This paper studies the mechanism of how China’s state-owned enterprise (SOEs) reform can influences economic growth, and distinguishes the capital efficiency between state-owned and private enterprises. The results show that: 1) the capital allocation efficiency among state-owned enterprises is lower than private enterprise due to an insufficiently released productivity of state-owned enterprises; 2) although with a higher capital allocation efficiency, the improvement of technology progress of private enterprises at a much slower pace compared to its rapidly increasing share in China’s economy. In case of poor allocation with private sector, blindly reforming ownership of state-owned enterprises cannot effectively alleviate the problem of efficiency losses. State-owned enterprise reform can boost economic growth by increasing capital marginal output, improving capital dynamic allocation efficiency, promoting TFP growth and exerting external spillovers on other firms. At present, China is exploring the endogenous power of economic growth, improving the market institutions and promoting the state-owned enterprises reform with positive and steady pace. By properly re-allocation SOEs into the private sector, which has significant influence on improving economic efficiency and promoting sustained economic growth.

Small and medium-sized family farms are the place of life and source of income for about half of the population. The aim of the analysis was to determine the relationship between Eco-Efficiency, Human Capital Efficiency in small and medium-sized family farms. The analyses were carried out using an economic measure (value of agricultural production per work hour calculated per 1 ha) and synthetic measures: human capital and environmental measures. The synthetic measures were determined using the CRITIC-TOPSIS method by defining weights for variables used in the synthetic measures. The analyses covered five countries, namely: Lithuania (960 farms), Moldova (532 farms), Poland (696 farms), Romania (872 farms), and Serbia (524 farms). All the countries qualified for analysis are characterised by a high fragmentation of agricultural holdings. The analyses carried out allowed us to formulate the following conclusions: the Eco-Efficiency and Human Capital Efficiency indexes increase with area for small and medium-sized family agricultural farms. An increase in the Eco-Efficiency index with an increase in farm area leads to a suspicion that the smaller the farm area is, the more extensive the agricultural production being carried out. In addition, an increase in human capital efficiency with an increase in the area of a farm indicates that there is inefficiency in the utilisation of human capital resources in the agricultural farms studied.

Clarifying the impact mechanism of digital transformation of enterprises on the M&A efficiency of listed companies can provide a factual basis for improving capital market regulatory policies. Taking the mergers and acquisitions of listed companies from 2007 to 2021 as a research sample, the influence mechanism of the digital transformation degree of companies on their M&A efficiency was studied. The research results show that the digital transformation of listed companies will improve their M&A efficiency. Digital transformation will reduce the degree of mispricing of stocks of M&A companies, curb conflicts between managers and agents of M&A companies, and improve their M&A efficiency. Further research finds that the promotion effect of digital transformation on M&A efficiency is more significant in non-state-owned companies, with a higher degree of financing constraint and high analyst attention. In the future, regulatory authorities should actively promote the digital transformation of listed companies, curb mispricing and management agency problems in the capital market with digital governance, and improve the efficiency of mergers and acquisitions in the capital market.

The human capital index is a multivariate variable used to measure the assessment of human resource productivity in the future. Human capital has a connection with economic development. Moreover, the study looks to analyses the relationship between Human Capital and Economic Growth indicators such as HCI and GDP. Human Capital relates to the development of individual skills to make them function more profitable for the national economy. The study was aimed at investigating the effect of population, the number of people engaged and the average annual hours worked by engaged persons on the human capital index. The analysis was in SPSS for the findings. Correlation tests were used for analysis. The study revealed that population, the number of people engaged and the average annual hours worked by engaged persons had a significant positive effect on the human capital index.

The concept of intellectual capital is increasingly recognized as one of the most important strategic assets of organizations. The significance of intellectual resources, which are now critical for every business unit, is underlined in this paper. Thus, this research aims to identify the effectiveness of intellectual capital and its components on the organizational innovation at Sulaimani Polytechnic University in Sulaymaniyah Governorate, from the point of view of the faculty members (academic and administrative staff). The study developed both theoretical and empirical sections. The descriptive approach was used to determine the effectiveness of intellectual capital and the quantities of research methodologies was used to measure this effectiveness. The study aims at investigating the correlations and causal effect between intellectual capital and organizational innovation. Moreover, the study investigates the correlations and causal effect between human capital, structural capital and relational capital on radical and incremental innovation in the organization. To achieve this, the 392 total sample were collected and analyzed by SPSS 22 software. The findings provide evidence that intellectual capital and its components have a positive and statistically significant effect on the organizational innovation and its components.

Academic interest in social and human capital is growing significantly. Similarly, their relationship with sustainability is increasing, especially compared to sustainability’s relationship with natural capital and financial and economic capital. Bibliometric and visualization research on these relationships is nonetheless insufficient. This study analyzes the evolution of the literature on natural capital, financial and economic capital, and social and human capital related to sustainability. On the other hand, the study presents a bibliometric analysis on social capital and human capital (SHC) related to sustainability. The article studies 635 references collected from the Web of Science (WoS) Core Collection database and utilizes visualization of similarities (VOS) viewer program to graphically map the material. The analysis involves co-occurrence of keywords, co-citation, and co-authorship. The results reveal not only the state of the art and the leading trends, but also the evolution regarding impact, main journals, documents, topics, authors, institutions, and countries. The study provides researchers and practitioners with a visual and schematic frame of the research on this topic.

This study investigates the impact of intellectual capital on the sustainable performance of banks in Saudi Arabia, focusing on the period from 2012 to 2022. Utilizing data from ten major Saudi banks, the research examines how different components of intellectual capital—Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE)—influence key financial performance indicators such as Return on Equity (ROE) and Net Profit Margin (NPM). The study is grounded in the resource-based view of the firm, which suggests that a firm’s internal resources can provide a sustainable competitive advantage. The analysis employs panel data techniques, including fixed and random effects models, to assess the relationships between intellectual capital components and bank performance while controlling for variables like bank size, financial leverage, GDP growth, inflation, and the impact of the COVID-19 pandemic. The findings reveal that intellectual capital significantly enhances bank performance in Saudi Arabia, with human capital efficiency showing the most decisive influence on ROE and NPM. Structural capital and capital employed efficiency also contribute positively but vary in their impact on different performance measures. This research contributes to the theoretical and practical understanding of the role of intellectual capital in promoting sustainable banking practices. It underscores the importance of strategic management of intellectual capital in enhancing financial performance and achieving sustainability goals, particularly in the context of Saudi Arabia's Vision 2030. The study's insights are relevant for bank managers and policymakers who leverage intellectual capital for economic diversification and sustainable development.

This research investigates the intricate dynamics between intellectual Capital (VAIC) and the stability of banks in the evolving context of Saudi Arabia's banking sector. Against the backdrop of rapid economic reforms under Vision 2030 and the challenges imposed by the COVID-19 pan-demic, the research provides a nuanced analysis of how intellectual capital and intellectual capital's components—Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE)—affect the financial stability of Saudi banks. The research analyses a decade-long panel dataset from 2012 to 2022, utilizing both fixed effects and cross-section random effects models to discern the impact of intellectual capital on bank stability. The findings reveal a positive overall influence of intellectual capital on bank stability; however, individual compo-nents present a complex relationship, with CEE showing a positive association and HCE and SCE demonstrating unexpected negative correlations with bank stability. The research identifies lev-erage (LEV) as a significant factor negatively impacting stability. Operational efficiency (OPEF) and size (SIZE) also negatively affect stability. Surprisingly, macroeconomic indicators and bank size exhibit non-significant effects on bank stability. Similarly, the direct impact of the COVID-19 pandemic was found to be non-significant, suggesting a resilient banking environment or the presence of effective mitigating strategies. As Saudi Arabia continues its ambitious economic transformation, this research underscores the critical role of effectively managed intellectual capital in ensuring the banking sector's stability. It provides a foundation for ongoing research in this vital area.

In a business environment that is constantly changing, intellectual capital stands out as the most valuable asset for companies. Those who invest in developing their employees, especially their Chief Financial Officers (CFOs), tend to outperform their competitors. This study explores the relationship between the intellectual Capital of CFOs and the financial performance of companies listed on B3. The 100 companies with the largest capitalization listed on B3 in 2022 were analyzed, with available data on the CFO. A statistical model was applied in a cross-section analysis, considering two of the three subdivisions of Intellectual Capital: Human Capital ( experience, education, and certifications) and Relational/Social Capital ( network and reputation of the CFO). The results indicated a statistically significant relationship between CFOs' Human Capital level and the performance of the companies they manage, measured by EPS, ROA, and ROE. However, no statistical significance was found for Relational/Social Capital. This study contributes to the literature on intellectual capital and corporate finance in the Brazilian context, providing new evidence on the importance of CFOs' intellectual capital for company performance. It was observed that there are few equivalent studies in Brazil on the topic, especially about the Intellectual Capital of CFOs of companies listed on the stock exchange (BOVESPA).

The era of globalization of the industrial revolution 4.0 was also marked by rapid economic, social, scientific, and technological developments. Currently, the company was demanded to maximize all its potential to compete with other companies. For this reason, it was hoped that companies could understand the importance of knowledge management-based intellectual capital through outreach, externalization, internalization, and combinations that had implications for improving employee performance and competency. This study was to identify and describe the enhancement of performance and competency-based on the optimization of the intellectual capital model in terms of critical thinking analysis. This study used a qualitative approach with critical thinking analysis through literature study methods. The findings results of this study were to improve performance and competency were the basic measurement models of intellectual capital, new intellectual capital measurement models in empirical studies, intellectual capital measurement models with bottlenecks, and environmental-based intellectual capital models. This study concluded that intellectual capital measurement should be determined as accumulation and interpretation in the proposed model for a company that was an applied subject with a qualitative intellectual capital index system, to provide a good tool for companies to managed intellectual capital.

This paper argues that the neoliberal consensus about education finance has broken down due to growing economic inequality. First, I use a comparative historical analysis of political alliances to examine patterns of world trade and nations’ policies for economic and educational development since World War II. The United States emphasized STEM-collegiate preparation for all students, while most countries continued the dual emphasis on technical-tertiary and higher education. Educational policy in the US and Pacific region also shifted to reliance on markets and student loans resulting in worsening economic inequality in access. Nations with dual technical and academic pathways in secondary and postsecondary education systems expand college enrollment rates more rapidly than the US. They also experience class conflict between the working-middle class and the new technology elite. Next, I examine how education policy shifted from national planning aligned with public funding to market-based incentives for institutional development, further exposing gaps in opportunity within nations. Finally, recognizing the variations in systemic causes of inequality, I argue that governments, education agencies, and civic activists can best promote equity by organizing to address barriers to opportunity for groups left behind in the wake of withering neoliberal education policy.

This study explores the capital structure determinants of Korean firms over an extensive period (1995-2021), encompassing both stable and crisis conditions. Employing a dynamic panel data model and the Generalized Method of Moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it's the external macroeconomic market conditions that tend to have a greater impact on these decisions. It's also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable normal conditions. Our findings contribute to existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.

The present study has been done using the Survey Research. The research sample scale equals 400 people, besides its statistical population is included the 15-year population and most of the city of Kerman in 2020. The method of multistage-cluster-stratified sampling was used in five districts of the city of Kerman, moreover the results have been analyzed by SPSS and AMOSS16 software, and only is one model fitted with reality among five models of designed path. The results of analysis of path diagram indicate that other coefficients of the path all of them are significant except the direct impact of one's image of the body on sport-based cultural capital and social class on the tendency toward the public sport. Other results of the study suggest that sport-based socio-economic capital leaves an indirect effect on sport-based cultural capital by which the tendency of citizens toward the sport grows up. At that showing athletic advertisements in the media are effective on the tendency of citizens to public sport.

Is human capital heterogeneity a decisive factor for Chinese enterprises to invest in Africa? Based on the Outward Foreign Direct Investment (OFDI） data of Chinese enterprises in 37 African countries from 2007 to 2017, this paper using the FGLS model, is the empirical analysis of the mechanism and effect of the human capital heterogeneity of host countries on OFDI location selection. The human capital heterogeneity can be divided into four dimensions: scale, quality, cost and structure, which can be measured by health level, education level, wage level, child dependency ratio and old-age dependency ratio. The results show that: (1) the host country's human capital scale and child dependency ratio structure have a significant positive impact on decision-making for OFDI; (2) the cost of human capital and the structure of old-age dependency ratio are negatively correlated with the inflow of OFDI; (3) different from the existing conclusions, the quality of human capital will inhibit the inflow of OFDI in the sample period; (4) the extended test shows that the quality of human capital has a significant positive impact on OFDI decision-making. The results of robustness test are reliable. Finally, according to the conclusion of this paper, policy recommendations are put forward.

We investigate wealth accumulation in forestry, assuming that revenues are re-invested. Three different optimization criteria are compared, two of which are based on cash flows, the third financially grounded. Direct optimization of wealth appreciation rate always yields best results. Procedures gained by maximizing internal rate of return are only slightly inferior. With external discounting interest rate, the maximization of net present value yields arbitrary results, with at worst devastating financial consequences.

Determining the level of PE/VC market development and the way it operates is extremely difficult. Despite countless reports and analyses concerning the PE/VC market, there is a lack of study on that sector based on a synthetic index. The usage of taxonomic methods in the PE/VC market analysis may be extremely useful in its proper characterizing. An in-depth study allows the identification of weaknesses and strengths as well as opportunities and threats related to a specific stage of PE/VC market development in a given country, that gives the opportunity to determine public activities that could affect the acceleration of this market development in future. The main objective of the study was to conduct a taxonomic analysis of the level of PE/VC market development in Europe, in 2010–2015. It is worth mentioning that the term “level of development” does not refer only to the value of investment or its dynamics, but to a set of objectified features that create one synthetic indicator. The conducted analysis using the Hellwig method allowed to determine the ranking of European countries in terms of the level of PE/VC market development, which reveal some significant differences in the functioning of the this market within Europe. Further detailed analysis of the designated groups of countries made it possible to determine the characteristics of such clusters. The construction of the level of private equity/venture capital market development ranking over the years enabled defining the current status and indicating the direction of possible changes.

To sustain water-dependent economic and socio-ecological systems, natural capital and its interactions with other capitals is gaining attention, but a clear understanding of how to manage natural capital sustainably and how to make decisions relevant to water-related ecosystem services is yet to be achieved. In this study, we extended the framing of water-related ecosystem service flows as a cycle, integrating water quantity and quality and capturing the flows of ecosystem services (i.e., green phase) and ecosystem disservices (i.e., red phase), and connecting natural capital, built capital, and beneficiaries. We applied this framework to the Jiulong River watershed in China, using hydrological models to model water quantity and quality based on historical observations and experimental data. Our results showed that, during the green phase, the interactions of natural capital and built capital significantly improved water quality in downstream areas with higher flows. During the red phase, built capital reduced ecosystem disservices by ~10% while natural capital further reduced it by over one half. Our framework can provide information for natural capital management, eco-compensation, and pollutant management relevant to water-related ecosystem services.

The question of the relevance of human and natural capital, as well as the potential adverse effect of natural capital on economic growth, has gained increased attention in development economics. The aim of this paper is to theoretically and empirically assess the relevance of several forms of capital on economic growth in small economies that are dependent upon tourism or natural resources. The empirical framework is based on Impulse Response Functions obtained from Vector Autoregressive models in which we focus on the model where economic growth is the dependent variable for ten small economies that are dependent upon either tourism or natural resources. We find that there is evidence of the ‘’natural resource curse’’, especially in the economies that have a strong dependence on resources that are easily substitutable and whose prices constantly fluctuate. We further find that in the majority of observed cases the type of capital these small economies are most dependent on for their economic growth causes negative impulses in the majority of the observed periods. The main policy recommendation should be to assure that even these small economies should strive towards further diversification and avoid dependence on only one segment of their economy.

In the knowledge era, intellectual capital has been considered a key factor in creating value within organisations. This study examines the relationships and interactions between the components of intellectual capital and the profitability of Panamanian banking, and financial institutions listed on the Latin American Stock Exchange (LATINEX) from 2014 to 2020. Utilising the Valued-Added Intellectual Coefficient (VAIC)™ model, which evaluates the intellectual capital of organisations based on information from financial statements, the study constructs a regression model to examine the relationship between the Return on Equity (ROE) and the components of the VAIC™. The findings confirm the study’s hypothesis, demonstrating that the Structural Capital Efficiency (SCE) and company size (SIZE) variables explain 57% of the variance in ROE for the analysed institutions. The results suggest that the Intellectual Capital (IC) of financial sector institutions listed on LATINEX is significantly influenced by the SCE coefficient, which shows a negative relationship, suggesting that investment in structural capital does not enhance profitability. On the other hand, larger institutions exhibited higher profitability during the study period.

Numerous studies have been conducted in past so as to understand whether the working capital management policies of an organisation affect its performance or not. Some studies have found a positive relationship between WCM and firm performance. However, other studies have found a negative impact of WCM on firm performance. Present research work is an endeavour in this direction to find out the working capital management policies and strategies of Indian cement companies and their performances. The study employs a quantitative approach to examine whether the Indian cement companies optimally use their working capital, which is analysed by establishing the relationship between the working capital management and profitability using 11-year (2010-2021) financial data of 31 cement companies listed in Bombay Stock Exchange (BSE). The findings of the random-effects model say that only ITP is significantly negatively related to the ROA of the cement companies at a 0.01 level of significance. Similarly, APP also negatively yet poorly predicts ROA at a 0.10 level of significance the firm’s profitability is not significantly affected by ARP and CCC. Also, it has been observed that the liquidity measures CR and QR have a significant positive association with ROA. Further, the size of the industries and leverage are inversely related to ROA but the age of the firm is not significantly predicting their financial performance.

Estimating the economic risks of climate shocks and climate stressors on spatially heterogeneous cities over time remain highly challenging. The purpose of this paper is to present a practical methodology to assess the economic risks of climate change in developing cities to inform spatially sensitive municipal climate response strategies. Building on a capital-based framework (CBF), spatially disaggregated baseline and future scenario scores for economic wealth and its exposure to climate change are developed for six different classes of capital and across 77 major suburbs in Cape Town, South Africa. Capital-at-risk was calculated by combining relative exposure and capital scores across different scenarios and with population impacted plotted against the major suburbs and the city’s 8 main planning districts. The economic risk assessment presented here provides a generic approach to assist investment planning and the implementation of adaptation options through an enhanced understanding of relative levels of capital endowment vis-à-vis relative levels of exposure to climate-related hazards over time. An informed climate response strategy in spatially heterogeneous cities need to include spatially sensitive estimates on capital-at-risk and populations disproportionally impacted by climate exposure over time. The economic risk assessment approach presented here helps in advancing to such a goal.

This study is dedicated to the economic valuation of human capital in the regions where the Indigenous peoples of Kamchatka reside. The entire Kamchatksky Krai is considered an Indigenous people's ancestral territory. However, in this study, only municipalities whose population is more than one-third Indigenous were chosen for the assessment. This includes six municipal districts and one urban district (Aleytsky, Bystrinsky, Karaginsky, Olyutorsky, Penzhinsky, Tigilsky municipal districts and Palana urban district). The study employs statistical analysis and integrated, situational approaches: the investment approach was deemed the most appropriate tool for the economic assessment of human capital in Indigenous territories. The document analysis was based on a content analysis of open-access government documents and included legal acts, resolutions, orders, and other documents issued by federal, regional, and local authorities and pertaining to the economic activities of Kamchatka Indigenous peoples. Based on proposed calculation algorithm the assessed combined monetized value of human capital for the Kamchatka territories with large Indigenous populations at 38.8 billion rubles (approximately 520 million U.S. dollars) in 2021. It was observed that the growth of human capital in the Indigenous areas of Kamchatka between the years 2017 and 2021. The mean regional value of human capital per capita increased by more than twofold over this period. The accurate and precise assessment of human capital in the Kamchatka Indigenous homelands is provides baseline information necessary for the decision-making about economic development and sustainable development policies, and the approach proposed in this paper can be utilized by the Indigenous communities worldwide.

The study examined the impact of social capital in moderating the effects of the Covid19 pandemic on workers' mental health. We posited that their level of social capital influences workers’ mental health during the Covid19 crisis. Data was sourced from a cross-sectional survey of 422 employees from various industries in Ghana, analyzed using partial least squares-based structural equation modelling (PLS-SEM). Results indicated that the pandemic adversely affected employees' mental well-being, increasing anxiety levels. However, a higher degree of social capital within the workplace buffered these negative effects, enhancing mental health during this period. Essentially, strong workplace relationships and networks mitigated the pandemic's impact on employees' mental health in Ghana. These findings underscore the importance of social capital in health outcomes, especially during crises. For industries in Ghana and beyond, the results emphasize the value of fostering strong social networks. In times of health crises, such as the Covid19 pandemic, robust social ties become crucial. As we navigate the aftermath of this pandemic and prepare for potential future crises, the lessons from this research highlight the need to integrate the knowledge gained from the Covid19 experience into our disaster response strategies. The role of social capital in such scenarios cannot be overstated

In the repercussions of the latest financial crisis that have occurred on the years 2008-2009, to fortify the stability of the banking systems, policy makers, and the Basel Committee on Banking Supervision – BCBS, together with national regulators have built up a few safety measures, and structures to guarantee that banks establishments keep up adequate capital levels through using risk management tools, in specific the Internal Capital Adequacy Assessment Processes (ICAAP). They all have called for thorough evaluations and assessments for the structure and components of risk management frameworks, tools, and practices whether by banks, regulators, analysts and risk management experts consistently, to ascertain the adequacy of the banking systems, policies, arrangements and techniques for overseeing risks, and guaranteeing the sufficiency of holding appropriate capital levels for confronting normal, as well as adverse and unexpected situations or emergencies. The main objectives of this research study is to shed the light on the ICAAP as one of the main keys of risk management programs, a process by which banks can use to ensure that they operate with an appropriate levels of capital, forward looking processes for capital planning covering a broad range of risks across banks, activities beyond simple capital management, and brings together risk and capital management activities in a form that can be used to support business decisions. The research study shall evaluate the significant relationship between the Banking System Stability (dependent variable) and the Internal Capital Adequacy Assessment Process (ICAAP – independent variable) with evidence from the Egyptian Banking Sector.

This paper studies a model of dynamic compensation and capital structure with managerial traits. We show that Optimistic manager perceives equity as more undervalued than debt, while, confident manager perceives debt as more undervalued than equity. Managerial risk aversion mitigates manager’s bias. The risk aversion of the optimistic manager has a convex effect on the optimal coupon. There exists the level of risk aversion eliminating the bias on the leverage. The managerial optimist has an ambiguous effect on the owner’s bankruptcy level. The risk aversion has a convex effect on the owner’s bankruptcy level. The optimistic/confident manager underestimates the credit spread. The risk aversion has convex effect on the credit spread. In contrast to rational manager, the optimistic/confident manger has higher level of effort. The risk aversion has a negative effect on the effort.

The Solvency II regulatory framework specifies procedures and parameters for determining solvency capital requirements (SCRs) for insurance companies. The proposed standard SCR calculations involve two steps. The Value–at–Risk (VaR) of each risk driver is measured and, in a second step, all components are aggregated to the company’s overall SCR, using the Standard Formula. This formula has two inputs: the VaRs of the individual risk drivers and their correlations. The appropriate calibration of these input parameters has been the purpose of various Quantitative Impact Studies that have been conducted during recent years. This paper demonstrates that the parameter calibration for the equity–risk module—overall, with about 25%, the most significant risk component—is seriously flawed, giving rise to spurious and highly erratic parameter values. As a consequence, an implementation of the Standard Formula with the currently proposed calibration settings for equity–risk is likely to produce inaccurate, biased and, over time, highly erratic capital requirements.

The consistent recognition of both explicit short term and implicit long term elements of post-retirement contracts between employees and the firm can have a significant implication for estimating a firms long term sustainable cost of capital. In this paper, we show that the significant levels of investment in company own stock by pension and post-retirement plans can effectively dilute the interest of pre-existing shareholders in the enterprise value of corporations in ways which are not revealed by a classic entity theory perspective on equity. We test the empirical implications of adopting a pre-existing shareholder model of the reporting entity to re-examine the relationship between a firm’s sustainable cost of capital and various sources of idiosyncratic risk. We find that the estimated cost of capital is sensitive to: (a) alternative explicit versus implicit definitions of pension liability; (b) the nature and scope of long-term deferred compensation arrangements; and (c) the scope and nature of investment-related risks through investment in sponsoring company stock that are associated with these pension arrangements.

This study focuses on examining the determinants of capital structure and the influence of taxes within Iran Khodro Company in the automobile industry from 2016 to 2023. The research analyzes the relationship between debt, taxes, and various company-specific factors. Findings indicate a direct relationship between taxes and debt, with financial leverage being the most significant element related to taxes. The study aims to provide valuable insights for managers and decision-makers in enhancing financial decision-making and shareholder wealth. Various studies have also been conducted on the impact of taxes and different factors on the capital structure of companies listed on the Tehran Stock Exchange, highlighting the importance of tax implications in financial decisions.

This paper investigates experiences of how local cultural norms and social capital influenced the disaster relief process following the 2011 GEJET disaster. To underline social capital’s multiple‐influence aspects, this paper draws from field research that focuses on collective and individual social capital in disaster relief to systematise the findings according to the social capital framework. The paper uncovers new effects of individual social capital and collective capital in a mega-disaster context, thus contributing to pushing the research agenda toward a more critical appraisal of individual social capital and collective capital. We contribute to the nascent but growing literature that clarifies the relationship between social capital and disaster resilience. A qualitative study was conducted to capture the essence of their shared experiences. Findings revealed three main themes capturing the essence of the research participants’ disaster experiences. First, disaster response relied mostly on locally driven relief due to a clear understanding of the local culture. Second, there was an urgency to establish a sense of normalcy by providing quality supplies that would help survivors. Third, Japanese gender roles and expectations were reflected in the disaster relief process. The themes establish a wide array of lived experiences that are important to reflect on the role social capital plays in the policy-making and needs assessment processes in post-disaster relief and response efforts. The findings provide insights for integrating social dimensions into a humanitarian aid culture as citizens work towards a sense of normalcy.

This study explores the determinants of ICO success, where success is defined as the amount of capital a project was able to raise. ICOs are a tool for startups in the blockchain ecosystem to raise early capital with relative ease. The market for ICOs has grown at a rapid pace since its start in 2013. We analyze a unique dataset of 278 projects that finished their ICOs by August 2017 to assess determinants of funding success that we derive from the crowdfunding and venture capital literature. Our results show that ICOs exhibit similarities to classical crowdfunding and venture capital markets. Specifically, we identify resemblances in determinants of funding success regarding human capital characteristics, business model quality, project elaboration and social media activity.

There is tremendous interest, in the economic literature, for the determinants of firms’ capital structure decisions. A rich body of empirical works now exists that purports to identify firm- and country-level factors affecting firms’ financing patterns. In addition, more recently, a new stream of studies has emerged that investigates cross-regional variation in small firms’ capital structure. While small firms’ leverage does seem to vary across regions, at least in countries where significant regional differences in economic and financial development and in the quality of institutions exist, not much yet is known about variation in debt maturity, in debt in relation to equity, and between different types of small firms. The present paper aims to fill this gap through an empirical analysis of cross-regional variation in the capital structure of a sample of about 30,000 Italian small firms over a 13-year period, including the aftermath of the credit crunch that followed the 2007-8 global financial crisis. The findings confirm the view that small firms in underdeveloped regions are more financially constrained, but also amend some of the results shown in the literature, in particular by showing how small firms in Italy’s Southern regions have higher levels of equity and fixed assets than small firms in other regions.

The concept and practice of ’livelihood’ has undergone various stages in the development of Western countries. Its core has always focused on eradicating rural poverty and promoting rural development. This study utilizes the entropy value method to measure the comprehensive development level of the livelihood sustainability of farm households. Additionally, the Theil index is used to measure the presentation income gap, and multiple linear regression is utilized to test the impact of the livelihood capital sustainability of farm households on the presentation income gap. Results showed that the the sustainability of farm households’ livelihood capital has a significant negative impact on the urban-rural income gap. In other words, improving the livelihood capital of farm households can significantly reduce the urban-rural income gap. Accordingly, it is proposed that efforts be made to enhance the sustainability of farm households’ livelihoods, and to increase the contribution of the sustainable enhancement of farm households’ livelihood capital to narrowing the rural-urban income gap.

This study explores the evolution of price-to-book (P/B) ratios among European banks from 2005 to 2020, period where the majority of banks in different countries had a P/B ratio below 1. By dissecting banks' accounting equity into investor contributions and earnings-derived components, the research aims to evaluate how each component of equity affects these ratios and investigates whether their dynamics shifted during the period. We address a gap in prior research that has not extensively examined how individual equity components affect the overall P/B ratio. This aspect is crucial, especially in scenarios where the increase of specific components compensates for declines in others, thereby stabilizing total equity values. Our methodology involves regression analyses using a panel data model with random effects. The findings reveal that earnings-related equity components significantly influence P/B ratios. In contrast, investor contributions; which strengthen the solvency of the entity, appear to have a minimal impact. Additionally, our analysis highlights a significant quadratic relationship between the P/B ratios and both the profit or loss reported on Income Statements and distributed dividends.

Nowadays, considering the growing tendency of companies towards e-commerce as well as green production, and dual-channel green supply chain management has become particularly important. This paper investigates pricing decisions within a dual-channel green supply chain framework while considering the capital constraints faced by risk-averse manufacturer. Simultaneously, the impact of the degree of risk aversion, consumer green preferences, and channel preferences on the optimal decision-making process of green supply chain members is analyzed. We address the issue of financial constraints faced by manufacturer through bank loans and trade credit financing and compare the two cases. Our findings illustrate that trade credit financing outperforms bank loan financing in the dual-channel green supply chain. Moreover, pricing decisions under different models are influenced by consumer preferences and risk aversion. Specifically, the greenness of the product, wholesale price, and sale price exhibit negative correlations with manufacturers' risk aversion but positive correlations with consumer preferences.

This article addresses the socioeconomic gradient in immigrant health by exploring immigration status and social capital as key considerations in measurement and development of health-promoting research and practice. This paper also seeks to draw attention to the importance of understanding how researchers approach the study of health disparities affecting minoritized and immigrant populations. A critical examination of the measures used in comparative health research challenges scholars to consider the different pathways through which socio-economic factors impact health and underscores the ethical commitment of health disparities researchers to consider the relevance and implications of their work. Given the reliance on existing data from national population health surveys to test the assumptions of the immigrant paradox, any immigrant-specific measure of SES with limited application to a large, representative sample of immigrants would likely hold little appeal to both researchers and practitioners. Understanding the mechanisms through which socioeconomic status influences immigrant health can allow scholars to address the needs of immigrant populations and advocate more effectively for programs and policies that seek to advance the health of all people.

Repeated fires cause peatlands to degrade. Fire management has been carried out, but fires continue to occur, especially during the dry season. Through social capital that applies in the community based on the local wisdom of the Banjar people in environmental management, it is hoped that peatland fires can be overcome in this area. This research aims to analyze the social capital of the Banjar people in mitigating land fires based on local wisdom and the environment. The sample in this study was 250 people who live in an area prone to fires on peatlands in Banjarbaru, South Kalimantan, Indonesia. There are three variables in this study, namely Trust (T), Network (N) and Norm (N). There are 33 Likert scale questions (1-4, strongly agree-strongly disagree). We also conducted interviews with 20 members of the Fire Care Community (MPA) to obtain information about the social capital of the Banjar community in mitigating land fires. The analysis used is Structural Equation Modeling (SEM). The study results show norms have the greatest influence on disaster mitigation of peatland fires compared to trust and social networks. Norms in the community in the form of values from peatlands, rules, norms and sanctions regulate the community more to deal with the problem of peatland fires than trust and social networks

Community co-creation is increasingly crucial to the building of sustainable societies. Communities must proactively and independently create value chains in the face of many wicked problems. However, practical frameworks and tools for facilitating community co-creation require further development. As such, for this paper, we propose a theoretical framework for analyzing community co-creation value chain mechanisms based on a narrative review of literature on Collective Impact, social impact assessment, and Community Capital from the perspective of collective impact, a framework with a fair amount of previous research. We argue for the importance of applying knowledge of social impact assessment, particularly for the collective impact conditions of common agenda and shared measurement system. We discuss its relationship with the Theory of Change and the use of systems thinking to mitigate the subjectivity and arbitrariness of design thinking. Furthermore, we emphasize the value of employing the community capital concept as a framework for analyzing interrelationships among elements. By integrating multiple concepts, we enhance the collective impact framework and outline potential avenues for future research on analyzing and effectively implementing co-creation value chain mechanism in a community-based approach.

Flanders (Belgium) is ageing at a rapid pace. Elderly people will continue to live at home in large numbers, partly because this is encouraged by the government. However, many homes are not adapted to reduced mobility. For example, it is not possible to circulate with a wheelchair. But also the living environment poses challenges for the elderly. Flanders is known for a far-reaching spread of housing and facilities, with the result that daily facilities can often only be reached by car. As a result of this spatial fragmentation, the elderly themselves often live for care providers in unreachable places. This ensures, among other things, that the in-home help travels several car kilometers. And research shows that so-called informal care is not self-evident either. Because what about the elderly who don't have children living nearby? Or with the residents who only see their next neighbor hundreds of meters away, who is also often a little mobile peer? The (untouched) appropriateness of the home, the presence or absence of facilities or neighbors, all of which belongs to what we can call the spatial capital of an environment. If this is not present, an autonomous life for a less mobile elderly person is not possible. The argument is that without sufficient spatial capital, the policy options are to allow the elderly to live in their homes for as long as possible or caring neighborhoods dead ends.

Introduction: The imbalance between technological development and ideological strengthening has resulted in the fading of the Pancasila ideological values of millennials. Technology that accompanies everyday life seems to be the main character in human life. Yet if humans themselves do not use technology wisely, technology can be a threat to both individuals and the life of the nation and state. If technology is increasingly out of control, threats to the Pancasila ideology are very likely to occur, such as in the G 30S PKI incident. Therefore, it is necessary to take action both from the government and the community as individuals to safeguard the development of technology to be used wisely. That way, we can prevent the threat to the Pancasila ideology together. Writing this article aims to analyze how the role and influence of the Pancasila ideology on the millennial generation in the 4.0 industrial revolution and to find solutions so that the values of Pancasila remain attached to the next generation of the Indonesian nation. Method: Writing This article uses a qualitative method by using literature reviews from the results of related research journals that have been published online through websites and other online media. Results: Thirteen journals and one book have met the criteria for the inclusion of a predetermined review. Research is based on the stigma of society regarding technological developments in the Industrial revolution 4.0. Therefore, the government is expected to be more severe in implementing human capital management. Conclusion: By procuring human capital management, it will be possible that Human Resources (HR) in Indonesia will be able to carry out the ideals of a golden Indonesian generation with Pancasila values inherent in the hearts of the people and the nation's future generations.

Forest ecosystems are important providers of ecosystem functions and services belonging to four categories: supporting, provisioning, regulating, and cultural ecosystem services. Forest management, generally focused on timber production, has consequences on the ability of the system to keep providing services. Silviculture, in fact, may affect ecological structures and processes from which services arise. In particular, the removal of biomass causes a radical change in the stocks and flows of energy characterizing the system. Aiming at the assessment of differences in stored natural capital and ecosystem functions and services provision, three differently managed temperate forests of common beech (Fagus sylvatica) were considered: (1) a forest in semi-natural condition, (2) a forest carefully managed to get timber in a sustainable way and (3) a forest exploited without management. Natural capital and ecosystem functions and services are here accounted in biophysical terms. Specifically, all the resources used up to create the biomass (stock) and maintain the production (flow) of the different components of the forest system were calculated. Both stored emergy and empower decrease at increasing human pressure on the forest, resulting in a loss of natural capital and a diminished ability of the natural system to contribute to human well-being in terms of ecosystem services provision.

Community is a veritable ingredient for social change and development in a society. The potentials of individuals and groups in the community are a great source or resource for promoting unity, development and patriotism. The general objective of this study is to examine the influence of diversity in community composition, on the operation of community policing style in Nigeria. The study adopted qualitative research approach to collect and analyze data. In-depth interview is the instrument of data collection while content analysis is the method of data analysis. The study took place in Kwara State, North central Nigeria. Twenty community leaders and youth groups heads were purposefully selected through snowball sampling method. Where this great resource or human capital is adequately galvanized by the leaders and community heads, the community becomes formidable and capable of solving her social problems together. However, these benefits of community are hampered by other socio-cultural and economic variables in its members. Community on its own cannot achieve much until members are mobilized to support and partner with government in any developmental projects.

The aim of this study was to identify MFIs specific determinants of capital structure of selected micro finance institutions in Ethiopia. The researcher employed quantitative research approach with explanatory research design. The result of regression analysis showed that out that variables like growth, profitability, firm size, age, and asset tangibility have positive and statistically significant effect on leverage ratio. Whereas, profitability has statistically significant and negative effect on capital structure. Based on the findings of the study, the researcher concluded that the firm specific determinants of capital structure of micro finance institutions in Ethiopia were growth, profitability, firm size, age, and asset tangibility.

Economic globalization has increased interdependence, particularly among the developing economies. This has increased the potential of migration across the national borders. In a similar context, the Indian economy has witnessed a rapid growth in the number of migrants after the phase of globalization. The rise in the migrant stock has led to a massive increase in the income generated through international borders in the form of remittances. India has become one of the top recipients of remittances with 79$ billion inflows in 2018. The major factor driving the growth of migrant remittances has been the monetary incentives that raise the standard of living of the recipient’s households. The rise in the income level of these households also affects other economic parameters including consumption and investment. Apart from this, the pattern of migration has also changed since the past few years with skilled workers migrating to the developed economies and unskilled ones migrating to the Gulf economies. In this context, the present study examines the trend and pattern of remittance inflows in India for the period of 1975-2017. Additionally, the study explores how remittance inflows affect the level of household consumption and investments. This relationship was examined using a two-stage least squares method by framing a set of simultaneous equations. The findings of the two-stage least square estimates indicate that though personal remittances do not impact the gross domestic product of the economy directly. But, an increase in the inflow of personal remittances leads to a rise in consumption and investment which in turn plays an important role in determining the Gross Domestic Product of the economy.

Bio-economy is a major area of the strategy that can afford the European Union to achieve growth: (i) smart, through the development of knowledge and innovation; and (ii) sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. Thus, the information published by Eurostat (European Statistic Institute) during a period spanning seven years (2011-2018) was used to assess the influence exerted by the conduct of the harness of intellectual capital related to sustainability as well as for the reporting of indicators relevant to appreciating an economic progress and sustainability (renewable waste material, share of renewable energy and energy intensity of the economy). The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level. Significant dependency relationships were identified. The results remain robust even after the introduction of certain control variables, such as gross domestic product rate, food production, population growth, urbanization growth and inflation. Our paper sets out to contribute to expanding the specialty literature by highlighting the involvement of intellectual capital as a factor in optimizing sustainability growth and, at a methodological level, by using a multiple regression.

We investigate financial feasibility of a few thinning schedules for spruce stands. Some example stands have previously experienced commercial low thinning, whereas others young stand cleaning only. High thinning is combined with quality thinning, and further growth of trees is estimated using a Norwegian growth model. High capital return rates are gained by diameter-limit cutting to the transition diameter between pulpwood and sawlogs. Repeated thinnings lead to reduction in the capitalization during several decades, the system approaching a stationary state. The transient forest stands investigated shown a significant excess capital return, in relation to the stationary state, and this excess return is due to transient tree size distribution. Correspondingly, capital return rate gained in rotation forestry is somewhat higher than that of stationary continuous-cover forestry, and the volumetric yield is much higher. The productive capacity of stands previously thinned from below apparently has been ruined by that treatment.

Bio-economy is a major area of the strategy that must enable the European Union to achieve growth: smart, through the development of knowledge and innovation; and sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. The aim of this analysis was to study the established link between the Energy Intensity of the Economy (EIE) and a number of factors that can measure the intellectual capital, such as: Market Capitalization of Bitcoin, Patent applications listed by European Patent Office and the Turnover from Innovation as a proportion of the total Turnover. The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level.

The Wester coastal Delta zone of the Netherlands, the relatively more crowded area of the country hosting ten out of seventeen heading to twenty million people, asks for a growing alertness on the topic of resiliency the light of climate-change, like many coastal urban areas do. Approaches of resiliency are often pre-dominated by governmental rescue planning and mobilization of technology innovative solutions. By comparing the float disasters of the 2015 Katrina and 2012 Sandy thunder-storms that hit respectively New Orleans and New York we can learn that the behaviour of people can make the difference in overcoming climate change impact disasters. Post-PhD research with focus on the Dutch Zaanstreek-Waterland area north of the city of Amsterdam, where in 1916 a severe flood took place, proved such. The outcome from focus group sessions is that the alertness and availability of the people to act in case of disaster urgency makes a positive difference, if the memory of the area residents to previous disaster handling is kept alert. This Zaanstreek-Waterland research showed that the disaster from 100 year before still kept the residents alert into resiliency. With that result the defi-nition of resilience should be improved by adding: ‘the interplay in a triangular relationship of civil servants, technicians and residents’.

Innovation has emerged as a critical driver of economic growth in the digital era, revolutionizing industries and reshaping economies worldwide. As traditional funding avenues continue to be dominated by risk-averse lenders and investors, entrepreneurs are increasingly turning to alternative funding mechanisms to fuel their innovative ideas and ventures. This article delves into the evolving landscape of financing innovation in the digital era, with a primary focus on the role of alternative funding mechanisms. By drawing on a comprehensive review of existing literature and empirical evidence, we aim to provide a conceptual framework that elucidates the interplay between alternative finance platforms, innovation ecosystems, and entrepreneurial activities. Moreover, this article examines the unique characteristics and challenges associated with financing innovation through crowdfunding, venture capital, and angel investing. The insights from this research contribute to a better understanding of how these alternative funding mechanisms can effectively support and catalyze innovation across industries and economies.

Over the last several decades there has been an arms race to acquire credentials as higher education has shifted from an elitist system to mass education. From an individual perspective, given the higher education system and labor market conditions, it is rational to pursue advanced qualifications. However, whether the education system delivers improvements in human capital or is principally a signaling mechanism is questionable. Estimates of the proportion of labor market rewards due to signaling range as high as 80%, suggesting that education is not only expensive but inefficient. In an increasingly transactional environment in which education providers are highly motivated by financial considerations, this situation is only likely to be exacerbated by the rapid developments in AI. The use of AI has the potential to make learning more effective but, given that many students see credential acquisition as transactional, it may reduce both human capital and the value of the signaling effect. If the credibility of the credentials offered is further damaged, the sustainability of the higher education sector in its present form and scale may well be unsustainable. We examine the evidence on credential inflation, returns to education and mismatch of graduates to jobs before analyzing how AI is likely to affect these trends. We then suggest possible responses of prospective students, education providers and employers to the growing adoption of AI in both education and the workplace. We conclude that the current offerings of generalist degrees, as opposed to vocational qualifications, are not sustainable and that to survive, even in a downsized form, the sector must respond to this disruptive technology by changing both the nature of its offerings and its methods of ensuring that the credentials they offer reflect genuine student learning.

This study delves into the transformative growth of private higher education in China, highlighting the rapid and diverse expansion following the COVID-19 pandemic. Although previous studies have reported expansion and difficulties, a thorough examination of the relationship between institutional adaptation and the development of human capital remains unexplored. This study examines how private higher education institutions modify their job-related courses to suit the demands of the job market, evaluates the effect on the employability of graduates, and investigates ways to control costs without sacrificing academic quality. This study analyzes data from the Ministry of Education, Wind Information, and Shenwan Hongyuan Research to gain insights into the impact of human capital theory and institutional theory on private higher education in China. Enrollment trends, program alignment, financial sustainability, and quality enhancement activities are all examined using detailed analysis. Private higher education institutions play a critical role in developing a skilled labor force by filling skill gaps and meeting the demands of an evolving job market. The findings also emphasize the importance of quality assurance procedures, strategic program development, and collaborations with businesses. In conclusion, the study emphasizes the imperative for more research and policy action. This is crucial to securing the lasting effectiveness and influence of private higher education institutions on China's socioeconomic progress and human capital development in the post-pandemic era.

The Ghana Venture Capital Trust Fund (VCTF), a government-sponsored initiative, plays a pivotal role in providing patient capital to foster entrepreneurship and spur economic development, particularly in emerging markets where traditional funding avenues may be limited. This study aims to conduct a comprehensive assessment of the VCTF's financial robustness, growth trajectory, and sustainability over a seven-year period from 2016 to 2022. Through an examination of critical financial metrics, growth indicators, and sustainability benchmarks, we scrutinize the fund's financial health, investment strategies, and capacity to bolster the Ghanaian entrepreneurial ecosystem.The analysis reveals nuanced insights into the VCTF's financial performance over the study period. Despite encountering challenges such as negative net profit margins and subdued asset turnover ratios in previous years, the fund showcases resilience and sustainability, particularly as evidenced by notable improvements in 2022. These findings carry implications for management, policymakers, and various stakeholders within the Ghanaian venture capital landscape, offering valuable insights to inform strategic decision-making and policy formulation.

The effect of capitalization premium in forest estate markets on forest management and climate change mitigation economics is investigated. It is shown that proportional goodwill in capitalization induces linear scaling of the financial return, without any contribution to sound management practices. However, there is a financial discontinuity as harvesting deteriorates goodwill. On the contrary, capitalization premium set on bare land as a tangible asset would increase timber storage and carbon sequestration. Observations indicate that the proportional goodwill is closer to reality within the Nordic Region, resulting in continuity problems but a reduced capital expense for carbon storage.

International migration is closely tied to demographic, socioeconomic, and environmental factors and their interaction with migration policies. Using a combination of a gravity econometric model and an overlapping generations model, we estimate the probability of bilateral migration among 160 countries in the period of 1960 to 2000 and use these findings to project international migration flows and their implication for income inequality within and between countries in the 21st century under five shared socioeconomic pathways (SSPs). Our results show that international migration not only increases the welfare in developing countries, but also closes the inequality gap within and between low-skilled and high-skilled labor in these countries. In most developed countries on the contrary, international migration increases the inequality gap and slightly reduces output. These changes are not uniform and vary significantly across countries depending on their population growth and human capital development trajectories. Overall, while migration is strongly affected by inequality between developed and developing countries, it has an ambiguous impact on inequality within and between countries.

In this research, we are attempting to review the relationship between users' models of using internet and bonding social capitals in Iran. The theoretical framework of the research are based on theoretical approaches of Dearnly and Feder, Velleman, Katz in the field of internet and models of using it and views of Putnam, Woolcock regarding social capital. The method used in this research is a qualitative – quantitative mixed method and the sampling method which has been used in the qualitative method is the purposive sampling method (theoretical sampling) and in the quantitative method, a combination of clustering, systematic and stratified sampling method in proportion with age and gender has been used. The statistical population of all persons who are 15 years old and more in Kerman city has been estimated to be 515114 persons in 2019 and the research sample has been estimated to be about 400 persons. Research results indicate that the rate of citizens' usage of internet in Kerman city is very low (less than 5 hours per week). Other results of the research indicate that regarding the model based on information associated with news, mostly filtered and unpermitted news sites such as VOA, BBC and other networks have been used. Research data regarding social identity is indicative of formation of identity evolutions in the contemporary society of Iran. The results of the path model test of the research indicate that news and economic information based models have about (0.11) direct and positive impact and ethnic identity has a direct and positive impact (0.189) and group identity has about (-0.131) impact and entertainment based model has about (0.130) impact on social capital. The results of variables' indirect impacts have also been expressed in the research

Based on 2010, 2013 and 2015 CGSS data, the impact of Internet use and social capital on the income gap among farmers in the past five years is assessed at three time points using the OLS method and a quantile regression method. The study finds that (1) the income gap among farmers increases continuously in the five-year period, while Internet use plays a positive impact on farmers’ income growth in all five quartiles; the coefficient differences are all significantly negative, indicating that Internet use plays a positive role in alleviating the income gap between high-income and low-income farmer subgroups, and (2) social capital plays a positive role in moderating the income gap among farmers and that Internet use by farmers expands the boundary of social capital, which in turn increases the income level of and alleviates the income gap among farmers.

Loneliness is a frequent negative feeling among older people. A programme aimed at alleviating loneliness among older people by promoting social capital, i.e. social support and participation, was conducted in primary health care centres in Spain. We aimed to explore participants’ experiences of loneliness and social participation before the programme, perceived programme effects and contextual influences. A descriptive-interpretative qualitative design was used. 41 persons were included comprising older people, health and social care professionals, and volunteers. Data were collected through three focus groups, 36 semi-structured interviews and participant-observation of the intervention. A thematic content analysis was applied. Older persons with diverse profiles of loneliness and participation decreased their loneliness, increased their knowledge and participation in local community assets, and developed companionship, a sense of belonging, peer support and friendship. Their mental wellbeing increased and participants could deal better with health or family problems. An empowerment process was observed. However, loneliness persisted among some widowed participants and health and social vulnerabilities hampered some impacts. Conflicts and exclusion were occasional unintended effects. The promotion of social capital in ageing to alleviate loneliness involves complex processes interrelated with health and socio-economic factors. Future programmes should be adapted to local contexts and participants’ characteristics.

Social capital creates a synergy that brings many benefits to members of a community. Thus, the main objective of this article was to examine whether social capital can improve a society's food security. If yes, how? To answer these questions, a systematic literature review was conducted using the Prisma approach. The output of this method led to finding 39 related articles. Precise studying these articles illustrated that social capital improves food security through two mechanisms of knowledge sharing and product sharing (i.e., sharing food products). It revealed that social capital through improving the food security pillars (i.e., food availability, food accessibility, food utilization, and food system stability) affects food security. In other words, the interaction among the members of the community results in sharing food products and information among community members, and this facilitates food availability and access to food. There are many shreds of evidence in the literature that sharing food and food product among the community member decreases household food security and provides the healthy nutrition to the vulnerable families and improve the food utilization pillar of food security. In addition, it is disclosed that belonging to the social networks increases the resilience of the community members and decreases the vulnerability of the community that subsequently strengthens the stability of a food system. This study contributes to the common literature on food security and social capital by providing a conceptual model based on the literature. In addition to researchers, policymakers can use the finding of this study to provide solutions to address food insecurity problems.

Rapidly changing dynamics of globalization and increasing market competition are causing the companies all around the world confronting several new challenges and opportunities. To be competitive and successful apart from relative importance of physical resources, companies must adapt modern strategies and policies regarding market flexibility and development. The purpose of this study is to empirically investigate the relationship between intellectual capital and firm value. Furthermore, the moderating role of managerial ownership has been evaluated with the help of regression analysis. The sample included the panel data taken from non-financial firms listed on Pakistan stock exchange (PSX) covering the period 2010-2015. A sample of 79 firms out of 384 firms have been selected with the help of systematic sampling technique. VAIC (Value Added Intellectual Coefficient) model has been used for the calculation of intellectual capital. Tobin's Q has been taken as a measure of firm value. Managerial ownership has been tested as moderator. Based on data analysis, it is concluded that the relationship between intellectual capital and firm value is positively significant. It is also concluded that managerial ownership moderates the relationship between intellectual capital and firm value negatively.

The annual budget for the United States National Park Service was roughly three billion dollars in 2016. This is distributed amongst 405 National Parks, 23 national scenic and historic trails, and 60 wild and scenic rivers. Entrance fees and concessions generate millions of dollars in income for the National Park Service; however, this metric fails to account for the total value of the National Parks. In failing to consider the value of the ecosystem services provided by the National Parks we fail to quantify and appreciate the contributions our parks make to society. This oversight allows us to continue to underfund a valuable part of our natural capital and consequently damage our supporting environment, national heritage, monetary economy, and many of our diverse cultures. We explore a simple benefits transfer valuation of the United States national parks using National Land Cover Data from 2011 and ecosystem service values determined by Costanza (et al). This produces an estimate suggesting the parks provide $84 billion / year in ecosystem service value. If the natural infrastructure 'asset' that is our national park system had a budget comparable to a piece of commercial real estate of this value, the annual budget of the National Park Service would be roughly an order of magnitude larger at something closer to $30 billion rather than $3 billion.

The paper aims to investigate on the determinants of the capital structure of the Italian SMEs and it is based on a large panel of Italian manufacturing SMEs observed in the years 2001-2013. The analysis achieves a comparative investigation between the capital structure of the firms belonging in the Southern region, the so-called Italian Mezzogiorno that is the slow growing area of the country, and the firms of the Center-northern region of Italy, that is the more developed area of the country. Fixed effect panel techniques applied to the several standard leverage models allows to reaffirm some distinctive features showing differences of the financial behavior of regional firms.

Technology then has become a mixed bag for the tourism industry. It creates a great deal of conveniences while at the same time has been used as a way to increase revenues and to lessen customer service, especially for the education of adults in the area of digital competence for the use for advertising the tourist offer of your own units. Modern Education Programs can be a great help in overcoming digital literacy and thus helping to choose a variety of offers that offer free internet advertising. The survey was conducted on the example of Okrug municipality on the Čiovo peninsula in the period from February 2017 to April 2017. 278 private renters participated. The aim of the research was to show that the Program for the Education of Foreign Languages, a specific English language that was organized by the Municipality, contributed to the advertising of its tourist units, thereby contributing to the revenue, ie the occupancy in the number of reservations. The paper used a quantization method, a questionnaire survey. point to the fact that it is necessary to invest in the Education Program so that the older population, in particular, acquires the general level of digital literacy and foreign language learning, for the purpose of finding an adequate media for advertising and strengthening the tourist capital of a municipality.

This study examines how profitability moderates capital structure and dividend policy in selected Sub-Saharan African manufacturing enterprises. The study analyses 2012–2022 data from 131 listed firms in six countries using a quantitative and ex post facto research design. Debt-to-equity, asset structure, debt-to-asset, and return on assets are variable of interest. The debt-to-equity ratio negatively affects dividend policy, but asset structure positively affects it, according to pooled OLS and moderated regression models. Profitability considerably moderates the association between debt-to-equity and dividend policy, while debt-to-asset ratio has a positive but negligible influence. The findings emphasize the role of profitability in financial decision-making and suggest that firms should balance their capital structure and profitability to optimize dividend policies. The study fills gaps in emerging economy literature and offers managers and policymakers practical advice to improve financial performance and shareholder value in Sub-Saharan African-listed manufacturing enterprises.

Debates regarding human capital disclosure (HCD) emphasise the usefulness of people-related information in stimulating investor confidence and building stakeholder trust. Despite this, human capital (HC) information is interwoven in most international sustainability reporting standards such as the global reporting initiative (GRI), thereby concealing the impact of human resource (HR) practices in shareholder value creation. The aim of this study is to develop a taxonomy to assess HCD in the sustainability reports to capture the true value of HC distinctively. A content analysis-based study with a deductive approach was followed by utilising the GRI standards to isolate and classify people-related information into an HCD sustainability taxonomy. 40% HC metrics were extracted from the GRI standards and subsequently classified into 7 dimensions, namely, human capital allocation, human capital wellbeing, human capital investment, human capital network, human capital governance, human capital risk and human capital earnings. Furthermore, 40 GRI content indexes of the companies listed in the Johannesburg Stock Exchange (JSE) revealed that most disclosures are covered in the human capital governance and human capital earnings categories. HCD sustainability provides investors and HR professionals with a useful tool to assess people-related information from the sustainability reports for isolating the true value of HC.

The financial performance of local governments is closely related to the economic growth of a region. Strong financial performance provides a solid foundation for sustainable economic development. This study analyses the relationship between local government financial performance, capital expenditure, and sustainable economic growth in Banten Province. A quantitative approach was employed, using secondary data from Regional Revenue and Expenditure Budgets and economic growth statistics. Purposive sampling was utilised, and data analysis was conducted using Path Analysis. The findings reveal that several financial ratio variables significantly impact economic growth directly and indirectly through capital expenditure as a mediating variable. Directly, the independence ratio, effectiveness ratio, efficiency ratio, fiscal decentralisation ratio, dependency ratio, and capital expenditure significantly influence economic growth. The independence and effectiveness ratios have a positive impact, indicating that improvements in these variables directly foster economic growth. However, the efficiency and fiscal decentralisation ratios have a negative impact, suggesting that increases in these variables may reduce economic growth. Indirectly, through capital expenditure, the independence, effectiveness, dependency, and compatibility ratios significantly affect economic growth, with the independence ratio being the most dominant. Conversely, the fiscal decentralisation and efficiency ratios do not show significant indirect effects, indicating that capital expenditure is not an effective mediator for these variables.

The innovativeness of nongovernmental organisations, the basic institutions of civil society, is conditioned, among other things, by the endogenous potential of agency of the entities operating within them. The article attempts to answer two research questions regarding the above-mentioned issues: (1) how individual components of binding and bridging social capital (in the area of trust, norms and connections) determine innovative activity in a state of morphostasis, i.e. structural and cultural continuity, selected Silesian NGOs. (2) What type of reflexivity and the related nature of agency of the members of the NGOs surveyed dominates when undertaking innovative activities? At the theoretical level, the study was based on the concept of three components of social capital by James S. Coleman and the assumptions of Margaret Archer's morphogenetic theory of structure and agency, in particular, the types of reflexivity as a factor conditioning social agency. Based on them and using qualitative analysis of data obtained during focus group interviews (FGI) and SWOT questionnaires of surveyed organisations, a diagnosis of intraorganisational barriers to innovation was made. The Atlas.ti computer programme was used. This method allows for the examination of structural elements, cultural features of a given organisation, and the capabilities of individual entities. The dominance of bonding social capital components over bridging social capital components was noted (mainly in the dimension of trust), as the basic bond connecting members of the NGOs studied. It was accompanied by a communicative type of reflexivity of the respondents, with the aim of maintaining the existing organisational and social status quo. These key socio-cultural factors determine the morphostatic nature of the organisations studied, i.e., their focus on maintaining the organisational status quo. Such contexts petrify the existing power structure, but also the level of social tensions and distances, and limit the innovation potential.

The wide circulation of conspiracy narratives and their frequent intertwining with populist rhetoric is both an element of concern and a topic of intense scientific and philosophical debate. The depth of the link between conspiracy theories and populism represents a crucial issue whose comprehension can facilitate understanding their specific nature and the factors behind their diffusion in public communication. To this end, it is necessary to cultivate an interdisciplinary approach and great critical attention, eschewing monocausal explanations. This paper addresses the question of the essentially political nature of conspiracism confronting the recent epistemological debate that, by putting the positivist paradigm aside, has sought to explore and understand the socio-cultural roots of conspiracy rhetoric, with its sceptical, antagonistic and hermetic traits. By integrating the reflections of epistemologists such as Cassam or Harris with the considerations of political scientists such as Taggart and with Schmitt's radical reflections on politics, it is perhaps possible to reintegrate the different approaches to populist conspiracism into an overall social genealogical perspective, thanks also to recent demographic elaborations. Thus, we could ascribe the spread of conspiracism to the prevalence in societies of a hyper-political discursive regime, i.e. founded on the principle of opposition, without the possibility of compromise, between different groups and interests. At the basis of such Manichaeism, it is plausible to place in the first place the growing inequalities and related social disintegration, which hinder the circulation of trust and recognition between individuals and groups, thus ending up undermining democracy at its roots, as a political system that legitimises and thus peacefully regulates conflict.

This literature review aims to assess the extent and depth of existing angel investment literature, particularly focusing on the city of Florianópolis. Through an examination of available literature, the report seeks to elucidate the mechanisms and practices employed in angel investing within the Florianópolis ecosystem. This comprehensive analysis involves synthesizing scientific literature and incorporating insights from authoritative sources in the field. Key findings highlight the imperative for further research and exploration in this domain and the potential for increased angel investment within the studied ecosystem.

This study aims to determine the Antecedent of employee engagement among police officers in Tanjung Perak Police Station. The approach used in this research is quantitative with survey and correlation methods. The sampling technique used is purposive sampling which obtained by respondents as many as 146 employees of Police officers in Tanjung Perak Police Station which include all the population. The data analysis technique used in this research is descriptive statistics and inferential statistical analysis. Inferential statistical analysis using Structural Equation Modeling (SEM) approach using Smart PLS application. Furthermore, the measurement of the model (outer model). The test findings suggest that internal and external job transitions improve capital mobility. Movement capital boosts internal employability. Movement capital boosts external employability. Employee engagement and participation are negatively impacted by perceived external employability.

Among the plethora of financial management tools available, stock investments stand out as the most recognizable and widely accepted option. However, investors often make buying and selling decisions based on unverified information provided by stock analysts. Since the credibility of this information remains uncertain, it frequently results in investment losses. Ordinary investors relying solely on rumors often miss out on prime opportunities for buying and selling stocks. In the current volatile investment landscape, various investment strategies cater to different situations. If individuals can effectively identify opportunities within this complex environment and dynamically adapt suitable investment strategies at any given time, substantial returns can be achieved. The ability of investors to promptly detect shifts in the current stock market environment and make accurate decisions regarding stock selection, timing, and capital allocation strategies is of utmost importance. This study presents a dynamic framework for investment decision support, which utilizes evolutionary strategies to determine the optimal timing for key strategic tools such as stock selection, timing, and capital allocation. By leveraging historical data for training and testing, this approach aims to assist investors in adapting to the ever-changing stock market environment. If investors can successfully identify and implement an appropriate investment strategy to aid in making accurate decisions, it is possible to achieve significant excess returns.

The capital allocation framework proposed by [] presents capital allocation principles as solutions to particular optimization problems and provides a general solution of the quadratic allocation problem via a geometric proof. However, the widely used haircut allocation principle is not reconcilable with that optimization setting. In this paper we provide an alternative proof of the quadratic allocation problem based on the Lagrange multipliers method to reach the general solution. We show that the haircut allocation principle can be accommodated to the optimization setting with the quadratic optimization criterion if one of the original conditions is relaxed. Two examples are provided to illustrate the accommodation of this allocation principle.

Digital transformation can become a complex process when workers have insufficient skills, which makes training in the digital field essential. Herein, we intended to relate digital literacy perceived by workers with their training needs for the Portuguese public sector context. Additionally, based in the Human capital theory, we also investigate which professional/demographic characteristics increase training propensity in digital fields. Through an online questionnaire, a dataset with information on 573 workers was obtained. Data analysis was made by using a probabilistic regression model and additional statistical techniques. The results revealed that workers with higher levels of education and higher professional skills have higher probability of participating in training in the digital field. On average, workers reveal low levels of digital knowledge and low participation in training in the digital fields, but the majority present a willingness to participate in future training sessions, especially in the fields of Dataset management, Cybersecurity and Communication systems. This study provides information on training in the digital field of workers in the public sector, which is essential for public organizations to better prepare for digital transformation. Additionally, it contributes to a very recent literature on digital learning, and it can be extended to other contexts.

Since the early 21st century, the globalization trend and technological innovations have changed the ways and speed of market growth. Rapid market expansion and the pressure for firms to achieve sustainable business growth via mergers and acquisitions have become the norms for acquiring the necessary competencies, expanding market shares and business integrations. This study explains the factors that correlate to the IJM's financial performance based on the market dynamics in recent years. This case study is a qualitative approach employing systematic review and content analysis. As a result, firms begin to diversify or venture into the business segments that might be related to or complement their core businesses, intentionally or unintentionally, which eventually evolved into the conglomerate form. This case study provides a financial performance analysis of IJM Corporation Berhad's success and challenges from its conglomerate business model. The fact that a well-diversified firm will have better risk management in the event of an economic downturn is also a primary driver for firms to embark on a corporate diversification strategy. This case study reveals IJM's conglomerate model has been successful during its rapid business growth; however, it has shown signs of diminishing in recent years.

Children’s right to participation in child protection decision-making is supported by moral imperatives and international conventions. The fragmented implementation of this right reflects an already-conflicted discursive terrain that attempts to incorporate both children’s agency and their need for protection. This article uses two key theoretical lenses to further examine this terrain: child welfare inequalities and cultural capital. These theories draw attention to how social inequities and cultural capital relating to culture and class affect how participation plays out. An unintended consequence of constructing children within a traditional liberal account of rights, within neoliberal and ‘child focussed’ policy paradigms, is the reduction of an acknowledgment of the culturally contested nature of an individualistic construction of children, excising children from their social backgrounds and promoting the notion of a ‘universal child’. With a particular focus on class, culture and professional paradigms, I argue that the ways children’s views are elicited, the content of those views and how they are interpreted, become subject to a set of professional assumptions that tend to take little cognisance of the social backround of children, including norms relating to class, ethinicity and the oppressive structural relations relating to those two factors. This process is shored up with concepts such as attachment theory, the ‘adultification’ of children of colour, the diminishing of Indigenous concepts of children and childhood, and the pre-eminence of the ‘concerted cultivation’ middle class parenting style. The child’s cultural worldview and manner of expressing it may clash with professional cultures that emphasise an ability for verbal expression, independence, and entitlement when negotiating preferences with representatives of powerful social institutions such as child protection systems. Many children may not comply with this expectation due to both cultural and class socialisation processes, and the histories of the oppressive functions of child protection systems. The unspoken power of child protection organisations that must engage in constant translation of children’s cultural capital to ensure participation, may instead better serve children’s participation aims by devolving authority to affected communities. Communities reflecting children’s own, may be better able to offer recognition to children and enable their participation more effectively.

The present study aims to examine the role the social and digital infrastructures might have during the building process of the Smart Regions in the Italian context. Within this framework, it is possible to identify some essential research questions, such as why the same regions are growing faster than the other and which type of effects could be generated from the different connectivity between the regions. Since the Smart Region concept is still composed of technical reports, pilot projects and experiences from a limited number of cities on the international stage, this work it is tried to use a new approach, applying either a neuronal model, the Self-Organizing Maps, and the multivariate regression approach, to extrapolate the existence of possible future conditions for the rising of Smart Regions in Italy, studying the evolution of the used database during the period 2005 – 2016. From the analysis what emerged is that the only bridging social capital dimension, empirically speaking, feed the regional innovation growth because the structure of social relationship facilitates interactions across social, political and economic agents; but there are institutional deficits, most pronounced in Italy and other European countries.

Two sets of initial conditions are used in the investigation of capital return rate and carbon storage in boreal forests. Firstly, a growth model is applied in young stands as early as the inventory-based model is applicable. Secondly, the growth model is applied to observed wooded stands. Four sets of thinning schedules are investigated in either case. First, the capital return rate is aspired without any restriction. Second, the number of thinnings is restricted to at most one. Third, thinnings are restricted to the removal of only trees thicker than 237 mm. Fourth, commercial thinnings are omitted. The two sets of initial conditions yield similar results. The capital return rate is a weak function of rotation age, which results in variability in the optimal number of thinnings. Reducing the number of thinnings to one increases timber stock but induces a capital return rate deficiency. The deficiency per excess volume unit is smaller if the severity of any thinning is restricted by the removal of large trees only. Omission of thinnings best applies to spruce-dominated stands with stem count less than 2000/ha. Restricted thinning intensity applies to deciduous stands and dense pine stands. The albedo effect increases the benefits of restricted thinnings and increased clearcuttings instead of contradicting the carbon storage.

The work proposes a model of funds formation in current and fixed-term (ruble and currency) accounts and transfers of funds between them. The sources of money are loans issued by commercial banks, placement of government domestic debt, the positive balance of foreign trade. The financial parameters and characteristics of the system are estimated using the Kalman filter. The adequacy of the model is confirmed by simulation modeling. It was found that the rate of creation of rubles in current accounts increased from ≈ 8% per annum in 2015-16 ≈ to 12% in 2017-18 and to 29% in 2019-20. The leakage of foreign currency from accounts (in addition to the official outflow of capital) was ≈ 12, 50, 35 billion dollars per annum during the same periods.

Based on a large sample of publicly listed and non-listed US commercial banks from 1996 to 2011, we find robust evidence consistent with banks using realized available for sale (AFS) securities gains and losses to smooth earnings and increase low regulatory capital. We also find that (i) banks with positive earnings smooth earnings, and banks with negative earnings generally take big baths; (ii) regulatory capital constrains big baths; (iii) banks with more negative earnings and more unrealized beginning-of-quarter losses (gains) take big baths (smooth earnings); and (iv) banks with low regulatory capital and more unrealized gains realize more gains. Also, banks with negative earnings tak big baths (avoid or reduce the earnings loss) if their unrealized gains are insufficient (sufficient) to offset the negative earnings. Our inferences apply to listed and non-listed banks, which indicates that the earnings management incentives do not derive solely from public capital markets. Our findings reveal that the accounting for AFS securities gains and losses enables banks to manage regulatory capital and earnings in a variety of ways.

Capital structure decision plays an imperative role in firm’s performance. Recognizing the importance, there has been many studies inspected the rapport of capital structure with performance of firms and findings of those studies are inconclusive. In addition, there is relative deficiency of empirical studies examining the link of capital structure with performance of banks in Bangladesh. This paper attempted to fill this gap. Using panel data of 22 banks for the period of 2005-2014, this study empirically examined the impacts of capital structure on the performance of Bangladeshi banks assessed by return on equity, return on assets and earnings per share. Results from pooled ordinary least square analysis show that there are inverse impacts of capital structure on bank’s performance. Empirical findings of this study is of greater significance for the developing countries like Bangladesh because it will call upon concentration of the bank management and policy makers to pursue such policies to reduce reliance on debt and to accomplish optimal level capital structure. This research also contributes to empirical literatures by reconfirming (or otherwise) findings of previous studies.

In recent years, research has noted the increasing prevalence of mental health problems among university students. The current mental health needs of the university population, along with the multitude of stressors they face, increase the importance of examining their psychological well-being and determining the personal resources that effectively promote it. In this context, the present research aims to analyze the role of psychological capital (PsyCap) and coping strategies as personal resources facilitating psychological well-being (PWB) of university students. Specifically, the mediating role of coping strategies (both adaptive and maladaptive) in the relationship between PsyCap and PWB is explored. The study involved 391 university students from Spain. The results found a partial mediation effect of adaptive coping strategies on the relationship between PsyCap and PWB. Likewise, PsyCap was shown to be a direct positive predictor of adaptive coping strategies and PWB, as well as a direct negative predictor of maladaptive coping strategies. Therefore, it is concluded that PsyCap serves as a valuable personal resource that enhances and strengthens PWB in university students, as well as adaptive coping strategies. PsyCap also decreases the tendency to engage in maladaptive coping strategies. Similarly, the use of adaptive coping strategies contributes to improving students' PWB.

This study investigates the relationship between authentic leadership and socially responsible behavior among employees in Saudi Arabia's service sector. Utilizing social cognitive theory as the theoretical framework, the research proposes that authentic leadership indirectly influences socially responsible behavior through psychological empowerment and psychological capital as parallel and serial mediators. Additionally, the study examines the moderating effect of CSR perceptions on these relationships. A cross-sectional survey was conducted with 349 professionals from the service sector. The results, analyzed using partial least squares structural equation modeling (PLS-SEM), revealed that authentic leadership does not directly impact SRB. Instead, the relationship is fully mediated by psychological empowerment and psychological capital. Moreover, CSR perceptions significantly moderate the relationship between authentic leadership and psychological empowerment, as well as the indirect effects of authentic leadership on SRB through psychological empowerment and psychological capital. The findings highlight the importance of fostering an authentic leadership style and how psychological resources of empowerment, and psychological capital carry forward this effect to promote SRB in the service sector. Additionally, the study underscores the role of CSR perceptions in strengthening the impact of authentic leadership on employee outcomes. The research contributes to the literature on leadership, CSR, and employee behavior, and offers practical implications for organizations aiming to enhance their social responsibility initiatives.

Sustainable development can only be realised when the social, economic and environmental dimensions are considered altogether. Social capital and local wisdom offer important contributions to the development process and the capabilities of individuals and groups as development actors. This study analyses the role of social capital and local wisdom in managing business partnerships between farmers and palm oil plantation companies in North Konawe, Indonesia. Data were collected via in-depth interviews, field observations and focus group discussions and were analysed descriptively and qualitatively. Results underscore the importance of social capital and local wisdom in organising institutional programmes for strengthening palm oil business partnerships. Trust, social networks and participation negatively affect the sustainability of these partnerships, whilst local wisdom and social solidarity positively influence institutional strengthening. Inconsistency and lack of openness by companies can lead to a trust crisis that can threaten the sustainable operations of palm oil companies. Building a good cooperative commitment and maintaining collaboration play key roles in enhancing community welfare and increasing company profits. The social capital and local wisdom of farmer institutions in villages are expected to significantly contribute to the establishment of sustainable palm oil business partnerships.

Rice farming households having limited capital do various combinations of the capital to get diversified livelihoods in continuing their lives. The purpose of this study was to analyze the effect of the household capital of rice farmers on livelihood diversification in Indramayu District. Survey method with data sources from 214 rice farming households taken by proportional simple random sampling technique. Data analysis used the partial least square method. The results found that the household capital of rice farmers has a positive and significant effect on the livelihood diversification. Government policy recommendations were determined in order of priority are physical capital with the help of agricultural tools and machinery, natural capital by anticipating climate change, financial capital by increasing support for capital sources, social capital by social networks, and human capital by improving farming skills.

This article presents the research results on developing professional capital in Lithuanian schools during the national project "Time for leaders". The longitudinal national initiative aimed to develop professional capital as the synergy of human, social and decisional components (Hargreaves and Fullan, 2019) of schools through the various cooperation-based learning experiences of educational professionals. The article provides an overview of project interventions (activities that stimulated cooperative learning of educational professionals) in the light of cooperative learning principles. The assessment of change over two project years in education professionals' perceptions of professional capital is presented using Cohen's d effect size measure. The measurement sample consisted of teachers (n1=5105; n2=4683) and school leaders (n1=439; n2=405) from 189 schools in 30 Lithuanian municipalities. The findings show a statistically significant medium positive change in professional capital. The most considerable change was estimated in the social and decisional capital dimensions and the relatively smallest - in the field of human capital.

In this paper we take China’s one child policy as an example and investigate its environmental impact. We develop a model for an economy using a standard overlapping generation model extended with human capital, endogenous fertility, and changing life expectancy. To model the environmental impact of economic activities, we use a modified IPAT model. We show that China’s one child has a very strong positive impact on the environment, particularly if we consider the whole human legacy.

This study was aimed to investigate the effect of capital structure on firms’ profitability with special emphasis on Ethiopian Large Private Manufacturing Firms using panel data of five consecutive years (2006/07-2010/11G.C). The secondary data sources (audited financial statements) have been collected from the randomly selected thirty three large private manufacturing firms in Ethiopia. Linear regression model has been employed to analyze the relationship between firms’ profitability and capital structure. Specifically, Random-effect Generalized Least Square of panel data regression model has been selected to empirically test the literature driven hypotheses. Finally, the findings of this study revealed that a significant positive relationship between firms’ profitability and total debt ratio which indicate firm’s capital structure.

Price markups and firm Tobin’s Q ratios are widely believed to have been increasing in the past several decades. Various models for the calculation of price markups have been developed, but each have methodological drawbacks and some results are poorly reflective of the near past wider macroeconomic experience. This paper defines an approach for the definition and measurement of markup pricing using the measure of Economic Rent and The Capital Asset Pricing Model. The results show limited markup pricing for The UK’s FTSE 100 companies (2018-2023), but that that certain Real Estate, Technology/Media and Financial Services/Equity Investment firms have enjoyed higher price markup levels. An analysis of the business models of these firms is used to qualitatively propose explanations for such markups. Finally, this work offers a formal proof that that expected price markup is equal to Tobin’s Q and finds that the empiric market level of markup is near equivalent to the market Tobin’s Q; differences between the markup and Tobin’s Q at the level of the firm are equally assessed.

At the Rio Conference in 1992, the sustainable development agenda promised a new era for natural resource management, where the well-being of human society would be enhanced through the sustainable use of natural capital. Several decades on, economic growth continues unabated at the expense of natural capital, as evidenced by biodiversity loss, climate change and further environmental issues. Why is this happening and what can be done about it? In this research, we present three Agent-Based Models that explore the social, economic and governance factors driving (un)sustainability in complex social-ecological systems. Our modelling results reinforce the idea that the current economic system does not protect the natural capital on which it depends. This is due to a disjunction between the economic and environmental elements upon which the sustainable development paradigm is founded. Additionally, various factors appear to enhance social-ecological system unsustainability: the role of financial entities and monetary debt; economic speculation; technological development and efficiency; lack of long-term views and late government interventions; inefficient tipping point management; and the absence of strong top-down and bottom-up conservation forces. Interestingly, alternative scenarios showed that these same factors could be redirected to enhance sustainable development. The current economic system may, therefore, not be inherently unsustainable, but rather specific economic mechanisms, agents’ decision-making, and the kinds of links between economic and natural systems could be at the root of the problem. We argue that short- and medium-term sustainability can be enhanced by implementing mechanisms that shift capitalist forces to support environmental conservation. Long-term sustainability, however, requires further paradigm change: where the economy integrates, and fully accounts for, externalities and recognises the actual value of natural capital.

The purpose of the article is to measure, using the VAIC and MVAIC models, the impact of intellectual capital and its elements on the financial performance of Omani industrial companies listed on the Muscat Stock Exchange (MSE) from 2017 to 2021. Regression analysis using the Gretl software was applied to the study of panel data on the activities of 34 industrial companies in Oman, obtained from the official MSE website and from published financial statements. The analysis of literature sources was carried out using bibliometric analysis, the results of which were visualized using the VOSviewer software. To analyze the relationships between financial performance and its determinants (intellectual capital variables and control variables), four types of PERF models were developed, based on which sixteen models were directly examined. Four dependent variables (Earnings before interest, Taxes, Depreciation and Amortization, Return on Assets, Return on Equity, Assets Turnover Ratio) and eight independent variables (Value Added Intellectual Coefficient, Modified Value Added Intellectual Coefficient, Capital Employed Efficiency, Human Capital Efficiency, Structural Capital Efficiency, Relational Capital Efficiency, Size, and Leverage) were used to form these models. The Empirical Results section has discussed descriptive statistics and correlations, selection of estimate panel data parameter based on the F-statistics, Breusch-Pagan test, and Hausman test, assumption test results (Normality, Autocorrelation, Heteroscedasticity), and panel regression models. Analysis of the impact of VAIC, MVAIC and its elements on the financial performance of Omani industrial companies has yielded mixed results. VAIC and MVAIC in general have a significant positive effect only on ATO. For individual elements of VAIC and MVAIC, the following most significant associations with financial performance measures were found: CEE negatively affects ROE; SCE has a positive effect on l_EBITDA and ATO; RCE negatively affects ATO; l_SIZE has a positive effect on l_EBITDA and ROA; and LEV has a positive effect on ROA.

With limited state budget, developed nation public higher education have increased their fees making education expensive for most developing nation students. Some developing nations have set up regional low-cost education hubs to attract developed nation universities to offer their reputable degree programs. However, the intense competition for student enrolment in both has led to the marketisation of education. Students as paying customers need to experience satisfying stress-free teaching and learning to sustain enrolment. With employers increasingly unhappy with the quality of human capital, has the marketisation of higher education led to nominal human capital development? Can substantive human capital be developed in the new normal of marketisation of higher education? An adaptation of randomised control trials was used to measure learning outcomes desired by future employers for two teaching and learning approaches namely students as customers (n=497) and employers as customers (n=355). Findings show both approaches have good learning outcomes with the latter generally more superior. However, the former leads to nominal learning outcomes. This research extends the literature on achieving substantive learning outcomes conducive to employability. Implications for student satisfaction, lecturer professionalism, employability and quality assurance are discussed.

This study assesses the perception and vulnerability of the farming communities to climate change in the southwestern parts of Ethiopia. Data were collected from 442 households in four districts: Jimma Arjo, Bako Tibe, Chewaka, and Sekoru. The vulnerability of the farming communities was assessed using the households’ livelihood vulnerability index. A total of 40 indicators were applied to calculate household livelihood vulnera-bility to climate change, which were categorized into five major capitals: natural, social, financial, physical, and human. The household percep-tions of climate change results showed that there existed a statistically significant relationship between climate change perceptions and changes in rainfall pattern (75.6%, p<0.001), temperature pattern (69.7%, p<0.001), drought (41.6%, p=0.016), flood (44.1%, p=0.000), and occurrence of early (53.2%, p<0.001) and late rain (55.9%, p<0.001). The results showed that households in Sekoru district were the most vulnerable (0.61), while Jimma Arjo district were less vulnerable (0.47) to the effect of climate change. The vulnerability of the households in the study areas is mainly related to the occurrence of drought, lack of much-needed infrastructure facilities and weak institutional support. Links with the financial organization are also lacking among the household. The findings of this study will support policymakers to design climate change adap-tation strategies to combat climate change impacts. To support disaster risk management on the one hand and increase the resilience of vulnera-ble societies to climate change on the other hand, we recommend a detailed assessment in the remaining districts of the region.

Heritage conservation area designation is often resisted by communities due to concerns with overly strict regulations for property alterations and negative impacts on property values. This paper addresses these concerns by examining Freemans Bay and Onehunga – two Special Character Areas (SCAs) in Auckland, New Zealand. A property value analysis was used to assess the impact of SCA designation on property values and an online questionnaire survey gathered information on homeowners’ experiences and levels of satisfaction with living in an SCA. The results indicate that designated SCA properties have higher average values than non-designated properties and homeowners are overwhelmingly satisfied with living in a SCA. The main benefits are a sense of community and having certainty around the look and feel of their neighbourhood into the future. The main issue identified by respondents is the requirement for Resource Consent. The majority of people who had gone through the process found it to be a negative experience because of the high cost in terms of time and money. A historic urban landscape approach to the development of management plans and design guidelines is recommended to improve the implementation of the Special Character Areas in Auckland and beyond.

Financial statement analysis is an analysis that uses analytical procedures to evaluate a company's financial health, risks, performance, and future growth potential. This article aims to find out the application of analysis of financial statements of PT. Astra Internasional, Tbk towards the decision-making of novice investors in the Indonesian capital market. This article is qualitative descriptive with literature studies. The results of this article can be concluded that the analysis of the financial statements of PT. Astra Internasional, Tbk can help novice investors in the Indonesian capital market in making investment decisions.

Exisitng studies argue life chances are, in part, vertically reproduced. Such a statement is applicable to the Chinese contexts as, but not limited to, parental hukou status, to some extent, determines the life chances their children receive. In this essay, the author would like to introduce human capital theory (HCT) and educational signalling theory (EST), and assess how the applications of each of these two models can enrich the understanding of vertical reproduction of individuals’ social mobility opportunities. The author would also present the limitations of each of these two models when addressing relevant Chinese contexts.

The aim of this study is to investigate “resource portfolios” and total capital, as well as the degree of those resources capitalization, which representatives of different social classes in the modern Latvia have at their disposal. The amount and structure of “resource portfolio” and total capital of different social classes studied using the resource-asset-capital approach. The article presents results of the sociological survey of social stratification in modern Latvia on the example of its one region – Latgale (2019, n = 798, representative sample of the adult population), identifying social classes based on two objective (income and education) and one subjective (self-identification of respondents) criteria. Based on the example of the lower working class and the middle class, the authors proved that representatives of these polar social classes have a total capital of different amount, which is determined by two main reasons: 1) the lower working class has statistically significantly smaller “resource portfolio” than the middle class; 2) the lower working class is not so successful as the middle class in activating the resources at their disposal, turning them into their capital. These statistically significant two-level differences have to be considered when pursuing social policies on reducing differences between social classes.

This paper based on systems - theoretic approach to the definition of a country's GDP as not directly observable characteristic of system state. Leontief dynamic model is generalized to take into account the stimulating effect of consumption on GDP growth. In consumption, apart from final consumption, terms are considered: balance of foreign trade, fictitious investments and hidden costs. The Kalman filter uses Rosstat's gross output (for system output) and final consumption (for system control) data from 1995 to 2015. It is concluded that if in the years 2014, 2015 it was possible to increase consumption by 5% by, say, price cuts or some increase in money supply, then GDP would be greater by about 2.5%. GDP real values in recent years are most likely greater than official values. Fictitious investments and hidden costs are found in the amount of up to third the value of final consumption. The accuracy of one-year forecasts of true GDP by the methodology of this article is approximately 1.5%.

By reinterpreting the calibration of structural models, a reassessment of the importance of the input variables is undertaken. The analysis shows that volatility is the key parameter to any calibration exercise by several orders of magnitude. In order to maximize the sensitivity to volatility, a simple formulation of Merton’s model is proposed that employs deep out-of-the-money option implied volatilities. The methodology also eliminates the use of historic data to specify the default barrier thereby leading to a full risk neutral calibration. Subsequently, a new technique for identifying and hedging capital structure arbitrage opportunities is illustrated. The approach seeks to hedge the volatility risk, or vega, as opposed to the exposure from the underlying equity itself, or delta. The results question the efficacy of the common arbitrage strategy of only executing the delta hedge.

Background: This study aimed to identify the association between occupational stress and depression-well-being by proposing a comprehensive and flexible job burden-capital model with its corresponding hypotheses. Methods: For this research, 1618 valid samples were gathered from the electronic manufacturing service industry in Hunan Province, China; self-rated questionnaires were administered to participants for data collection after obtaining their written consent. The proposed model was fitted and tested through structural equation model analysis. Results: Single-factor correlation analysis results indicated that coefficients between all items and dimensions had statistical significance. The final model demonstrated satisfactory global goodness of fit (CMIN/DF=5.37, AGFI=0.915, NNFI=0.945, IFI=0.952, RMSEA=0.052). Both the measurement and structural models showed acceptable path loadings. Job burden and capital were directly associated with depression and well-being or indirectly related to them through personality. Multi-group structural equation model analyses indicated general applicability of the proposed model to basic features of such a population. Gender, marriage and education led to differences in the relation between occupational stress and health outcomes. Conclusions: The job burden-capital model of occupational stress-depression and well-being was found to be more systematic and comprehensive than previous models.

The current practices of the technology transfer profession seem to reflect the belief that the chances for success are greatly improved when faculty inventors employ their social capital to facilitate the process. However, there is a gap in the university technology transfer literature regarding our understanding of faculty inventor social capital in the technology transfer process. The aim of this study was to understand whether the use of faculty inventor social capital is a causal condition for successful university technology transfer. This question was examined using a multiple case study approach and the qualitative comparative analysis (QCA) method. The results of the study suggest that the use of faculty inventor social capital is not a necessary, sufficient, or INUS condition for the occurrence of university technology transfer.

Unquestionably the rapidly changing climate and, therefore, alterations in the associated bioclimate, constitute an alarming reality with implications in daily practice and natural capital management. In this research the present and projected bioclimate evolution over the phytogeographical regions of Greece is displayed. For this purpose, ultrahigh-resolution computation results on the spatial distribution of the Emberger index’s Q2 classes of bioclimatic characterisation are analysed and illustrated for the first time. The assessments are performed over the reference period (1970–2000) and two future time frames (2021–2040; 2041–2060) under the RCP4.5 and RCP8.5 emission scenarios. By 2060 and under the extreme RCP8.5, intense xerothermic trends are demonstrated owing to the resulting significant spatial evolution mainly of the Arid-Hot, Semi-Arid-Very Hot, Semi-Arid-Hot and Semi-Arid-Temperate Q2 classes, respectively, over the phytogeographical regions of Kiklades (up to 29% occupation), Kriti and Karpathos (up to 30%), West Aegean Islands (up to 26%), North East (up to 56%)–North Central (up to 31%). The RCP8.5 long-term period exhibits the strongest impacts over approximately the right half of the Greek territory the bioclimate of which appears as more dry-thermal in the future.

This paper provides an overview of current literature on community-led development initiatives in urban contexts, their role in addressing urban inequality, and the challenges they face. This study examines effective strategies of community-led initiatives, such as empowering communities, building partnerships, mobilizing resources, focusing on local needs, and participatory design methods. Case studies from around the world demonstrate how successful community-led development initiatives have been able to overcome obstacles to create more inclusive and equitable urban environments. Institutional support, including technical assistance, capacity building, and regulatory frameworks, are crucial for promoting the success and sustainability of these initiatives. Challenges to community-led initiatives include limited resources, capacity building needs, inadequate infrastructure, lack of institutional support, and lack of trust among community members. Therefore, the paper suggests that it is essential to address these challenges to enable the success of community-led development initiatives. Furthermore, this study recommends that future research should explore how emerging technologies and innovative approaches can effectively support community-led development initiatives and advance more just and sustainable urban development.