Financial fraud poses a severe threat to the integrity of corporate financial statements and market efficiency. While auditors play a crucial role in detecting and preventing such fraud, the unique characteristics of this domain, including class imbalance, high misclassification costs, and am-biguous attributes, pose significant challenges. Traditional classification algorithms may not be optimally suited for this task. This paper proposes a novel stacking ensemble learning approach to enhanced detecting of Financial Statement Scam. By combining the strengths of multiple base learners, including Random Forest, XGBoost, and Gradient Boosting Decision Trees, our model leverages their diverse predictions to improve overall performance. A Logistic Regression me-ta-learner is employed to integrate the outputs of the base learners, capturing their collective wisdom while mitigating individual weaknesses. Extensive experimentation using a real-world dataset shown the superiority of our approach, achieving remarkable recall, precision, accuracy, and area under the curve metrics. The proposed model outperforms individual base learners, under-scoring the efficacy of ensemble learning in tackling the intricate problem of financial fraud detection. This research contributes to the creation of substantial and robust fraud detection systems, fostering trust and transparency in financial markets.

In recent years, ESG (environmental, social, governance) has emerged as a critical investment concept. Its goal is to create value for both shareholders and society, encouraging companies to optimize social value. However, the exploration and research into "the proportion of firms ex-porting and the pathways through which the environmental, social, and governance activities of carbon-intensive firms influence firms' financial performance" remains largely unexplored. This study establishes a research framework within this context, utilizing listed Chinese manufactur-ing companies as the research subjects. Employing a fixed-time, fixed-industry, two-way fixed-effects model methodology, it delves into the relationship between ESG ratings, the pro-portion of firms' exports, and firms' financial performance through panel regression modeling. This study emphasizes the moderating role of carbon-intensive firms in the relationship. Find-ings indicate that both enterprise export proportions and carbon-intensive firms significantly affect the correlation between corporate ESG activities and financial performance. This has im-plications for investors, company management, policymakers, and regulators. Based on these findings, we propose policy recommendations at corporate and governmental levels to enhance ESG significance, strengthen corporate governance, and promote continuous ESG advancement. The study provides micro-level evidence of the interaction among ESG ratings, export ratios, carbon-intensive enterprises, and corporate performance, empowering investors to make in-formed decisions.

This paper aims to provide an evaluation of how Value Added Tax (VAT) policy alterations influence market liquidity, trading volume, and stock performance. To fill the existing literature gap on the direct effect of (VAT) adjustments on stock market dynamic, particulate within the banking industry. The study employs an event study methodology to analyse the immediate and medium-term effects on bank stocks listed in markets subject to a (VAT) adjustments. The core of the study analysis is anchored around two pivotal events, the initial application of (VAT) on 1st January 2018, and the subsequent (VAT) increase to 15% on 1st July 2020 using MATLAB R2022b. The study analysis encompasses the period immediately before and after the introduction and subsequent increase (VAT) in kingdom Saudi Ariba (KSA) employing an eleven sample comprises the (KSA) largest banks with a ±7 days window period from the event. The analysis revels that the imposition of 5% (VAT) lead a substation downturn in trading volume and stock returns of 9.5%, and 39.5%, subsequently. While when the (VAT) was increased by 15% the market exhibited a mixed but ultimately positive response of 3.3% trading volumes increases and 128.7% average stock return recovery.

The present paper examines the impact of herding behavior on market capitalization in the Egyptian stock market before and after the disclosure of environmental-social-governance scores (ESG Score Index). This line of thought and research contributes to the literature on the interrelationships between ESG factors and market dynamics. Consequently, the evolving landscape of how to sustain investments in emerging markets like Egypt can be enlightened. Two main hypotheses were tested in the paper. The first hypothesis is on the expected significant impact of herding behaviour on market capitalization. The second hypothesis is on the expected positive impact of ESG on the relationship between herding behaviour and market capitalization. Panel data analysis using data extracted from financial statements of 22 Egyptian EGX 30 companies, over the period 2018-2023 will be used. This is to control for the cross-section and time characteristics of the research sample. The empirical findings reveal a positive significant effect of herding behavior on market capitalization before disclosing ESG scores. Another finding is that after the implementation of mandatory ESG disclosure, the relationship between herding behavior and market capitalization is strengthened. Moreover, it is empirically evident that companies with higher ESG performance attract more investments and higher valuations. The importance of ESG in shaping investment decision-making, enhancing transparency, and market dynamics has important policy implications.

Emergence of COVID-19 had profound impact on global stock markets, including Indian mar-ket. Key indices like NIFTY50 and Sensex dropped by approximately 40% within two months in 2020, which also affected major mutual funds, leading to significant depreciation of their Net Asset Value. Securities and Exchange Board of India (SEBI) allows mutual funds to use deriva-tives for hedging purposes, capped at 100% of the scheme's net assets covering debt, equity, and derivatives. However, circular amendment by SEBI in January-2019 permitted covered call strat-egies on constituent stocks of Sensex and NIFTY50 for mutual fund schemes, excluding ETFs and Index Funds. This study investigated whether mutual funds increased their derivative us-age as risk mitigation strategy during COVID-19 pandemic, analyzing derivative holdings from 2019-2023. Surprisingly, findings indicated a decline in derivative holdings in 2020 compared to pre-pandemic levels. Statistical tests and performance evaluation metrics such as T-test, F-test, Treynor Ratio, Sharpe Ratio, and Jensen's calculations were employed to assess mutual fund performance. Although derivative-holding mutual funds didn't outperform benchmarks in aver-age returns, it showcased significantly reduced volatility, offering investors favorable risk-return trade-offs. research sheds light on derivative utilization in Mutual Fund industry, potentially in-forming regulators, fund managers, and investors in their decision-making

In this research paper, we address the critical role of data security in the rapidly evolving FinTech sector. We explore the challenges and strategies for establishing robust data security systems, emphasizing the consequences of data breaches and common vulnerabilities. The paper highlights the efficacy of technologies like encryption, blockchain, and cloud security, supported by real-world case studies from leading FinTech companies. Additionally, we examine regulatory frameworks and standards essential for maintaining data security. Concluding with the proposal of an integrated security system model, the paper underscores the synergy between technological innovation, regulatory compliance, and proactive risk management in the FinTech industry

In India, where the transport sector contributes significantly to CO2 emissions, there has been a growing shift towards electric vehicles (EVs), particularly in the three-wheeler segment. Traditional auto-rickshaws, a staple in urban transportation, are often powered by internal combustion engines, leading to pollution and high fuel consumption. Electric three-wheelers, or e-rickshaws, have emerged as a cleaner, more efficient alternative, with zero tailpipe emissions. However, the successful adoption of electric three-wheelers depends on understanding the preferences and challenges faced by auto-rickshaw drivers, who are key to the Intermediate Public Transport (IPT) system. Based on this motivation, the study contributed to the literature by analyzing stated preference survey data from 2,403 respondents who purchased electric tricycles in 2023. We provide insights into the relationship between consumer demographics (such as age, income, gender, education), Vehicle operations, Vehicle financing and Electrification perspective and their preferences for specific electric and fuel tricycle segments. Finally, we estimate consumers' preference for electric tricycles and fuel tricycles. To do this, we use a discrete choice model and estimate the impact factor of Indian consumers in purchasing electric tricycles to obtain market penetration strategies for future electric tricycles.

A study analyzed financial statements in the beer sectors of Italy and Spain during 2019-2021 using compositional data analysis (CoDa) to gauge pre- and post-pandemic financial health and aid sector-level decision-making. Geometric averages were employed to mitigate statistical issues, offering more accurate insights than arithmetic averages. The exploratory, quantitative methodology calculated key financial ratios and profitability metrics. Results indicated satisfactory short-term solvency. Returns and margins remained subpar despite pandemic policies. Geometric averages proved essential in portraying sector health accurately, underscoring the need for their use in classic brewing sector ratios. The study also showcased CoDa's efficacy in diagnosing sectoral financial health for informed decision-making. Furthermore, a web analysis revealed varying transparency levels in communicating non-financial indicators, with Spain excelling in waste, water, and energy disclosures, while Italy prioritized energy and waste with less transparency.

In the dynamic landscape of Sabah's socio-economic development, the integration of AI technologies holds both promise and challenge. While AI has the potential to drive economic growth, enhance productivity, and elevate quality of life, it also brings forth concerns regarding job displacement, skill gaps, and unequal distribution of benefits. The latest research problem in the realm of AI and employment in Sabah revolves around ensuring inclusive and sustainable development amidst this technological disruption. This encompasses two key dimensions: skill development and education, and labor market dynamics. Addressing the research questions necessitates a multifaceted approach. Firstly, in the realm of skill development and education, there is a critical need to assess the adequacy of existing programs in equipping the workforce with AI-driven skills. Strategies such as promoting STEM education, fostering digital literacy, and facilitating lifelong learning initiatives, particularly among marginalized communities, are essential. Additionally, fostering collaboration between stakeholders and implementing curriculum reforms are pivotal steps in enhancing the alignment between educational curricula and the demands of an AI-driven economy.

The rise of fintech in the financial sector presents a transformative shift towards digitalization and sustainability, leveraging technologies like AI to minimize environmental footprint. Neobanks not only challenge traditional banking models but also offer innovative solutions that align with sustainable objectives. The purpose of this paper is to analyze the impact of neobanks on global sustainability, from economic, environmental, and social point of view. A comprehensive literature review of existing literature and current sustainable practices of neobanks was conducted. We have found that neobanks significantly positively contribute towards environmental sustainability with reduced paper use and logistics requirements of banking services. By offering more accessible and affordable banking services they importantly contribute towards higher financial inclusion, and with innovative products towards more competitive and innovative financial markets. AI-based tools they employ are increasing financial literacy and social inclusion. We also highlight concerns regarding electronic waste management, potential high energy consumption, required digital literacy and cybersecurity risks. We conclude that despite the mentioned risks, neobanks importantly contribute to global sustainability in many ways, and will even more in the future. Our findings can help neobanks shape sustainable practices and guide policymaking, as well as spread awareness of sustainable impact of banking services.

This paper explores the application of machine learning (ML) algorithms in predicting trends in the fixed bond market, where traditional analytical methods have proven inadequate. Focusing on various ML techniques such as supervised and unsupervised learning, neural networks, and deep learning, the study evaluates their effectiveness in forecasting market movements. It details a series of experiments in which different ML models are rigorously trained and tested against historical bond market data. The findings reveal that models employing time series analysis and advanced deep learning show marked potential in accurately predicting bond market trends. Additionally, the paper delves into the challenges and limitations inherent in these ML approaches, including data requirements and the risk of model overfitting. Finally, it proposes directions for future research, emphasizing the integration of ML into broader financial market analysis.

In recent years, the digital economy has played an increasingly important role in enhancing productivity, fostering growth, and facilitating the emergence of digital banking. With the widespread adoption of digital financial services for financial inclusion, the banking sector is experiencing a demand for digital transformation. It is important to note that despite the many advantages of this change, it also disrupts the familiar banking experience that customers have grown to expect, as well as introducing potential risks to maintaining customer protection at previous levels. Many critics have raised concerns regarding customer protection and potential exposure to various risks that may arise from digital financial services, which may result in both financial and non-financial losses. These risks can impact customer retention as dissatisfied customers may switch to alternative service providers. Additionally, reputation can be affected since merely offering digital financial services may not sufficiently safeguard customers. To remain competitive, financial institutions must deliver a secure experience that aligns with customer expectations while considering economic factors and societal needs. This is why it is essential to comprehend the severity of the risk factors that influence the protection of customers in the realm of digitalized banking services and products. In this study, five factors have been identified that influence customer protection when using digital financial services in Pakistan. Based on the analysis conducted using SmartPLS, it appears that all the factors proposed in this study have a significant and positive impact on the protection of customers. In particular, the information provided remains of paramount importance when it comes to determining the level of protection that a customer is entitled to within digital financial services, followed by responsiveness, privacy, authentication, and encryption mechanisms. Due to these findings, the implementation of enhanced information security management principles becomes imperative for the development and progress of the Pakistani digital banking industry.

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.

Our aim is at three feels: i) study safe haven properties of sectoral CDS; ii) study hedging effectiveness and measure the diversification benefits of introducing them in both Conventional and Islamic stock markets portfolios and iii) compare these results with VSTOXX, Gold and Bitcoin indices. To do this, we estimate time varying hedge ratio using (A)DCC and GOGARCH models and then deduce hedging effectiveness.. We follow the same methodology for each sub-period and each refit to test the effect of bubble crypto currency and COVID-19 pandemic on hedging effectiveness. Empirical results show the superiority of industrial CDS sectoral index to hedge both conventional and Islamic stock markets whether long or short term despite that their performances were reduced slightly during the second and third periods. VSTOXX and Others sectoral CDS indices offers Hedging performances that are generally better than Bitcoin and gold.

This article delves into the complex landscape of Bitcoin halving events, analyzing the historical context and implications of these pivotal occurrences within the cryptocurrency ecosystem and on its sustainability within the landscape of financial technologies. Through an examination of past halving events in 2012, 2016, and 2020, this study meticulously scrutinizes the conditions and prices of Bitcoin before and after each halving. By synthesizing data and trends from previous events, this article aims to uncover patterns and insights that illuminate the impact of Bitcoin halving on market dynamics and sustainability, movement of the price level, reached peaks and price troughs. Furthermore, this research presents a comparative analysis of past halving events, drawing parallels and distinctions to elucidate the evolving nature of Bitcoin's price movements and market sentiment surrounding these milestone events. Looking towards the future, this study estimates predictions and expectations for the upcoming Bitcoin halving. By unraveling the intricate relationship between Bitcoin halving events and market behavior, this article seeks to provide a comprehensive understanding of the broader implications for Bitcoin's trajectory and the evolving landscape of the cryptocurrency market and its sustainability.

Green and low-carbon development has become an important embodiment of China's path to becoming a strong agricultural country. How to enable agricultural enterprises to better adopt green technologies and conduct production and operation with the concept of sustainable development has become a key link. This article utilizes a structural equation model (SEM) to analyze the role paths and mediating effects of organizational learning ability and policy orientation in agricultural enterprises' market orientation and willingness to adopt green technologies[ The definition of green technology in this paper refers to Guo Kesha, Tian Xiaoxiao. Green technology and green transformation of industrial development mode [J]. Tianjin Social Sciences, 2024 (02) :99-107, including green manufacturing (production) technology and green service technology.]. The results show that market orientation, organizational learning ability, and policy effectiveness have significant direct positive impacts on the willingness to adopt; market orientation has a significant positive impact on agricultural enterprises' organizational learning ability, organizational learning ability has a significant positive impact on policy orientation, and market orientation has a significant positive impact on policy effectiveness; the results of mediation analysis also indicate that learning ability has a significant mediating effect between market orientation and willingness to adopt, and policy effectiveness has a significant mediating effect between market orientation and willingness to adopt. Through difference analysis, it is believed that the mediating effects of the three paths are equally important, and organizational learning ability and policy effectiveness play a partial mediating role in agricultural enterprises' willingness to adopt green technologies. Based on this, policy suggestions are proposed to improve enterprises' own organizational learning ability, increase the promotion of policies related to green technologies, improve relevant policies for the application of green technologies, and increase research and development efforts for green technologies.

The flux of opinions in newsletters and social media platforms significantly influences market perceptions regarding corporate entities and their financial instruments. This paper introduces an advanced model, the Sentiment Dynamics Analyzer (SDA), which leverages a refined hierarchical architecture of Transformers to effectively discern the sentiment embedded within financial texts, ranging from news headlines to microblogs. We have enhanced a RoBERTa model with specialized sentiment lexicons and an augmented layer of Transformer models tailored for nuanced sentence-level sentiment detection, aiming to assign a sentiment score from -1 to +1. Our evaluations demonstrate that SDA not only surpasses the previous best methods but also exhibits superior performance over robust baseline models. This success underscores the utility of integrating tailored contextual analyses with sector-specific sentiment insights in improving predictive accuracy.

In recent years, with the increasing prominence of environmental and social issues, investors have been paying more attention to the ESG performance of enterprises, highlighting the importance of ESG factors in the financial field. This study is based on the theories of banking business models, stakeholder theory, risk management theory, and ESG investment theory. It uses the financial data and ESG scores of Chinese listed banks to deeply analyze the ESG factors and explore their impact on the liquidity risk of commercial banks. The research found that (1) good ESG performance can reduce the liquidity risk commercial banks face by improving bank value and financial performance. (2) ESG factors can also enhance the liquidity management level of commercial banks through standardization and sustainable business principles, thereby reducing the occurrence and impact of liquidity risk. Therefore, it is necessary to reduce the liquidity risk of banks and promote the sustainable development of commercial banks from four aspects: ESG performance and management, bank value, financial performance, and policy regulation.

Measuring the impact of land use regulation on the land market involves identifying and classifying relevant impact factors related to the land market. The objective of this study was to identify land market impact factors in the context of the introduction of land use regulation in Nepal. A desktop review was carried out to identify preliminary set of impact factors, which were reclassified through intuitive analysis based on the degree of thematic closeness. Perspective-based impact factors were identified through the qualitative analysis of primary data collected through semi-structured interviews with the Nepalese land market stakeholders. These independently derived impact factors were compared with the desktop literature review impact factors resulting in fourteen land market impact factors across four dimensions, including transaction cost, valuation, mortgage availability, taxation, and compensation across the economic dimension; lot size, subdivision restrictions, and coordination across the institutional dimension; awareness, expectation and proximity across the social dimension; and risk reduction, quality of residential land, and suitability of zoning classification across the environmental dimension. There was significant overlap and commonality across factors identified from both the literature review and semi-structured interviews. The land market impact factors determined in the study may be adapted and generalized across other countries and could be utilized to better understand the impacts of land policy decisions on urban planning and development. Further research is recommended on the process to operationalize the use of these factors to quantify the impact of land use regulation on different land markets.

The study is dedicated to analyzing the complex interaction between Artificial Intelligence (AI) and the Internet of Things (IoT) with institutional structures in the context of sustainable development. This work examines the impact of these technologies on economic and social development, identifying their potential advantages and risks. Methodologically, the research relies on information gathering and case study analysis, assessing the impact of technology in various domains, from smart cities to the manufacturing sector. The findings emphasize the necessity of integrating technological innovations into broader social and environmental initiatives, highlighting the importance of institutional transformations for achieving environmental sustainability.

This study investigates the complex role of financial risks in the context of public–private partnerships (PPPs) in India and their relationship to the amount and extent of investments made by private partners (s). We hypothesize that subsidies, bid criteria, and risk have a positive relationship with investments made by private partners. A project’s leverage moderates these relationships. Regression was used to analyze the hypotheses using SPSS 24 and PROCESS Macro. Data from the World Bank were collected from 2009 to 2019 for the study variables. Interestingly, our research finds support for these relationships that may seem contrary to some commonly-held notions of risk relationships, such as – the government using ‘viability gap’ funding to attract private investment and ‘leverage’ does not moderate the relationship between risk assumed and private investment. This study is among the first to recognize and elaborate on financial risk relationships, specifically in the context of Indian PPPs. These findings are significant for both private and public participants in terms of financial considerations in PPP projects, especially in emerging markets.

In this paper, we consider an economy, in which consumers exhibit unrealistic optimism, and show that such an economy is more likely to undergo early recessions and underinvestment rather than experiencing bubbles or overinvestment. In this model, each consumer incorrectly believes that a negative aggregate preference shock will hit all other consumers, but not herself. When consumers have such an unrealistic optimism, the output price must fall prematurely before the aggregate shock occurs. The reason is that if the price does not plummet today, all consumers would postpone making purchases by falsely expecting that an arbitrage opportunity will arise in the future when the aggregate shock hits the economy, in which case, the output market cannot clear. We also show that the government has the potential to improve welfare of the economy by providing subsidies, if the government judiciously selects the right timing for intervention.

For a long time, a company's Product Development Process (PDP) was seen as supporting the operations department, although PDP decisions and mistakes have a considerable impact on market performance. This is critical even in agriculture where bad habits and practices in the PDP can lead rural producers to great losses. Therefore, this research investigated the effect on the market performance of rural products (banana) in the southern region of Brazil, based on two analyses: (i) how sustainability practices support the PDP phases and (ii) how the phases of the Product Life Cycle Assessment (LCA) mediate sustainability practices and PDP phases. This study presents a quantitative analysis using Confirmatory Factor Analysis (CFA) and hierarchical ordinary least squares (OLS) regression of data obtained from a survey of 110 rural producers who directly participate in the banana production and planning process in southern Brazil. Our results shows that sustainability practices support the PDP, and we confirm that the product development and post-development phase has an effect on market performance. In addition, we identified that in the pre-development phase of the PDP, dealing with rural products (bananas), the maturity stage of the LCA mediates sustainability. In the PDP development phase, we concluded that rural families that develop economic and environmental practices with their products in the market growth phase may have reduced results. As for the post-development phase of the PDP, we conclude that when companies invest in environmental and social practices, there is a complete mediation of the effect, where these practices lose strength if the product is in the introduction and maturity phases in the market. As originality, our study contributed to demonstrate value on the product life cycle for the product development process in agriculture using sustainability practices through a systemic approach, filling the gap in the literature due to the lack of research on these areas seen in an integrated way.

The Imbalance Cost Pass-Through (ICPT) is a flexible component of the Incentive Regulation (IBR) that empowers power producers to adjust tariffs in response to variable fuel prices, thereby enhancing the economic resilience of electricity generation. However, the cost of electricity generation is significantly influenced by the volatility of commodity prices, including coal, gas and LNG. In Malaysia, the Energy Commission has conducted biannual reviews of fuel and other generation costs. Any cost savings or increases identified during these reviews will be passed on to customers in the form of rebates or surcharges. Due to that reason, this study proposes ICPT price forecasting for the electricity market in Peninsular Malaysia. The study aims to construct an ICPT-related baseline model for the peninsular generation data by employing three forecasting methods. The forecasting performance is analysed by a Mean Absolute Percentage Error (MAPE). In findings, the ARIMA method is one of the most accurate forecasting methods for fuel prices compared to the Moving Average (MA) and LSSVM methods. The observed price differences between the ARIMA and LSSVM models for ICPT are minimal. The ICPT price for July-December 2022 and January-June 2023 is MYR 0.21/ kWh for ARIMA and MYR 0.18/kWh for LSSVM, which are close to the actual TNB’s ICPT tariff. As for the forecasting, the ICPT price is expected to drop for the next announcement. The findings of this study may contribute to a positive impact on the sustainability of the energy sector in Malaysia.

The oil and gas industry in Nigeria, a vital contributor to the nation's economy, has long been associated with significant environmental challenges. Pollution, habitat destruction, and greenhouse gas emissions have raised global concerns about sustainability and corporate responsibility. This empirical study explores the relationship between environmental accounting practices and the financial performance of listed oil and gas companies in Nigeria. We investigated eight oil and gas companies that are publicly traded on the Nigerian Stock Exchange Market (NGX) as of January 17, 2022, from 2011 to 2022. The study employs Driscoll-Kraay standard errors and reveals that environmental accounting had significant effects on returns on assets, earnings per share, and liquidity ratio. The study revealed that the implementation of environmental accounting practices had diverse effects on the performance of oil and gas companies in Nigeria. The findings encourage policymakers and stakeholders in the sector to utilise the insights and design more effective regulations and incentives that promote environmental corporate responsibility. Also, valuable insights into the potential benefits and challenges associated with adopting environmental accounting practices, and influencing the decision-making processes of corporate stakeholders were provided to ensure sustainability in terms of improved financial performance of the oil and gas sector in Nigeria.

Public-private partnership (PPP) is a prominent tool for sustainable infrastructure development. However, the positive contributions of PPPs towards attainment of sustainable, climate resilience and zero carbon infrastructure projects are hampered by poor financial risk management. This problem is more prevalent in developing countries like Ghana where private investment inflow has plummeted due to COVID-19 recession and poor project performance. Thus, this study aims at assessing the key financial risk management strategies in ensuring sustainable PPP infrastructure projects in Ghana. The study utilised primary data from PPP practitioners in Ghana solicited through survey questionnaires. Factor analysis, mean scores and fuzzy synthetic analysis are the data analysis techniques for this study. The results revealed sustainable and green funding models, effective cost reduction initiatives, competent team with committed leadership, and emerging technologies and regulations constitute the key strategies to manage financial risks of sustainable PPP infrastructure projects. Although, future studies must expand the scope of data gathering, the findings of the study enrichen the theoretical understanding of financial risks in sustainable investments in PPP infrastructures. Relevant remedies that will aid the development of practical financial risk management guidelines are provided in this study for PPP practitioners.

Accurate measurement of systemic financial risk is critical to maintaining the stability of financial markets. Taking China as the subject of investigation, the Chinese Financial Stress Index (CFSI) indicator system was con-structed by integrating six dimensions and employing Gray Relation Analysis (GRA) for dimensionality reduction of the indicators. The CFSI was derived using the Attribute Hierarchy Model (AHM) method with the Criteria Importance Through the Intercriteria Correlation (CRITIC) method, and an Improved Gravitational Search Algorithm (IGSA) optimized Radial Basis Function Neural Network (RBFNN) was proposed for out-of-sample prediction of CFSI trends from 2024 to 2026. By analyzing the trend of financial pressure indicators, the relationship between financial pressure and economic activity can be effectively identified. The research findings indicate that: (1) The CFSI is capable of accurately reflecting the current financial stress situation in China; (2) The IGSA-RBFNN demonstrates good robustness and generalization capabilities, predicting that the CFSI index will reach a peak value of 0.543 by the end of 2024, and there exists a regular pattern of stress rebound towards the end of each year. The novel methodology benefits policymakers and regulatory authorities to formulate preventive measures and risk management by identifying potential risks and vulnerabilities in advance.

In this study, we investigate the growth of EV ownership among Swedish households. Through detailed socio-economic data and the Swedish vehicle register, we are able compare characteristics of households that bought an EV in 2016 with those that became EV owners in 2020. We are thus able to describe and analyse the transition from the early EV owners to the early majority. Unlike many prior studies in the field, which are based on surveys or interviews, this study relies on registry data, thereby encompassing all car owners in Sweden. In this study, we have also scrutinized the significance of ownership mode by distinguishing between households that have chosen to purchase a car and those that have chosen to lease one. The results show that the demand for EVs has reached new consumer groups, e.g. both younger and older car buyers, and that the option to lease a car privately has broadened the market for new cars in general, and for EV’s in particular.

This work presents an innovative application of optimal control theory to the strategic scheduling of battery storage in the day-ahead electricity market, with a focus on enhancing profitability while factoring in battery degradation. The study incorporates in the optimisation framework the cost of battery capacity degradation, the effects of capacity degradation and internal resistance degradation into dynamics. We employ a continuous-time representation of the dynamics, in contrast with many other studies that use a discrete-time approximation with rather coarse intervals. We adopt an equivalent circuit model coupled with empirical degradation parameters to simulate a battery cell’s behaviour and degradation mechanisms with good support from experimental data. Utilising direct collocation methods with mesh refinement allows for precise numerical solutions to the complex, nonlinear dynamics involved. Through a detailed case study of Belgium’s day-ahead electricity market, we determine the optimal charging and discharging schedules under varying objectives: maximizing net revenues, profits considering capacity degradation, and profits considering both capacity degradation and internal resistance increase due to degradation. The results demonstrate the viability of our approach and underscore the significance of integrating degradation costs into the market strategy for battery operators, alongside its effects on the battery’s dynamic behaviour. Our methodology extends previous work by offering a more comprehensive model that empirically captures the intricacies of battery degradation, including a fine and adaptive time domain representation, focusing on the day-ahead market, and utilising accurate direct methods for optimal control. The paper concludes with insights into the potential of optimal control applications in energy markets and suggestions for future research avenues.

External audit reliance issues on the internal audit function (IAF) are increasingly important in financial auditing, yet its application in audit engagements lags behind other applications. Despite the belief that audit reliance will shape auditing in the future, limited and intervalley publications explore this transformative potential. This paper investigates the increasing importance of external audit reliance issues in financial auditing. It investigates the use of the IAF in external audit reliance decisions and its potential to enhance audit quality, process transparency, and stakeholders' credibility. Through a systematic literature review of 68 scientific articles from 1984 to 2022, factors influencing external auditors' dependence on the IAF are analyzed, including IAF work quality, assistance type, organizational factors, customer pressure, and business risk. The review highlights the IAF's crucial role in improving financial reporting integrity and external audit effectiveness. However, the challenges that allowed external auditors to decide whether to rely on the works of IAF like limited disclosures and accessible data hinder assessing IAF reliance effects, leading to information asymmetry that may impact stakeholder confidence. The paper discusses implications, limitations, and future research directions to explore technology adoption and optimize audit practices, promoting transparency in the audit process.

Our research proposes two different training and modelling approaches of Generative Pre-trained Transformers (GPT) with specialized news feeds specific to the Spanish market: in-context example prompts and fine-tuned GPT models. Our findings indicate that integrating GPT insights into electricity price trend forecasting can result in more precise predictions and a deeper understanding of market dynamics. Through our research, we aim to provide insights to understand the capabilities of GPT solutions, and how those can be used to enhance prediction accuracy, ultimately supporting informed decision-making for stakeholders across the Spanish electricity market and companies whose margins heavily depend on electricity costs and price volatility.

Nowadays the dynamism induced by the constant change of strategic decisions on the markets produces an extra difficulty in the management of an organization. The strategic decisions made by managers can become obsolete in a short period of time. One of the major difficulties in managing a commercial organization is to predict, with some precision degree, the impact some strategic decisions have on the financial results. Business Intelligence (BI) is an area widely used to help managers to make strategic decisions. But the methods used, behind the scenes, to achieve the conclusions are kept secret by BI company-based services. Modelling the environment can be a good option to study the impact of an action, provided by a strategic decision, in a real environment. A good model should give an approximate result of an action applied to a previous state of the environment. Artificial Neural Networks (ANNs) are proven to be excellent in modeling environments with some level of data noise. The same strategic action can have different results in different organizations. A tool that allows an evaluation of a strategic action applied to an environment should have a major importance in the management scope. Modeling the environment should save time and money for the organization to improve the performance of the strategic plan. If one evaluates the state of the environment after a strategic action being applied, it can be possible to mitigate the risk of failure of the strategic plan. As we will be able to verify, it is possible to use ANNs to model strategic environments that should allow the prediction of sales and operating results by the used strategies with some precision, although the level of success will be directly related with the user’s necessity.

This research explores the influence of nationality and financial literacy on satisfaction with neobank services among university students. Through a comparative analysis between German and international students, the study unveils that international students exhibit significantly higher satisfaction levels, suggesting that cultural differences and the requirement for international financial services play a crucial role Oishi et al., 1999. Although financial literacy was anticipated to have a strong impact, its effect on satisfaction did not reach statistical significance, indicating a nuanced relationship. This perhaps because the study sample of students partaking in the survey was mostly Graduate students in the field of Economics, Finance and Management. Demographic factors such as gender and age were found to be less influential compared to nationality and financial acumen Gelfand et al., 2011. These findings highlight the importance of tailored financial services and the potential of financial education in enhancing neobank satisfaction Gerrans et al., 2014. The study contributes to the understanding of consumer behavior in digital banking, offering insights for neobanks aiming to improve service adoption and customer loyalty within the university student demographic.

Objective: The long-term care insurance (LTCI) system was introduced in 2000 to provide financial support for long-term care services to older adults. What is known on this topic report focuses on a comparative analysis of how the LTCI system has affected older people in Japan. Methods: We obtained data from the literature about the LTCI system, compared and analysed the collected articles, and concluded. Results: The LTCI system has improved access to long-term care services, with more older adults receiving care than before the system’s implementation. This service has improved the quality of life for many elderly individuals who require assistance with daily activities. Furthermore, the LTCI system has alleviated the financial burden of long-term care services since the insurance covers a large portion of the costs. It has made older adults maintain their independence and dignity, as they can afford the necessary care without relying solely on their savings or burdening their families. Conclusions: Japan’s LTCI system has positively impacted older adults by improving access to long-term care services and alleviating financial burdens. However, challenges such as increasing demand and variations in service quality need to be addressed to ensure the system effectively supports older people in Japan.

This paper shows that the empirical distribution of cross-sectional analyst coverage in China's stock markets follows an exponential law in a given month from 2011 to 2020. The findings hold in both the emerging (Shanghai) and the developed market (Hong Kong). Moreover, the unique distribution parameter (i.e., mean) is directly related to the amount of market-wide information. Average analyst coverage exhibits a significant negative predictive power for stock-market uncertainty, highlighting the role of security analysts in diminishing the total uncertainty. The exponential law can be derived from the maximum entropy principle (MEP). When analysts, who are constrained by average ability in generating information (i.e., the first-order moment), strive to maximize the amount of market-wide information, this objective yields the exponential distribution. Contrary to the conventional wisdom that security analysts specialize in the generation of firm-specific information, empirical findings suggest that analysts primarily produce market-wide information for 25 countries. Nevertheless, it remains unclear why cross-sectional analyst coverage reflects market-wide information, this paper provides an entropy-based explanation.

Contemporary financial systems, despite their inherent complexity and resilience, face significant challenges related to transparency, efficiency, and security. Notable deficiencies in transparency and emerging security vulnerabilities underscore the pressing need for innovative solutions in current financial practices. Hence, this paper introduces a financial distribution system based on a consortium blockchain. Given organizations’ preference for keeping sensitive data private, the partially decentralized nature of consortium blockchains plays a pivotal role in the proposed system’s architecture. Moreover, within this system, the proposed smart contract serves a dual role. It functions not only as a transactional tool but also as a specialized solution designed to improve transactional procedures. Its multifaceted capabilities include ensuring data accuracy, facilitating swift execution, and ensuring adherence to regulatory requirements within the dynamic financial distribution landscape. Through rigorous testing and empirical analysis utilizing the Hyperledger Besu platform, it has been observed that the performance of the proposed system surpasses traditional blockchain frameworks. The results unequivocally demonstrate the proposed system’s proficiency in handling high-frequency financial transactions with minimal computational burden.

The new regulation was introduced to the franchise market of South Korea in that an applicant who wants to be a franchiser must set up direct retail stores and run them for at least one year before recruiting franchisees. Considering the purpose of the regulation, it is inferred that once franchisers run their own stores, their franchisees would be better off than otherwise. This paper addresses one reason that the Korea Fair Trade Commission has no choice but to introduce the regulation. Along the line, this paper investigates whether franchisees would have the more likelihood to make profit in the case of that franchisers operate their own stores. The result demonstrates that this case could be true since the operation of franchiser owned stores could be helpful in reducing cost of franchisees.

This paper examines the transformation of the Ukrainian stock market by analyzing daily returns from the PFTS stock index spanning 1995-2022. Segmented into sub-periods, it tests the hypothesis that the market's efficiency has grown over time. Various data properties, including persistence, volatility, normality, and resistance to anomalies, are explored using different statistical techniques and methods. Volatility, indicated by standard deviation, exhibits a general decreasing trend, suggesting a shift towards a more efficient market. Returns show no significant differences across sub-periods, except for 2005-2007. R/S analysis indicates the decrease of persistence in the market: a trend towards increased efficiency. Normality tests support a normal distribution of daily returns throughout sub-periods. An analysis of anomalies reveals the market's resilience to day-of-the-week effects, with no specific trends observed. The results suggest the absence of serious changes in data properties in the Ukrainian stock market over the time, means evolutionary processes over 25 years can’t be clearly observed. Reforms and changes have had limited impact, justifying continued reform for the market's evolution.

This paper draws upon the theory of turbulence in physics to explore the similarities and differences between volatility in financial markets and turbulent phenomena at a statistical physics level. By analogizing the dynamics of financial markets with fluid turbulence, we have developed an innovative analytical framework aimed at deepening the understanding of the complexity inherent in financial markets. Our research methodology includes a comparative analysis of simulated time series data for the Standard & Poor's 500 Index and fully developed turbulent velocity time series. We focus on the similarities in key statistical physical properties, including probability distributions, correlation structures, and power spectral densities. Furthermore, we have established a model of capital flow in financial markets and proposed corresponding solutions. Through computational simulations and data analysis, we find that while financial market volatility shares some statistical characteristics with turbulent phenomena, significant differences exist in the shapes of probability distributions and the temporal scales of correlations. This suggests that although financial markets exhibit patterns akin to turbulence, the behavior of this complex, multi-variable driven system does not completely correspond to natural turbulence, highlighting the limitations of directly applying turbulence theory to financial market analysis. Our study offers a new perspective for the theories of financial markets and the field of econophysics, providing fresh insights into the complexity of financial markets and contributing to the prevention and management of financial risk.

Eco-agricultural technology is crucial to alleviating agricultural resource scarcity and environ-mental pressures. However, financial constraint affects its successful promotion. Digital finance has a significant impact on farmers, but existing research lacks an exploration of the impact of digital finance on farmers' adoption of eco-agricultural technology. This study focuses on Rice–Crayfish Co-cultivation Technology as an example. It utilizes survey data from 1,063 households in China. An Endogenous Switching Probit model is employed to solve self-selection bias. The results reveal several key findings. First, the average treatment effect on the treated is 51.5%. This indicates that if farmers who use digital finance were to stop using it, the probability of adopting rice–crayfish co-cultivation technology would decrease by 51.5%. Therefore, digital finance is beneficial for farmers in adopting this technology. Second, heterogeneity analysis reveals that digital finance has a greater promoting effect on older farmers, those with lower education levels, and higher proportions of agricultural income. This suggests a greater reliance on digital financial services among vulnerable groups. Third, digital finance promotes farmers' adoption of rice–crayfish co-cultivation technology by alleviating financial constraints, expanding information channels, and increasing social capital accumulation. Overall, the findings offer valuable insights for for-mulating supportive policies.

Forage fish are crucial to human nutrition, especially in developing countries. However, in these countries, most forage fish catches are used to make aquafeeds for aquaculture, which leaves only a small quantity for direct human consumption. This practice increases fish prices in local markets and undermines people's nutrition. Overfishing forage fish for industrial purposes harms the ecosystem, reduces the catch of larger fish, and marginalizes local fishermen. Although previous discussions have touched qualitatively on the ethics and injustice of this practice, this article provides quantitative scales to measure the impact of the practice on the finances and forage fish consumption of low-income consumers using reasonable assumptions and literature values. Increasing the annual supply of forage fish by 25% to the 5 million MT of fresh fish markets globally could save consumers several billion US dollars annually. Families could consume a higher percentage of nutritious fish for less money. Furthermore, leaving forage fish in the sea could benefit wildlife and increase the capture of larger fish, such as mackerel, which are in demand in local markets and fished by local fishermen. The unintentional and involuntary contributions of low-income societies to enable the growth of high-value fish and shrimp for affluent societies seem unjust and warrant further investigation.

This paper focuses on the paradigm that explains the link between energy transitions and financial transformations. In particular, it attempts to shed some light on the following question: How did the transition from wood to coal affect financial development in late 18^th and early 19^th century Britain? The results demonstrate that the energy transition in Britain during the 1^st Industrial Revolution constituted an important moment in the country's financial development and can be used as an example of how an energy innovation can foster the financial development of particular countries or regions.

The purpose of this study is to establish whether digital literacy and insurtech adoption influence insurance inclusion in Uganda. Principally, we sought to determine whether insurtech adoption mediates the nexus between digital literacy and insurance inclusion. This study adopted a cross-sectional and quantitative correlational approach. The study’s sample was 391 individuals who had used digital platforms such as mobile phones and computers to access insurance products and services in Uganda. Data were collected using structured survey questionnaires. Partial Least Squares Structural Equation Modelling (PLSEM) was employed to test the hypothesised relationships. The results demonstrate that both digital literacy and insurtech adoption significantly and positively influence insurance inclusion. We also found digital literacy to be a significant and positive determinant of insurtech adoption. Markedly, it was found that insurtech adoption mediates the association between digital literacy and insurance inclusion in Uganda. However, this study was conducted in a developing country with an underdeveloped insurance market and with low technological advancement. This may affect generalisation of the study findings. This study’s novelty lies in establishing how digital literacy and insurtech adoption interplay to influence insurance inclusion in Uganda. This is the first study to examine the effect of digital literacy and insurtech adoption on insurance inclusion.

The primary objective of this study is to examine the extent of financial integration between Latin American and US financial markets, particularly in light of recent efforts to foster integration through trade agreements. Spanning from January 1, 1990, to December 31, 2019, the sample focuses on major market indices and key sectors. Financial integration is quantified using a DCC multivariate GARCH model, incorporating a smooth transition model, structural breaks, and regression-based approaches. Results indicate increased comovement with the US for main market indices in Argentina, Chile, Colombia, Mexico, and Peru, while Brazil shows a decrease. Similar trends are observed in sectoral analyses. The study also reveals heightened correlation post-trade agreements. Structural break analysis highlights significant shifts in dynamic correlations for countries with US free trade agreements. These findings support the argument of increased financial integration, bearing significance for portfolio diversification and international policy formulation.

Purpose: The pandemic, named COVID-19, which shook global economy, production and trade has equally affected the social and domestic lives of ours. In this study the COVID-19’s impact has been investigated on lack of social interaction, financial stress and how it influences the domestic violence in a developing country like Pakistan. The study focuses on some of the important factors that are root causes of increased domestic violence in Pakistan. Design/methodology/approach: The study is quantitative and survey questionnaire has been conducted for structural equation modelling (SEM) to evaluate the hypotheses. The modified scale was validated using confirmatory factor analysis, the Purposive and snowball sampling technique is used for collecting data from 200 respondents of Punjab Pakistan for data analysis through SPSS and SmartPLS. Findings: It is revealed that Covid 19 has a significant effect on lack of social interaction and financial stress. Moreover, lack of social interaction and financial stress also enhances domestic violence. Finally, lack of social interaction and financial stress mediates COVID-19 and domestic violence. Originality/value: This study appears to be frontier research which determines the impact of COVID-19 on lack of social interaction, financial stress and domestic violence particularly in a developing country like Pakistan.

We introduce a novel stochastically correlated two-factor (i.e., bivariate) diffusion process under the square-root format, for which we obtained, analytically, the corresponding solutions for the conditional moment generating functions and conditional characteristic functions. Such solutions recover verbatim those of the uncorrelated case. We believe that the The aforementioned model encompasses a range of processes similar to that produced by a bivariate square-root process in which entries are correlated in the standard way, i.e., via a constant correlation coefficient. Note that, for the latter, closed-form solutions for the conditional characteristic functions are not available. We focus on the financial scenario of obtaining closed-form expressions for the exact price of a zero-coupon bond and Asian option prices via a Fourier cosine series method.

This study investigates the moderating effect of corporate governance on the associations of internal audit and quality of internal audit with quality of financial reporting among commercial banks in the Republic of Yemen. The final sample includes 210 internal auditors, heads of internal auditors, chairpersons, and members of audit committees. Using a survey-based methodology, the results of the Smart-PL4 analysis showed a positive association between internal audit and quality of internal audit and quality of financial reporting. Interestingly, the results showed an insignificant association between internal audit, quality of internal audit, and quality of financial reporting when considering the moderating effect of corporate governance. The findings of this study contributes valuable insights to the existing literature on the influence of internal audit, quality of internal audit, and corporate governance on quality of financial reporting in developing countries, specifically in Yemen.

In the domain of financial trading, where accuracy and swift response to data discrep- ancies are paramount for maintaining clienttrust, our research paper delves into the development of a real-time alert system utilizing SpringBoot, a framework renowned for its robustness and adaptability in enterprise applications. We embark on a comprehensive journey, beginning with addressing thefoundational challenges inherent in monitoring trade inquiries - the necessity for real-time processing, unwavering data accuracy,and ensuring unwavering system reliability. The study then methodically transitions to the architectural design, where we explore howSpringBoot’s capabilities are optimally utilized to meet these challenges. Following this, we delve into the im- -plementationphase, detailing the strategic selection of compatible technologies and methods for effective data management and discrepancydetection. The paper culminates in a thorough evalu- ation of the system, where we assess performance across various operationalscenarios, scrutinize the accuracy of the discrepancy detection mechanisms, and integrate real-world feedback from users in thetrading sector. This holistic approach not only highlights the versatility and efficiency of SpringBoot in creating reliable alert systems in the high-stakes world of financial trading but also serves as a detailed guide for similar endeavors in this field

Background: This research examines how market knowledge and artificial intelligence (AI) interact in different market designs such as business-to-business (B2B) settings while taking emerging technologies and the changing digitalization landscape into account. Objective: The main goal is to understand how AI affects market knowledge in different market designs such as business-to-business (B2B) contexts, taking into account language barriers, practical difficulties, and the revolutionary effects on decision-making and customer interactions. Result: They underscore the transformative potential of artificial intelligence (AI) by highlighting how it shapes market knowledge, encourages customized approaches, and improves marketing efficacy in the business-to-business (B2B) space. Conclusion: In order to create a path for responsible AI integration in B2B marketing, the study concludes with recommendations for standardized terminology related to AI, practical insights into implementation challenges, and ethical issues.

In this study, we employ the GARCH-MIDAS (Generalised Autoregressive Conditional Heteroskedasticity variant of Mixed Data Sampling) model to explore the predictability of commodity return volatility in relation to US climate policy uncertainty (CPU). Our analysis utilizes the 20-day annualized realized commodity volatility returns of nine global commodities (Aluminium, Cocoa, Coffee, Copper, Cotton, Rice, Soybean, Sugar, and Wheat) to construct the GARCH-MIDAS model, with Climate Policy Uncertainty (CPU) serving as the predictive variable. The outcomes of our investigation reveal a consistently positive and statistically significant relationship between CPU and the selected commodities. This implies that CPU effectively serves as a robust predictor of volatility in commodity returns. The implications drawn from our results suggest that climate change policies play a pivotal role in influencing economic activities within the commodity market. This underscores the substantial impact of climate change considerations on investment decisions and further emphasizes the integral role of climate change in shaping economic choices.

This comprehensive review delves into gold market business management, covering historical perspectives, market dynamics, mining models, investment strategies, technology, regulations, global trends, and sustainability. Starting with a historical overview, it traces the gold market's evolution and analyzes supply-demand dynamics, price fluctuations, and geopolitical influences. The article scrutinizes gold mining models, evaluating environmental and social responsibilities, and explores financial management strategies, emphasizing risk and gold's role in portfolios. Examining technology's role, it highlights innovations in exploration, mining, and processing for improved efficiency and sustainability. The regulatory landscape analysis encompasses compliance challenges, environmental regulations, and ethical considerations, emphasizing global impacts. Global market trends are explored, identifying potential opportunities and challenges, offering strategic insights. The review concludes by evaluating sustainability practices, emphasizing environmental conservation, community engagement, and ethical sourcing.

The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social se-curity programmes for this population in developing countries which has severe consequences for their quality of life and planetary health (PH) wellbeing. In this article, we aimed to better understand the pension systems in Ghana, Pakistan, and Myanmar, by reviewing the official government materials (such as pension reports) and published literature. We observed several policy implementation gaps and inequity in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options in pension policies, financing, designing cash benefits and pension payments to cover all older citizens. This article addresses an unmet need of the elderly people, their wider environmental and economic sustainability to ensure social justice and resource utilization. The governments of developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and planetary wellbeing with dignity and honor.

This exploration delves into the intricacies of decision-making in business management. It covers decision-making models, influencing factors, real-world case studies, and strategies for effectiveness. Emphasizing the role of data-driven approaches, the exploration highlights the transformative impact of effective decisions on organizational success. Challenges and pitfalls are addressed, providing insights for overcoming obstacles. The importance of mastering decision-making is underlined as a strategic advantage in the competitive landscape of business management. In summary, this exploration offers a nuanced understanding, empowering leaders to make informed choices that shape organizational destinies.

With the economic recession and the deterioration of the ecological environment becoming more and more prominent in the world, the sustainable operation of enterprises is facing the most difficult choice in history. For each responsible enterprise, it is crucial to choose the market power expansive strategy that can improve the realistic viability or the technological innovation strategy that can improve the future development potential. This is of great significance to reduce the negative external effects of the corporate social environment and ensure their sustainable development. In this paper, we select the data of 18 large listed petrochemical companies from 2003 to 2018 as samples and construct a linear regression model for empirical analysis. Meanwhile, we put forward more practical business management strategies for the sustainable development of petrochemical enterprises in developing countries in further research.

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 efficient and sustainable management of hospitals is an increasingly relevant challenge in the healthcare sector. With limited financial resources, regulatory pressures and increasing demands for quality services, hospitals are faced with the want to approve sound policies to certify financial and operational sustainability. Management accounting is critical in this instance. In Portugal the DL nº 284, of July 26, 1999, allow us to confirm the need to reinforcement of profitability and efficiency in the provision of healthcare. Management accounting is an essential tool for monitoring and controlling costs, making strategic decisions, efficiently allocating resources and evaluating performance in the hospital environment. It allows a comprehensive view of financial and operational aspects, providing valuable information for management and strategic planning. However, the sustainability of hospital management accounting is a critical and complex topic that deserves special attention. Hospitals face several challenges, such as the complexity of hospital costs, the integration of information systems and the measurement of healthcare value. These challenges can compromise the effectiveness of management accounting and its ability to provide relevant and reliable information for decision making. As a result, it is required to address the sustainability of hospital management accounting by identifying the specific challenges faced in this area and exploring opportunities to overcome them. By addressing these challenges and seizing opportunities, hospitals can strengthen their position in the healthcare sector, improve their operational efficiency, optimize resource allocation and ensure the provision of quality services to patients. In this article, the challenges faced by hospital management accounting will be analysed, such as the complexity of costs, the integration of information systems and the measurement of value in healthcare. Additionally, opportunities to improve financial and operational management will be highlighted through the adoption of advanced technologies, an emphasis on value-based management and collaborative partnerships. By exploring these themes, this essay aims to make a contribution. to the advancement of hospital management accounting and the sustainability of hospitals in the current healthcare scenario.

We are currently witnessing a strong global transition towards new, more sustainable models of development and consumption. This transition is both activating and highlighting a series of discrepancies between the various actors in agri-food marketing systems, including the institutions that govern regulatory and trade aspects. These discrepancies highlight how, on a global level, the agri-marketing system is unable to provide adequate responses to the new principles of sustainability that are increasingly expected by civil society. This inability is often linked to the phenomena of opportunism, information asymmetries and lock-in effects (resulting from the slowness or inability of some sectors or actors to evolve technologically and culturally). The control of all these factors is often ineffective and often involves high transaction costs . These conditions lead the global market into an ongoing state of failure, creating structural holes, in which new forms of exchange are born, in response to the principles mentioned above. We identify these as nested markets: hybrid market forms that, thanks to new information technologies, create a new form of proximity that transcends the classical concept of physical proximity. This new proximity directly links producers and consumers in relationships based mainly on two substantial values: reciprocity and reputation. Both of these values significantly reduce transaction costs which today play an increasing role in determining the form and repetition of exchanges. This condition is difficult to interpret from classical and neo-classical economic theories. To do so it is necessary to use a multidisciplinary approach. In this article we combine neo-institutional theory and network analysis to interpret phenomena that are increasingly emerging in all areas of the world. Using these two theories, and case studies from Brasil, North America, China and Europe, we try to highlight how the market is not only the place where the price of products and of their quantities are formed. Market is a complex social spaces, where more-or-less stable relationships are formed, based on the values of reciprocity and reputation that determine behaviour and codes of conduct aimed at containing opportunism and encouraging sustainable, autonomous, forms of self-regulation. These relationships are also the driving forces that ensure the ongoing continuation of the exchanges and the diffusion and preservation of knowledge over time and space. These relationships represent the beating heart of nested markets and their dynamic ability to adapt to the continuous changes that occur in the socio-economic and environmental context in which they are rooted. In this way sustainability is built as an expression of the co-production between different actors (producers, consumers, institutions) and natural resources.

With the recent advances in Machine Learning (ML), several models have been successfully applied to financial and accounting data to predict the likelihood of companies’ bankruptcy. However, time series have received little attention in literature with a lack of studies on the application of Deep Learning sequence models as Recurrent Neural Networks (RNN) and the recent Attention-based models in general. In this research work, we investigated the application of Long Short Term Memory (LSTM) networks to exploit time series of accounting data for bankruptcy prediction. The main contributions of our work are the following: a) we have proposed a Multi-head LSTM that models each financial variable in a time window independently and compared it with a single-input LSTM and other traditional ML models. The Multi-head LSTM outperforms all the other models; b) We identify the optimal time series length for bankruptcy prediction to be equal to 4 years of accounting data; c) We made public the dataset we used for the experiments that include data from 8262 different public companies in the American stock market generated in the period between 1999-2018. Furthermore, we prove the efficacy of the Multi-head LSTM models in terms of lower false positives and better division of the two classes.

The procedures used to create modern cars require extensive thought in various relevant scientific domains. Arguably, the most challenging obstacle facing the automobile sector is managing production facilities by integrating software production lines and CI/CD. All this is determined by market demands, the engine of a vehicle, and the complexity of assembling the entire car and installing its corresponding embedded software. As a result, concerns about various types of global change have grown, as well as the lack of the ability to use fossil fuels, creating a substantial impact on the purchase and sale of modern automobiles. The research foundation is reflected in covering strategies for the deployment and administration of software, as well as opportunities for business improvement in particular production processes. This article strives to provide a summary of a scientific investigation of original equipment manufacturers, market segmentation, and the effects of global market changes on automotive manufacturing by examining the correlation between certain changes in the purchase of a specific brand and the powertrain of a vehicle. The research tries to examine numerous datasets from the United States of America and Washington State, on the basis of which we may estimate possible future changes in the automotive industry’s sales.

This study analyzes the convergence between artificial intelligence (AI) and management accounting in hospital contexts. Management accounting plays a central role in the effectiveness of planning, control and decision-making in healthcare institutions such as hospitals. The application of AI in this scenario offers powerful tools to improve accounting processes, optimize operational efficiency and maximize the use of available resources, resulting in an improvement in the quality of care provided to patients. Through in-depth analysis, the article explores how AI is bringing about a revolution in hospital management accounting, presenting case studies illustrating its successful implementation, outlining the tangible benefits.

Lump sum contracts are specific contracts used in the construction industry to give owners financial certainty and decrease risk while incentivizing contractors to finish projects on schedule and within budget. This article discusses the usage of lump sum contracts in construction projects, covering the types of projects appropriate for lump sum contracts, critical considerations for entering a lump sum contract, and the tender and preliminary expenses involved. The article also covers lump sum contracts' benefits and drawbacks and how owners and contractors allocate risk. Finally, the difficulties of implementing lump sum contracts, such as potential disagreements over scope changes and quality issues, are investigated. In general, lump sum contracts can be a valuable tool for managing construction projects, but their execution necessitates careful planning and collaboration to ensure successful completion.

Energy transition is one of the greatest challenges facing humanity today. All micro, small, medium and large enterprises in operation will have to face it, and some can al-ready boast the first successes in this regard. This paper focuses on the involvement of these smallest players in energy transition. Micro and small entities are the largest part of the economy, having a great influence on its development. Looking at the wide scale of their activities, these entities are distinguished by a specific owner-manager relationship. This means that the final decision-making is influenced by business goals, but also by the manager's approach, their awareness of changes, and personal and other factors. Based on a structured and standardized survey questionnaire, the research was carried out using the Computer-Assisted Telephone Interviewing technique between April and May 2022 among owners of micro and small enterprises operating in Poland. The survey showed that active engagement of micro and small enterprises in energy efficiency initiatives is related to their market success and financial health.

This study examines the effects of working capital management strategies on firm’s financial performance of Indian cement companies using 11-year (2010-2020) financial data of 31 companies listed in Bombay Stock Exchange. It is intended to find out whether the strategies made by finance managers with respect to the components of working capital such as average receivable period, inventory conversion period, average payment period and cash conversion cycle, etc. affects the firm’s performances individually and in total. The results of Pearson’s correlation coefficient and random effect regression model shows that there exists a negative relationship between financial performance measured in terms of return on assets (ROA) and inventory turnover period (ITP) as well as accounts payable period (APP), whereas firm’s performance is not significantly affected by accounts receivable period (ARP) and cash conversion cycle (CCC). Similarly, it has been observed that the liquidity measures such as current ratio (CR) and quick ratio (QR) have a significant positive association with ROA. Moreover, the size of the firms and leverage are inversely related to ROA but the age of the firms is not significantly affecting their financial performances. Hence, it can be concluded that how an organisation designs its working capital strategy do have an impact on its performances.

With the increasing prominence of renewable energy sources providing flexibility to the power grid, there is a growing recognition of the need to expand virtual Energy Storage Systems (ESS) to replace traditional ESS, which faces challenges in terms of supply and scalability. Grid-connected microgrids can supply power stably and are being built, so they can be used as virtual ESS to provide flexibility to the power system. This study proposes an approach to determine the optimal Power Conversion System (PCS) and battery capacity for a Virtual Energy Storage System(VEES) based on a grid-connected microgrid incorporating Photovoltaic (PV) and ESS. In this paper, it is assumed that microgrids can provide flexibility to the grid by participating in the energy trading market, there are corresponding profits and penalties for order. Numerical examples are performed to demonstrate the effectiveness of the proposed method.

In the construction business, which is known for its intricate and strategic nature, it is crucial to have efficient risk management in place. This is because various internal and external elements can cause disruptions to projects. Although the industry has had a historically negative reputation for risk analysis, the methodical process of identifying, analyzing, and managing risks has been more widely recognized and respected. This paper examines the historical progression of construction risk management, highlighting the need to identify and classify risks promptly. The study examines various risk factors related to finance, law, environment, and logistics. The study explores various risk management strategies, such as contract management, risk distribution, evaluation, mitigation, and sharing. The article discusses the significant impact of risk management software, such as Procore, PlanGrid, e-Builder, Autodesk BIM 360, and Oracle Primavera, on improving project results. The study finishes by highlighting the importance of proactive risk management in protecting against financial losses and maintaining a reputation in the construction business.

In recent years, advancements in rooftop solar panel technology have sparked a revolution in the electricity markets. This has given rise to a new concept of energy exchange - the ability for consumers and producers to trade localized energy. This concept has been made possible by the emergence of blockchain technology, which has gained significant traction in the energy markets. Its unique ability to facilitate peer-to-peer (P2P) energy transactions has made it a promising solution for the trilemma of scalability, security, and decentralization. However, while blockchain technology has shown great potential, it is still in its early stages of development and has yet to reach its full potential. To fully understand the potential of blockchain technology in P2P energy trading, it is important to explore the trilemma in depth. This study proposes a blockchain-based scalability solution, with a focus on P2P energy trade. This strategy is supported by empirical modeling, utilizing data gathered from a trial case study. The results of this study demonstrate that the suggested technique outperforms base layer models in terms of scalability, while still maintaining the essential elements of security and decentralization. This proposed solution not only has the potential to revolutionize the energy markets, but also has broader implications. By providing a more secure and decentralized platform for P2P energy trading, it has the potential to address issues of energy distribution inequality and promote the adoption of renewable energy. With blockchain technology, individuals and communities have the opportunity to take control of their energy usage and production, reducing their reliance on traditional centralized energy systems. This not only has the potential to lower energy costs for consumers, but also contributes to the overall goal of reducing carbon emissions and mitigating the effects of climate change. The combination of rooftop solar panel technology and blockchain applications has the potential to create a significant shift towards decentralized and sustainable energy systems. This will not only benefit individuals and communities, but also have a positive impact on the environment and the global energy market as a whole. However, for this transition to occur, it is crucial that governments and energy companies continue to support and invest in these advancements.

The review aims to examine how well numerical indicators of business bankruptcy can predict outcomes. The paper examines ten critical studies that concentrate on statistical models for bankruptcy predictions utilizing PRISMA criteria. The findings highlight the usefulness of numerical indicators in indicating financial hardship, particularly cash flow ratios. In order to connect theoretical knowledge with real-world corporate strategy applications, the study ends by reaffirming the importance of these indicators in strategic decision-making.

This study empirically analyzes how R&D expenditures affect firm value using a regression model for listed firms in Shandong Province, China. The dependent variable is measured by To-bin Q, which measures firm value, and the experimental variable among the independent varia-bles is R&D expenditure. In addition, financial leverage and firm size, which have been found to have a significant impact on firm value in previous studies, were selected as control variables. The study sample consisted of 554 data points analyzed over a nine-year period from 2010 to 2018. Without controlling for variables that affect firm value, the correlation analysis shows that R&D expenditures of listed firms in Shandong Province, China have a significant positive impact on firm value at the 1% level. For a more precise analysis, we ran a multivariate regression analysis controlling for other variables that affect firm value and found that R&D expenditure has a significant positive impact on firm value at the 1% level. These findings suggest that man-agers of listed companies in Shandong Province, China, need to actively engage in R&D activi-ties to increase firm value. Companies in Shandong Province, China, are currently experiencing very strong growth, and this study, which shows that R&D is the key to increasing the value of these companies, can help companies in Shandong formulate their business strategies.

In the evolving landscape of Portfolio Management (PM), the fusion of advanced machine 1 learning techniques with traditional financial methodologies has opened new avenues for innovation. 2 Our study introduces a cutting-edge model combining Deep Reinforcement Learning (DRL) with 3 a Non-stationary Transformer architecture. This model is specifically designed to decode complex 4 patterns in financial time series data, enhancing portfolio management strategies with deeper insights 5 and robustness. It effectively tackles the challenges of data heterogeneity and market uncertainty, 6 key obstacles in PM. Our approach integrates key macroeconomic indicators and targeted news 7 sentiment analysis into its framework, capturing a comprehensive picture of market dynamics. This 8 amalgamation of varied data types addresses the multifaceted nature of financial markets, enhancing 9 the model’s ability to navigate through the complexities of asset management. Rigorous testing 10 demonstrates the model’s efficacy, highlighting the benefits of blending diverse data sources and 11 sophisticated algorithmic approaches in mastering the nuances of PM.12

This study analyzes the convergence between artificial intelligence (AI) and management accounting in hospital contexts. Management accounting plays a central role in the effectiveness of planning, control and decision-making in healthcare institutions such as hospitals. The application of AI in this scenario offers powerful tools to improve accounting processes, optimize operational efficiency and maximize the use of available resources, resulting in an improvement in the quality of care provided to patients. Through in-depth analysis, the article explores how AI is bringing about a revolution in hospital management accounting, presenting case studies illustrating its successful implementation, outlining the tangible benefits.

Previous studies have suggested that digitization of finance leads to growth in the economy in several middle- and high-income countries, but research in low- and lower-middle-income countries (LLMICs) remains limited. This research aimed to examine the trends, barriers, relationships, and prospects of finance digitization in LLMICs. This study used analytical and descriptive cross-sectional study designs. Sixty-six countries were purposively selected based on the available data on the Global Findex and the World Development Indicators databases. Descriptive analysis was used to identify the trends in the finance digitization indicators, correlation analysis was used to assess the nature of the association between finance digitization and the economy, and exponential smoothing was used to predict future outcomes in digital finance. The results indicated that the adoption and utilization of finance digitization increased in these countries, but the growth rates varied by region and income group. Low-income countries reported the highest rates of subscriptions to digital finance accounts and storing money in digital accounts, while lower-middle-income countries (LMICs) reported higher rates of inbound/outbound digital transactions, borrowings, and savings using digital channels. Sub-Saharan Africa reported the highest rates of digital finance account subscriptions, digital savings, and digital borrowings, while Europe and Central Asia reported the highest rates of in/out digital transactions. Barriers to digitization in these countries included poor access to the internet, high cost of digital finance products, and lack of a mobile phone, with low-income countries facing more challenges. The analysis revealed a negative significant relationship between finance digitization and Gross National Income growth and a positive significant correlation between finance digitization and other economic growth indicators (gross savings and Gross Domestic Product). Finance digitization was predicted to continue to rise in these countries for the next decade. The study recommended that policymakers should promote the adoption of digital finance and address the barriers and risks of finance digitization in LLMICs, as it had positive effects on economic growth.

Keywords: Forest management; sustainability; FSC; PEFC; research; market share

This article combines the traditional definition of portfolio risk with minimum spanning tree based “interconnectedness risk" to improve the equal risk contribution portfolio performance. We use betweenness centrality to measure an asset’s importance in a market graph (network). After filtering the complete correlation network to a minimum spanning tree, we calculate the centrality score and convert it to a centrality heuristic. We develop an adjusted variance-covariance matrix using the centrality heuristic, to bias the model to assign peripheral assets in the minimum spanning tree higher weights. We test this methodology using the constituents of the S&P 100 index. The results show that the centrality equal risk portfolio can improve upon the base equal risk portfolio returns, with a similar level of risk. We observe that during bear markets, the centrality-based portfolio can surpass the base equal risk portfolio risk.

Renewable energy sources are increasingly crucial for meeting global energy demands in an eco-friendly manner, particularly as the world shifts away from fossil fuels and faces higher volatility of the market prices. Portugal, a country with limited fossil fuel reserves and high energy dependency, has heavily invested in renewables in recent years. However, renewables like sunlight, wind, and water are inherently unsteady due to climate influences, resulting in energy production fluctuations. To mitigate this issue, energy storage systems are being deployed to stabilize renewable energy supply during production lulls. This project aims to assess an energy storage system and define technical specification in order to maximize profitability at the Finerge-owned Alto Douro wind farm. To achieve this, we've conducted an energy demand analysis, followed by simulations to assess system performance in relation to energy use and profit, while varying parameters such as power and efficiency. We've also compared commercial proposals from different battery manufacturers utilizing various technologies. Our findings suggest that high-power, quick charge-discharge lithium-ion batteries are the most suitable solution, given their efficiency and modularity. These attributes are vital for achieving current and future profitability.

In exploring the intricacies of financial analysis, this study delves into the efficacy of traditional financial ratios versus cash flow ratios in foreseeing a company's fiscal well-being. By harnessing the PRISMA 2020 framework, an exhaustive and systematic dissection of diverse scholarly articles was embarked upon. The quest was to unearth the more reliable predictor of financial stability among these two sets of ratios. With a methodical examination of academic writings, this inquiry juxtaposed various models, scrutinizing their foresight capabilities. The revelations were telling; cash flow ratios emerged as more potent forecasters compared to their traditional counterparts. Intriguingly, models that blend both ratio types showed a marked improvement in predictive accuracy, hinting at a synergistic effect. This underscores the insight that while traditional ratios are informative, their amalgamation with cash flow ratios yields a richer, more rounded grasp of a company’s fiscal state. Conclusively, for stakeholders, especially investors, adopting this dual-ratio approach is pivotal for enlightened decision-making. This research enriches the financial analysis domain by spotlighting the salience of cash flow ratios, advocating for their integration with conventional methods for a sharper financial health appraisal.

Financial stress can have significant implications for individuals, businesses, asset prices and the economy as a whole. This study examines the nonlinear structure and dynamic changes in the multifractal behavior of cross-correlation between the financial stress index (FSI) and four well-known commodity indices, namely Commodity Research Bureau Index (CRBI), Baltic Dry Index (BDI), London Metal Index (LME) and Brent Oil prices (BROIL), using multifractal detrended cross correlation analysis (MFDCCA). For analysis, we utilized daily values of FSI and commodity index prices from 16th June 2016 to 9th July 2023. The following are the most important empirical findings: (I) All of the chosen commodity market indices show cross correlations with the FSI and have notable multifractal characteristics. (II) The presence of power law cross-correlation implies that a noteworthy shift in FSI is likely to coincide with a considerable shift in the commodity indices. (III) The multifractal cross-correlation is highest between FSI and Brent Oil (BROIL) and lowest with LME. (IV) The rolling windows analysis reveals a varying degree of persistency between FSI and commodity markets. The findings of this study have a number of important implications for commodity market investors and policymakers.

For a long-only active equity manager (or investor), the ability to hedge the downside risk before a significant price correction is a valuable skill. The authors proposed constructing a signal that provides timing information for a manager to hedge the downside risk. This systematic signal can help a manager put on a hedge before the price corrections of the dot com bubble in 2000 and the global financial crisis in 2008. The signal is constructed for each GICS sector index in the S&P 500. When a sector’s PE indicates a high valuation and, at the same time, if the high valuation sector’s correlations with some other sectors are out of their historical norm, then these two conditions contribute a timing signal for the significant price swing of the index during the following six months. After observing the timing signal, managers can benefit significantly by hedging the downside risk. The signal can also be interpreted as the beginning of a high volatility regime for a sector.

The purpose of this study is to bring out a scientometric analysis of the advances of digital transformation in the global banking sector. For this, a background search of the term "Digital Transformation Banking " has been brought out from the Web of Science (Wos) Database, covering records published between 2002 and 2023. A set of 312 publications was identified, which mainly includes a set of 264 academic articles, 29 articles published without cataloging a specific volume of a journal, 9 articles under review, 5 editorial material documents, 4 conference articles, and 1 document is a book chapter. Nowadays the scientific production is low but showing growing development presenting 123 publications and 7,754 citations for the year 2022. Among the scientific production, 43 publications from the Republic of China (8.8%) and 35 publications from Ukraine (7.8%) stand out. ,2%). It is also worth mentioning that the most relevant authors on this topic are Ricardo Palomo, professor and dean of San Pablo University, and Robert J Kauffman, professor at Singapore Management University in terms of influence. Main institutions in terms of scientific production, mainly: the Massachusetts Institute of Technology (MIT) of the United States and the Russian Academy of Sciences of Russia.

We seek to examine effective collaboration when engaging in value cocreation with the customer for mobile financial services in EMs. Our study is a motivation for multi-stakeholder engagement in value cocreation with financial inclusion of all consumers including marginalized populations. Furthermore, our work discovers that social sustainability is a product of social creativity and results in financial inclusion. We apply a qualitative descriptive methodology utilizing exemplars from extant research and phenomenology to analyze the data from the contexts of Ghana and Kenya. The results show that value is co-created for mobile financial services in networks in emerging markets when actors integrate resources for social and environmental sustainability as essential elements for mobile financial inclusion.

A simple bounded stochastic motion is employed for modelling equity price dynamics under shocks, where the prices are constrained to lie between two positive bounds. While the stochastic process has an inaccessible boundary, the other boundary is quasi-bounded, implying that the boundary can be breached if the probability leakage condition is met. The quasi-boundedness of the process at the boundary can thus provide an indicator of possible risk of equities under price shocks. Empirical calibration of model parameters of the proposed process for equities can be performed easily due to the availability of an analytically tractable probability density function which generates fat-tailed distributions consistent with empirical observations. The volatility and mean-reversion of the S&P500 dynamics calibrated by the process is positively and negatively co-integrated respectively with the VIX index representing the level of market distress. The process captures the high likelihood of Hertz’s default about two months earlier, using only information until that point, and before the firm filed for Chapter 11 bankruptcy in May 2020 as a result of the Covid-19 pandemic. Empirical calibration of the process for GameStop’s stock price shows that the short squeeze of the stock occurred when the condition for breaching an upper boundary was met on 14 January 2021, i.e., about two weeks before major short sellers closed out their positions with significant losses. The trading volume of the stock was positively co-integrated with the probability leakage ratio.

The transport sector is pivotal and indispensable in our daily existence, being the exclusive conduit for the intercontinental conveyance of commodities and individuals. Hence, comprehending the phenomenon of business failure within the transport industry assumes paramount significance in delineating an effective competitive policy for this sector. The primary objective of this research paper is to execute a comparative investigation between statistical models forecasting business failure and models founded on artificial intelligence, within the context of the transport sector. This analysis spans the temporal expanse from 2014 to 2021 and encompasses the nations of Portugal, Spain, France, and Italy, aiming to ascertain superior efficacy among these models. The dataset employed for this endeavor encompassed a final cohort of 4866 companies, comprising 2881 that endured as going concerns and 1985 that succumbed to business failure. The models developed for this study exhibited the capacity to accurately categorize a proportion of companies ranging from 71% to 73%. Nonetheless, upon comparative scrutiny of these outcomes with those derived from the statistical models dedicated to business failure prediction, it becomes evident that the latter demonstrate an enhanced predictive prowess, manifesting fewer errors in the classification of the scrutinized companies.

Aiming to investigate the impact of strategic knowledge disclosure on the continuous realization of digital innovation in enterprises, this study examines data from 168 listed companies across three high-tech industries in China from 2012 to 2021. By examining investor trust, consumer trust, worker trust, and rival trust as mediating variables within the market trust dimension, this research explores the impact mechanism of strategic knowledge disclosure on the sustainability of input and output in digital innovation. The findings reveal that strategic knowledge disclosure significantly promotes both input and output sustainability in digital innovation. Specifically, investor trust positively mediates the relationship between strategic knowledge disclosure and the sustainability of digital innovation input. Similarly, consumer trust and worker trust positively mediate the association between strategic knowledge disclosure and both input and output sustainability in digital innovation. However, it is important to note that rival trust negatively mediates the link between strategic knowledge disclosure and both input and output sustainability in digital innovation. The research findings possess significant theoretical value and provide valuable guidance for promoting the sustainable development of digital innovation in enterprises.

This study investigates the complex interplay between public sentiment, as captured through news titles and descriptions, and the stock prices of three major tech companies: Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL). Leveraging advanced analytical methods including Pearson correlation, wavelet coherence, and regression analysis, this research probes the degree to which stock price fluctuations can be attributed to the polarity of media sentiment. The methodology combines statistical techniques to assess sentiment's predictive power on stock opening and closing prices, while wavelet coherence analysis unveils the temporal dynamics of these relationships. Results demonstrate a significant correlation between sentiment polarity and stock prices, with description polarity affecting Microsoft's opening prices, title polarity influencing Tesla's opening prices, and a positive impact of title polarity on Apple's closing prices. However, Tesla's stock showed no significant coherence, indicating a potential divergence in how sentiment affects stock behavior across companies. The study highlights the importance of sentiment analysis in forecasting stock market trends, revealing not only direct correlations but also lagged influences on stock prices. Despite its focus on large-cap tech firms, this research provides a foundational understanding of sentiment's financial implications, suggesting further investigation into smaller firms and other market sectors.

We aim to map the ESG patterns of emerging-market companies from 2018 to 2021 in order to determine whether the COVID-19 pandemic exerted any influence on sustainable corporate behavior. Thus, the ESG performances were assessed by applying the Kohonen neural network for clustering purposes at three main levels: i) ESG overall, including country and sectoral perspectives; ii) ESG thematic; and iii) ESG four-folded (stakeholder, perspective, management level, and focus strategic views). Our results show that emerging-market companies focus their ESG efforts on social and governance issues rather than on environmental. However, environmental, and social behavior differ more acutely than governance behavior across clusters. The ESG pillars country-level and eleven market-based economic sectors analysis corroborate the geographic and sector dependence of ESG performance. The thematic-level analysis indicate that operational activities and community issues received more attention, which suggests that emerging-market companies address distinct ESG topics according to their particularities and competitiveness. Furthermore, our empirical findings provide evidence that the ESG behavior of companies has changed over the course of the COVID-19 pandemic. Thus, our findings are relevant to policymakers involved in regulating ESG disclosure practices, investors focused on enhancing their sustainable investment strategies, and firms engaged in improving their ESG involvement.

Stock market prediction is a challenging task to perform, as we know the fluctuations that take place in the market makes it versatile and hard to predict the prices. In this research, we have explored the power of usage of hybrid ensemble algorithms to improve the predictive accuracy in the stock market forecasting. Our research comprises construction and evaluation of diverse hybrid models using different algorithms. The methodology presented in the paper involves comprehensive data preparation, feature engineering, and model normalization. Evaluating the different hybrid models, one stands out distinctly: LSTM (long short-term memory networks) + GRU (Gated recurrent units) + Conv1D (one-dimensional convolutional layer) hybrid. It illustrated its potential to revolutionize decision-making tools for investors and financial analysts in stock market analytics. The harmonious integration of algorithms not only underscores the effectiveness of hybrid modeling but also beckons for further exploration within the ever-evolving domain of predictive modeling, driven by the pursuit of precision and accuracy. This model shows a remarkable accuracy metrics including a Mean Absolute Error (MAE) of 0.95, a Mean Squared Error (MSE) of 2.1222, a Root Mean Squared Error (RMSE) of 1.52, and a R-squared (R2) score of 0.9982.

The concept of public financial accountability, often associated with account-rendering, lacks a clear and comprehensive definition in the realm of accounting literature. Disentanglement the true essence of a phenomenon is essential, as formal definitions can only provide a superficial understanding. This study seeks to delve into the core principles of public financial accountability and their implications for financial reporting in the public sector. Applying a qualitative approach, data was gathered through in-depth interviews with 25 Nigerian scholars, professionals, and public affairs experts. The analysis reveals that the essence of public financial accountability lies in upholding citisens' trust in public officials, ensuring the responsible management of public financial resources for the greater public good, and effectively communicating financial decisions, actions, and outcomes to the public through a transparent reporting mechanism. This study sheds light on the fundamental nature of financial accountability in the public sector, enhancing our understanding of its significance in governance and financial reporting.

The healthcare system is intricate and dynamic. For the purpose of organising and planning a system, where allocating funds appropriately is essential and therefore managerial skills play a critical role. A certain portion of each nation's GDP is allotted to the health sectors. Managers and decision-makers in the healthcare systems are using resources effectively, yet the quantity of funding they receive from the government or other stakeholders is insufficient sometimes. A sound understanding of both basic and advanced economics is necessary for the care management, to make cost-effective judgements in public health. Healthcare officials at all levels (regional, state, federal, or international), need to be knowledgeable about public health issues and the related modern economic climates. Business executives and healthcare managers need effective practical knowledge to handle partner-financial allocation (demand-supply chain) and handle economic volatility.

Chitin/chitosan and collagen are two of the most important bioactive compounds with applications in the pharmaceutical, veterinary, nutraceutical, cosmetic, biomaterials, and other industries. When extracted from fish and shellfish non-edible parts, by-catches, and invasive species, their use contributes to a more sustainable and circular economy. The present article reviews the scientific knowledge and publication trends along the marine chitin/chitosan and collagen value-chains and assesses how researchers, industry players, and end-users can bridge the gap between scientific understanding and industrial applications. Overall, research on chitin/chitosan remains focused on the compound itself rather than its market applications. Still, chitin/chitosan use is expected to increase in food and biomedical applications, while that of collagen is expected to increase in biomedical, cosmetic, pharmaceutical, and nutritional applications. Sustainable practices, such as the reuse of waste materials, contribute to strengthen both value-chains; the identified weaknesses include the lack of studies considering market trends, social sustainability, and profitability, as well as insufficient examination of intellectual property rights. Government regulations, market demand, consumer preferences, technological advancements, environmental challenges, and legal frameworks play significant roles in shaping both value-chains. Addressing these factors is crucial for seizing opportunities, fostering sustainability, complying with regulations, and maintaining competitiveness in these constantly evolving value-chains.

Climate change and net zero are expected to have a significant impact on eco-nomic activity in developing countries, and thus, on the financial cash flow of organizations. In this paper, we propose a procedure for assessing the financial impact of climate change on organizational cash flow in developing countries. Our study contributes to the research on scenario-based climate change impact analysis. The applied research design is exploratory and mainly qualitative, constructing financial impact scenarios combined with narratives to determine the impact of climate change on individual cash flow line items. The narra-tives rationalize cash flow variations and enrich the estimates by adding expert knowledge, in the form of financial micro-stories and descriptions to the pro-posed procedure. We present a hypothetical citrus farming company in a de-veloping country to demonstrate the application of the proposed measurement procedure. The results obtained suggest that (1) the procedure is practical be-cause financial cash flows are known and widely used in financial analysis and because they can be implemented in a spreadsheet; that (2) the procedure pro-vides flexibility because it can be adapted to suit the specific needs of different companies, depending on a selected climate change scenario, the company’s exposure to climate change, its resilience and vulnerability; (3) that the prac-tice of thinking in terms of financial worst-case, base-case and best-case sce-narios, which reflect different levels of uncertainty, helps to model the finan-cial impacts of climate change and provides a forward-looking perspective on how much a company’s cash flow could change.

This study investigates the impact of financial integration on international dynamics from the perspective of volatility shocks. To achieve this, I employ an IRBC model with time-varying volatilities, recursive preferences, and a global bank. The model demonstrates that volatility shocks trigger precautionary saving incentives, but the specific effects vary based on the type of shock. In the presence of productivity volatilities, countries with a higher level of financial integration exhibit greater divergence in their business cycles, while financial integration tends to result in more synchronized business cycles in the face of financial volatilities. Disregarding volatility shocks would underestimate the impact of financial integration on the comovement of business cycles across countries. Furthermore, welfare analysis also indicates that financial markets play a crucial role in enhancing social welfare, regardless of the type of volatility.

The recent years have been marked by rapid growth in the field of "ESG finance," leading to the emergence and expansion of ESG ratings and rating agencies. This study seeks to examine how financial investors respond to updates in ESG ratings provided by two prominent ESG rating agencies: MSCI and Refinitiv. Specifically, the goal is to determine whether any potential positive or negative alterations in a company's sustainability ratings directly affect its market value. The chosen methodology for this investigation is the Event Study, a model employed to assess the influence of economic events on corporate valuations by analyzing their Cumulated Average Abnormal Returns (CAARs). Over 840 instances of rating updates (events) were analyzed using a sample of 75 companies across various industries, all listed on major stock exchanges. The findings indicate that shifts in sustainability ratings, as evaluated by the two rating agencies, do not have a significant impact on companies' market capitalization. Moreover, these outcomes remain consistent over time, suggesting that financial markets are not assigning increasing significance to ESG ratings. Potential explanations are offered and discussed in relation to existing literature on the subject.

With the rise of internet technology and the growth of mobile communications, the global economy has undergone a significant transformation, shifting towards digital and soft markets. As a result, great efforts have been made to establish virtual marketplaces that provide customers with an exceptional shopping experience. One crucial aspect of this new paradigm is marketing, which has led to the emergence of a new stage known as E-marketing. In E-marketing, understanding customer behavior is of utmost importance. Marketing teams and companies are eager to gain insights into how different customer segments react to their products. Marketing strategies are now developed based on customer information such as financial status, location, age, gender, and more. As a result, the abundance of customer data generated by these new commerce technologies has surpassed the capabilities of traditional data analysis methods. To extract valuable knowledge from this vast amount of data, data mining technologies have come into play. Techniques such as clustering, classification, and prediction are utilized to mine marketing data and uncover hidden patterns and trends. The impact of data mining on E-marketing has been the subject of analysis in this study. A questionnaire-based review was conducted to collect the necessary data, which was then analyzed using SPSS 23 software. The study's results demonstrate that data mining can significantly enhance the performance of E-marketing by providing intelligent and efficient predictions of customer behaviour. Moreover, this technology offers similar advantages for end-customers as well. By leveraging the power of data mining, companies can gain valuable insights, tailor their marketing efforts, and ultimately provide better products and services to their customers in the digital marketplace.

Liquidity providers for asset-pair pools with constant value distri- bution, such as Balancer pools, experience some impermanent loss whenever there is price divergence in the tokens’ fiat values. In this paper, we model this impermanent loss for geometric mean invariant pools by deriving a function of two parameters. We analyze our function graphically, showing that unevenly distributed pools with large weighting disparities best mitigate the risk of impermanent loss. We conclude by providing a general protocol for liquidity providers to choose a suitable pool based on their risk tolerance and profit goals.

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.

The famous Capital Asset Pricing Model (CAPM) takes into account only business risk. In practice, companies use debt financing and operate at non–zero levels of leverage. This means that it is necessary to take into account the financial risk associated with the use of debt financing along with business one. The purpose of this paper is to simultaneously take into account the business and financial risk. A new approach to CAPM has been developed that takes into account both business and financial risk. We combine the theory of CAPM and the Modigliani–Miller (MM) theory. The first is based on portfolio analysis and accounting for business risks in relation to the market (or industry). The second one (the Modigliani–Miller (MM) theory) describes a specific company and takes into account the financial risks associated with the use of debt financing. The combination of these two different approaches makes it possible to take into account both types of risks: business and financial ones. We combine these two approaches analytically, while Hamada did it phenomenologically. Using the Modigliani–Miller (MM) theory, it is shown that the Hamada’s model, first model, used for this purpose half a century ago, is incorrect. In addition to the renormalization of the beta–coefficient, obtained in the Hamada model, two additional terms are found: the renormalized risk–free return and the term dependent on the cost of debt kd. A critical analysis of the Hamada model was carried out. The vast majority of listing companies use debt financing and are levered, and the Hamada model is not applicable to them in contrast to a new approach applicable to leveraged companies. Implemented a new approach to specific companies. A comparison of the results of the new approach with the results of the conventional CAPM is shown. Two versions of CAPM (market or industry) are considered.

The article was devoted to topics related to the courier market, electromobility and renewable energy sources. This is the direction in which the car market is currently heading. The current situation of transport in Poland and the electrification trends of the courier market in Poland and beyond were presented and discussed. The article presents the conducted research and analyzes it for a selected company, which at the same time constituted the achievement of the goal and the solution of the research problem. Much attention was focused on conducting AHP analysis and simulating route changes for selected regions. The study contains an introduction and a summary discussing the most important conclusions.

This paper aims to measure the effects of delisting on stock returns for Vietnam stock market. The study employs a sample of 118 stocks that were compulsorily delisted from the market between January 2011 and December 2021. Using an event study methodology, the empirical findings confirm that the delisting has negative effects on stock returns in the Vietnam stock market. Specifically, results derived from tests show that the average abnormal return of delisted stocks continuously declines during three trading days following the announcement of delisting. Moreover, it is found that the differences in cumulative abnormal returns between post-delisting and pre-delisting periods are significantly negative for all tracking periods. Apart from the negative effect of delisting on stock abnormal returns, we also find that the impact of delisting on stock returns for smaller companies is greater than bigger companies.

The demand for renewable energy is increasing globally due to concerns about climate change, pollution, and the finite nature of fossil fuel resources, as renewable energy has been recognized as a significant factor in realizing sustainable development. The government of Saudi Arabia adopted the reduction of fossil fuel subsidies policy as a financial motivation for supporting both the production and consumption of fossil fuels. Therefore, this study aims to investigate the influence and shocks of Saudi’s financial development indicators on renewable energy consumption (REC). And to examine the track of causality between financial development indicators and REC. The study covers the annual data period of 1990-2021 and applies the Basic Vector Autoregressive model (VAR), Granger causality test, forecast error variance decomposition (FEVD), and impulse response function (IRF). The results imply that the financial development indicators have a significant positive impact on REC. The results of causality between REC and financial development indicators were conflicting. The results reveal that REC variation is explained by its innovative shocks and has a positive response to shocks in financial development. Authorities can encourage investment in renewable energy consumption by providing financial incentives also the governments can foster national and international partnerships between investors, policymakers, and industry stakeholders. Employing different determinants of financial development indicators and incorporating population factors in the REC function will be highly recommended for forming the renewable energy demand in Saudi Arabia.

The medical sector is of the utmost importance in every country for well-known reasons such as their economic development, national security, quality of life, and so on. Many researchers were dedicated to this topic, however, in Romania there are limited studies on this subject. One reason is that most of the businesses in this sector are individual enterprises or small family businesses. In our research paper we deploy several analysis methods to see the financial sustainability of companies operating in the medical industry. By analyzing a sample of 23931 companies and we have concluded that their performance has increase in the peak of the pandemic and that the financial stability is high. Our results are in line with other similar studies that were conducted in other regions.

Hospitals are perpetually challenged by the dual requirements of concurrently improving the quality of healthcare and maintaining financial solvency. Both issues are among the top concerns for hospital executives across the United States, yet some have questioned if the efforts to enhance quality are financially sustainable. led us to examine if improving quality in the hospital setting impacts revenue. Using multivariate regression, we assessed if numerous quality measures were associated with our targeted measure of hospital profitability: the net patient revenue per adjusted discharge. The independent variables included the HCAHPS Summary Star Rating, Hospital Compare Overall Rating, All-Cause hospital-wide Readmission Rate, Total Performance Score, Clinical Outcomes Domain Score, Safety Domain Score, Person and Community Engagement Domain Score, and the Efficiency and Cost Reduction Score. Our results indicated that improving quality was significantly associated with improved net patient revenue per adjusted discharge for seven of the eight of these quality measures at the hospital level. It is clear that failing to address quality and patient safety issues is costly for US hospitals, thus we believe our findings support the premise that increased attention to the quality of care delivered as well as patients’ perceptions of care may allow hospitals to accentuate profitability and advance a hospital’s financial position.