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Search Results (332)

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Keywords = working capital management

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27 pages, 1491 KiB  
Article
Spent Nuclear Fuel—Waste to Resource, Part 1: Effects of Post-Reactor Cooling Time and Novel Partitioning Strategies in Advanced Reprocessing on Highly Active Waste Volumes in Gen III(+) UOx Fuel Systems
by Alistair F. Holdsworth, Edmund Ireland and Harry Eccles
J. Nucl. Eng. 2025, 6(3), 29; https://doi.org/10.3390/jne6030029 - 5 Aug 2025
Viewed by 205
Abstract
Some of nuclear power’s primary detractors are the unique environmental challenges and impacts of radioactive wastes generated during fuel cycle operations. Key benefits of spent fuel reprocessing (SFR) are reductions in primary high active waste (HAW) masses, volumes, and lengths of radiotoxicity at [...] Read more.
Some of nuclear power’s primary detractors are the unique environmental challenges and impacts of radioactive wastes generated during fuel cycle operations. Key benefits of spent fuel reprocessing (SFR) are reductions in primary high active waste (HAW) masses, volumes, and lengths of radiotoxicity at the expense of secondary waste generation and high capital and operational costs. By employing advanced waste management and resource recovery concepts in SFR beyond the existing standard PUREX process, such as minor actinide and fission product partitioning, these challenges could be mitigated, alongside further reductions in HAW volumes, masses, and duration of radiotoxicity. This work assesses various current and proposed SFR and fuel cycle options as base cases, with further options for fission product partitioning of the high heat radionuclides (HHRs), rare earths, and platinum group metals investigated. A focus on primary waste outputs and the additional energy that could be generated by the reprocessing of high-burnup PWR fuel from Gen III(+) reactors using a simple fuel cycle model is used; the effects of 5- and 10-year spent fuel cooling times before reprocessing are explored. We demonstrate that longer cooling times are preferable in all cases except where short-lived isotope recovery may be desired, and that the partitioning of high-heat fission products (Cs and Sr) could allow for the reclassification of traditional raffinates to intermediate level waste. Highly active waste volume reductions approaching 50% vs. PUREX raffinate could be achieved in single-target partitioning of the inactive and low-activity rare earth elements, and the need for geological disposal could potentially be mitigated completely if HHRs are separated and utilised. Full article
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24 pages, 553 KiB  
Article
Fueling Innovation from Within: The Psychological Pathways to Innovative Work Behavior in Saudi Public Authorities
by Wassim J. Aloulou, Rahaf Fahad Almarshedi, Shuayyi Sameer Alharbi and Hanan Salem Alharbi
Adm. Sci. 2025, 15(8), 295; https://doi.org/10.3390/admsci15080295 - 28 Jul 2025
Cited by 1 | Viewed by 453
Abstract
This study investigates the relationships between proactive personality, psychological capital, work engagement, work well-being, and innovative work behavior among employees in Saudi public authorities, based on the conservation of resources theory and the job demands-resources model. Using a sequential mediation model, data from [...] Read more.
This study investigates the relationships between proactive personality, psychological capital, work engagement, work well-being, and innovative work behavior among employees in Saudi public authorities, based on the conservation of resources theory and the job demands-resources model. Using a sequential mediation model, data from 457 public employees were analyzed through structural equation modeling. The results show that a proactive personality and psychological capital significantly predict work engagement, but neither is significantly related to work well-being. Notably, while a proactive personality does not directly impact innovative work behavior, psychological capital does. Additionally, work well-being partially mediates the relationship between work engagement and innovative work behavior. These findings suggest that enhancing psychological capital and fostering engagement are key to promoting innovation. The mediating role of well-being highlights the importance of employee welfare in this process. This study provides practical implications for HR managers in the Saudi public sector and emphasizes strategies for building internal psychological resources. However, as data were collected from a single source, future research should include multiple key informants to enhance generalizability. This study builds on theory by demonstrating how proactive personality and psychological capital jointly stimulate innovative behavior through engagement and well-being, enriching the job demands-resources model with personal resource dynamics in public sector organizations. Full article
(This article belongs to the Special Issue Public Sector Innovation: Strategies and Best Practices)
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16 pages, 388 KiB  
Article
Too Close to Speak Up? How Group Network Density and Status Conflict Affect Group Voice
by Yumi Ko, Myung-Ho Chung and Dongwon Choi
Behav. Sci. 2025, 15(7), 926; https://doi.org/10.3390/bs15070926 - 9 Jul 2025
Viewed by 311
Abstract
Although group network characteristics significantly influence a group’s ability to exchange and absorb knowledge by listening to group members’ opinions, previous research on voice behavior has not yet fully addressed the social and relational factors in work groups that affect group-level voice. Specifically, [...] Read more.
Although group network characteristics significantly influence a group’s ability to exchange and absorb knowledge by listening to group members’ opinions, previous research on voice behavior has not yet fully addressed the social and relational factors in work groups that affect group-level voice. Specifically, in line with the “dark side of social capital” argument, this study examined the effects of group network density on group voice. In addition, drawing on the notion of status conflict, we further examined the moderating role of status conflict on the relationship between group network density and group voice. Using data from 55 work groups, we found an inverted U-shaped relationship between group network density and group voice. Moreover, we found that status conflict moderated the inverted-U effect of group density on group voice, such that when status conflict was high, (1) the overall level of group voice was reduced and (2) group voice decreased faster on the downward side of the inverted-U curve. Herein, we discuss the theoretical and practical implications of these results with relation to effective group management. Full article
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19 pages, 746 KiB  
Article
Enhancing Knowledge Sharing Through Transactional Leadership in an Emerging Economy: The Strategic Role of Human Capital
by Doste Khoshnaw and Georgiana Karadas
Sustainability 2025, 17(12), 5572; https://doi.org/10.3390/su17125572 - 17 Jun 2025
Viewed by 577
Abstract
Sharing is an important part of an organization’s culture, consisting of learning, innovation, and performance through the promotion of expertise, ideas, and best practices among employees. This study aimed to analyze the relationships between transactional leadership, human capital, and knowledge sharing. This study [...] Read more.
Sharing is an important part of an organization’s culture, consisting of learning, innovation, and performance through the promotion of expertise, ideas, and best practices among employees. This study aimed to analyze the relationships between transactional leadership, human capital, and knowledge sharing. This study used a quantitative approach by using 355 responses from employees who work at customs offices throughout Sulaymaniyah Governorate, located in the Kurdistan region of Iraq. PLS (SEM) was used as a method of estimation in the study to test the hypotheses. The findings show that although transactional leadership greatly improves the development of human capital, it does not directly affect knowledge sharing. Moreover, knowledge and experience engaging in activities involving knowledge sharing and participating in human capital are quite important. The findings also show that the increase in human capital corresponds to the degree of effectiveness of leadership in knowledge management. Therefore, the findings provide practical implications for companies to increase employee capacities by improving transactional leadership within organizations. Full article
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26 pages, 1267 KiB  
Article
Organizational Commitment and Administrative Management in Public Service Delivery: Evidence from an Emerging Governance Context
by Fabricio Miguel Moreno-Menéndez, Uldarico Inocencio Aguado-Riveros, Mohamed Mehdi Hadi-Mohamed, Ruben Darío Tapia-Silguera, Manuel Silva-Infantes, José Francisco Vía y Rada-Vittes, Luis Ángel Huaynate-Espejo and Vicente González-Prida
Adm. Sci. 2025, 15(6), 231; https://doi.org/10.3390/admsci15060231 - 16 Jun 2025
Viewed by 678
Abstract
This study examines the relationship between organizational commitment and administrative management within a public service institution operating in an emerging governance context. Grounded in the three-component model of organizational commitment (affective, continuance, and normative) and classical administrative theory (planning, organizing, directing, and controlling), [...] Read more.
This study examines the relationship between organizational commitment and administrative management within a public service institution operating in an emerging governance context. Grounded in the three-component model of organizational commitment (affective, continuance, and normative) and classical administrative theory (planning, organizing, directing, and controlling), the research investigates how internal psychological bonds among frontline personnel influence institutional performance. A quantitative, cross-sectional, non-experimental design was applied, surveying 30 operational police officers using validated Likert-scale instruments. The results reveal a strong and statistically significant positive correlation between organizational commitment and administrative management (Spearman’s ρ = 0.775, p < 0.01), with normative commitment displaying the highest effect size (ρ = 0.812). These findings underscore the critical role of ethical obligation, loyalty, and affective alignment in enhancing managerial coherence and institutional responsiveness. The study contributes to ongoing debates on public sector reform and strategic human capital management by emphasizing the need for emotionally engaged and ethically anchored personnel. It aligns with Sustainable Development Goals (SDGs) 16 (Peace, Justice, and Strong Institutions) and 8 (Decent Work and Economic Growth), promoting inclusive, accountable governance and resilient administrative practices in resource-constrained environments. Full article
(This article belongs to the Special Issue New Developments in Public Administration and Governance)
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19 pages, 2521 KiB  
Article
Leveraging a Systems Approach for Immigrant Integration: Fostering Agile, Resilient, and Sustainable Organizational Governance
by Pablo Farías
Systems 2025, 13(6), 467; https://doi.org/10.3390/systems13060467 - 13 Jun 2025
Viewed by 1243
Abstract
Effectively managing immigrant workforces presents a significant contemporary challenge for organizations operating in a globalized world. Current management practices often fall short, failing to adequately address the complex interplay of social issues, cultural and linguistic distances, and the valuable human capital immigrants possess. [...] Read more.
Effectively managing immigrant workforces presents a significant contemporary challenge for organizations operating in a globalized world. Current management practices often fall short, failing to adequately address the complex interplay of social issues, cultural and linguistic distances, and the valuable human capital immigrants possess. This paper proposes a theoretically developed conceptual model for immigrant management, synthesized from a comprehensive review of systems theory, migration studies, and organizational governance literature. The model advances systems theory by operationalizing its core tenets—interdependence, feedback loops, and holistic perspective—into a practical governance framework for the specific domain of immigrant workforce integration, demonstrating the theory’s applicability to complex socio-organizational challenges. It outlines six interdependent subsystems—from needs assessment to end-of-work transitions. While conceptual, this paper lays a robust foundation for future empirical research by providing testable propositions regarding the efficacy of its subsystems and their impact on integration outcomes. It calls for empirical validation of the proposed relationships and the model’s overall effectiveness in diverse organizational contexts. By adopting this structured yet adaptable framework, organizations can move towards more agile governance practices in human resource management, allowing for iterative adjustments and fostering more resilient and sustainable immigrant integration. This approach directly contributes to addressing immigrant integration issues by offering a holistic, actionable framework that moves beyond piecemeal solutions, thereby enhancing organizational capability and promoting positive societal impact. Full article
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8 pages, 1048 KiB  
Proceeding Paper
The Role of Artificial Intelligence in Supply Chain Finance in the Context of Industry 5.0: A Systematic Literature Review
by Taoufiq Hamdaoui and Noura Aknin
Eng. Proc. 2025, 97(1), 25; https://doi.org/10.3390/engproc2025097025 - 13 Jun 2025
Viewed by 464
Abstract
This study conducts a systematic literature review based on the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) process. The Scopus database is our main source of data, and our data analyses comprised bibliometric, systematic, and advanced analyses conducted with the help [...] Read more.
This study conducts a systematic literature review based on the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) process. The Scopus database is our main source of data, and our data analyses comprised bibliometric, systematic, and advanced analyses conducted with the help of VOSviewer. The analysis pinpoints the various roles played by AI in SCF: the strengthening of supply chain resilience and management, especially in times of crises like the COVID-19 pandemic; the convergence of sustainability performances via better relationships with suppliers; the effective management of risks by anticipating distress and fraud; improvements in working capital and supply chain efficiency; and tracking supply chain activities while on the go with IoT (Internet of Things). However, the following major setbacks are also observed: implementation challenges, large initial investments, resistance to change, a dearth of expertise in AI, security and privacy concerns, challenges in the integration of systems, the reliability of the data’s quality, etc. Full article
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13 pages, 684 KiB  
Article
On the Precipice of Extinction: Genetic Data in the Conservation Management of In Situ and Ex Situ Collections of the Critically Endangered Muehlenbeckia tuggeranong (Tuggeranong Lignum)
by Isobel Walcott, Angela Lanspeary, Foyez Shams, Peter Bredell, Emma Cook and William Higgisson
Plants 2025, 14(12), 1812; https://doi.org/10.3390/plants14121812 - 12 Jun 2025
Viewed by 1515
Abstract
Muehlenbeckia tuggeranong is an endangered subshrub with an estimated seven individuals remaining in its native habitat, and twelve held in an ex situ living collection in the Australian National Botanic Gardens, Canberra. We conducted a genetic analysis on all known individuals of the [...] Read more.
Muehlenbeckia tuggeranong is an endangered subshrub with an estimated seven individuals remaining in its native habitat, and twelve held in an ex situ living collection in the Australian National Botanic Gardens, Canberra. We conducted a genetic analysis on all known individuals of the species both in situ and ex situ to inform the conservation management of one of the rarest plants in Australia, certainly the rarest in the Australian Capital Territory. We found recent seedlings did not result from hybridisation with M. axillaris but resulted from sexual reproduction within the ex situ collection, leading to greater genetic diversity ex situ than in situ. However, low genetic diversity across the species indicates a high risk of extinction. Through simulations we identified the optimal breeding pairs to minimise further genetic diversity loss and increase the number of available genotypes for future reintroduction. Our work highlights the need to incorporate genetically informed breeding programs into living collections management of endangered plant species, particular those with unique life history traits. Full article
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20 pages, 727 KiB  
Article
A Methodological Proposal for Determining Environmental Risk Within Territorial Transformation Processes
by Marco Locurcio, Felicia Di Liddo, Pierluigi Morano, Francesco Tajani and Laura Tatulli
Real Estate 2025, 2(2), 5; https://doi.org/10.3390/realestate2020005 - 10 Jun 2025
Viewed by 359
Abstract
In recent decades, the intensification of extreme events, such as floods, earthquakes, and hydrogeological instability, together with the spread of pollutants harmful to health, has highlighted the vulnerability of territories and the need to direct urban policies towards sustainable strategies. The built assets [...] Read more.
In recent decades, the intensification of extreme events, such as floods, earthquakes, and hydrogeological instability, together with the spread of pollutants harmful to health, has highlighted the vulnerability of territories and the need to direct urban policies towards sustainable strategies. The built assets and the real estate sector play a key role in this context; indeed, being among the first ones to be exposed to the effects of climate change, they serve as a crucial tool for the implementation of governance strategies that are more focused on environmental issues. However, the insufficient allocation of public resources to interventions to secure the territory has made it essential to involve private capital interested in combining the legitimate needs of performance with the “ethicality” of the investment. In light of the outlined framework, real estate managers are called upon to take into consideration the environmental risks associated with real estate investments and accurately represent them to investors, especially in the fundraising phase. The tools currently used for the analysis of such risks are based on their perception measured by the “risk premium” criterion, reconstructed on the basis of previous trends and the analyst’s expertise. The poor ability to justify the nature of the risk premium and the uncertainty about future scenario evolutions make this approach increasingly less valid. The present work, starting from the aspects of randomness of the risk premium criterion, aims at its evolution through the inclusion of environmental risk components (seismic, hydrogeological, and pollution). Full article
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17 pages, 892 KiB  
Article
The Role of Human Capital in an Organisation—A Case Study of the ‘State Forests’ National Forest Holding in Poland
by Jacek Krawczyński, Marek Wieruszewski, Katarzyna Mydlarz, Marta Molińska-Glura, Jakub Glura, Wiesław Krzewina, Roman Jaszczak and Krzysztof Adamowicz
Sustainability 2025, 17(11), 5088; https://doi.org/10.3390/su17115088 - 1 Jun 2025
Viewed by 532
Abstract
Human capital is a key element necessary for the smooth operation of an organization based on sustainable development. It is not only important for building strategy but also affects the performance of day-to-day operations. Managers must constantly monitor the changes taking place around [...] Read more.
Human capital is a key element necessary for the smooth operation of an organization based on sustainable development. It is not only important for building strategy but also affects the performance of day-to-day operations. Managers must constantly monitor the changes taking place around the organization and make quick decisions in line with sustainability. They enable the organization to adapt to current market conditions and meet closed-loop requirements. These solutions are an important issue in forest management organizations. Considering the expanded mission of forests, it is clear that the role of forests today is much broader than just protecting biodiversity. Forestry institutions need adequate staff and human resources to effectively carry out forest management tasks and properly analyze trends and patterns of the sustainable use of forest resources. The purpose of the article was to analyze and evaluate human capital through its commitment to the organization’s tasks within the framework of sustainability. The research involved a sample for employees working in a selected unit of the State Forest Holding in Poland. The research was based on an anonymous employee survey on job engagement. The following aspects were assessed, commitment to the organization, sense of responsibility to the organization, interest in the work, and willingness to make sacrifices for the company in order to meet the demands of a modern forestry company oriented to the requirements of the new forestry strategy. Our reanalysis showed that gender and job type do not have a significant impact on commitment. However, an employee’s age and length of service do influence the behaviour and commitment of state forestry employees. Full article
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28 pages, 6080 KiB  
Article
How Population Aging Drives Labor Productivity: Evidence from China
by Chen Wu, Yang Cao and Hao Xu
Sustainability 2025, 17(11), 5046; https://doi.org/10.3390/su17115046 - 30 May 2025
Viewed by 967
Abstract
Population aging is a critical demographic trend in China, creating both challenges and opportunities for sustainable development. As aging alters the structure of the workforce and capital demand, understanding its effect on productivity is essential to managing demographic transitions in China. This study [...] Read more.
Population aging is a critical demographic trend in China, creating both challenges and opportunities for sustainable development. As aging alters the structure of the workforce and capital demand, understanding its effect on productivity is essential to managing demographic transitions in China. This study investigates the causal impact of population aging on labor productivity, with a focus on the mediating role of the capital–labor ratio and heterogeneities across industries, skill levels, and regions. Using data from Chinese listed firms between 2011 and 2018, this paper employs industry- and year-fixed effects regression models to control for unobservable heterogeneity and conducts a formal causal mediation analysis. The analysis reveals that population aging significantly enhances labor productivity. Specifically, a one-percentage-point increase in the old-age dependency ratio is associated with a 1.47% increase in firm-level labor productivity. The capital–labor ratio emerges as a critical mechanism, mediating the relationship between aging and productivity by incentivizing firms to increase capital intensity in response to labor shortages. Approximately 72.4% of the total effect is mediated through changes in capital intensity. The findings highlight notable heterogeneities. Labor-intensive firms and low-skilled worker segments experience stronger productivity gains from aging compared with their capital-intensive and high-skilled counterparts. At the regional level, the productivity effects are most pronounced in first- and second-tier cities, while third-tier cities show negligible impacts, reflecting resource and structural constraints. This study underscores the dual role of population aging as a challenge and an opportunity. Policy recommendations include (1) expanding targeted fiscal support for capital investment and automation in aging-intensive industries; (2) promoting vocational training programs tailored to older workers and digital skills development; and (3) strengthening infrastructure and institutional capacity in third-tier cities to better absorb productivity spillovers from demographic adjustment. By addressing these demographic and productivity linkages, the study contributes to achieving Sustainable Development Goals 8 (Decent Work and Economic Growth), 9 (Industry, Innovation, and Infrastructure), and 10 (Reduced Inequalities), by promoting inclusive productivity growth, enhancing industrial adaptation to demographic change, and reducing regional and skill-based disparities.These findings offer valuable insights for policymakers and businesses navigating the complexities of aging economies. Full article
(This article belongs to the Section Development Goals towards Sustainability)
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24 pages, 2318 KiB  
Article
Historical Perspectives in Volatility Forecasting Methods with Machine Learning
by Zhiang Qiu, Clemens Kownatzki, Fabien Scalzo and Eun Sang Cha
Risks 2025, 13(5), 98; https://doi.org/10.3390/risks13050098 - 20 May 2025
Viewed by 1878
Abstract
Volatility forecasting for financial institutions plays a pivotal role across a wide range of domains, such as risk management, option pricing, and market making. For instance, banks can incorporate volatility forecasts into stress testing frameworks to ensure they are holding sufficient capital during [...] Read more.
Volatility forecasting for financial institutions plays a pivotal role across a wide range of domains, such as risk management, option pricing, and market making. For instance, banks can incorporate volatility forecasts into stress testing frameworks to ensure they are holding sufficient capital during extreme market conditions. However, volatility forecasting is challenging because volatility can only be estimated, and different factors influence volatility, ranging from macroeconomic indicators to investor sentiments. While recent works show promising advances in machine learning and artificial intelligence for volatility forecasting, a comprehensive assessment of current statistical and learning-based methods is lacking. Thus, this paper aims to provide a comprehensive survey of the historical evolution of volatility forecasting with a comparative benchmark of key landmark models, such as implied volatility, GARCH, LSTM, and Transformer. We open-source our benchmark code to further research in learning-based methods for volatility forecasting. Full article
(This article belongs to the Special Issue Volatility Modeling in Financial Market)
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26 pages, 1584 KiB  
Article
Assessing How Educational Attainment Drives Economic Freedom, Urbanization, and Mineral Resource Management in Eastern Europe
by Wei Xu and Xinyu Li
Sustainability 2025, 17(10), 4632; https://doi.org/10.3390/su17104632 - 18 May 2025
Viewed by 576
Abstract
Mining has significantly shaped Eastern European economies, particularly during their transition from centrally planned to market-oriented systems. While abundant natural resources can lead to a “resource curse” that hinders economic growth, they also offer opportunities for sustainable development if managed effectively. This study [...] Read more.
Mining has significantly shaped Eastern European economies, particularly during their transition from centrally planned to market-oriented systems. While abundant natural resources can lead to a “resource curse” that hinders economic growth, they also offer opportunities for sustainable development if managed effectively. This study investigates the dynamics of mineral resource rents in Eastern Europe, shaped by economic freedom, urbanization, educational achievement, and international trade, from 1990 to 2021. Using methods such as MMQR, AMG Robustness Analysis, CCEMG, fixed effects, cointegration, Granger causality, and unit root tests, the study provides a comprehensive analysis of these relationships. The findings reveal that educational achievement reduces reliance on mineral resource rents by fostering human capital and supporting economic diversification. Urbanization similarly decreases resource dependency by promoting innovation and technological advancement. Trade openness also shows a negative link with mineral rents, suggesting that global integration facilitates shifts toward more advanced, technology-driven sectors. Economic freedom presents mixed results, highlighting the need for strong governance to ensure sustainable and equitable outcomes. This study is novel in integrating these factors into a unified framework, specifically applied to Eastern Europe’s post-communist transition, a region often overlooked in global resource studies. The results contribute most directly to Sustainable Development Goal 4 on Quality Education by demonstrating how human capital development reduces resource dependence and promotes economic resilience, and to Sustainable Development Goal 8 on Decent Work and Economic Growth, by showing that trade openness and economic diversification can drive sustainable economic progress. Ultimately, the study offers actionable insights for balancing economic growth with environmental and social sustainability in transitional economies. Full article
(This article belongs to the Section Development Goals towards Sustainability)
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23 pages, 501 KiB  
Article
Human Capital to Implement Corporate Sustainability Business Strategies for Common Good
by Sugumar Mariappanadar
Sustainability 2025, 17(10), 4559; https://doi.org/10.3390/su17104559 - 16 May 2025
Cited by 1 | Viewed by 720
Abstract
The International Financial Reporting Standards (IFRS, 2023) guidelines have indicated the importance of holistic organisational sustainability values (profit, people, and planet) and the required human capital to implement sustainability business strategies to achieve sustainable development goals (SDGs). This empirical research using the strategic [...] Read more.
The International Financial Reporting Standards (IFRS, 2023) guidelines have indicated the importance of holistic organisational sustainability values (profit, people, and planet) and the required human capital to implement sustainability business strategies to achieve sustainable development goals (SDGs). This empirical research using the strategic choice and sustainable human resource management resource-based theories explores the role of high-performance sustainable work practices (HPSWPs) with sustainability characteristics to shape the required human capital to implement simultaneous environmental, social, and governance (ESG) corporate sustainability business strategies aligned with the organisational sustainability orientation of firms. A total of 203 senior managers from Australian companies participated in this study. The participants completed survey questionnaires, which encompass the holistic organisational sustainability orientation, corporate sustainability business strategy, and high-performance sustainable work practices. The mediation study findings revealed that the social consciousness, stakeholder compassion, ethics of care for wellbeing, and pro-environment characteristics of high-performance sustainable work practices fully mediate the implementation of ESG corporate sustainability business strategies that are aligned with the holistic organisational sustainability orientation. This exploratory research extends the operational strategic choice theory from the sustainable human resource management resource-based perspective in highlighting the role of high-performance sustainable work practices in implementing the choice of environmental, social, and governance (financial) business strategies. Furthermore, the practical implications include improving the quality of voluntary sustainability disclosure by companies in alignment with the IFRS guidelines on management approaches relating to human resource practices to shape the required human capital with sustainability characteristics for corporate sustainability. Future empirical research directions in operationalising simultaneous ESG corporate sustainability business strategies using high-performance sustainable work practices aligned with the holistic sustainability orientation of firms are discussed. Full article
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17 pages, 879 KiB  
Article
Firm Profitability and Economic Crises: The Non-Linear Role of the Cash Conversion Cycle
by Agim Kukeli, Benjamin Widner, Fitim Deari, Gevorg Sargsyan and Nicoleta Barbuta-Misu
Int. J. Financial Stud. 2025, 13(2), 86; https://doi.org/10.3390/ijfs13020086 - 14 May 2025
Viewed by 1816
Abstract
This study investigates the non-linear effect of the cash conversion cycle (CCC) on a firm’s profitability for a sample of 6072 firms from five countries (Germany, Spain, France, Great Britain, and Italy) from 2006 to 2015. Additionally, this study explores the sensitivity of [...] Read more.
This study investigates the non-linear effect of the cash conversion cycle (CCC) on a firm’s profitability for a sample of 6072 firms from five countries (Germany, Spain, France, Great Britain, and Italy) from 2006 to 2015. Additionally, this study explores the sensitivity of economic crises to the non-linear effect of the CCC on a firm’s performance. This study employs fixed-effects unbalanced panel data and weighted least squares (due to heteroscedasticity) to examine a firm’s performance, using return on assets (ROA) to measure profitability. The cash conversion cycle, financial leverage, size, and tangibility are independent variables. The results of this study show that the effect of the cash conversion cycle on firms’ performance is an inverted U-shape (non-linear). It also shows that the economic conditions vis-à-vis crises influence firm performance. This study found the optimal number of the CCC to be 90 days for the entire sample, 85 days for the non-crisis period, and 92 days for the crisis period. It also finds that the marginal effect of the CCC on ROA is 3.9 times higher during economic crises versus non-economic crisis periods. This study contributes to the existing working capital management literature by examining the non-linear effect of the cash conversion cycle on profitability and the sensitivity of these effects during economic crises. Thus, empirical evidence can serve scholars, business policymakers, and corporate finance professionals in managing their working capital strategically. Full article
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