Financial capacity instruments are psychometric tools designed to evaluate individual decisional capacity based on financial decisions. As tests are complex and need special conditions for administration and evaluation, it is difficult to use them in daily geriatric clinics. Our scoping review objective was to evaluate existing financial capacity instruments from the perspective of simplicity and portability. We evaluated one English speaking knowledge database (Medline) using a dedicated MeSH terminology. The review yielded one independent instrument, The Semi-Structured Clinical Interview for Financial Capacity, that can be easy adapted for every-day clinical use. It is simple to understand and perform and do not need trained personnel for administration. It can be finalized in 15 minutes. Initially validated on 261 subjects (with different forms of cognitive impairment), it showed good accuracy and precision mainly in subjects with cognitive impairment. The test is less apt to detect early or fluctuating cognitive impairment. Simplicity, the main advantage of the test, allows gamification fact that increases portability. Familiar images (coins, money) that are used for performing simple tasks does not need complex translation and adaptation. In form of a game, the test is suitable for serial administration, increasing the chance for early capacity reduction detection. Results reflect a physician judgement related to the subjects’ capacity to understand and execute simple financial instructions and not financial proficiency scores. The main limitation of our review is that we investigated only one, English speaking, knowledge database. The scoping strategy generated a financial capacity instrument that can be used in geriatric clinics for early diagnostic of decisional capacity reduction. Further studies are needed to evaluate the reliability and validity of the test in conditions of serial administration and in populations having various financial experience.

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

We model the financial markets as a game and make predictions using Markov chains estimators. We extract the possible patterns displayed by the financial markets, define a game where one of the players is the speculator, whose strategies depend on his/hers risk-to-reward preferences, and the market is the other player, whose strategies are the previously observed patterns. Then we estimate the market’s mixed probabilities by defining Markov chains and utilizing its transitions matrices. Afterwards, we use these probabilities to determine which is the optimal strategy for the speculator. Finally, we apply these models to real-time market data to determine its feasibility. After all, we obtained a model for the financial markets that has an outstanding performance in terms of accuracy and profitability.

Finance is increasingly dominating the entire economy and determining social life more and more. This credit economy is unstable. To ensure stability, central banks intervene massively in the financial market. As a result, credit is growing, but economic growth is lagging behind. This has serious consequences. The evolutionary balance between "credit" and "growth", on which society's confidence is based, is in danger. This Imbalance leads to a serious loss of trust in the foundation of the market economy. In order to secure trust and master the two upcoming transformations - the transition to green production and the splitting up of global economy to competitive areas -, the state, or more precisely the central bank, must also transform itself. The central bank can add a second orientation to its hitherto one-sided focus on the financial system by supporting the development of civil society with direct financial transactions.

The effort to expand the U.S. study abroad programs to have a global impact has never been fully expressed by Higher Education Institutions (HEIs) and study abroad administrators. Study Abroad since its inception has not been a truly global platform. This article constructively points out the existing potential of Minority Serving Institutions (MSIs) to make the U.S. study abroad a truly global program capable of defending U.S. national interest in this era of inter-dependence among nations, especially as the global knowledge economy and cultural competence advantage take center stage. Study abroad is at a crossroads at the moment, new ideas must be developed for study abroad to justify the true potential of education abroad. Over two decades, four countries in Western Europe have been hosting the highest number of U.S. students in study abroad. There is no evidence that this trend will reach the entire globe as a reciprocity of international students in U.S. colleges and universities.

Establishing systemic communications between the project plan, stakeholders, and the organization through integrated management meets stakeholders' demands and managerial expectations in project-oriented organizations. Performance assessment can be defined as a control system in any company that reviews its daily operations and evaluates how well it has achieved its goals. This study aims to investigate the impact of an integrated project management system on the financial performance of the Organization for Renovation, Development, and Equipment of Schools. This applied research is descriptive-analytical. The statistical population comprises 2,700 employees of the organization, with a sample size of 340 individuals examined. The reliability of the designed questionnaire was confirmed by experts in the organization using Cronbach's alpha (α=0.91). Data were analyzed using SPSS version 20 and AMOS 18 software through descriptive statistics and confirmatory factor analysis. The results indicate that the seven dimensions of the integrated project management system (cost management, quality management and continuous control, change management, systems and information management, human resources management, interaction and communication management, procurement management) have a positive and significant impact on the financial performance of the Organization for Renovation, Development, and Equipment of Schools.

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.

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.

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.

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 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.

This study delves into the integration of Decentralized Finance (DeFi) within metaverses, probing its implications and potential. It elucidates DeFi protocols and the intricacies of metaverses before inspecting their intersection and the resulting economic prospects. The analysis further appraises inherent risks such as financial volatility, security, and regulatory issues. Case studies provide tangible insights into DeFi applications in metaverses. Future trajectories of DeFi in metaverses are projected, underlining the possible impact on the broader financial sector. This paper contributes to burgeoning research at the nexus of blockchain technology, finance, and virtual reality.

This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both firm and country level. There are few studies of this type that "cross-examine" technical/social innovative capacity at the firm level vs. the same innovative capacity at the level of the world's major countries. Our proposed study brings some novel elements to the literature on this topic. First, the study synthesizes the factors/variables explaining technical/social innovative capacity as ranked by the GCI (Global Competitiveness Index) and GII (Global Innovation Index) at the country level and then correlates these variables with the factors explaining innovative capacity for the 50 companies in the BCG (Boston Consulting Group) ranking. Second, the study identifies three "driving forces" (digital technologies, managers and the market) as the main variables determining financial innovativeness at firm level. Third, based on the "cross" analysis of the information/data provided by the BCG study vs. the GII and GCI studies, the study suggests some ways to delineate and quantify financial innovation as part of social innovation (e.g., it is argued that 80% of the social innovation achieved annually by a firm relates to the financial relationships engaged by the firm with various categories of stakeholders). Finally, the study is also important from a pragmatic point of view as it suggests/proposes a number of principles that can be considered by managers for building a KM (knowledge management) and continuous innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation through the massive use of disruptive technologies.

This study aims to determine the Implication of innovation, proactivity, risk-taking, artistic orientation, and financial literacy on creative economy businesses during the COVID-19 pandemic. This was conducted on 120 creative economy businessmen in Bandar Lampung City, which is a miniature of Indonesia with multiethnic cultures. The results showed innovation is not significant, but proactive attitude, artistic orientation, and financial literacy have a significant implication on the performance of creative economic businesses during the Covid-19 pandemic.

Distortion of financial statements is recognized as one of the most important issues in the field of accounting and auditing, which is also one of the most common issues today. In this regard, the present research was conducted, in which stock exchange information was used to investigate, predict, and model accounting distortions. For this purpose, financial performance, non-financial metrics, market-based metrics and commitment, or selection items were reviewed over a 6-year period. For collecting data of distorting companies, database of the Society of Certified Public Accountants in Iran was used and the information was analyzed using data mining methods (decision tree, neural networks, and Bayesian method). The results showed that analysis of financial statements҆ information has a high accuracy in determining and identifying the distorted financial statements. Using this information, it is possible to get better acquainted with the methods of document distortion and to take necessary measures in order to control and prevent administrative violations at national and international levels. Given frequent occurrence of these violations, artificial intelligence models can be used to identify these papers.

FinTech has been in the focus of the discussion for quite some time. However, the market share of FinTech companies is still relatively small in compared to more traditional financial services. The purpose of this paper is to analyse the status quo, current developments and challenges ahead for the Latvian FinTech sector. We combine three analyses: the political and legal, the economic, the social and the technological environment (PEST) analysis, an analysis of the size and performance of FinTech companies during the last 10 years, and a survey among FinTech companies. We find that the current status of regulation is one of the main obstacles to FinTech development, because it does not sufficiently consider FinTech-specific aspects. Problems in attracting skilled workforce, and an environment that is not very supportive of new developments in finance are further challenges and might explain at least part of the growth and performance difficulties. A revision, modernization and harmonization of regulation is essential to create a level playing field for all market participants: FinTech companies, traditional financial service providers and those originally traditional players that are integrating FinTech solutions in their business model. Further efforts are also required to foster the Latvia’s attractiveness for skilled workforce. We hope that this study helps increase the visibility of Latvian FinTech and contributes to the development of the new Latvian FinTech strategy.

Methods of path integrals are used to develop multi-factor probabilities of bid-ask variables for use in high-frequency trading (HFT). Adaptive Simulated Annealing (ASA) is used to fit the nonlinear forms so developed to a day of BitMEX tick data. Maxima algebraic code is used to develop the path integral codes into C codes, and sampling code is used for the fitting process. After these fits, the resultant C code is very fast and useful for forecasting upcoming ask, bid, midprice, etc., when narrow and wide windows of incoming data are used. A bonus is the availability of canonical momenta indicators (CMI) useful to forecast direction and strengths of these variables.

Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption. Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045. The results are not in agreement with the ones obtained by Case, Quigley and Shiller. In an attempt to investigate the disparity we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments. Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well known Case-Shiller 10-City Composite Index. Now the housing effect on consumption is much stronger and larger than the financial effect. Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states. Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011. These forecasts were not verified. Probably, the new techniques used by politics played an important role. We also find that extreme behaviors cannot be predicted.

Considering the impact of religiosity on the perceptions regarding life quality, in this paper we focus on the effects of the appurtenance to a religion on the standard of living in several economically developing countries (Turkey, Ukraine, Senegal and Morocco). The data have been collected using a survey carried out in 2012 and the empirical analysis was based on non-parametric tests and multinomial logistic regression. The results indicate there are differences between religious persons and atheists regarding gender, marital status, perceptions of daily life and standards of living. Females and officially married people or single people tend to be more religious. A person claiming to belong to a religion has 2-4-fold more chances to achieve a considerable improvement in the standards of living as compared to an atheist. Moreover, religious people from the analyzed countries are more optimistic about their life overall. Taking into account the sample’s characteristics and the countries chosen, we can claim that the results obtained are truly cross-cultural in nature. Moreover, most of the conclusions reached would be to some extent relevant to other developing economies of Eastern Europe, North Africa and Middle East.

The hospitality industry is a major segment of Tourism which is in turn a main economic contributor for instance for Small Island Developing States (SIDS). Sustainable tourism practices are promoted worldwide by international organizations like the United Nations World Tourism Organisation (UNWTO) to assist different countries. Varied frameworks such as the Global Reporting Initiative (GRI), the Sustainable Development Goals (SDGs), United Nations Global Compact (UNGC) and environmental indices and management systems such as ISO 14001 are common assessment tools for environmental sustainability. This research reviews the relevance of incorporating environmental and socio-economic factors within hotel operations which may lead to improved transparency, and operational effectiveness while guaranteeing adherence to sustainability within the hotel business. Accordingly, a comprehensive review of environmental sustainability assessment in hotels was carried out. A comprehensive analysis of research articles published between January 2000 and January 2023 by reputed databases ranging from Google Scholar, Scopus, and others, were used to conduct the literature review. A total of 38 papers were examined adhering to the PRISMA standards and it is worth noting that a significant increase in interest emerged from 2018, especially in Europe and Asia. The review reiterated the relevance and need to use relevant assessment methods and tools that aid in implementing sustainable development strategies to promote tourism-dependent economies, particularly in Small Island Developing States (SIDS). It additionally provides valuable knowledge for future directions, whilst improving research methods and incorporating innovative technologies. These advancements are essential as they may guide policy decisions to protect the environment in the hospitality industry.

This paper explores the critical role of the banking sector in facilitating the ecological transition through the integration of ESG (Environmental, Social, and Governance) factors. By analyzing the intersection of ESG considerations and access to credit globally, the study highlights how banks can catalyze sustainable investments while balancing financial risks. Using a systematic literature review and k-Means clustering analysis, we assess the global landscape of credit access, emphasizing the implications of ESG adoption on financial stability and economic growth. The findings suggest that while ESG integration presents challenges, it offers significant opportunities for banks to enhance their competitiveness and foster resilient financial systems. The paper concludes by proposing policy recommendations aimed at improving the incorporation of ESG factors within credit risk management and promoting sustainable finance.

Water supply policy is closely linked to sustainability as it directly influences the conservation and management of vital natural resources. This policy focuses on developing regulations and designing various activities related to the preser-vation of water resources, which can promote both ecological and economic sustainability. This study focuses on the Challenges of the Israeli Water Sector in Times of Emergency. In a time of growing climate crisis and despite the global warming trend, Israeli citizens routinely enjoy a regular constant supply of clean fresh water, thanks to local desalina-tion plants. Establishment of the desalination plants has become a model of water management for many countries in an era of growing climate crisis. At the same time, Israel’s water sector is faced with challenges and threats related to earthquakes and various states of warfare and security confrontations. In such times of emergency, Israel’s water sector is particularly vulnerable to disruptions of the water infrastructure and it’s adequate operation, by both contamination of the water sources and damage to the desalination plants. This study examines the challenges of the Israeli water sec-tor that require it to contend with these emergency situations in an era of reliance on desalination plants. The research method combines analysis of statistical data extracted from Israel’s Central Bureau of Statistics, Government Water and Sewage Authority, and Meteorological Service, in addition to reading and analyzing primary documents generated by various government ministries and government organs related to Israel’s water policy. The research findings lead to the conclusion that public policy on managing the water sector, manifested in the development and establishment of water desalination plants, has resolved Israel’s water crisis, put an end to its dependency on the amount of precipitation and on natural water sources, and allowed an increase in water production to match the rise in consumption. Nonetheless, as successful as this public policy may be, it does not consider the possibility of extreme scenarios and does not develop the entire range of steps necessary to confront them, and thus undermines the ability of the Israeli water sector to provide its citizens with water in times of emergency.

This text mining study delves into the multifaceted contributions of the energy sector to the Sus-tainable Development Goals (SDGs). By analyzing a wide range of academic literature, we un-cover key themes, trends, and challenges shaping the intersection of energy and sustainability. The findings reveal that the energy sector plays a pivotal role in achieving SDGs such as affordable and clean energy (SDG 7) and climate action (SDG 13). Critical issues encompass governance, policy frameworks, and technological innovations. This research underscores the need for inter-disciplinary collaboration and holistic approaches in addressing complex energy-related sus-tainability challenges. The insights derived here provide guidance to policymakers, researchers, and stakeholders seeking to harness the energy sector's potential for a more sustainable and eq-uitable future.

Plant breeding is central to agriculture, and shifts in plant breeding practices (e.g., hybrid development) and selection goals (e.g., response to synthetic fertilizer) have catalyzed monumental and persistent changes in agricultural production systems of all scales with social, political, economic, and environmental repercussions. While plant breeders are largely trained in the sciences of biology, genetics, and statistics, we posit an ethical imperative to examine the degree of equity with which the benefits of new research and plant varieties are distributed. In the United States, the history of plant breeding parallels the colonial history of agriculture, which compels reflection by current plant breeders about their role in shaping our agricultural system. In this perspective essay, we examine longstanding ideas about equitable food systems through the lens of public plant breeding in the United States. We propose a framework for equitable public plant breeding with respect to both its process and outcomes, and we intend for the ideas presented herein to catalyze reflection, discussions, and actions as the plant breeding community seeks greater equity in the food and seed systems our work supports.

Based on the resource-based theory, the current study examines the relationship between competitive strategies and strategic alliance performance. Furthermore, big data predictive analytics is treated as a boundary condition between competitive strategies and strategic alliance performance. Big data of predictive analytics in operations and industrial management has been a focal point in the current era. There has been little attention has about big data predictive analytics influences on competitive strategies and strategic alliance performance, especially in developing countries like Pakistan. A survey instrument was used to record the responses from 331 employees of the telecom sectors companies working in Pakistan. Study findings show that big competitive strategies have a positive and significant relationship with strategic alliances performance. It was also found that big data predictive analytics plays the role of moderator between competitive strategies and strategic alliance performance. The study add a new perspective and contribution to the literature on big data predictive analytics, strategic alliance performance, and competitive strategies in Pakistan's telecom sector companies. Further, the study results explain that big data analytics is just like the companies' lifeblood in the current era. The efficient and effective use of big data analytics, companies can boost their standards in a competitive environment.

The COVID-19 pandemic caused by SARS-CoV-2 has been showing a speedy growth in the number of infected patients with a remarkable mortality rate, thus it has become a worldwide public health concern. From March 8, 2020, the disease was confirmed to start spreading in Bangladesh. Since then, people got infected so exponentially that the country positions at the list of top infected countries in the world. Therefore, the objective of this comprehensive review was representing overall scenario of COVID-19 in different sectors of Bangladesh, particularly prioritizing the health sector. Up to 14 September 2020, 339,332 confirmed cases and 4,759 deaths were reported. An alarming fact is that while the global mutation rate of coronavirus is 7.23 % in average, the rate is 12.6 % in Bangladesh. Although the government ruled preventive strategies such as nationwide lockdown, social distancing, contact monitoring, quarantine and isolation, it was difficult to implement those due to lack of public awareness, inappropriate attitudes and so on. Moreover, the overburdened healthcare system had a weak response at initial stage because of insufficient healthcare facilities. Consequently, this pandemic affected severely almost all the important sectors of the country, specifically the economy, agriculture and health sectors. Hence, focusing on healthcare system as well as maintaining social distance and other essential precautions can limit the spread of infection and help to alleviate the severity of the pandemic.

South Korea proposed reducing greenhouse gas emissions by 37% compared to the expected emissions by 2030 as the POST-2020 greenhouse gas reduction target. Electric vehicle distribution in the public sector is essential to achieve the carbon dioxide reduction target for transportation. In particular, when buses with internal combustion engines, which travel long distances and contribute substantially to greenhouse gas emissions, are replaced with electric buses, it is expected that greenhouse gas emissions will be significantly reduced. There are three types of electric buses with different power supply systems: a plug-in type in which power is supplied when a plug is inserted, a battery-swapping type in which a battery mounted on top of the vehicle is swapped at a swapping station, and a wireless type in which the battery is wirelessly charged through self-induction at a charging facility installed on the road. Vehicles of each charging type have different advantages and disadvantages. The performance, charging type, battery capacity, and operating environment of electric buses are mutually related parameters that must be considered when introducing such vehicles. Therefore, the optimal charging type must be selected according to the operating environment to enable the widespread use of electric buses. As such, this report proposes the optimal charging type according to the operating environment of public-sector electric vehicles.

The role of public-sector organizations (PSOs) for promoting the agenda of sustainability accounting and accountability is often not adequately considered [1]. In the public sector universe, Local Governments are close to their communities and thus have a particularly important role to play in the pursuit of sustainability goals [2,3]. Hence, further research is still needed to understand if Local Governments Organizations (LGOs) are still using reporting tools to promote sustainable development. The empirical data show that the Sustainability Report (SR) is not having the spread assumed in the past years; over time, the great majority of Italian Municipalities does not continue or embark on a path of sustainability reporting. The findings suggest the fashion of SR in Italy is falling and it seems that the SR tool is a “mere trend reporting based on descriptive indicators leads to decreasing interest from internal and external audiences” [4]. The carrot is unsuccessful; maybe the mandatory requirements could be a stick?

Performance analysis of companies is critical for decision-makers in the financial sector, particularly when resources are limited. This study investigates the properties of various Multi-Criteria Decision-Making (MCDM) methods, critically comparing their results in evaluating the performance of consumer goods companies listed on the Nigerian Stock Exchange (NSE). The analysis utilizes financial ratios, with weights derived using Buckley's Column Geometric Mean Method, a fuzzy ranking approach. The study concludes by comparing TOPSIS, VIKOR, and ELECTRE methods, determining the final rankings of these companies, and interpreting these rankings based on financial ratios over a five-year period (2016-2020).

Financial market data analysts are increasingly turning towards machine learning techniques for data analysis and making decisions. This paper explores how knowledge graphs, essentially a network of real entities and their relationships, can be used to improve collaborative financial market data analysis and make it more efficient and user friendly. This paper reviews the current state of financial market data analysis, the challenges in deploying machine learning models in industrial environments, and the concepts such as ML-Ops and knowledge graphs. A software architecture comprising various roles, layers and services such as Data Engineers, Data Analysts, public users, APIs, workflows, analytics libraries, UX layer, Business Layer, etc. is introduced and described in detail. Then, it discusses how knowledge graphs can be used to enhance collaborative financial market data analysis. Finally, a case study is presented to demonstrate the usage of the whole system, within the context of financial market data analytics of equities.

With the continuous advancement of digital transformation, digital payments are playing an increasingly important role in the financial industry. This study aims to utilize machine learning models to predict and analyze digital payment behavior. Initially, the background and significance of digital payments in the financial sector are introduced. Subsequently, the current status and trends of traditional digital payment distribution are reviewed, alongside related work on digital payment behavior prediction. Methodologically, principles and applications of machine learning models such as logistic regression, decision trees, and random forests are elaborated, along with experimental design and data preprocessing methods. The experimental results and discussion section illustrates the performance of each model in digital payment prediction and explores their impact on credit decisions. This exploration equips financial institutions with more effective user behavior analysis and risk management tools, thereby fostering future development and application of digital payment technologies.

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.

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.

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.

Financial bubble prediction has been a significant area of interest in empirical finance, garnering substantial attention in the literature. This study aimed to detect and forecast financial bubbles in the Vietnamese stock market from 2001 to 2021. The PSY procedure, which involves a right-tailed unit root test to identify the existence of financial bubbles, was employed to achieve this goal. Machine learning algorithms were then utilized to predict real-time financial bubble events. The results revealed the presence of financial bubbles in the Vietnamese stock market during 2006-2007 and 2017-2018. Additionally, the empirical evidence supported the superior performance of the Random Forest and Artificial Neural Network algorithms over traditional statistical methods in predicting financial bubbles in the Vietnamese stock market.

Abstract—Annually, approximately 500,000 Merger and Ac- quisition (M&A) transactions are disclosed globally, each trans- action inciting substantial perturbations to the associated com- panies’ equity prices. The probability of an M&A transaction’s closure, as perceived by the public, inherently influences the stock price of the target company leading up to the proposed date of the deal. Given the recent advancements in the realm of Natural Language Processing (NLP), we propose an empirical investigation into the correlation between digital dialogue sur- rounding M&A transactions and consequent movements in the stock prices of involved companies. Utilizing transformer-based encoder-only architectures, we fine tune a stance detection model on an extensive dataset, amassed from digital communication platforms, featuring public discourse related to five historical M&A transactions. Ultimately, we achieved 70% accuracy on deal-completion stance detection using the Roberta-base model. We subsequently employ the aggregated the public sentiment towards the completion or termination of a proposed M&A transaction to model stock price movement. Utilizing a multitude of time-series based approaches, we achieve a mean absolute error of 2.29 USD for next-day price prediction and 3.40 USD for next-week price prediction. Ultimately, we find an existing but tenuous relationship between online discourse and the price trajectory of target companies, ultimately highlighting the complex social and economic phenomena behind M&A deals.Index Terms—Mergers and Acquisitions, Stock prediction, su- pervised learning, neural networks, Recurrent Neural Network, LSTM, stance detection, transformers

In resent years, China’s digital economy has achieved significant global recognition for its instrumental role in supporting sustainable economic and social development. Based on the panel data from China's provinces between 2013-2021, this paper investigates the impact and transmission mechanism of financial deepening on digital economy development. The study finds that financial deepening significantly improves digital economy development. Heterogeneity analysis indicates that financial deepening offers greater support to digital economy development in central and western regions than in the east. Further analysis shows that financial deepening improves technological innovation, which in turn promotes the digital economy development. After applying a test of robustness, the results proved significant.

Globally, over 1.4 billion adult people remain unbanked. This worrisome phenomenon was exacerbated by the outbreak of the COVID-19 pandemic, which further created a new dimension of inequality in accessing financial services. Digital financial inclusion promises to be an effective tool for addressing this socioeconomic ill and propelling economic development. Given the limited studies on the subject in the context of the developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in the developing economies so as to provide cutting-edge interventions for redress. It is against this background that this study seeks to address the following research questions: (1) What is the state of digital financial inclusion in the developing economy? (2) What are the policies and practices regarding digital financial inclusion in the developing economy? (3) What are the barriers to digital financial inclusion and innovative interventions for redress? Findings reveal that about 44% of the adult population in developing countries does not have access to financial services, with only a few countries that have made significant progress and gains through policy and practice such as mobile financial services, mobile money interoperability, native connectivity, human capital development, and digitalization of public services for digital financial inclusion. The findings also identify challenges and implications with recommendations, which are discussed in detail in the paper.

The Centers for Disease Control and Prevention recommends everyone between 13-64 years be tested for HIV at least once as a routine procedure. HIV routine screening is reimbursable by Medicare, Medicaid, expanded Medicaid, and most commercial insurance plans. Yet, scaling-up HIV routine screening remains a challenge. We conducted a scoping review for studies on financial benefits and barriers associated with HIV screening in clinical settings in the U.S. to inform an evidence-based strategy to scale-up HIV routine screening. We searched Ovid MEDLINE®, Cochrane, and Scopus for studies published between 2006 - 2020 in English. The search identified 383 Citations; we screened 220 and excluded 163 (outside the time limit, irrelevant, or outside the U.S.). Of the 220 screened articles, we included 35 and disqualified 155 (did not meet the eligibility criteria). We organized eligible articles under two themes: financial benefits/barriers in healthcare settings (9 articles); and Cost-effectiveness in healthcare settings (26 articles). The review concluded recommendations in three areas: (1) Finance: Incentivize healthcare providers/systems for implementing HIV routine screening and/or separate its reimbursement from bundle payments; (2) Personnel: Encourage nurse-initiated HIV screening programs in primary care settings and educate providers on CDC recommendations; and (3) Approach: Use opt-out approach.

Responding to the influences of climate change, on the one hand, and selected benefits of digital technology, on the other hand, an energy transition of global scale appears to be underway. Many observers project that a significant element of the energy transition will be a growing dependence on electricity, a dependence possibly doubling by 2050. Such a transformation, however, would likely require re-configuring the architecture of complex, centralized electricity grids, an artifact of a context of more than a century ago. In concert with the energy transition, we argue to modify the objective of the electricity grid to enable efficient, pervasive optimization in local service areas that provides incentives for users to be efficient in their energy use. At the core of our argument is the presentation of economic incentives denominated in an electricity-backed commodity currency such that incumbent electricity generators could augment their economic purpose of electricity production and electricity distribution to include financial intermediation. A direct consequence of this institutional transformation is the opportunity for all users to generate wealth. There are others who have been inspired to conjure ways that energy could be a candidate currency. Our argument is distinctive, though, in exploiting how an institution (the power grid system) could be repositioned and how all agents in the system could benefit by the institutionalization of electricity as money.

Cash holding is important for Chinese manufacturing firms coping with the increasing cost of financing and stiff market conditions. This study examines the impact of cash holding on the firm value of Chinese manufacturing firms. We find evidence that a non-linear relationship exists between cash holding and firm value in manufacturing firms of China. The study reveals that financially constrained firms having a higher level of cash holding negatively affects the firm value, while the unconstrained firms having a lower level of cash holding positively influences the firm value. Finally, this research is enriched by adopting the novel measure of managerial op-timism and reveals the interactive role of cash holding and optimism on firm value. The study concludes that managerial optimism influences the firm’s cash holding decisions and this is more costly for unconstrained firms.

Hybrid Classical-Quantum computing has already arrived at several commercial quantum computers, offered to researchers and businesses. Here, applications are made to a model of financial options, Statistical Mechanics of Financial Markets (SMFM). These applications were published in many papers since the 1980's. This project only uses Classical (super-)computers to include quantum features of these models. Since 1989, an optimization code, Adaptive Simulated Annealing (ASA), has been to fit parameters in such models. Since 2015, a path-integral algorithm, PATHINT, used previously to accurately describe several systems in several disciplines, has been generalized from 1 dimension to N dimensions, and from classical to quantum systems, qPATHINT. Published papers have described the use of qPATHINT to neocortical interactions and financial options. The classical space by SMFM applies nonlinear nonequilibrium multivariate statistical mechanics to fit parameters in conditional short-time probability distributions, while the quantum space described by qPATHINT deals specifically with quantum systems, e.g., quantum money. This project thereby demonstrates how some hybrid classical-quantum systems may be calculated quite well using only classical (super-)computers.

(1) Background: The CEO message of hospital homepage contain various contents such as the hospital's future vision, promises with customers, upgraded services and public activities. The CEO’s message of the homepage includes non-financial information as well as financial information of corporates. Also, it provides useful information for not only company's goals and vision but also firm performance and strategies for the future. This study aims to investigate associations between CEO’s message of hospitals homepages and financial status. We used the balanced scorecard frame to analyze what content on the hospital's homepage is related to the hospital's various financial ratios. (2) Methods: We adopt a text mining method to extract significantly repeated keywords from the CEO’s message of hospital website. And we classify these keywords by a balanced scorecard frame. To examine the relationship between keywords of CEO’s message of the hospital homepage and hospital’s financial ratio, T-test is conducted for the difference in the TF-IDF (Term Frequency is Divided by Inverse Document Frequency) mean of the home page contents and its relationship with the views of the balanced scorecard framework. (3) Results: According to empirical results on 65 samples collected from local hospitals, there are some significant relationship between the qualitative content of the hospital's homepage and the quantitative financial ratio that indicates profitability, activity, leverage, liquidity, and transfer to essential business fund (EBF) income. (4) Conclusions: The introduction section of a homepage is most accessible to customers, containing the aims and ideals of hospitals and reflecting their values and visions [1]. In addition, in view of financial status, they can either emphasize financial strength or focus on other areas to mask weakness of financial information. This study reminds us of the importance of hospital website’s disclosure, and it can be inferred from the financial status of the hospital. It also highlights the need for harmonization between quantitative data, financial statements, and qualitative data, CEO’s messages. (5) Implications: To our best knowledge, this paper is the first research attempting to investigate the relation between text of hospital homepage and financial ratio of hospital through text mining technique and balanced scorecard frame. Hospitals take a crucial part in a country’s welfare and healthcare backbone industry. Nevertheless, in many countries, hospital organization sectors tend to remain a source of critical fiscal deficits due to its ineffective and sloppy management. We expect that the result of this paper can provide hospital managers to useful information.

Background: Forecasting nonlinear stochastic systems most often is quite difficult, without giving in to temptations to simply simplify models for the sake of permitting simple computations. Objective: Here, two basic algorithms, Adaptive Simulated Annealing (ASA) and path-integral codes PATHINT/PATHTREE (and their quantum generalizations qPATHINT/qPATHTREE) are offered to detail such systems. Method: ASA and PATHINT/PATHTREE have been effective to forecast properties in three disparate disciplines in neuroscience, financial markets, and combat analysis. Applications are described for COVID-19. Results: Results of detailed calculations have led to new results and insights not previously obtained. Conclusion: These 3 applications give strong support to a quite generic application of these tools to stochastic nonlinear systems.

Background: Forecasting nonlinear stochastic systems most often is quite difficult, without giving in to temptations to simply simplify models for the sake of permitting simple computations. Objective: Here, two basic algorithms, Adaptive Simulated Annealing (ASA) and path-integral codes PATHINT/PATHTREE (and their quantum generalizations qPATHINT/qPATHTREE) are offered to detail such systems. Method: ASA and PATHINT/PATHTREE have been effective to forecast properties in three disparate disciplines in neuroscience, financial markets, and combat analysis. Applications are described for COVID-19. Results: Results of detailed calculations have led to new results and insights not previously obtained. Conclusion: These 3 applications give strong support to a quite generic application of these tools to stochastic nonlinear systems.

Many countries have been facing the problem of bank insolvency across the globe. Asset deterioration is one of the main reasons for insolvency of banks. The objective of the paper is to ascertain the determinants of nonperforming loans (NPLs) in the banking sector of Pakistan for the period 2006-16. Other than the bank specific and macro variables proposed by the literature, the roles of weighted maturity and output gap are for the first time examined. We find significant impact of output gap on NPLs however weighted maturity has insignificant role in shaping the future NPLs. Bank specific drivers of NPLs include bank size and capital adequacy ratio.

In this paper we analyze the relationship between bankruptcy risk and the corporate life cycle in Pakistan from 2005 to 2014. For this purpose, we run a Hierarchical Linear Mixed Model (HLM) for a sample of 301 non-financial listed firms in 12 different sectors. The empirical outcomes reveal that firms during introduction, growth and, decline stages (mature stage) of life-cycle experience higher (lower) bankruptcy risk. Moreover, in juxtaposition with growth stage, bankruptcy risk is higher at the introduction stage of life-cycle. These findings suggest that financial managers should be cautious about the financial fragility of the firm at each stage of corporate life-cycle. The results also entail that Pakistani firms do not follow a sequential pattern in their life-cycle rather they have the tendency to revert to a previous stage or jump to the next stage of life-cycle. This is the first study that empirically examines the association between firm life-cycle stage and corresponding bankruptcy risk and asserts that managers must incorporate the life-cycle effects into their financial planning and decision making for sustainable working of an enterprise.

This study compared the performance of five Family Generalized Auto-Regressive Conditional Heteroscedastic (fGARCH) models (sGARCH, gjrGARCH, iGARCH, TGARCH and NGARCH) in the presence of high positive autocorrelation. To achieve this, financial time series was simulated with autocorrelated coefficients as ρ = (0.8, 0.85, 0.9, 0.95, 0.99), at different time series lengths (as 250, 500, 750, 1000, 1250, 1500) and each trial was repeated 1000 times carried out in R environment using rugarch package. And the performance of the preferred model was judged using Root Mean Squared Error (RMSE) and Mean Absolute Error (MAE). Results from the simulation revealed that these GARCH models performances varies with the different autocorrelation values and at different time series lengths. But in the overall, NGARCH model dominates with 62.5% and 59.3% using RMSE and MAE respectively. We therefore recommended that investors, financial analysts and researchers interested in stock prices and asset return should adapt NGARCH model when there is high positive autocorrelation in the financial time series data.

This paper highlights the impact of financial inclusion on individuals’ borrowing and saving decisions in the United States and the United Arab Emirates. It does so, using data from the 2014 Global Financial Inclusion database, and an empirical strategy consisting of first testing the significance of the joint bivariate model over its binary conterparts using the Lagrange multiplier test, followed by a contrast between the fully-parametric and semi-parametric specifications of the saving and borrowing equations. Based on model performance measures, the semi-parametric bivariate probit specification is identified as a better framework for describing the two processes of saving and borrowing, with a correlation coefficient of 12.3%. Although no significant difference exists between UAE and US residents in borrowing behavior, we find that US residents are 31.4% more likely to save than their UAE counterparts. In addition, and in line with the Permanent Income Hypothesis, the results reveal the absence of an income based saving or borrowing gradient in the two countries. Conversely, we found the prevalence of a gender based saving (12.4%) and borrowing (13.8%) inequality in favor of the male gender. Furthermore, access to a bank account and a debit card, companies policy of direct wage and salary transfer, and government transfer programs with direct deposit options are all financial inclusion strategies that are found to significantly raise the likelihood of saving and borrowing. As such, companies with payroll practices based on cash or physical paycheck issuing, especially in the US, should revise such policy to create more financial inclusion, and thereby more saving potential which in turn would contribute to further borrowing, investment and growth of the national economy.

In this paper, we focus on the impact of financial liberalization on stability of emerging stock market. We identify crises in a group of Latin American (Argentina, Brazil and Chile) and Asian countries (Philippines, Korea, Taiwan and Thailand) during 1975–2005. This paper aims to apply the methodology of CMAX method. Our results indicate that liberalization triggers more unstable stock market in the short run and generate several crises. Still, liberalization seems to generate more stable financial markets in the long run. Financial liberalization does not increase the frequency of crises in emerging countries and at long-term, crises are less several.

This study employs a bibliometric analysis of the emerging trends in the area of Money Laundering for Ter-rorism Financing to provide direction for future research in the area. The authors used VOSviewer and an-alysed 2577 published documents generated from the SCOPUS search using the PRISMA methodology. The findings reveal a growing research interest in this area, with a focus on understanding the complex inter-play between money laundering and terrorism financing. Emerging trends such as the use of cryptocurren-cies, trade-based money laundering, and the role of non-profit organizations in facilitating these activities are highlighted. The research contributes to the broader understanding of money laundering for terrorist financing by providing insights into the evolving research landscape and identifying areas for future re-search.

This research suggests a multi-stakeholder framework to increase the use of fintech in Africa, which would help the continent boost its financial inclusion and reach its Sustainable Development Goals (SDGs). The study evaluates previous research and frameworks that have been created to aid in the adoption of fintech by several stakeholders in developing nations, some of which have been tested in African nations with limited success. To begin with, the study suggests the use of the World Bank’s Maximising Finance for Development (MFD) approach through the prioritization of national ownership, creation of an enabling environment for private sector investment, partnering with multilateral development banks and other stakeholders, fostering innovation and digital literacy, and focusing on cost-effective, non-government guaranteed financing. In the same vein, in line with the G20’s High-Level Principles for Digital Financial Inclusion, the adoption of financial technologies and digital financial services in Africa can be promoted through the creation of a country-specific strategy. Each government can create a regulatory environment that encourages innovation and competition, improve its digital infrastructure, increase its digital literacy and awareness, and collaborate with private sector stakeholders to expand financial inclusion. Furthermore, The Better Than Cash Alliance’s strategy to increase fintech adoption can also be implemented through partnership with businesses, international organizations, and other nations. By joining the Alliance, countries can enact rules and regulations that facilitate fintech adoption, promote awareness and education, and design and execute national digital payment infrastructure with the help of fintech companies. Finally, the mSTAR initiative suggests collaborating with USAID, in order to provide support to underrepresented populations, incorporate digital financial services, increase public-private collaboration, and educate and train policymakers, practitioners, and technologists. By implementing these strategies, African nations can accelerate the adoption of fintech solutions and increase financial inclusion.

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

This qualitative research investigates the effectiveness of certification programs in ensuring supply chain sustainability within the renewable energy sector. Through interviews and content analysis, the study explores stakeholder perceptions, challenges, and impacts of certification initiatives. Findings reveal diverse motivations driving certification adoption, including regulatory compliance, market differentiation, and corporate social responsibility. However, challenges such as greenwashing and limited transparency undermine the credibility and effectiveness of certification programs. Despite these challenges, certification initiatives drive incremental improvements in environmental performance and stakeholder engagement, fostering a culture of continuous improvement and innovation. Multi-stakeholder collaboration and context-specific approaches are essential to address regional disparities and promote sector-wide transformation. Strategies for improvement include strengthening monitoring and enforcement mechanisms, integrating emerging technologies, and aligning certification standards with broader sustainability goals. Overall, certification programs offer a pathway for promoting transparency, accountability, and responsible business practices within the renewable energy supply chain, contributing to the transition towards a more sustainable and resilient energy future.

In this research, the primary goal was to investigate the relationship between strategic planning and organizational performance in Iraq's manufacturing context. The study's primary data sources were 360 manager respondents. The structured questionnaire was used to collect primary data from manufacturing firms located throughout Iraq. To analyze the result, the researcher used descriptive statistics, correlation, and multiple regression analysis. SPSS version 16 software was used to conduct data analysis. The result reveals that the process of strategic planning has a beneficial effect on financial performance. Environmental scanning has a statistically significant positive effect on a company's non-financial performance. Management participation and planning formality positively and statistically significantly affect a business's non-financial performance at the 10 percent level. The domain of strategy and technique has not impacted the company's non-financial performance.

The study assesses the direct effects of climate change by 2060, including extreme events, on the productivity of regional crop farming and livestock in Greece, and the broader socio-economic effects on the agri-food and other sectors. Different approaches (i.e., agronomic models, statistical regression models, equations linking thermal stress to livestock output) were combined to estimate the effects on productivity from changes in the average values of climatic parameters, and subsequently the direct economic effects from this long-term climate change. Recorded damages from extreme events together with climatic thresholds per event and crop were combined to estimate the direct economic effects of these extremes. The broader socio-economic effects were then estimated through input-output analysis. Under average levels of future extreme events, the total direct economic losses for the Greek agriculture due to climate change will be significant, from €437 million/ year to €1 billion/ year. These losses approximately double when indirect effects on other sectors using agricultural products as inputs (e.g., food and beverage, hotels, restaurants) are considered, and escalate further under a tenfold impact of extreme events. Losses in the GDP and employment are moderate at the national level, but significant in regions where the contribution of agriculture is high.

The methods of Artificial Intelligence (AI) have been used in the planning and operation of power systems for more than 40 years. In recent years, due to the development of microprocessor and data storage technologies, the effectiveness of this use has greatly increased. This paper provides a systematic overview of the application of AI including the use of Machine Learning (ML) to the power system. The potential application areas are divided into four blocks and the classification matrix has been used for clustering the AI application tasks. Furthermore, the data acquisition methods for setting the parameters of AI and ML algorithms are presented and discussed in a systematic way considering the supervised and unsupervised learning methods. Based on this, three complex application examples: wind power generation forecasting, smart grid security as-sessment (using two methods), and automatic system fault detection are presented and discussed in detail. Summary and outlook conclude the paper.

The present state of the natural environment is significantly influenced by the construction sector. Due to the large amounts of consumed natural resources and materials as well as the high volume of emitted pollutants, the building industry is considered to have a key influence in achieving a global sustainable development. A considerable part of the ecological impact of the built environment is influenced by the energy consumed for creating appropriate indoor conditions as well as by the greenhouse gases that are emitted during the operation stage of a building’s life cycle. Therefore, the energy performances of existing buildings must be significantly improved in the near future. This paper analyzes the influence of the thermal insulation thickness of walls on the linear thermal transmittances and the heating demand of an existing building. The resulted values show that while increasing the insulation of the walls leads to a serious heat demand reduction, a deep renovation of the building cannot be achieved solely by using this solution.

The main purpose of the work is to indicate the effects of the implementation of the concept of sustainable production from the perspective of the well-being of employees. The diagnosis was made among manufacturers operating in the sector of agricultural technical means of transport (production of parts and subassemblies). Achieving the main goal required the formulation and implementation of partial goals, which the authors included: (C1) analysis of the concept of sustainable production from the perspective of employees' well-being (theoretical plane); (C2) compiling a research model in the form of an evaluation sheet being the result of a literature query and an expert study (theoretical and design layer); attention was paid to the articulation of categories relevant to the content and scope of research; (C3) verification of the research model (indication of the effects of the implementation of the concept of sustainable production (the perspective of employee well-being) by the surveyed enterprises).

Through this study, we established equations for estimating the standing tree carbon stock, based on 24 tree species in multiple size classes in a case study at the Ngao Demonstration Forest (NDF) in northern Thailand. Four hundred thirty-nine wood samples from trees in mixed deciduous forest (MDF), dry dipterocarp forest (DDF), and dry evergreen forest (DEF), were collected using non-destructive methods to estimate above-ground carbon equations through statistical regression. The equations were established based on four criteria: 1) the coefficient of determination (R2), 2) Standard error of estimate (SE), 3) F-value, and 4) Significant value (p-value, α ≤ 0.05). The above-ground carbon stock (C) equations for standing trees in the MDF was C = 0.0199DBH2.1887H0.5825, for DDF was C = 0.0145DBH2.1435 H0.748, for DEF was C = 0.0167DBH2.1423H0.7070, and the general equation for all species/wood density groups was C = 0.017543DBH2.1625H0.6614, where DBH is tree diameter at breast height and H is tree total height. The above-ground carbon stock in the DDF, MDF, and DEF was 142, 53.02, and, 12 tons/ha, respectively, and the estimated above-ground carbon stock in the Mae Huad sector at the NDF was 61 tons/ha.

China's gradually increasing assertiveness at the international level marked the beginning of several influential geopolitical projects. The biggest of these is the Belt and Road Initiative, which will be the subject of this post. The Chinese government initiated the BRI in 2013 to revive the historic Silk Road. The name of the new initiative was chosen based on well-known historical parallels, emphasizing the ideological component of China's current position. At the same time, neo-mercantilism prevails in China, and we can say that all roads lead to China, which means that the current nature of Chinese strategic planning corresponds to the increasingly important role of the state in international relations and strengthens its position in the world economy. The aim of the paper is to use the methods of analysis, synthesis, deduction, induction, comparison, and explanation to analyse Chinese investments that flow into various sectors worldwide, but especially into the countries participating in the Belt and Road Initiative from 2013 to the present. The largest such sector is the energy sector, which we will look at in more detail in the post. Finally, the contribution will be focused on predicting the development of further investments based on the available information as well as our own suggestions and recommendations to make them more efficient.

The energy transition requires integration of different energy carriers, including electricity, heat, and transport sectors. Energy modeling methods and tools are essential to provide a clear insight into the energy transition. However, the methodologies often overlook the details of small-scale energy systems. The study states an innovative approach to facilitate sub-national energy systems with 100% renewable penetration and sectoral integration. An optimization model, OSeEM-SN, is developed under the Oemof framework. The model is validated using the case study of Schleswig-Holstein. The study assumes three scenarios representing 25%, 50%, and 100% of the total available biomass potentials. OSeEM-SN reaches feasible solutions without additional offshore wind investment, indicating that they can be reserved for supplying other states’ energy demand. The annual investment cost varies between 1.02 bn – 1.44 bn €/yr for the three scenarios. The electricity generation decreases by 17%, indicating that with high biomass-based combined heat and power plants, the curtailment from other renewable plants can be decreased. Ground source heat pumps dominate the heat mix; however, their installation decreases by 28% as the biomass penetrates fully into the energy mix. The validation confirms OSeEM-SN as a beneficial tool to examine different scenarios for sub-national energy systems.

This study investigated the efficacy of advanced oxidation process (AOP) for the reduction of pollution loads in mixed agro-food industrial wastewaters (dairy and slaughterhouse) in Nablus city, Palestine. Bench-scale Jar tests using an advanced oxidation process (AOP) were performed as a pretreatment stage. Initial results on direct applications of Fenton’s process on mixed agro-food wastewater (COD: 15400-18200 mg/l) were unsatisfactory. Hence, the performance of the Fenton process was applied on three mixed wastewater samples with different pre-treatment trials: (A) coagulant (FeCl3.6H2O) addition, (B) settling (2h), and use of flocculent (lime Ca(OH)2) in sample (C). Preceded with lime, Fenton`s process (Sample C) was most effective in the removal of organic carbon and nitrogen (89% COD; 80% TKN). The removal efficiency in inorganic loads (91% TSS; 62% TS) were achieved under H2O2/COD (w/w ratio 2:1), H2O2/Fe+2 (w/w ratio 10:1) and acidic conditions (pH = 3). The adoption of AOP technology by agro-food industries could ensure compliance with municipal by-laws and acquire connection permits to sewerage networks.

This article analyzes the emergence of partnerships between corporations and nongovernmental organizations (NGOs) through voluntary product labeling schemes. The economics, management, and business literatures are reviewed to highlight cross-checking, consistencies, and complementarities among these disciplines. The objective is to identify and analyze the motives, risks, and joint benefits of partnering via voluntary product labeling, using examples from the agri-food sector. This study is an attempt to offer a framework of corporate-NGO partnerships by showing that the drivers and risks of each partner merge because each takes a step into the sphere of the other. The main risks – namely, a loss of profitability, credibility and legitimacy – are related to the financial and existential dependency and the asymmetric information between the partners in favor of corporations, inducing an ``NGO-capture'' risk.

Intersectoral and intermunicipal cooperation are still underdeveloped spheres of public and economic development policies. Academic discussions are invariably focused on pro-competitive activities, the economic efficiency of which is not always sufficient. In this paper the authors attempt to identify factors leading to cooperation between local government authorities and economic entities, focusing on examples from the forest and wood-based sector in Poland. These processes are analysed in the framework of the New Institutional Economy, both in the theoretical and practical context.

The financial crisis augmented the need to predict real estate prices. The current study examines the application of Artificial Neural Network (ANN) model and Vector Autoregressive (VAR) model in forecasting real estate prices. The study uses daily observations, which accounted for a total of 2955 observations collected. We found that ANN outperformed significantly the VAR model providing evidence that these models can be used for valuation purposes in the area of real estate and financial markets. These findings are novel and important as they provide evidence of the usefulness of more sophisticated methodologies for market participants and regulators in real estate and financial markets.

Digitalization has fundamentally changed the global economy and will continue to do so. This study investigates how the US Federal Reserve and US Treasury may work together to use decentralized finance (DeFi) systems to promote economic growth in local communities. The study looks into the potential for transformation and the difficulties in incorporating DeFi into conventional financial institutions. Research shows that the use of cash as a means of payment is widely expected to decline in the future. As a result, the public’s ability to make transactions using central bank money may decline rapidly. This study's goals are to solve economic issues, promote innovation, and increase financial efficiency. The use of in-depth interviews, theme analysis, case studies, stakeholder perspectives, comparative analysis, and document analysis is suggested as part of a qualitative research methodology. The goal of these approaches is to offer a sophisticated comprehension of the dynamics of collaboration and the consequences of DeFi integration in the context of the Federal Reserve-Treasury relationship. Important data sources that are necessary to answer the research question are indicated, such as US Treasury statistics, Federal Reserve publications, DeFi platforms, and International Monetary Fund economic indicators. Informed decision-making and policy formation may pave the way for a more inclusive and efficient financial ecosystem, which will eventually drive regional economic growth in the United States and promote monetary sovereignty for the aforementioned monetary entities. This can be achieved by investigating creative collaboration tactics between the Federal Reserve and the US Treasury.

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.

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.

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 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.

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.

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.

Globally, large numbers of adults remain unbanked and most of them live in rural areas of the Third World. The recent outbreak of the COVID-19 pandemic has shown us how inequalities in accessing financial services continue to affect us. However, financial inclusion has emerged as an effective tool to tackle socioeconomic ills and drive economic development. In fact, due to these modern technological developments, the number of studies in this area is very limited, especially in the context of developing economies. This study examines the impacts of migrant remittances on digital financial inclusion within households using the Migration and Remittance Household Survey in Bangladesh. To meet the research objectives of this study, a household survey was conducted and interviewed 2,165 households in 2022-2023 in Bangladesh. This study finds that the coefficient of remittance has a positive relationship with the probability of using mobile banking for a household's financial transactions. However, the use of ATM cards by households for financial transactions has not been significantly affected. The article concludes that remittance flows may enhance access to and use of digital financial inclusion by reducing some of the barriers and costs in Bangladesh, which can greatly contribute to the country's economic growth by creating and increasing a strong fund for investment.

Microfinance banks and Institutions must simultaneously provide micro financial loans to unprivileged and poor people as well as self-sustaining, which means covering enough costs to eliminate the need for subsidies. To ascertain if Micro-finance Institutions can successfully navigate the double challenge of financial self-sustainability (FSS) as well as outreach to poor clientele and women borrowers i.e. outreach. There is no other alternative but to analyse the balance between FSS and outreach indicators of MFIs. The research goal is to see whether there was any compromise between the self-sustainability and outreach towards poor and female customers. The study used data of 100 MFIs driven from the database of microfinance information’s exchange (MIX) market with the objective to determine trade off between financial sustainability and outreach. The study found financial performance variables are positively and significantly related with average loans size which shows a mission drift, in which MFIs serve wealthy clientele. However, Indian MFIs have a extremely high outreach with their female clientele, confirming MFI's social commitment to objective of women’s empowerment. The research recommends to the Policy-makers that MFIs are compromising their financial services to underprivileged people and women in order to be financially sustainable. To guarantee that institutions are focused on outreach to underserved people in rural areas, the government should reform the policies regarding governing MFIs.

Owners and managers of small and medium-sized enterprises (SMEs) have changed their perspective on risk management due to the current global negative threats in the business environment. If they want to be successful and ensure the financial performance of their business, they must accept a proactive approach to reducing strategic risks in connection with operational risks. The aim of the article is to identify and quantify the differences in operational risk management and its effect on the financial management of SMEs between four Central European countries. The statistical sample of SMEs consisted of 1,090 owners and top managers. Data collection was carried out through a questionnaire in the period December 2022-January 2023. Statistical hypotheses were evaluated with the application of correlation analysis and linear regression modelling. Empirical findings have confirmed that operational risk management has a significant positive impact on improving the profitability of the enterprise; on reducing the enterprise's indebtedness as well as in the context of reducing the enterprise's inability to pay its obligations. However, there are disparities in the perception of this influence between owners/managers with regard to the country in which they carry out their business activities. The findings are important for both national and multinational organizations and entities dealing with risk management in the business environment of small and medium-sized enterprises.

This research was conducted with the aim of knowing how to compare the financial performance of the oil and gas trading industry with cross-sectional analysis techniques. The type of research conducted in this research is qualitative research with research objects at several companies, namely PT Radiant Utama Interinsco Tbk, PT Elnusa Tbk, PT AKR Corporindo Tbk, and PT Aneka Gas Industri Tbk. The data used in this study comes from secondary data, namely the internet in the form of company financial reports for the 2019-2021 period obtained from the Indonesia Stock Exchange. The results of this study indicate that PT Radiant Utama Interinsco Tbk has the best financial performance on inventory turnover ratio and average age, PT Elnusa Tbk has good inventory performance on current ratio, quick ratio, DAR, and DER., PT AKR. Corporindo Tbk has performed well on the ratios of TIE, FCC, Dividend Payout, Dividend Yield, and PER. PT Aneka Gas Industri Tbk has performed well on the ratio of Receivables Turnover Ratio and Average Age of Receivables.

The high costs of cancer treatment and lack of investment in health care are significant obstacles to public health on the African continent. The objective of this study was to estimate the financial cost of treating children suffering from cancer in Africa. We conducted a systematic review and meta-analysis of expert opinions between March 2000 and March 2020. The key search terms included ‘cost’, ‘cancer’ and ‘child’; we selected articles that specifically addressed the financial costs of childhood cancer in African countries. Of the 103 articles found, 18 met the inclusion criteria. Cancer care was a heavy financial burden in most of the countries studied, although costs varied from country to country; the average expenditure on healthcare was US$1017.39 ± US$319.1 per year. In countries without a health insurance system, the highest proportion of cancer care costs, 46.6%, was indirect, whereas in countries with a cancer financing system, the direct cost of treatment was low, 53.4%. The cost of treating childhood cancer is high in Africa in relation to the standard of living of individuals residing in this region.

The effects of the 2008 financial crisis undoubtedly caused problems not only to the banking sector but also to the real economy of the developed and the developing countries in almost all around the globe. Besides, as is widely known, every banking crisis entails the corresponding cost to the economy of each country affected by it, which results from the shakeout and the restructuring of its financial system. The purpose of this research is to investigate the consequences of the financial crisis and the COVID-19 health crisis and how these affected the course of the four systemic banks (Eurobank, Alpha Bank, National Bank, Piraeus Bank) through the analysis of ratios for the period of 2015-2020.

This paper analyses the COVID-19 crisis and its management, under the Austrian Economics. The attention is focused in the States’ coercive intervention, to evaluate the positive or negative effects of pandemic, according to the Principles of Political Economy and the theory of capital and economic cycles. The paper examines the specific case of massive intervention by governments and, especially, central banks in monetary and financial markets to deal with the pandemic by seeking to lessen its effects. Also, it is offered a critical analysis on simultaneous government policies involving taxes and an increase in public spending which are presented as the panacea and universal remedy for the evils that afflict the society, instead of promoting the transit to Wellbeing Economics. To conclude the review, there is a proposal of paradigm review, in the way to offer a sustainable model.

The study's motivation is to gauge the nexus between economic policy uncertainty and financial innovation for the period 2004M1 to 2018M12 in BRIC nations. For establishing a long-run cointegration study applied Autoregressive Distributed Lagged (ARDL) and asymmetry effects of economic policy uncertainty investigated following nonlinear framework known as NARDL. Furthermore, directional causality is established by performing a non-granger causality test. Cointegration test results of Fpss, Wpss, and tBDM confirmed the long-run association between EPU and financial innovation. On the other hand, the Wald test results proved asymmetry effects furring from EPU to financial innovation both in the long-run and short-run. Referring to asymmetry effects that positive and negative shocks in financial innovation, the study revealed that negative linkage between shocks in EPU and financial innovation in the long-run but short-run effects are insignificant. Furthermore, financial innovation measured by R&D investment exhibits positive linked with shocks in EPU, implying that uncertainty induces innovation in the economy. Refers to directional causality estimation, the study revealed evidence supporting the feedback hypothesis between EPU and financial innovation in all sample countries.

Numerous studies in the literature have investigated the effect of financial development on poverty, and tend to report a poverty reduction effect of financial development. The present paper considers the issue in the other way around, by examining the effect of poverty on financial development. In particular, it has investigated the financial development effect of poverty that passes through three main channels, including the education level, the level of trade openness, and the degree of export product concentration. The analysis is carried out using a sample of 97 developing countries over the period 1980-2017, and the two-step Generalized Methods of Moments (GMM). Results have shown that poverty genuinely affects financial development through these three channels. Specially, lower poverty rates induce greater financial development in countries that experience higher education levels. Similarly, a rise in poverty rates in the context of restrictive trade policies (that eventually result in lower levels of trade openness) undermines the development of the financial sector. Finally, higher poverty levels adversely affect financial development in countries that experience an increase in the level of export product concentration.

The paper investigated the components of savings accumulation in Nigeria over the period 1980 to 2017. Secondary data were collated from World Development Index (WDI). In evaluating the objectives, the study employed the Auto Regressive Distributive Lag (ARDL) and Vector Error Correction Model (VECM) estimation methods. The key findings of the study show that the components of savings identified in literature understudied in the paper specifically, GDP per capita, foreign direct investment, financial deepening, interest rate, inflation rate exchange rate significantly influence savings accumulation in Nigeria either in short run, long run or both. Financial deepening was found statistically significant but influences savings negatively. Inflation rate was statistically insignificant although negative. The result from the VECM causality test revealed that short run and long run causal relationship exist between savings and the afore mentioned components in Nigeria. Hence, the study recommends careful manipulation of the identified savings components in a manner that they will not yield a counterproductive result in the economy rather contribute to the growth of savings and ultimately, the growth of Nigeria economy as a whole. It further recommends that the Nigerian government through its financial institutions encourage savings from both small and big savers which to large extent will assuage the perceived undeserved influence of financial deepening on savings accumulation.

This paper analyzes if the Financial Fair Play (FFP) regulations set by UEFA have influenced the auditing fees charged to the football clubs. In addition, it explores the determinants of audit fees. We use a two-sample t test with equal variances to determine whether differences are present. After this, we carry out a panel data regression with clubs fix effect to estimate the determinants of audit fees in football clubs. Our findings reveal an increase of audit fees after the implementation of FFP regulations. On top of that, audit fees are explained by the presence of foreign investors if the audit firm is one of the Big4 and if the auditor is a woman. The regulation change has an impact on the audit fees charged by auditors for their services. However, this increase can be compensated across future years given the improving financial situation of clubs; therefore, the auditors’ risk diminishes and subsequent audit fees may be reduced. UEFA should monitor audit fees as well as the quality of the audit reports, which have become crucial to obtaining the license to participate in UEFA competitions.

Over the past decade, the credit quality of loan portfolios across most countries in the world remained relatively stable until the financial crises hit the global economy in 2007–2008. In this paper I discuss, the relationship between non-performing loans and economic landscape. Since 2008, nonperforming loans have been an increasingly hot topic in the international scene, due to their important and rising volume and their impact on the economy as a whole, on the banking system and on its credit supply. Since then, average bank asset quality deteriorated sharply due to the global economic recession. Yet the deterioration of loan performance was very uneven across countries. I am interested in explaining these differences in bank asset quality across countries and over time. In this paper, I therefore study the empirical determinants of non-performing loan (NPL) ratios using a data set for EU countries covering the past decade. The paper assumes that the spatial organization of banking systems and the geographical distribution of comercial banks branches, ATMs and GDP growth are major factors influencing the effectiveness in credit system. The aim of this paper is to construct a continuous and quantifiable model, which will demonstrate a role of economic condition, technology, competition, policy, business climate in Financial Stability. Main hypotheses suggests, that GDP growth, interest rate, new business, FDI, ATMs and geographical distribution of branches have an influences on NPL (non-performing loans).

The relationship between economic growth, growth volatility and financial sector development continues to attract attention in the theoretical and empirical literature. Over time, some studies hypothesize that finance has a causal linear relationship with growth. Recently several other authors contradict this claim and argue that the relationship that exists between finance and growth is nonlinear. We investigate these claims for Nigeria for the period between 1970 and 2015, using semi-parametric econometric methods, Hansen sample splitting techniques and threshold estimator. We observed no evidence of ‘Too much finance’ as claimed by many researchers in recent times. We show that the relationship between financial development and economic growth is U-shaped. This is equally true for the relationship between financial development and growth volatility. We also discuss policy implications of our findings and recommend financial innovations and decentralization of stock exchanges to boost access to financial services, in addition, improved regulation to enhance financial market efficiency.

The financial inclusion, including all the people with the finance, is very concerned issue all over the world where Bangladesh is also trying to include all the people with the finance. Bangladesh lies in such a group of countries where only 17.6% - 38.6% adults are presently under the reach of the formal financial services. This is because the present banks and other formal financial modes consider the outcome and profitability in a way that, the rural and non-developed areas are always out of the consideration. But these areas consist of the most population of Bangladesh. And only then financial inclusiveness will be successful in Bangladesh when people from these regions will be under formal financial consideration. The paper seeks for a solution to the issue and presents the Unit Banking System as a probable way towards financial inclusion. For implementing the system in Bangladesh, the system needs a slight modification to cope in Bangladeshi economic condition and address the specific needs without hampering the surroundings. Considering all these, the paper shows the status, problems and key points of financial scenario of inclusion in Bangladesh and shows policy for a Modified Unit banking System.

This paper relies on accounting-based measures of country risk to investigate U.S. global banks' exposure to foreign country risk over the 2017 fiscal year as measured by the sum of cross-border risk, foreign office risk, and derivative risk claims. We achieve this using panel linear modeling methods with country level heterogeneity and time fixed effects, along with a constructed panel data of 284 observations on 71 countries distributed across 6 world regional blocks, and observed over 4 consecutive quarters starting from 4th quarter 2016 and ending with 3rd quarter 2017. The results show that on average, over the four quarters, a 1% increase in foreign banking sector's claims significantly increases U.S. global banks cross border risk exposure by 0.34%, while reducing derivative risk exposure by 0.22%, but have no significant impact on foreign office risk exposure. Similar results are observed with public sector claims which significantly increase banks' exposure to cross border risk by 0.21%, while reducing derivative risk exposure by 0.19%. Conversely however, non-bank financial sector claims are found to have no significant affect on cross-border risk exposure, but significantly reduce foreign office risk exposure by 0.09%, while increasing derivative risk exposure by 0.06%. These results indicate the presence of sectoral heterogeneities in U.S. banks' exposure to foreign counterparties' risk, and also that overall, over the course of 2017 the level of U.S. global banks' cross-border risk exposure increased, while their level of derivative risk exposure decreased, and the level of foreign office risk exposure remained relatively unchanged.

An optimal withdrawal strategy beginning at age 65 provides a lifetime income from a portfolio, adjusted annually for inflation, while reducing the probability of living in financial ruin to an ac-ceptable level. This paper analyzes the probability of living in financial ruin, potentially for multiple years, rather than just the event of ruin. A stochastic Excel model was developed to simulate the effect of varying investment returns on a portfolio with two asset classes; large company stocks and long-term government bonds. A stochastic model is also applied to retiree mortality. The following variables were analyzed to determine their relative impact on withdrawal strategies: • Withdrawing a constant percentage of the portfolio, • Gender, • Initial asset allocation, • Asset allocation rebalancing methods, and • Low investment return environments. For both genders and most withdrawal rates, an approximately equal initial asset allocation of stocks and bonds, combined with a level rebalancing function, provided the lowest probability of living in financial ruin. Because each investment return followed its own probability distribution function, some retirees experienced financial ruin even in the most conservative simulations.

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets.

In 2018, Iran witnessed approximately 21,000 fatalities resulting from road accidents, ranking it as the fifth leading cause of death across all age groups. These incidents carry substantial economic and social burden for the nation, claiming more than 5% of its GDP. Human behavior emerges as a significant contributing factor to high-risk driving offenses. It has been proposed that by influencing general deterrence, a rigorous defense can be established against such violations. Various theories posit that by reinforcing or diminishing influential factors, general deterrence perception can be molded, presenting a potential avenue for an effective deterrent against traffic infractions. This study examines deterrence perceptions prevailing among the public in Iran regarding the enforcement of traffic laws. Employing Structural Equation Modeling (SEM), we delve into the intricate relationships between variables, allowing for a comprehensive exploration of the factors influencing general deterrence. The study draws on the data derived from a survey comprising 548 questionnaires for modeling purposes. An innovative concept, private sector enforcement, is introduced and incorporated into the questioning and modeling process. The findings reveal that socioeconomic status (p-value<0.01), police enforcement (p-value<0.05), private sector enforcement (p-value<0.05), specific deterrence (p-value<0.01), and the use of technology (p-value<0.01) have direct and indirect impacts on the general deterrence perception of drivers.

This study examines the influence of digital marketing on brand awareness within the multinational Fast-Moving Consumer Goods (FMCG) sector, focusing on how various digital strategies contribute to overall marketing effectiveness. Utilizing a sample of 277 respondents, the research employs descriptive statistics, correlation, and regression analyses to explore the relationships between digital marketing strategies, brand awareness outcomes, and perceived digital marketing effectiveness. The findings reveal that digital marketing strategies significantly enhance brand awareness and overall marketing effectiveness, underscoring the pivotal role of activities such as social media engagement, content marketing, and search engine optimization. Specifically, the regression analysis shows that digital marketing strategies have a positive and statistically significant impact on overall effectiveness, indicating that companies investing in these areas are better positioned to achieve higher levels of brand recognition and marketing success. However, the study also uncovers a complex relationship between brand awareness outcomes and overall effectiveness, where increased brand awareness does not directly correlate with enhanced digital marketing effectiveness. This suggests that while brand awareness is critical, its influence on marketing success is nuanced and may involve diminishing returns or additional mediating factors. The regression model explains a modest portion of the variance in marketing effectiveness, highlighting the need for a holistic evaluation approach that incorporates a broader set of performance metrics and contextual factors. The high reliability of the measures used affirms the robustness of the findings, which emphasize the importance of a strategic and integrated approach to digital marketing in the FMCG sector. Companies must continuously adapt and optimize their digital marketing strategies to align with dynamic market conditions and achieve sustainable success.

The mechanism by which the human nose perceives an odor is complex and involves various chemical reactions in the transformation of the odorous molecule into an electrical impulse sent to the brain that returns the sensation of smell. The smell is classified and quantified, and its instrumental detection can be carried out through the “electronic nose”, an interactive device that lends itself to various applications. In the agri-food sector, the development of portable devices makes possible to smell foods and measure their level of deterioration and maturation; this is undoubtedly useful for reducing waste, identifying the best moment for food consumption, and improving the level of food safety. With regard to the environmental compatibility of materials and techniques for packing and laying conglomerates (for example bituminous), the problem of olfactory nuisance for the population residing in the neighborhood is still an unresolved problem. The approach based on electronic noses is very effective. The electronic nose also represents an important resource in the screening of respiratory pathologies, where there is the need to identify a rapid and reliable diagnostic test for pathologies such as pneumonia or seasonal flu. Environmental monitoring of pollutants is of particular relevance today and the electronic nose is an important candidate for the use in this field. The gas sensor market leverages physics, chemistry and materials engineering to develop highly sensitive, reliable and stable sensor platforms, capable of detecting very small amounts of gas molecules in the environment. To develop competitive gas sensing platforms, new materials are being considered, including polymers, nanostructured metal oxides and nanostructured carbon-based materials (CNTs). In addition to the experimental aspects, in particular Raman and electron spectroscopy techniques together with atomic force microscopy, theoretical-mathematical modeling plays an extremely important role in this sector, with particular attention to the case of micro and nanometric dimensions. Many efforts are now aimed in improving the sensitivity of these devices and this is related to the diffusion of carriers in them. The paper also offers an overview of the mathematical models relating to mechanical processes and dynamics at the micro-nanometric scale, lastly focusing on the Drude-Lorentz type models, with related more recent generalizations.

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.

This review explores the transformative impact of sensor technologies in early disease detection. It highlights recent advancements in nanotechnology-based sensors, particularly focusing on their applications in identifying disease biomarkers at early stages. The integration of these sensors with artificial intelligence for predictive analytics in healthcare is also discussed. Applications in cancer, infectious diseases, and chronic disease management underscore their diverse utility. Challenges in sensor technology adoption and future directions, including multiplexed sensors and wearable devices, are examined. This review underscores sensors' potential in enhancing disease management and patient outcomes.

There are two major proposed forms of dark energy: the cosmological constant and the quintessence scalar field. However, the former has the cosmological constant problem and the latter does not have observational evidence to support the theory. In this paper, we propose a dark energy paradigm to solve the cosmological constant problem and to predict lepton masses as evidence. The dark energy paradigm is a unified dark sector that is based on Planck's dimensional analysis, Lambda CDM, energy conservation, and force equilibrium. We find that dark energy can vary from the cosmological constant to the Planck scale. We find that the predicted values of lepton masses based on the dark energy paradigm agree with the observed values to 1% (or within error ranges).

Purpose: When it comes to improving citizen service delivery standard and processes, or broadly, management in government (MIG), many reform programs and improvement efforts are ongoing across different ministries, departments, and agencies. This paper is part of a larger empirical research where we are interested to know what those programs and projects are, and how they are doing, and what the gaps are. Design/methodology/approach: Analyzing the publicly available data on the government portal and donors’ website, this article provides an overall idea of current reforms in various places of government. In parallel, field research was conducted through visiting agency offices, observing office environment and mechanisms, and interviewing public managers who are working at district and sub-district level offices of directorates or agencies.Findings: As a trend, state-led development process and the traditional mode of administration have moved to New Public Management based quality and performance approach. All donors have their own strategy framework document like ‘Country Assistance strategy’, ‘Country Operations and Business Plan’, Logical Framework Document, Focus or Priority Streams, etc. Many of the projects are sectoral and agency or ministry specific and have an inherent limitations, due to ‘cadre’ based organizational structural arrangement. So, it is common ‘not to own the projects’, rather ‘using the fund as much as possible anyway within the given project duration’. When the fund ends, implementing units, either government or NGOs, abandon the projects. That is why many projects are actually half done without significant and sustained direction.Originality/value: We can conclude that the typical ‘top-down’ or ‘trickle down’ conception is still dominant in design and implementation of reforms programs and service quality efforts. So, how to reach systemically at the bottom where public managers provide services to citizens, needs even more deliberation.

Until 2021, in the Kyrgyz Republic, tuberculosis(TB) was diagnosed and treated only in the public sector. With funding support of the STOP-TB partnership, the private providers in four regions of the country and Bishkek city were mapped, trained and incentivized to screen for, identify presumptive TB patients, and refer them to the public facilities for diagnosis and treatment. In this study, we describe the cascade of care of such patients. This was a cohort study involving secondary analysis of routine data. Of 79,352 patients screened during February 2021-March 2022, 2,511(3%) had presumptive TB, of whom, 903(36%) were not tested for TB [pre-diagnostic loss-to-follow-up]. A total of 323(13%) patients were diagnosed as TB, of whom, 42(13%) were not started on treatment [pre-treatment loss-to-follow-up]. Among 257 patients eligible for outcome assessment, 197(77%) had treatment success, 29(11%) were lost-to-follow-up, 13(5%) died, 4(2%) had treatment failure and 14(5%) were not evaluated. While this donor-funded, pioneering initiative was successful in engaging the private sector, we recommend the national TB programme to scale-up the initiative nationally with dedicated budgets, activities and plans to monitor the progress. Qualitative research is urgently needed to understand the reasons for the gaps in the care cascade.

Unification based upon the generalisation of proper time is proposed as a comprehensive framework to account for the fundamental structure of matter, in a manner contrasting with the more familiar approach based on extra dimensions of space. The elementary properties of matter to be incorporated include the Standard Model of particle physics together with a source for the dark sector and a coherent formalism for quantum gravity. We elaborate upon the manner in which all such material phenomena and empirical properties as distributed in an extended 4-dimensional spacetime can be encompassed within, and derived from, the continuous flow of time alone via a generalised arithmetic form for infinitesimal intervals of proper time. This approach will also be compared and contrasted with the basic structure of causal set theory as a means of demonstrating how it is possible to construct a full physical theory essentially from elements of time alone, as explicitly developed from the most elementary level. The conception of time as utilised and elucidated in this theory, with emphasis upon the causal continuum properties and as the basis for unification, will be clarified.