Search Results (144)

Weak sustainability (WS) requires that the inclusive wealth (IW) of a place (e.g., the world, a nation, or a sub-national region) be non-decreasing over a long time. The WS framework provides a more complete account of the sustainability of a place than do sustainability indicators or conventional economic measures, such as gross domestic product. However, while many decisions that affect sustainability are made at regional and local levels, the abstract theory of WS was developed without explicit recognition of the porosity of geographic boundaries and the interdependencies of regions. In this paper, we make three contributions: a carefully reasoned defense of IW per capita as the WS criterion, an improved understanding of the relationship between mobility, labor productivity, and regional economic growth, and an empirical application to US counties that demonstrates the feasibility of empirical regional WS assessment by summarizing Jones’ research. This analysis, extending the framework developed by Arrow and co-authors, accounts for more region-specific factors related to population, most notably the labor productivity component of health capital, and assesses IW per capita for all 50 states and 3108 counties in the US from 2010 to 2017. These improved methods revealed substantially more states and counties that were not WS relative to results using the Arrow et al. framework. The not-WS counties exhibited a distinct rural bias, as regional scientists have suspected but, nevertheless, the majority of rural counties were WS. Our work demonstrated that regional WS assessment is feasible, produces results that are consistent with prior expectations based on reasoning and empirical research, and has the potential to provide fresh insights into longstanding questions of regional development. Full article

The growth of the older adult population, their wealth accumulation, and vulnerabilities from aging have contributed to increasing rates of abuse, fraud, and financial exploitation. However, the current responses and services are fragmented and ineffectual. This paper develops a novel strategy for addressing the variation in response and victim service provision through the development of a problem-solving court that is informed by the principles of restorative justice. Given the unique challenges, cases, and population, a problem-solving court for crimes against older adults will provide tailored interventions, responses, and sanctions while ensuring that older adult victims and their communities are at the center of the criminal justice process and that their needs are prioritized. Research on problem-solving courts; restorative justice; and older adult abuse, fraud, and financial exploitation are integrated with data from a case study of older adult financial exploitation in a large retirement community to develop the model problem-solving court. Consistent with best practices in victim services, the model court will provide comprehensive services in a one-stop location, while simultaneously increasing accountability for offenders who prey on this vulnerable population. The paper concludes with a plan to guide the implementation and evaluation of the proposed model problem-solving court for older adult abuse, fraud, and exploitation. Full article

In today’s evolving society, meaningful development cannot be fully realized without acknowledging the vital role of the electronics sector, especially as it functions within informal markets. These markets have become more than just centers of commerce; they serve as informal learning grounds where many young people acquire entrepreneurial skills, develop resilience, and find alternatives to social vices. For many, informal entrepreneurship is not just an option but a means of survival and self-empowerment. Despite their growing relevance, the link between the entrepreneurial abilities nurtured in these informal markets and actual business performance has not been adequately examined. This study, therefore, aimed to explore how informal electronics entrepreneurs in a developing economy navigate their environment, overcome challenges, and create wealth through vision, innovation, and calculated risk-taking. Anchored in institutional theory, the research employed a qualitative approach, using cluster, purposive, and simple random sampling to select participants from key informal business units. Interviews were conducted, transcribed, and analyzed using QSR NVivo 12, allowing for deep insight into the lived experiences of the entrepreneurs. Findings revealed that 78% of participants emphasized practical suggestions that aid informal business survival, such as customer-driven innovations, adaptive strategies, and avoiding confrontations with regulatory agencies. Key attributes such as foresight, adaptability, and risk management accounted for 66% of the variance in corporate success. Strategic and innovative approaches are enabling informal firms to endure and prosper, since 61% of respondents associated these competencies with organizational success. The new BSP framework, which integrates institutional and contingency theories, illustrates how informal enterprises endure by conforming to or opposing institutional pressures and adjusting to environmental changes. The results indicate that, when properly understood and supported, the informal electronics sector may develop sustainably. This study demonstrates that informal entrepreneurship is influenced by formal regulations, informal norms, and local enforcement mechanisms, therefore enhancing institutional theory and elucidating business behavior in developing nations. The Business Survival Paradigm [BSP] illustrates how informal enterprises navigate institutional obstacles to endure. It advocates for policies that integrate the official and informal sectors while fostering sustainable development. The paper advocates for ongoing market research to assist informal firms in remaining up-to-date. It implores authorities to acknowledge the innovative potential of the informal sector and to provide supportive frameworks for sustainable growth and formal transition where feasible. Full article

This study examined the socioeconomic and veterinary cost factors influencing dog abandonment and adoption outcomes across 162 regions in the Republic of Korea from 2021 to 2023. Unlike prior research, this study distinguished between intentionally abandoned dogs and those lost and subsequently returned to their owners, normalizing abandonment data by population. Using publicly available regional data and spatial regression models, we found that the number of people receiving unemployment benefits was consistently and negatively associated with the number of dog abandonments per 100,000 residents, which was normalized by total population to avoid potential errors. Rabies vaccination costs were also negatively associated with abandonment. In contrast, comprehensive income tax amounts—a proxy for regional wealth—were positively correlated with the percentage of dog abandonments reported in 2021 and 2023. Spatial Lag Models accounted for over 50% of the variance in the number of dog abandonments, confirming spatial dependence and highlighting the importance of geographically targeted animal welfare interventions. However, spatial patterns in adoption were less consistent. These findings highlight the importance of incorporating economic and spatial considerations into the design of public policies and shelter strategies to mitigate dog abandonment and enhance adoption outcomes. Full article

This paper introduces a novel framework for multi-period portfolio optimization that incorporates intertemporal spectral risk measures (ISRMs). The model dynamically manages risk by considering both tail risk, through spectral risk measures, and overall portfolio volatility, through variance, across multiple time periods. This approach allows investors to specify time-varying risk preferences via a spectral function, making it particularly suitable for investors with evolving risk management needs. We develop an efficient solution methodology based on the Progressive Hedging Algorithm (PHA), enhanced with specialized reformulations to handle linkage objectives and constraints inherent in the multi-period setting. We establish the theoretical convergence properties of our algorithm, demonstrating a q-linear convergence rate under mild conditions. Numerical experiments validate the effectiveness of our approach, showing that the intertemporal weighting scheme provides more consistent risk management across the investment horizon compared to terminal-focused strategies. Notably, our approach exhibits superior downside risk protection, as evidenced by improved Sortino and Omega ratios, and generates more balanced wealth distributions with moderate tails. These findings offer valuable insights and practical tools for investors seeking to implement dynamic risk-management strategies that account for both intermediate and terminal objectives. Full article

This study investigates the relationship between private family control (excluding state and royal) and Environmental, Social, and Governance (ESG) performance among publicly listed firms in the Gulf Cooperation Council (GCC), focusing specifically on the moderating role of firm age. Employing multivariate POLS regression analysis on data from 2016 to 2021 and controlling for established firm-specific variables, we find a robust negative association between private family control and ESG performance, consistent with Socioemotional Wealth (SEW) perspectives where family-centric goals may override broader stakeholder interests. Critically, our results demonstrate that firm age significantly and positively moderates this negative relationship; the detrimental impact of family control on ESG performance attenuates considerably as family firms mature. This attenuation likely reflects the development of sophisticated governance structures, a heightened focus on long-term reputation and SEW preservation, and potential generational shifts towards sustainability values within older firms. Providing the first empirical test of this age moderation effect within the under-researched GCC context, this research extends SEW theory by highlighting the dynamic evolution of family firm sustainability engagement over the lifecycle in a non-Western setting and contributes novel insights to the accounting literature. These findings underscore the need for targeted policies and interventions to foster ESG adoption, particularly among younger private family firms in the GCC, offering valuable insights for regulators, investors, family business owners, and practitioners aiming to foster responsible sustainability practices. Full article

This study examines the impact of housing price increases on income inequality using the dynamic system GMM for OECD countries (2010–2021). We test the hypothesis that housing price appreciation affects income distribution differently based on economic development levels and homeownership patterns. The analysis is conducted both for the entire sample and by dividing countries into two groups based on per capita income, Group 1 (16 countries) with below-median per capita GDP and Group 2 (17 countries) with above-median per capita GDP, to account to account for structural differences in housing markets, financial systems, and wealth accumulation mechanisms. The findings show that rising housing prices help reduce income inequality, especially in countries that are relatively low-income and where more low-income households own their homes. Specifically, our estimates indicate that a one-point increase in the housing price index leads to a statistically significant (p < 0.05) 0.21 percentage point reduction in the Gini change rate in lower-income countries. However, in higher-income countries, the effect of housing prices on inequality is statistically insignificant, suggesting that the relationship between housing markets and income inequality varies across different economic contexts. This insignificance likely stems from countervailing forces: while housing appreciation increases wealth for homeowners, higher housing costs may disproportionately burden lower-income households through rental markets in these economies. The findings highlight the importance of country-specific housing programs that consider homeownership patterns and financial market access in tackling inequality, along with comprehensive public social policies. Our study has implications for policymakers seeking to address inequality through housing market interventions, particularly during the post-2008 recovery period and into the early pandemic phase. Full article

Street trees are a unique component of the urban forest. They provide multiple ecosystem services but can damage property and infrastructure, so they are frequently perceived with residents’ ambivalence. Global attempts to expand urban tree canopy cover to improve climate resilience are increasingly reliant on residents to establish and maintain street trees. Success depends on community support, which requires an understanding of how residents perceive trees located outside their homes. A review of the literature revealed 21 eligible studies on residents’ perceptions of street trees. Most of these studies were more than 10 years old and were restricted to single geographic regions but contained a wealth of information on factors including residents, sites, and trees. Few studies investigated the potential of these factors to influence residents’ perceptions; those that did had variable results. Inclusion of residents’ perceptions in street tree management requires careful consideration to account for the complexity of responses. Residents’ ambivalence can be addressed through increased awareness of the significant environmental, social, and economic values of street trees through public engagement programs and visual AI. Enforcement of tree protection policies and incentives for tree establishment and maintenance will also aid in the expansion of urban tree cover for improved climate resilience. Full article

This paper reexamines the question of gender differences in financial relative risk aversion using updated methods and data. Specifically, the paper revisits the 1998 work “Are women more risk averse?” by Jianakoplos and Bernasek, suggests refinements in their model in relation to the database used, namely the U.S. Federal Reserve Board’s Survey of Consumer Finances (SCF), and performs new tests on the latest SCF from 2022. The suggested refinements pertain first to an enhanced computation of wealth, which includes additional categories of assets such as 401(k)s or other thrift savings accounts, and second to the more subtle handling and consideration of specific demographic data of the SCF respondents. Unlike the original study, which also included married couples, the new study focuses exclusively on single-headed (never-married) households. This eliminates ambiguity about the actual financial decision maker in households, enabling a clearer assessment of individual gendered behavior. Following the refinements, the new tests reveal a continuing pattern of decreasing relative risk aversion; however, contrary to the 1998 findings, there is no significant gender difference in financial relative risk aversion in 2022. This study also documents that education levels strongly influence risk-taking: single women with higher education levels are more likely to hold risky assets, while for men, higher education correlates with less risk-taking. The paper concludes by informing policymakers and financial educators so as to further tailor their strategies for promoting gender equality in financial decision-making. Full article

A kinetic exchange model is developed to investigate wealth distribution in a market. The model incorporates a value function that captures the agents’ psychological traits, governing their wealth allocation based on behavioral responses to perceived potential losses and returns. To account for the impact of transaction frequency on wealth dynamics, a non-Maxwellian collision kernel is introduced. Applying quasi-invariant limits and Boltzmann-type equations, a Fokker–Planck equation is derived. We obtain an entropy explicit stationary solution that exhibits exponential convergence to a lognormal wealth distribution. Numerical experiments support the theoretical insights and highlight the model’s significance in understanding wealth distribution. Full article

Introduction: Undernutrition in low- and middle-income countries (LMICs) remains a leading public health challenge. It accounts for one-third of the under-five mortality rate in sub-Saharan Africa (SSA). This study applied the composite index of anthropometric failure (CIAF) to assess the prevalence of various standalone and coexisting forms of undernutrition and identify associated risk factors. Methods: Nationally representative demographic health survey (DHS) data from 26 SSA countries were used. A multilevel multinomial logistic regression analysis was conducted considering the hierarchical nature of DHS data and more than two categories of outcome variable. Four models were fitted and the model with the highest log-likelihood and lowest deviance was chosen as the best-fitted model. The adjusted relative risk ratio (aRRR) with its corresponding 95% confidence interval (CI) was presented as a measure of the effect. Results: The overall prevalence of undernutrition among under-five children in SSA was 34.59% (95% CI: 34.35–34.82). Additionally, 20.49% (95% CI: 20.30–20.69) and 14.09% (95% CI: 13.92–14.26) of under-five children had standalone and coexisting undernutrition, respectively. The mother’s educational level and household wealth status were the most significant shared drivers for standalone and coexisting undernutrition. On the other hand, child and health service factors were differentiating factors between standalone and coexisting undernutrition. Age of the child, sex of the child, type of birth, birth weight, adherence to age-appropriate feeding, antenatal care visit (ANC), place of delivery, and maternal educational status were the most significant determinants of various undernutrition forms in 0–23-month-old children. For 24–59-month-old children, age of the child, sex of the child, type of birth, household wealth status, and maternal education were identified as the main determinants of different forms of undernutrition. Conclusions: Our analysis revealed that distal factors were shared risk factors among standalone and coexisting forms of undernutrition. However, proximal and intermediate factors varied in the type and strength of the association between standalone and coexisting undernutrition. This implies that holistic and category-specific strategies are needed to significantly reduce undernutrition among under-five children in SSA. Full article

The present study is a qualitative expansion of pre-existing quantitative research. Two groups of teenagers from a previous longitudinal study were specifically targeted, namely those who demonstrated extraordinary increases in their pro-environmental engagement from 13 to 17 years (called “Engagers”) and those who showed the opposite trajectory, that is, a marked decrease in pro-environmental behavior, reminiscent of an adolescent dip (called “Disengagers”). Nineteen participants (equally distributed across the engagers and disengagers categories) took part in semi-structured interviews that explored participants’ relationships with nature over their adolescent years, communication about environmental issues in the context of family, peers and school, as well as media influences. All interviewees described memorable nature experiences in childhood and adolescence as important to them, and all were growing up in family households where parents had established basic routines of sustainability behavior. All participants had access to a wealth of media information about environmental sustainability (and lack thereof). However, they largely differed in what they made out of it. For the group of disengagers, environmental concerns moved more and more into the background as other themes, goals, and projects came to the forefront over the adolescent period (e.g., graduation, establishing an educational and occupational career, establishing lasting peer relationships). In contrast, engagers actively expanded their environmental engagement over time. As a consequence, this engagement became increasingly independent from family, peer and school contexts. Ultimately, it was the process of engagement and disengagement itself that accounted for the different trajectories that were targeted in the present study. The study points out that it is not possible to understand the developmental context for pro-environmentalism as a factor that operates independently from the individual person. Teenagers create the contexts that influences their pro-environmental engagement as much as they are influenced by them. Full article

Real estate plays a pivotal role in the contemporary world, accounting for over half of global wealth and significant employment and GDP shares. This essay examines three key events—the 2007–2008 Global Financial Crisis (GFC), the COVID-19 pandemic, and recent technological revolutions—to place real estate’s centrality. By analyzing housing price indexes in major economies, the paper identifies global trends and regional nuances, as well as highlights real estate’s dual role as both a reflection and a driver of economic cycles. Then, I explore in detail the GFC, the urban roots of COVID-19 and its effects on real estate markets, and the relationship between new techno-economic paradigms and cities and real estate. Future research directions on real estate are also pointed out. Full article

The anthropic causes of climate change are well known, but the influence of climate change on society needs to be better estimated. This study estimates the impact of climate change on energy consumption on small tropical islands using monthly temperatures and energy production/consumption statistics during the last decades. Here, we show, using energy, meteorological, demographic, and economic datasets, as well as statistical correlations, that energy consumption is sensitive to (i) cyclonic activity and (ii) temperature warming. On small tropical islands, increased electricity consumption correlates with temperatures rising above 26 °C in relation to air conditioner electricity consumption. On La Réunion Island, a +1 °C increase is expected to cause an electricity production of 1.5 MWh/inhabitant per year, representing a growth of 3.2%. Considering that non-renewable sources are primarily used to produce electricity, this feedback contributed significantly (i.e., 2000 to 4000 TWh) to the greenhouse gas increase caused by climate warming over the last decades on tropical islands. Demographic and wealth variations, as well as socio-economic crises, also have a significant impact on energy consumption (2 kWh for 1000 inhabitants, 0.008 GWh/inhabitant growth for a 10,000 GDP/inhabitant growth, and a 0.2 GWh/inhabitant decrease during COVID-19, for annual consumption, respectively) and must be taken into account for decadal variation analysis. The relationship between climate change and energy consumption in tropical areas should be better integrated into climatic scenarios to adapt building isolation and energy production. Full article

This study analyzes and investigates how financial factors, namely, derivatives, debt shifting, and transfer pricing, influence tax avoidance, with financial distress as an interaction variable, within the framework of stakeholder theory and positive accounting theory. Adding more uniqueness, this study injected the Maqasid Syariah elements into the framework. Conventional banks and non-bank institutions listed on the Indonesia Stock Exchange (IDX) between 2017 and 2022 were selected, comprising 414 final company-year observations. The study utilized E-Views software for data processing. The findings indicate that debt shifting negatively impacts tax avoidance, while derivatives have no significant influence. Transfer pricing positively impacts tax avoidance. Financial distress does not moderate the relationship between these financial practices and tax avoidance. From an Islamic perspective, practices such as transfer pricing and debt shifting, when used to avoid tax, contradict the principles of Maqasid Syariah, which emphasize fairness, wealth distribution, and societal welfare. Full article