Abstract: This study quantifies the decarbonisation potential of enhanced material circularity in the EU27 by integrating material flow data with elasticity-based emissions modelling. Using panel regression and logarithmic mean Divisia index (LMDI) decomposition, we evaluate the influence of recycling rate acceleration and material intensity decline on material-embedded emissions over the 2015–2022 period. The findings indicate that although recycling rates increased by 42% during this time, virgin materials remain re-sponsible for over 97% of emissions. Decomposition results reveal that intensity im-provements (−0.867 ln units) offset most of the upward pressure from growing materi-al demand and shifting composition. Scenario projections to 2050, based on empirically derived elasticities, show that aggressive circular economy pathways can reduce emis-sions by over 90%, while baseline policies fall short of net-zero targets. Sensitivity analysis confirms that policy ambition dominates parameter uncertainty in shaping future emissions trajectories. The study highlights the critical role of combined de-mand-side and supply-side measures in aligning material consumption with climate goals.

Abstract: This paper reexamines the Parity Index framework—the ratio of inventory pressure to information incorporation in dealer markets—using strategic equilibrium rather than adaptive heuristics. We constructed a dynamic stochastic game in which dealers simultaneously choose spreads and depths to maximize profits while managing inventory risk, solved via continuous-state dynamic programming and Quantal Response Equilibrium. Despite fundamentally different behavioural foundations, the Parity Index's structural relationships proved robust: fragmentation decouples inventory from prices, non-linear costs decrease the index; and the interaction of fragmentation and non-linear costs determines the market regime boundaries. Although, the strategic behavioural model amplified the effects observed in the adaptive model. This convergence demonstrates that the index captures universal economic forces whose qualitative effects transcend model architecture. Policy implications become contingent on market characteristics: strategic depth management makes moderate competition welfare-improving in liquid markets while preserving consolidation's benefits in thin markets. The findings establish the Parity Index as a behaviourally robust framework and demonstrate that adaptive models provide reliable structural guidance when strategic analysis is computationally prohibitive.

Abstract: This study tests the Stock Internal Rate of Return Including Price Appreciation (SIRRIPA), derived from the Potential Payback Period (PPP) framework, as both a standardized stress-test and a predictive return metric. For 50 U.S. technology stocks (Sept 5–Nov 3 2025), SIRRIPA correlates positively with subsequent performance (r = 0.26; p = 0.07; ρ = 0.92; p < 0.001), with a 30-point spread between top and bottom deciles. Parallel global research reports r ≈ 0.76–0.82 between PPP-based yields (SIRR/SRP) and realized market returns measured over longer horizons of up to two years. Together, these findings confirm that standardized, yield-based valuation metrics consistently link intrinsic fundamentals to realized performance across both firm and market scales.

Abstract: This study explores the digital transformation and public value created through Taiwan’s smart city Mobile Payment APP and digital city token system within the context of sustainable governance. Using a mixed-methods approach, the research integrates Importance-Performance Analysis (IPA) surveys of users with in-depth stakeholder interviews to assess service quality, user satisfaction, and cross-sector collaboration effects. The findings reveal that the mobile payment platform significantly enhances digital service delivery, fosters user engagement, and supports sustainable urban development goals, including net-zero carbon emissions. Key challenges identified include limited merchant acceptance and technical usability issues, which suggest areas for policy and technological improvement. This study contributes empirical evidence on the integration of financial technology and public service innovation as a means to advance smart governance and sustainable urban ecosystems. The results provide actionable insights for policymakers, city planners, and service designers focused on promoting digital public services that facilitate economic vitality, environmental sustainability, and collaborative governance.

Abstract: Canonical market microstructure theories, validated in liquid financial markets, are often misapplied to illiquid power futures. This study introduces the Impact-Inventory Parity (IIP) parameter Ψ, bridging the Kyle (information-based) and Ho-Stoll (inventory-based) models, and uses agent-based simulations to test its validity in thin markets. We uncover a critical asymmetry: while competition consistently pushes markets towards inventory dominance, the countervailing effect of non-linear inventory costs systematically weakens as markets thin due to lower inventory variance. This creates a structural bias toward inventory dominance Ψ=1 that persists despite strong convex penalties. Adaptive behaviour revealed a stability paradox, causing severe parity breakdown that was amplified by liquidity, not thinness. Parameter space analysis showed market stability rests equally on three structural pillars: participation, liquidity, and information quality. Among stable markets, information quality dominates regime outcomes, while adaptative behaviour acts as a critical threshold where small changes can trigger immediate market collapse. Across the physically plausible parameter space, inventory-dominated regimes comprise the vast majority (73%) of configurations, while the balanced-risk conditions predicted by classical theory are rare (8%), confirming parity as a narrow, fragile equilibrium. The framework proves robust in thin, fragmented markets—precisely where canonical models fail, while becoming unreliable in the liquid, centralized venues where those models were validated.

Abstract: This study addresses two critical gaps in international energy cost competitiveness. The first is a frequency gap: conventional indicators such as the Real Unit Energy Cost (RUEC) are typically published with delays of 2–5 years, limiting their usefulness for timely policy evaluation. Here, both RUEC and the Real Price Level Index for energy (Real PLI)—the ratio of the Purchasing Power Parity (PPP) for energy to that for GDP—are measured with only a 2–3 month lag for nine countries—four in Asia, four in Europe, and the U.S. The second is a competitiveness gap that calls for policy re-sponses. Real PLIs indicate that the energy price disadvantages of Japan, Korea, France, Germany, Italy, and the UK have widened from about 1.8–2.9 times the U.S. level before the pandemic to 2.2–3.3 times by Q2 2025, with gaps also increasing rela-tive to China and India. Once country-specific thresholds are exceeded, output in en-ergy-intensive and trade-exposed (EITE) industries tends to contract disproportion-ately. These findings highlight that sustainable transitions require not only interna-tionally differentiated burden-sharing but also structural reforms to avoid persistent widening of energy price gaps. The Real PLI framework offers a timely competitiveness indicator and early-warning tool, signaling when growing asymmetries may under-mine policy feasibility.

Abstract: Despite the global relevance of soybean production and Brazil’s leadership in this sector, most studies have focused on established producing regions such as south-central Brazil, while little attention has been given to new frontiers. In particular, the role of barter, costs, price volatility, and local socio-economic aspects remain underexplored. Therefore, this study analyses production costs, market volatility, barter ratio, and the socio-economic impacts of soybean cultivation in the Paragominas Pole in Pará, a Brazilian state, between the crop seasons 2018/2019 and 2024/2025. This research was founded on a descriptive/explanatory case study with quantitative analysis, using statistical data, market reports, and a survey with 36 farmers. We evaluate how barter arrangements are affected by internal and external factors that go beyond the reach of farmers due to their integration into global supply chains. Results highlight that international shocks such as the COVID-19 pandemic and the Russia–Ukraine war significantly increased input and output price volatility, with fertiliser costs being the main driver (hotspot). Notwithstanding, in 2021/2022 onwards, despite the soybean price increasing, a substantial increase in input prices and the barter ratio were also noted, with the highest peak observed in the 2022/2023 harvest (28.35 bags/ha, input costs = US$ 884.52/ha, and soy bag price = US$ 31.2). Soybean production directly employs one person for every 121.8 ha. Half of the area is land leased, and 53% of the surface is cultivated with some kind of off-season crop. We suggest that soybeans producers make their barter with some hedge against falling soybean prices by taking up a position in the Chicago Board of Trade (CBOT), seeking to protect against volatility and fluctuations in the market.

Abstract: Vietnam is an energy-intensive economy that has a rapidly growing industry. This fact has increased the urgency for firm-level sustainable energy management practices, especially given the country’s low ranking in global environmental performance. In this study, we investigate the firm-level determinants of sustainable energy management adoption in Vietnam, focusing on structural characteristics, innovation capabilities, and external linkages. Using data from the 2023 World Bank Enterprise Survey, we apply both a logit regression model and a Random Forest algorithm, a novel combination in the study of determinants of sustainable energy management adoption. The logit model identifies significant positive relationships between sustainable energy management adoption and factors such as firm size, R&D investment, international quality certification, and export orientation. Managerial experience shows a non-linear relationship with sustainable energy management adoption, whereas foreign ownership influences it only when combined with R&D investment. The Random Forest model complements these findings by revealing nonlinear relationships and highlighting the predictive importance of variables like international certification, managerial expe-rience, and manufacturing sector affiliation. Together, the models show that internal capabilities and external pressures drive the adoption of sustainable energy management. Our results suggest that policy interventions should be designed with sector- and firm-specific contexts in mind to foster more sustainable firms.

Abstract:

Women's entrepreneurship drives inclusive economic development and creates positive ripple effects throughout society. This study investigates the effects of entrepreneurship education in sustainability on female students, with particular emphasis on determining whether changes in entrepreneurial intentions were driven by the changes of the factors of the Theory of Planned Behavior. We employ a comparative framework with male students to contextualize our findings. The survey employed a pre-test/post-test group design (before and after the entrepreneurship course). The sample consisted of 271 business students from a Greek university (157 female students, 114 male students). After the course, women indicated positive changes in attitude, perceived behavioral control and entrepreneurial intention. MEMORE macro revealed that both the positive changes in attitude and perceived behavioral control affected the positive change in entrepreneurial intention. Conversely, men indicated only positive effect in perceived behavioral control. Notably, the levels of the attitude, perceived behavioral control and entrepreneurial intention in women before the course were much lower than men. These findings underscore the importance of entrepreneurship education in sustainability, as a tool with a transformative force in the positive impacts in women's entrepreneurship and gender equity that leads to sustainable growth.

Abstract: Leveraged exchange traded funds (LETFs) magnifying popular index daily returns by up to +/- 3.0x are often assumed to belong in the domain of sophisticated traders with short-term horizons. Despite this, eight of the top ten performing funds over the last 10 years are LETFs. This study shows why the standard method used to calculate LETF long-run expected returns relative to an underlying index produces estimates that significantly deviate from realized returns given a particular index return and standard deviation. A statistically exact equation is derived which demonstrates how current methods lead to underestimating LETF expected returns by over one hundred percentage points annually for bullish LETFs during high return/high volatility environments and equally overstate bearish LETFs performance during negative return/low volatility environments. This new method is then applied to monthly and quarterly reset LETFs showing they outperform daily LETFs in average to high volatility environments while daily LETFs tend to outperform in high return low volatility environments.

Abstract: The transition from non-renewable to renewable energy sources has emerged as a pressing global issue, driven by concerns over climate change, resource depletion, and sustainable development. This study undertakes a comparative analysis of Canada, a nation rich in energy resources, and Bangladesh, an energy-scarce country, to understand their respective dynamics of energy transition. We examine data on energy production, energy consumption, policy frameworks, resource capacity, and economic impacts, highlighting the energy transition challenges faced by each country using an extensive survey of available literature and both univariate and multivariate time series analysis. Canada, with a diverse energy portfolio of renewable and non-renewable energy resources and with congenial policy implementations, including employment subsidies, feed-in tariffs, and emission reduction targets, exhibits potential for a relatively more straightforward energy transition. It has been making progress in that direction and targets to achieve net-zero emissions by 2050. However, despite progress, Canada faces challenges, including infrastructure limitations, regional disparities, and resistance from established energy sectors, which cause long delays in implementing projects. Bangladesh, with a limited amount of natural gas, relies entirely on imports to meet its energy demand. Its energy resources, both renewable and non-renewable, are minimal. Despite such limitations, it also targets to increase its renewable energy share to 40% by 2041 through targeted promotion of solar energy. However, such a target is more of an illusion than a reality as it has numerous limitations. The unavailability of sufficient natural resources, inadequate infrastructure, and financial and institutional constraints prevent the country from reaping the benefits of energy transition. Despite a preference for clean energy, coal consumption is still increasing. Nonetheless, public opinions in both countries lean towards clean energy and a better environment, but concerns about affordability and reliability persist, particularly in Bangladesh.

Abstract: This study investigates the determinants of Fraudulent Financial Reporting (FFR) in the banking sector from 2020 to 2024 by integrating the Fraud Hexagon framework within a risk and financial management perspective. The research employs a robust empirical analysis using financial and governance data to examine six key elements—pressure, opportunity, rationalization, capability, arrogance, and collusion—that shape fraud risk behavior in financial institutions. The findings reveal that internal risk pressures, such as high leverage and performance demands, significantly influence fraud incentives, whereas ineffective monitoring mechanisms, auditor switching, chairperson changes, and CEO visibility show limited effects on FFR. Moreover, cooperation with government entities does not automatically reduce fraud risk unless supported by strong and independent risk governance structures. The study highlights the crucial role of corporate governance mechanisms, including audit committees, institutional ownership, and internal control systems, in mitigating fraud risk and enhancing financial reporting integrity. From a policy perspective, the research provides strategic insights for regulators and supervisory bodies—such as the Financial Services Authority (OJK)—to strengthen governance frameworks, enforce stricter disclosure requirements, and integrate fraud risk management practices into corporate oversight. Overall, the study contributes to the literature on financial governance by demonstrating how effective risk management and governance alignment can reduce fraudulent reporting and improve the sustainability of the banking sector.

Abstract: Open public data is a vital institutional arrangement for overcoming data constraints in corporate low-carbon technological innovation; however, its mechanisms and boundaries remain empirically untested. Using a panel dataset of China’s Shanghai- and Shenzhen-listed A-share firms over the 2007-2023 period, this study employs a difference-in-differences (DID) approach to examine the impact of open public data on corporate low-carbon technological innovation. The results show that open public data has a significant positive effect on corporate low-carbon technological innovation, and the results remain robust across multiple validation tests. Mechanism tests point out that open public data primarily drives corporate low-carbon technological innovation by enhancing government transparency and reducing barriers to factor mobility. The heterogeneity analysis indicates that the positive impact of open public data is more pronounced among firms characterized by higher R&D investment, lower financial constraints, and greater digitalization. Further analysis indicates that open public data also exhibits significant geographic and industry spillover effects, with the geographic spillover following an inverted U-shaped pattern of decay and the industry spillover driven by peer imitation. This paper provides policy references for the development of open public data and the enhancement of corporate low-carbon technological innova-tion.

Abstract: The PPP–SIRRIPA framework has been introduced as a groundbreaking contribution to equity valuation by generalizing the traditional Price–Earnings (P/E) ratio. The Potential Payback Period (PPP) incorporates earnings growth, discount rates, and risk into a time-based expression of stock valuation. The Stock Internal Rate of Return (SIRR), derived from PPP, mirrors a zero-coupon bond’s yield-to-maturity (YTM), while SPARR captures valuation-multiple effects. Together, these components yield SIRRIPA—the stock analogue of a bond’s realized IRR—having taken into account the difference in risk level.Previous published works consisted primarily of theoretical development. This article provides the first empirical validation. Five PPP-based analyses published over the past year—covering the S&P 500, Palantir Technologies, NVIDIA, Intel, and general U.S. market behavior—are reviewed ex post using current market data (October 2025). In each case, the PPP–SIRRIPA framework demonstrated strong explanatory capacity and correctly anticipated subsequent directional price developments. These results support the view that explanatory coherence is the foundation of predictive capacity.This empirical evidence strengthens the case for PPP–SIRRIPA as a superior alternative to traditional valuation measures.

Abstract: This paper examines the impact of migration and digital remittances on institution building and political behavior in developing countries, adding to the ongoing discourse on globalization. While much of the literature on globalization has focused on developed countries, the intersection of migration, remittances, and political dynamics in developing nations remains understudied. Unlike traditional external income sources such as foreign aid or government transfers, remittances are private, transnational transfers directly contingent on the economic circumstances of migrants and their host countries. With the advent of digital transactions, remittances have transformed in both scale and accessibility, facilitating faster and more secure flows of funds across borders. This study emphasizes how digital remittances empower households economically and socially, influencing political participation and institution building. By bringing scholarly attention to this nexus, the paper aims to highlight the potential of digital remittances as a catalyst for political engagement and structural transformation in the developing world.

Abstract: The expansion of the hospitality industry in the Asia-Pacific region presents dual challenges for human resource management: optimizing labor costs while governing cross-cultural teams. Using an international hotel group as a case study, this paper investigates the coupled effects of organizational efficiency and cultural development through big data forecasting models and the Denison Culture Assessment Tool. A workforce forecasting model was constructed using historical labor hour data and productivity metrics, validated via multiple regression and ARIMA time series analysis. Results indicate that integrating an intelligent scheduling system with labor productivity models achieved $26 million in annual labor cost savings and a 15% increase in core position retention rates. Regarding cultural development, analysis integrating cultural assessments and employee surveys revealed a significant correlation between value alignment and employee satisfaction (r=0.71, p<0.01), with average employee satisfaction increasing by 12%. This research demonstrates that in cross-cultural contexts, human resource strategies combining data-driven forecasting with cultural interventions can achieve dual benefits in cost reduction and employee engagement.

Abstract: We present a unified framework for modeling the term structure of interest rates using both the affine term structure models (ATSM) with jumps and regime-switches. The novelty lies in combining affine jump diffusion models with regime-switching dynamics within a unified framework, allowing for state-dependent jump behavior while preserving analytical tractability. This integration enables the model to simultaneously capture nonlinear market regimes and discontinuous movements in interest rates—features that traditional affine models or regime-switching models alone cannot jointly represent. Estimation is carried out using the unscented Kalman filter (UKF) with the believe that it is capable of handling nonlinearity, therefore should estimate the non-Gaussian dynamics well. The yield curve fitting demonstrate that both models fit our data well. RMSEs show that the regime-switching affine jump diffusion (RS-AJD) models outperforms the affine jump diffusion (AJD) in-sample.

Abstract: We tested whether two time-perspective dimensions–Future and Present-Fatalistic–explain financial functioning beyond income and demographics in a preregistered cross-sectional survey in Armenia (N=105; adult online sample; stratified convenience balancing sex, age bands, urban/rural). The constructs and predictions can be generalized to household finance. Outcomes were Financial Preparedness for Emergencies (FPE) and Current Money-Management Stress (CMMS). Preregistered hierarchical regressions with planned mediation tests showed that the time perspective added ~6 percentage points to FPE (ΔR²≈.06) and ~17 to CMMS (ΔR²≈.17). After multiple test adjustments, only the Future dimension remained clearly linked to higher CMMS scores, and Present-Fatalistic added nothing unique. Mediation via temporal orientation and buffering interactions were null. More future-focused participants reported greater day-to-day stress. We interpret Future→stress as higher standards and closer monitoring under everyday frictions and limited slack. The findings distinguish readiness from execution/strain and suggest pairing future self-interventions with friction-reducing tools.

Abstract: This study advances the economic development and wellbeing scholarship through three key contributions. First, we show how distributional energy justice (hereafter: energy justice) affects inclusive human development (IHDI) in Africa. Second, we demonstrate how climate readiness moderates the effect of energy justice on IHDI. Third, we provide new evidence on how the joint effect of energy justice and climate readiness differs across low- and high-income African countries. We make these contributions using macro data for 36 African countries from 2010 to 2020. The results reveal that energy justice promotes IHDI. The contingency analysis also demonstrates that climate readiness amplifies the positive impact of energy justice on IHDI. Notably, across the economic, social, and governance perspectives of climate readiness, the results show that the moderating effect of governance readiness is striking. Evidence from sensitivity analysis also indicates that economic and governance readiness conditions energy justice to enhance IHDI in both high- and low-income African countries; however, these gains become elusive for the latter once social readiness is considered. These findings underscore the urgent need for investments in energy justice and climate readiness to foster IHDI in Africa.

Abstract: Quiet quitting—meeting formal role requirements while withholding discretionary effort—has sparked a central debate: is it primarily a manifestation of organizational shortcomings or an individual coping strategy? We test these competing accounts using a dual-path structural equation model on cross-sectional data from 600 employees across multiple sectors in Lebanon. The model exhibited acceptable fit (χ²/df = 2.48; CFI = 0.943; RMSEA = 0.059). Results indicate that intrinsic motivation is the strongest negative predictor of quiet quitting, whereas HRM system gaps are associated with quiet quitting primarily through burnout (partial mediation). Direct effects of HRM gaps are weaker but non-trivial, suggesting that quiet quitting reflects both an individual coping response and a reaction to organizational shortcomings. This study provides the first integrated, head-to-head test of HRM system gaps versus intrinsic motivation, extends evidence beyond over-represented contexts through a multi-sector Lebanese sample, and delineates where managerial interventions—bolstering intrinsic motivation and mitigating burnout through support and voice—are likely to yield the greatest marginal returns.