Business, Economics and Management

Abstract: Digital traceability has become a critical capability in international trade, yet existing research has not fully explained how institutional, technological, and coordination-related conditions combine to produce successful outcomes. This study applies fuzzy-set Qualitative Comparative Analysis (fsQCA) to 24 trade-corridor cases to identify the configurational drivers of Digital Traceability Success (DTS). The findings show that Digital Trade Readiness (DTR), Market Strictness (MKT), Digital Infrastructure (DIF), and Cross-border Coordination (COO) are necessary conditions for DTS, whereas Blockchain-enabled Traceability (BCT) is not. The sufficiency analysis identifies one dominant pathway DTR * PRK * MKT * DIF * COO with perfect consistency and substantial coverage. These findings demonstrate that digital traceability success is not driven by blockchain adoption alone, but by the joint alignment of institutional readiness, regulatory pressure, infrastructure, risk exposure, and inter-organizational coordination. The study makes two main contributions. Scientifically, it advances the literature on digital trade and supply-chain traceability by offering a configurational explanation grounded in conjunctural causation and causal asymmetry. Practically, it suggests that policymakers and firms should prioritize system-wide readiness, interoperable digital infrastructure, and cross-border governance rather than relying narrowly on blockchain solutions.

Abstract: Special Economic Zones (SEZs) are widely promoted as catalysts for industrialization and export growth in developing countries, yet their capacity to generate sustainable and inclusive regional development remains debated, particularly in sub-Saharan Africa. This study investigates the impact of the Nkok SEZ in Gabon on the forestry sector—a novel case study—by analyzing the resulting economic and spatial disparities between the SEZ (homogeneous space) and its periphery (heterogeneous space). Combining robust econometric methods (Bias-Corrected Fixed Effects, OLS) and principal component analysis (PCA) on time-series data (2014–2022), we show that while the SEZ has significantly boosted export revenues (84%–97% growth) and industrial production through agglomeration and scale economies, these benefits remain largely concentrated. The periphery experiences weaker growth, reinforcing center-periphery dependencies and extractive specialization. Export revenues from the homogeneous space exhibit strong autoregressive effects (77%–94%) but limited macroeconomic diffusion (6%–25%), whereas the heterogeneous space shows lower autoregressive growth but a stronger historical influence on national aggregates, highlighting a structural polarization trap. To address these persistent imbalances, this paper introduces the SEMD model (Segmentation, Evaluation, and Multi-level Disparities Management). This operational framework proposes a six-fold territorial typology (from SEZs to informal circuits), hybrid quantitative-qualitative indicators, and proactive rebalancing mechanisms (vertical and horizontal channels) to institutionalize the diffusion of growth. The SEMD model offers a strategic tool for policymakers in the Global South to reconcile industrial performance with territorial cohesion, moving beyond the mere diagnosis of inequalities toward adaptive, real-time management of polarized development dynamics.

Abstract: This article develops a coherent set of outcome indicators for assessing progress in rural development in South Africa by directly linking policy objectives to measurable de-velopment outcomes. Drawing on a multidimensional conceptual framework encom-passing economic, social and environmental dimensions of rural development, the ar-ticle employs a document‑based research design analysing strategic plans of the De-partment of Rural Development and Land Reform, now known as the Department of Agriculture, Land Reform and Rural Development, for the period 2009–2025. Rural development objectives are first translated into ideal output indicators and subse-quently screened using internationally recognised indicator‑selection criteria to iden-tify outcome‑focused indicators aligned with policy intent. The analysis yields ten core indicators that capture key rural development outcomes, including employment, household income, housing quality, education, health, waste management, and sus-tainable natural resource use. These indicators strengthen the alignment between rural development policy objectives and measurable outcomes and provide a practical and replicable framework for monitoring rural development progress at both national and municipal levels. The proposed indicator set contributes to evidence‑based planning, monitoring, and accountability in efforts to promote a more inclusive and sustainable rural economy.

Abstract: In the context of SDG 7 and SDG 13 of the 2030 sustainable development agenda, a new performance indicator started to gain momentum in scientific research: the renewable energy productivity. Understanding the drivers and the challenges of green energy productivity could help add on to the classical focus of renewable energy research on infrastructure, technical and economic feasibility, environmental and social impacts, by considering more the performance indicators in this field. Only very few studies explored the influencing factors of the renewable energy productivity. Thus, this research aims to reveal the impact of social, economic, energy, and environmental variables on the green energy productivity. The methodological approach involves bibliometric analyses of the literature on green energy productivity (GEP), and panel data regression models involving 16 independent variables. The main findings indicate positive effects of green taxes, female participation in the workforce, and highly educated people on GEP, pointing out the importance of green taxation, education, and gender equality in sustainable development. On the other side, negative relationships of green energy productivity with economic growth, traditional energy variables, and air pollution were found for the European Union’s member states over 2007 and 2023. The results suggest that the analyzed European countries based their economic growth on traditional resources, with less importance provided to the renewable resources and green technologies, as the share of renewable resources of GDP was also negatively correlated. While private financial resources increases the green energy productivity, questions about research and development investments, urbanization, and diversity index are still debatable.

Abstract: This study analyzes the relationship between trade openness, FDI, and economic growth in Ho Chi Minh City within the framework of an extended Solow model, using annual time series data from 2000 to 2024, and provides empirical evidence at the municipal level for Vietnam's leading economic and integration center. The trade open-ness is separated into the ratio of exports and imports to GRDP to reflect the different impacts of economic integra-tion. The ARDL and ECM model are applied in order to instantaneously analyze both short-term and long-term ef-fects. The results show that the variables have mixed integration orders. Capital is the factor with the most positive and stable impact in the long term. Meanwhile, relative exports and FDI have a positive impact in the short term but a negative one in the long term, implying that the benefits of integration depend on the quality of international trade, the ability to absorb technology, and domestic linkages. The negative and statistically significant error correc-tion coefficient indicates the existence of an adjustment mechanism toward equilibrium. The robustness check with the COVID-19 dummy variable approves the stability of the main results. The study points out that the necessity of changing from extensive quantitative integration to enhance the quality of growth and the efficiency of resource allocation.

Abstract: Enhancing agricultural economic resilience (AER) is essential for global food security. As a key policy tool for stabilizing agricultural production, policy-based agricultural insurance lacks rigorous causal evidence on its impact on resilience. Using 2012–2023 provincial panel data from China, this study measures AER via the entropy method and identifies policy effects using a multi-timepoint difference-in-differences (DID) model. We find that policy-based insurance for the three major staple crops significantly strengthens AER, primarily by promoting agricultural technological innovation (ATI) and regional industrial structure upgrading (RIS). The improvement effects are more pronounced in central and western regions, non-major grain-producing areas, and regions with higher natural risks. Our findings confirm that the staple crop insurance policy effectively boosts agricultural resilience, suggesting that differentiated implementation can support more sustainable and targeted agricultural risk governance.

Abstract: Egan et al. (2026) estimate that interchange fees transfer approximately $30 billionper year from cash and debit card users to credit card users, assuming merchants setuniform prices. We extend their sufficient-statistics framework to incorporate merchantsurcharging and show that it attenuates the pooled cross-subsidy by $1–2 billion (3–7%). The correct aggregation uses transfer-weighted sector shares, not expenditureshares; the naive alternative overstates the correction fivefold. Using transaction-leveldata from the Diary of Consumer Payment Choice (2022–2024), we document thatsurcharging has nearly doubled since 2021 and is concentrated in sectors where smallbusinesses face high interchange costs. At the transaction level, credit card purchasesby consumers with household income below $25,000 are surcharged at twice the rate of1those above $150,000 (p = 0.038, respondent-clustered standard errors with merchant-category fixed effects). However, this gradient is fragile: it does not survive aggregationto the respondent level, is present in 2024 but not in 2022, and is largely absorbed bycontrolling for rewards card status. Surcharging widens inequality in the net benefitsof card use primarily through card segmentation—non-rewards cardholders face highersurcharge rates—rather than through an independent income channel.

Abstract: This study examines the determinants of informality in ASEAN-5 (Indonesia, Malaysia, the Philippines, Thailand, and Singapore) using Partial Least Squares Structural Equation Modeling (PLS-SEM) on panel data from 2015–2022. Five hypotheses tested the effects of institutional quality, social protection, labor market policy, economic growth, and technological advancement (as mediator). Results show that institutional quality significantly reduces informality (β = –0.378; p = 0.015), while social protection, labor market policy, and economic growth exert positive and significant effects, reflecting policy design–implementation gaps and growth patterns that fail to generate formal employment. Technological advancement does not mediate the growth–informality relationship (β = 0.011; p = 0.335). The model explains 88.8% of the variance in informality (adjusted R² = 0.888). Policy implications highlight the need for stronger institutions, inclusive social protection, adaptive labor regulations, and digitalization integrated with e‑governance to foster formalization.

Abstract: The essence of free trade zones lies in addressing development challenges through institutional opening-up and innovation-driven growth. Sustainable development constitutes the fundamental goal of free trade zone construction, opening-up and innovation serve as the core driving forces for their development, and a sound business environment acts as a critical guarantee for their efficient operation. Therefore, based on the panel data of 22 free trade zones in China from 2013 to 2022, this paper adopts Principal Component Analysis (PCA) and Analytic Hierarchy Process (AHP) to conduct a comprehensive evaluation of their sustainable development levels from six dimensions: environmental optimization, economic development, opening-up, radiation-driven capacity, business environment, and scientific and technological innovation. The results indicate that, first, the overall comprehensive scores of free trade zones in sustainable development show an upward trend with obvious regional divergence in growth rates. Coastal free trade zones maintain robust growth momentum, inland ones achieve steady progress, and border free trade zones witness modest growth. Second, the comprehensive scores of the 22 free trade zones in 2022 present a gradient distribution, reflecting prominent regional development imbalance. On this basis, targeted policy recommendations are put forward in this paper.

Abstract: This paper investigates whether financial markets exhibit deterministic chaotic dynamics and whether such dynamics can improve early detection of systemic crises. Using a global dataset covering major equity indices and volatility indicators over the period 1990–2025, we apply a comprehensive nonlinear framework combining maximum Lyapunov exponents, correlation dimension, sample entropy, recurrence quantification analysis (RQA), and nonlinear vector autoregressions. The results provide robust evidence that financial markets are characterized by positive Lyapunov exponents, indicating sensitive dependence on initial conditions and the presence of deterministic chaos. Importantly, chaos intensifies systematically prior to major crises, including the Dot-com bubble, the Global Financial Crisis, and the COVID-19 market crash. We construct a composite Early-Warning Index (EWI) based on nonlinear indicators, which significantly outperforms traditional benchmarks such as Value-at-Risk and volatility-based models in predicting crisis events. The findings suggest that financial instability is largely endogenous, emerging from nonlinear amplification mechanisms rather than purely exogenous shocks. By integrating chaos theory into financial econometrics, this study provides a novel framework for understanding market dynamics and offers practical tools for systemic risk monitoring. The results have important implications for macroprudential policy and the design of forward-looking early-warning systems.

Abstract: This paper examines the dynamic relationship between innovation, total factor productivity (TFP), and economic growth in Ghana using annual data for the period 1965–2021. Although Ghana has recorded relatively strong economic growth, concerns remain regarding the sustainability of this performance in the absence of consistent productivity improvements. The study combines growth accounting techniques with time-series econometric methods, including the autoregressive distributed lag–unrestricted error correction model (ARDL–UECM), vector error correction modelling (VECM), Granger causality tests, and two-stage least squares estimation. The results provide robust evidence of a stable long-run equilibrium relationship among innovation, productivity, and output. Innovation exerts a positive and statistically significant effect on economic growth, primarily through productivity-enhancing channels, while TFP emerges as the dominant long-run driver of growth. Short-run dynamics reveal feedback effects between innovation, productivity, and economic growth. However, growth accounting results indicate substantial volatility in TFP growth, suggesting that Ghana’s expansion has been driven largely by factor accumulation rather than sustained efficiency gains. The findings offer policy-relevant insights for productivity-centred growth strategies in Sub-Saharan Africa.

Abstract: This paper examines whether the rise of remote work following the COVID-19 pandemic has generated a structural transformation in urban spatial organization across major metropolitan areas in advanced economies. While much of the existing literature treats COVID-19 as a temporary shock, this study argues that it has induced a persistent reconfiguration of cities toward more polycentric and decentralized spatial structures.Using a multi-source dataset combining Google mobility reports, NASA/VIIRS night-time light satellite data, OECD and national labor force surveys, and urban economic indicators, the study constructs a novel Urban Polycentricity Index (UPI) to measure spatial dispersion of economic activity. The empirical analysis covers New York, London, Paris, Berlin, and Munich over the period 2019–2025.The methodology integrates structural break tests, difference-in-differences estimation, and spatial equilibrium modeling to identify both the timing and magnitude of post-COVID spatial shifts. Results indicate a significant structural break around 2020–2021, followed by a sustained increase in remote work adoption and urban polycentricity. Satellite and mobility data confirm a systematic redistribution of economic activity from central business districts toward suburban and peripheral zones.Findings show that remote work is a statistically significant driver of urban decentralization, associated with flatter density gradients, reduced commuting intensity, and higher polycentricity. Counterfactual simulations further confirm that, without remote work expansion, cities would have remained substantially more monocentric. Overall, the study demonstrates that COVID-19 has permanently altered urban spatial equilibrium, positioning remote work as a key structural force reshaping metropolitan form.

Abstract: This study applies Data Envelopment Analysis (DEA) framework to examine the economic, managerial, technological, and environmental performance of three major Swedish forestry firms—SCA, Södra, and Holmen—over the period 2018–2024. The analysis employs input-oriented CCR and BCC models, super-efficiency analysis, the Malmquist Productivity Index, and an environmental DEA model incorporating transformed undesirable outputs to provide a multidimensional assessment of efficiency and productivity. In addition, a second-stage regression analysis is conducted to examine whether structural firm characteristics are associated with efficiency variation. A robustness check is performed using an output-oriented DEA specification to assess the sensitivity of efficiency results to orientation choice. The results indicate differences in performance patterns across firms and dimensions. Södra frequently operates near the estimated efficiency frontier, SCA shows improvements in environmental efficiency over time alongside scale-related constraints, and Holmen exhibits greater variability across efficiency and productivity measures. The regression results suggest that efficiency variation is not strongly associated with the included structural variables, while the robustness analysis indicates consistent firm rankings across model orientations The study provides an integrated DEA-based framework for assessing combined economic and environmental performance in resource-intensive industries and highlights the usefulness of multidimensional efficiency analysis for benchmarking purposes.

Abstract: This article examines whether Local Government Financing Vehicles (LGFVs) help Chinese cities absorb economic shocks or instead deepen urban vulnerability. The question matters because Chinese local governments are expected to stabilise local economies while facing tighter budget constraints, a weakening land-finance model, and mounting scrutiny of off-budget debt. Bringing the urban resilience literature into dialogue with research on local government financialisation, the article conceptualises one welfare-oriented dimension of urban economic resilience as the extent to which urban household consumption is insulated from city-specific output shocks. Using a panel of 283 prefecture-level cities from 2003 to 2019, we estimate whether LGFV issuance moderates the transmission of idiosyncratic output fluctuations to local consumption. The baseline estimates suggest that greater LGFV issuance is associated with a weaker local consumption-output linkage, consistent with a consumption-smoothing role for debt-financed local intervention. This pattern is stronger in cities with higher levels of marketisation and greater fiscal capacity, and weaker under elevated policy uncertainty. The findings contribute to debates on urban resilience and debt-led urban governance by showing that local debt is not simply a financing technique or a fiscal risk. It can also function as a conditional form of urban state capacity whose welfare effects vary across institutional and spatial contexts.

Abstract: China is committed to building a new development paradigm to realize Chinese modernization. Therefore, it is of great significance to delve into, from the standpoint of new quality productive forces (NQPF), how digital finance affects foreign investment. This study utilizes data from 31 Chinese provinces from 2011 to 2023 to ascertain the impact of digital finance on foreign investment. The findings indicate that digital finance exerts a significant and positive effect on foreign investment, with this effect being stronger in the central and western regions. With regard to transmission mechanism, digital finance can enhance foreign investment by improving regional NQPF, which has significant characteristics of regional heterogeneity. Further research makes a discovery that the outward foreign investment’s level in the central and western regions, is positively associated with the strength of digital finance’s effect on foreign investment, while the outward foreign investment’s level in the eastern regions, is negatively associated with the strength of digital finance’s effect on foreign investment. This research provides evidence for deepening digital finance’s development to promote foreign investment.

Abstract: The paper seeks to determine whether renewable energy is a future pathway for society or rather a temporary stage leading towards sustainable sources of energy. It evaluates the factors that affect the use of renewable energy in Malaysia through modeling their long-term relationship and short-term causalities. Time series data collected from 1970 to 2020 is used in the Johansen cointegration test and Vector Error Correction Model (VECM) to determine the association among renewable energy consumption, per capita GDP, foreign direct investments (FDI), carbon dioxide (CO2) emissions, oil prices, trade openness, and urbanization. There is evidence of a strong positive long-term association between renewable energy consumption and per capita GDP. However, there is evidence of a negative long-term relationship between renewable energy and FDI, CO2 emissions, oil prices, and urbanization. There is a positive relationship between renewable energy consumption and trade openness in the long term. In addition, short-term causality analysis shows the existence of a feedback loop between renewable energy consumption, economic growth, and FDI. Overall, the paper provides empirical evidence for the carbon-neutral target set by Malaysia in 2050.

Abstract: Digital platforms increasingly mediate economic coordination, labor allocation, and decision-making. As artificial intelligence becomes embedded within these platform ecosystems, automation no longer targets only manual labor. Instead, algorithmic systems are displacing routine tasks across both low-wage entry-level work and middle-management functions. This paper argues that the emerging phase of platform-mediated automation risks hollowing out labor structures from both directions, from below through the erosion of repetitive, junior roles, and from above through the automation of supervisory coordination functions. Drawing on institutional economics, platform governance literature, and recent research on AI-enhanced learning and workforce development, the paper examines how this dual displacement creates structural vulnerability. Entry-level roles have historically functioned as apprenticeships in which workers acquire tacit knowledge and critical judgment. At the same time, experienced workers are aging out of the workforce. If platforms curtail formative occupational layers, organizations may face a shortage of workers capable of exercising contextual reasoning required to manage complex systems. The paper situates these developments within broader debates about technological unemployment, platform labor, and the political economy of capitalism. It argues that the challenge is not merely job quantity, but institutional continuity, how societies reproduce practical competence when platforms optimize for efficiency rather than formation. This study proposes a framework for evaluating platform ecosystems by their long-term effects on human capital formation and institutional resilience.

Abstract: ESG performance is an important lever for promoting sustainable development of enterprises. To investigate the impact of fund holdings on corporate ESG performance, this paper uses the dynamic panel data GMM method to conduct empirical analysis based on China's A-share listing data from 2009 to 2024. The results indicate that public fund holdings can improve corporate ESG performance. The analysis of the impact mechanism shows that the improvement effect of public fund holdings on corporate ESG performance is mainly achieved through four channels: increasing information transparency, reducing earnings management, increasing corporate innovation investment, and reducing corporate debt financing costs. Heterogeneity analysis shows that the improvement effect of public fund holdings on corporate ESG performance is more significant in high-tech enterprises, heavily polluting industry enterprises, and enterprises with high analyst attention. Further analysis reveals that different types of institutional holdings have a positive impact on corporate ESG performance. Public fund holdings not only promote corporate ESG performance, but also enhance corporate efficiency and reduce operational risks. The research conclusion provides empirical evidence from fund investors on the impact of public fund holdings on corporate sustainable development.

Abstract: The growing emphasis on environmental sustainability within the European Union raises important questions about the nature and internal structure of corporate envi-ronmental effort. This study examines environmental expenditures - measured as in-termediate consumption of environmental protection services - and environmental investments - measured as gross fixed capital formation for environmental protection - in ten EU member states over the period 2015-2022, using data from the Eurostat En-vironmental Protection Expenditure Accounts. The analysis is conducted at both the national and sectoral levels and covers four NACE Rev.2 sectors: agriculture, mining, manufacturing, and electricity. The results reveal a pronounced asymmetry, with en-vironmental expenditures consistently exceeding environmental investments, sug-gesting that environmental effort is more strongly oriented towards maintenance than transformation. This asymmetry varies substantially across countries and even more across sectors: agriculture displays a strongly expenditure-dominated profile, whereas the electricity sector shows a more balanced pattern. On the basis of the relative inten-sity of expenditures and investments, the study proposes an interpretative four-quadrant typology of environmental strategies, distinguishing active transfor-mation, investment focus, maintenance mode, and passive profiles. The findings high-light the importance of sectoral disaggregation and show that the internal composition of environmental effort is as informative as its overall level.

Abstract: The input–output model is an important analytical tool in regional economics because it represents economic sectors and their productive interconnections. This study proposes a new analytical framework based on two multipliers—one for production and another for value added—from which a Value Conversion Rate (VCR) is derived. The VCR measures the efficiency with which changes in output are converted into value added. Based on these indicators, a quadrant-based graphical structure is developed that combines the intensity of the production multiplier with the VCR. This structure highlights their possible combinations and indicates whether the propagation of production effectively translates into value-added generation, offering a new perspective for interpreting productive structures. By integrating propagation capacity with the efficiency of value creation, the VCR framework provides analytical support for economic diagnostics and for policies aimed at sustainable economic and social development. The approach is illustrated using the 2019 input–output matrix of the state of Rio Grande do Sul, Brazil.