 598 Chinese social media users, the study utilized Covariance-Based Structural Equation Modeling (CB-SEM) to test the proposed model. The results demonstrate that SMIs’ multi-traits exert significant positive effects on parasocial relationships and wishful identification, which in turn enhance individuals’ willingness to mimic. This willingness to mimic serves as a core behavioral conversion mechanism, bridging digital influence on three pro-environmental behavioral intentions: general, specific and online advocacy intentions. Furthermore, robustness analyses reveal marked heterogeneity across education- and income-based groups, indicating that the efficacy of SMI traits and the psychological-to-behavioral conversion efficiency are contingent upon the recipients’ socioeconomic resources and cognitive capital. Overall, this study characterizes social media influencer marketing as a scalable, socially driven phenomenon that can effectively activate and promote pro-environmental behavioral intentions, providing valuable insights for environmental education and sustainable tourism development in the digital age. Full article

This paper examines bank failures during the subprime mortgage crisis, emphasizing sibling dynamics within multi-bank holding companies (MBHCs). While traditional risk indicators effectively predict failures for one bank holding companies (OBHCs), they exhibit limited explanatory power for MBHCs, where internal capital markets and interdependencies across affiliates shape risk outcomes. We extend the standard failure framework by incorporating group-level characteristics that capture sibling network structure and the distribution of risk across affiliates. Using pre-crisis data from 2006 to 2007, we show that group structure significantly influences failure risk. Larger sibling networks reduce individual bank failure risk through diversification, while greater size dispersion across affiliates increases vulnerability by constraining internal resource allocation. Beyond these aggregate effects, we introduce a weakest link approach that identifies the most distressed affiliate based on extreme tail risk in capitalization, asset quality, liquidity, earnings, and income volatility, capturing organizational fragility that aggregate measures miss. Concentrated vulnerabilities at a single affiliate significantly amplify failure risk throughout the holding company, even after controlling for traditional bank-level fundamentals and parent-level characteristics. These findings, derived from the 2007–2010 crisis, a severe stress test of holding company structures, identify organizational dynamics: resource competition among siblings and concentrated vulnerabilities at the weakest affiliate. Supervisory frameworks should explicitly account for within-group interdependencies rather than relying solely on individual bank metrics or aggregate indicators when monitoring bank holding company structures. Full article

Bound states in the continuum (BICs) can be transformed into quasi-bound states (quasi-BICs) via intentional symmetry breaking, thereby enabling ultrahigh-Q resonances critical for refractometric sensing applications. To advance detection capabilities for organic analytes, we proposed an all-dielectric metasurface monolithically integrated within a microfluidic channel. Mirror symmetry was intentionally disrupted through a cylindrical perturbation applied to one of two identical elliptical resonators, which excited a quasi-BIC mode at 1.9591 THz with a numerically validated Q-factor of 1959. This resonance manifested an absorption peak approaching unity, featuring a full-width at half-maximum (FWHM) of merely 1 GHz. Multipolar decomposition revealed that the mode originated from a synergistic electric-quadrupole (EQ)–magnetic-dipole (MD) pair, wherein the EQ contribution exceeded the MD counterpart by 20%. Capitalizing on this high-Q resonance, the sensor attained a sensitivity of 240 GHz per refractive-index unit (GHz RIU⁻¹) and a figure of merit (FOM = S/FWHM) of 240, while demonstrating robust performance against fabrication tolerances spanning −4% to +4%. Additionally, we verified that oblique-incidence illumination could activate a quasi-BIC within the identical spectral band, circumventing the need for structural asymmetry and thus expanding operational versatility. Benefiting from its geometric simplicity and competitive performance, this architecture exhibited substantial potential for on-chip sensing of organic compounds. Full article

Transdisciplinarity and the co-production of knowledge have become fundamental approaches to addressing complex social problems. However, the sustainability of collaborative partnerships remains underexplored from an empirical perspective. This article examines the mechanisms that shape the continuity of collaborative networks in social innovation projects in the field of social services, particularly those linked to community-based welfare systems in Andalusia (Spain). Drawing on a thematic qualitative analysis of 15 social innovation projects and 14 semi-structured interviews with project coordinators, the study explores how diverse actors (universities, public administrations, third-sector organisations, and citizens) mobilise different types of social capital within local social services. The findings reveal that collaboration success depends on a balance between relational enablers (trust and shared experiences) and structural barriers (bureaucracy, work overload, and lack of time). The analysis also shows that participatory methodologies and connections with pre-existing networks are essential for sustaining collaboration after project completion. The article concludes that the sustainability of transdisciplinary social innovation in social services requires moving beyond project management logics and investing in the care of invisible relational structures, with implications for public policies aimed at consolidating trust ecosystems and long-term collective learning. Full article

Energy transition regions (ETRs) face simultaneous pressures as decarbonisation policies intersect climate hazards, land-use constraints, and economic uncertainty. Although research on renewable energy deployment, climate vulnerability, spatial planning, and investment behaviour has expanded, these topics often remain disconnected, limiting their usefulness for guiding regional energy strategies. This review applies a structured, PRISMA-informed (but not protocol-registered) search and screening process, combining bibliometric mapping with qualitative thematic synthesis. In total, 231 peer-reviewed studies published between 2015 and 2025 were analysed to identify how climate-related risks, financial conditions, and territorial constraints jointly influence energy system choices in ETRs. Four major themes emerge: climate risk and infrastructure vulnerability, investment dynamics and policy stability, land-use governance and siting conflicts, and renewable energy system integration. Across these areas, common challenges include the impact of extreme events on system reliability, the influence of policy uncertainty on capital flows, and the role of land scarcity in shaping technology mixes. To link these dimensions, this study proposes the Resilience–Investment–Land Nexus (RILN), a framework that describes how climate exposure, investment risk, spatial suitability, and social acceptance interact to shape transition pathways. The results highlight the need for climate-informed planning, stable regulatory environments, and stronger spatial decision-support tools. It also identifies gaps in integrating climate risk, land-use modelling, and investment analysis and offers directions for future work on resilient, region-specific energy transitions. Full article

This study assesses the innovation performance and convergence dynamics across 237 European regions (NUTS 2 level) from 2016 to 2023, explicitly accounting for the structural and behavioural changes triggered by the COVID-19 pandemic. The article provides a novel regional-level assessment of how an unprecedented external shock reshaped innovation trajectories before and after the pandemic. To this end, the analysis combines Principal Component Analysis (PCA), Hierarchical Cluster Analysis (HCA), sigma-convergence measures, and a Difference-in-Differences (DiD) framework within an integrated multi-method empirical approach to evaluate shifts in regional innovation patterns over time. The results reveal a highly uneven distribution of innovation activities, with increasing polarization in the post-pandemic period. Northern and Western European regions strengthened their competitive advantage through robust digital infrastructure, strong human capital, and substantial R&D investments. In contrast, many Southern and Eastern European regions faced heightened structural barriers, leading to a widening innovation gap. Nevertheless, several regions exhibited notable resilience and achieved significant innovation catch-up, providing new empirical evidence on heterogeneous regional adaptive dynamics supported by targeted regional policies and improved local capabilities. The sigma-convergence analysis indicates a general increase in overall disparities, as reflected by rising dispersion in the Regional Innovation Index (RII) during 2020–2023. However, according to the DiD estimation, regions most severely affected by COVID-19 experienced a statistically significant relative increase (approximately 2.17%) in innovation performance, highlighting the pandemic’s role as a catalyst for accelerated digital transformation and innovation adjustment at the regional level. Full article

The coordinated development of the rural economy and the ecological environment remains a central challenge in China’s rural revitalization agenda. Against this backdrop, the rapid expansion of the digital economy (DE) has the potential to reshape traditional development pathways and ease the longstanding tension between economic growth and environmental sustainability. However, existing studies have predominantly examined the economic or environmental effects of digitalization in isolation, leaving its role in fostering their coordinated development largely unexplored. Using balanced panel data for 30 Chinese provinces from 2011 to 2021, this paper constructs an index of the coupling coordinated development of the rural economy–environment (CREE) and employs a two-way fixed-effects framework, complemented by mediation analysis, panel threshold regression, and a spatial Durbin model, to examine the impact of the DE on CREE and its transmission mechanisms. The results show that the DE significantly enhances CREE on average. This positive effect, however, is non-linear and conditional: it emerges only after rural educational attainment exceeds a critical threshold, and its marginal contribution diminishes as the level of digital development increases. Mechanism analyses indicate that the DE promotes CREE primarily by stimulating technological innovation and advancing urbanization, while improvements in the structure of human capital further strengthen this relationship. Spatial econometric evidence reveals pronounced spillover effects of the DE on CREE across regions, with spillovers based on economic distance outweighing those associated with geographic proximity. By adopting a coupling perspective that integrates economic and environmental dimensions, this paper clarifies the non-linear dynamics, transmission channels, and spatial diffusion processes through which the DE contributes to rural green development. The findings underscore the importance of strengthening rural education foundations, deepening the application of digital technologies, and enhancing regional coordination to fully harness the DE’s role in promoting coordinated economy–environment development. Full article

This article examines labor relations in China’s entertainment live-streaming, where the state and private companies jointly regulate desire to secure political control and economic profit. Using Hao Wu’s documentary People’s Republic of Desire as a case study, I analyze how physical and affective labor are converted into emotional commodities circulated across platforms. Drawing on Jean-François Lyotard’s concept of the “libidinal economy,” I argue that while desire carries the potential to disrupt economic structures, it is ultimately absorbed into sustaining the political-economic status quo in contemporary China. Moreover, engaging Thomas Lamarre’s notion of “platformativity,” I further show how video platforms interweave the political, economic, and psychic to sustain a “tittytainment” economy that masks ongoing labor exploitation. The rise of live-streaming thus offers a critical lens for understanding the shifting relations among capital, labor, technology, and state governance in the digital age. Full article