Search Results (2,558)

With the digital economy advancing at a fast pace, digital transformation plays a pivotal role in reinforcing firms’ innovation capability and promoting high-quality development. This study analyzes Chinese non-financial publicly listed firms on the A-share market over the period 2009–2023. Based on text mining of annual reports, this study constructs an index capturing digital transformation and empirically evaluate its impact on innovation output with firm and year fixed effects. The estimates suggest that digital transformation meaningfully increases firms’ innovation output; the inference is unchanged when applying instrumental-variable approaches and conducting extensive robustness checks. Mechanism analysis reveals two parallel channels: (1) the R&D investment mechanism, characterized by improvements in R&D intensity, capitalization rate, per capita efficiency, and investment growth; (2) the governance environment mechanism, reflected in enhanced internal control, improved information disclosure quality, and strengthened audit supervision. Once firms are stratified by characteristics, the estimated positive effect of digital transformation is most pronounced for firms with low financial constraints, large size, eastern locations, and state ownership. This study identifies both direct and indirect mechanisms linking digital transformation to innovation and highlights how firm- and region-specific features condition the magnitude of this effect, thereby offering empirical implications for corporate digitalization strategies and policy design. Full article

Whether information consumption guides firms back to their core businesses or instead exacerbates corporate financialization remains empirically underexplored. We use panel data of Chinese A-share listed firms from 2009 to 2024. We take China’s Information Consumption Pilot policy as a quasi-natural experiment and employ a staggered difference-in-differences approach to examine the impact of information consumption on corporate financialization. The findings show that information consumption significantly promotes corporate financialization, with the precautionary motive driving financialization more strongly than the profit-seeking motive. Mechanism tests reveal that information consumption drives corporate financialization by easing financing constraints and improving investment efficiency, while internal corporate governance and external economic policy uncertainty play significant moderating roles. Heterogeneity analysis indicates that the exacerbating effect of information consumption on corporate financialization is more pronounced in non-state-owned enterprises, small-scale firms, non-high-tech industries, and regions with a low level of financial development. Further analysis shows that information consumption not only exacerbates excessive corporate financialization but also triggers peer effects in financialization. Moreover, the financialization induced by information consumption suppresses long-term corporate performance growth. These findings uncover the micro-mechanisms through which information consumption reshapes corporate capital allocation decisions, offering practical implications for refining information consumption policies and channeling financial resources back to the real economy. Full article

AI-enabled infrastructure systems increasingly govern access to emergency services, disaster relief, and utility restoration, yet they routinely produce inequitable outcomes even when allocation algorithms apply procedurally neutral rules. The standard explanation locates the cause inside the algorithm. This paper argues instead that inequity arises from the interaction between the algorithm and the physical environment in which it operates: network topology, resource locations, and demand distribution jointly constrain what any policy can achieve, and when those constraints are sufficiently binding, ethical infeasibility is structural rather than algorithmic. We introduce a constraint-based formulation that embeds ethical requirements into the feasible region, and a hierarchical Irreducible Infeasible Subsystem (IIS) procedure that attributes infeasibility to rule design, algorithmic choice, or physical infrastructure. We further establish the Structural Infeasibility Theorem, deriving closed-form bounds on inter-group disparity across all feasible policies. The framework was applied to zone-decomposable infrastructure allocation problems generally, with a metropolitan ambulance-dispatch system serving as a concrete instantiation. The study delivers four findings. First, the minimum-service violation may not be caused by the allocation algorithm itself; rather, it may arise from the physical layout of the infrastructure. Second, the observed efficiency–equity trade-off may not be an unavoidable feature of equitable allocation, but may instead reflect the difficulty of achieving equity within an underbuilt system. Third, before new infrastructure is added, improvements in equity may represent harm redistribution rather than harm reduction. Fourth, the IIS certificate can be translated into a concrete capital-investment requirement, showing what physical change may be needed to restore ethical feasibility. Full article

The development of rural e-commerce has significant value for regional economic development in developing countries. Its sustainable development depends on whether e-commerce can promote endogenous capital accumulation at the county level. This study uses panel data from 649 Chinese counties from 2013 to 2022, together with nighttime light remote-sensing data, to examine how variation in e-commerce development intensity affects county-level economic vitality from the perspective of capital formation. The results show that e-commerce development intensity is associated with stronger county-level economic vitality. The mediation analysis provides differentiated evidence for the capital formation mechanism: fixed asset investment mainly exhibits a delayed indirect effect, whereas loan balances and firm stock operate mainly through contemporaneous channels. However, the county-level economic effect of e-commerce shows regional heterogeneity. Based on the above findings, this paper proposes policy recommendations for the further development of e-commerce, as the economic benefits of e-commerce are significant in relatively developed counties in eastern China but insignificant in non-eastern regions. Full article

Cordyceps militaris is a high-value medicinal mushroom with growing demand in functional-food and nutraceutical markets, yet practical frameworks for small-scale, family-operated cultivation remain limited. This study presents an integrated technical and economic feasibility analysis of small-scale Cordyceps production under two scenarios: a one-room setup (Scenario 1) and a two-room configuration with a shared processing area and staggered scheduling (Scenario 2). Both use consistent biological, operational, and market assumptions with no hired labor, and the analysis covers capital expenditure (CapEx), operating costs (OpEx), profitability, payback, and break-even thresholds, complemented by sensitivity analysis of parameters such as biological efficiency and contamination rates. Both scenarios were technically and financially viable. Scenario 1 achieved a net present value (NPV) of $1761, an internal rate of return (IRR) of 10%, a 4.7-year discounted payback, and a 133% five-year return on investment (ROI); Scenario 2 attained an NPV of $85,437, a 66% IRR, a 1.6-year payback, and a 366% ROI. Because gross margins were consistent across scales, the expansion’s advantage stemmed from more efficient CapEx amortization rather than improved unit profitability. Cordyceps cultivation emerges as a viable family-operated, small-scale enterprise that can diversify family income, generate supplementary or primary earnings, and support urban and rural livelihoods. Full article

To promote the sustainable development of agriculture and reduce resource waste, this paper investigates sustainable financing strategies for a green fresh agri-food supply chain. We employ a purely theoretical Stackelberg game model and numerical simulations based on hypothetical parameters to develop three financing models for a supply chain consisting of one capital-constrained farmer and one retailer, considering consumers’ dual sensitivity to product freshness and greenness. Analytical and numerical results reveal that: (1) with low financing rates, internal financing effectively alleviates under investment in preservation, leading to higher wholesale/retail prices. In a green-sensitive market, the resulting price premium compensates for cost increases, avoiding the “low quality–low price” trap under external financing. (2) The retailer’s total profit decreases as the internal financing rate rises; higher interest income cannot offset demand loss caused by reduced preservation effort. Thus, a low- or zero-interest strategy maximizes the retailer’s operational profit. (3) As consumer sensitivity to freshness and greenness increases, profit growth under internal financing displays convexity. However, under extremely high freshness sensitivity, external financing yields stronger marginal incentives, suggesting that retailers should adjust profit allocation in the high-end market. The findings provide theoretical guidance for financing mode selection and practical insights for promoting green agricultural sustainable development. Full article

This study investigates place-based barriers to initial teacher training (ITT) recruitment in rural-coastal regions of England, focusing on Cornwall as a case study. Utilizing semi-structured interviews with nine ITT provider leaders and nine trainee teachers, the research applies the concept of educational isolation to ITT providers in areas that are geographically remote, socioeconomic disadvantaged, and culturally isolated. The analysis is framed by the critical pedagogy of place and social capital theory, moving beyond deficit-based interpretations of rurality to critically examine how place-based inequities are produced through urban-normative policy and resource allocation. Primary data were analyzed using reflexive thematic analysis. Four substantive themes emerged: transport dependency and accessibility constraints that structurally exclude lower-income and disabled trainees; housing displacement driven by the tourist economy, which compounds financial insecurity; an “employment precarity problem” where localized primary school oversaturation coexists with secondary teacher shortages; and cultural and professional isolation that disproportionately impacts ethnically diverse trainees in demographically homogeneous communities. The research further identifies that community resilience, while enabling individuals to navigate structural barriers, can obscure infrastructural inadequacy and diminish impetus for systemic policy reform. This paper contributes to international scholarship on spatial justice and rural teacher education by presenting an integrated conceptual framework with transferable relevance to similar rural-coastal and peripheral contexts globally and by offering policy recommendations for place-weighted ITT funding, infrastructure investment in educationally isolated areas, and the development of collaborative provider models. Full article

The purpose of this study is to examine the relationship between digital transformation, employee engagement, and turnover intention, with particular emphasis on the mediating role of employee engagement. Using a quantitative research design, data were collected from 240 employees working in public and private sector organizations in Saudi Arabia. Structural Equation Modelling (SEM) was employed to examine the proposed relationships. The findings reveal that employee engagement serves as a significant mediator in the relationship between digital transformation and turnover intention. Specifically, employees reporting higher levels of engagement are less likely to express intentions to leave their organizations during periods of technological change. In contrast, the direct relationship between digital transformation and turnover intention was not statistically significant, indicating a full mediation mechanism. These findings contribute to the literature by enhancing understanding of the human and organizational dimensions of sustainable digital transformation, particularly within emerging economies. The results suggest that the success of digital transformation initiatives depends not only on technological investments but also on fostering employee engagement to support workforce sustainability and long-term organizational resilience. By promoting engagement, organizations can strengthen employee retention, maintain workforce stability, and support sustainable organizational performance during periods of digital change. Consequently, the study highlights employee engagement as a critical mechanism for achieving both digital transformation objectives and broader sustainability goals related to human capital development, employee well-being, and sustainable organizational growth. Full article

Traditional olive groves are widely recognised as providers of landscape, environmental and cultural public goods in Mediterranean rural areas, but their long-term economic viability remains uncertain. This study assesses the income gap between traditional, intensive and super-high-density (SHD) olive-growing systems in a representative hill olive-growing area in Tuscany (central Italy), characterised by physical and structural conditions typical of traditional Mediterranean systems. Using a discounted cash-flow framework, the analysis compares long-term financial performance through standard investment appraisal indicators and uses the Equivalent Annual Value (EAV) as a policy-relevant benchmark for calibrating support. The results reveal a clear structural divergence: while intensive and SHD systems achieve higher profitability and faster capital recovery, the traditional system exhibits a persistent income disadvantage under market conditions. The estimated EAV gap amounts to approximately 950 €/ha relative to the intensive system and 3104 €/ha relative to the SHD system—values that represent the additional annual support required to preserve traditional olive groves and prevent abandonment. These values can also be interpreted as the annual private opportunity cost of maintaining traditional olive landscapes rather than converting them to more financially competitive systems. Break-even analysis further shows that the traditional system requires an oil price of at least 9.6 €/kg to achieve economic viability without public support, compared to 6.97 €/kg and 4.13 €/kg for the intensive and SHD systems, respectively. The findings highlight a structural misalignment between private profitability and social value, suggesting that the conservation of traditional olive landscapes cannot rely on market mechanisms alone and requires targeted, evidence-based policy instruments. Full article

The construction sector operates under conditions of high capital intensity, project complexity, cost uncertainty, fragmented supply chains, and increasing pressure to improve efficiency, sustainability, and long-term competitiveness. Although prior research has emphasized the importance of organizational resources and knowledge-based capabilities for competitive advantage, fewer empirical studies have examined how internal capacities, intellectual capital, and knowledge sharing jointly explain sustainable competitive advantage in construction companies. Drawing on the resource-based view, the knowledge-based view, and the dynamic capabilities perspective, this study examines the effects of marketing capacity, financial capacity, innovative capacity, management capacity, human capacity, human capital, structural capital, relational capital, and knowledge sharing on sustainable competitive advantage in the construction sector. Survey data were collected from 306 employees working in construction companies in the Republic of Serbia and analyzed using confirmatory factor analysis and covariance-based structural equation modeling. The measurement model demonstrated satisfactory reliability, convergent validity, and discriminant validity. The structural results indicate that financial capacity is the only significant internal capacity predicting sustainable competitive advantage, while relational capital is the only significant dimension of intellectual capital. Marketing capacity, innovative capacity, management capacity, human capacity, human capital, structural capital, and knowledge sharing did not show significant direct effects. The study contributes to research on sustainable competitive advantage by showing that, in construction companies, competitiveness is most strongly associated with financial robustness and stakeholder-based relational strength. For managers, the findings highlight the importance of strengthening liquidity, investment capacity, risk absorption, and long-term relationships with clients, suppliers, subcontractors, and institutional stakeholders. Full article

Decarbonizing heavy-duty road transport requires comparing zero-emission options to guide infrastructure investments along strategic corridors. This study develops a scenario-based techno-economic model to evaluate hydrogen fuel cell trucks (HFCTs) and battery electric trucks supported by dynamic wireless power transfer (DWPT) on a 100 km segment of Italy’s A4 motorway in 2030 and 2050 scenarios. The framework integrates traffic flows, vehicle archetypes, infrastructure sizing, and end-to-end energy chains (power-to-hydrogen-to-wheel for hydrogen and grid-to-wheel for WPT) to estimate capital and operating costs, efficiencies, and energy demand. Results show that hydrogen refueling infrastructure requires lower initial investment (approximately €60 million CAPEX and €20 million annual OPEX) than wireless charging systems (€80 million CAPEX and €15 million OPEX). However, WPT achieves significantly higher grid-to-wheel efficiency (96% vs. 62%) and lower per-vehicle energy demand (18 MWh/year vs. 25 MWh/year). These findings highlight a fundamental trade-off: hydrogen solutions offer operational flexibility and are better suited to long-haul or low-density contexts, while WPT systems are more efficient and become increasingly competitive in high-traffic corridors with high infrastructure utilization. Overall, the results suggest that no single technology universally dominates and that optimal deployment depends on traffic density, infrastructure usage, and system integration. A combined implementation of hydrogen and wireless charging technologies may provide the most effective pathway to balance efficiency, flexibility, and cost in future heavy-duty transport systems. Full article

Environmental sustainability disclosure has become increasingly critical as climate risks intensify and regulatory and investor demands for transparent, decision-useful information continue to grow. It plays a key role in reducing information asymmetry and supporting capital allocation, risk assessment, and regulatory oversight. However, prior studies predominantly rely on aggregated ESG indicators and linear models, which often fail to capture the structural heterogeneity and nonlinear relationships inherent in environmental data. This study develops a machine learning-based analytical framework to examine environmental disclosure using corporate data from the Taiwan Economic Journal (TEJ) from 2022 to 2024. A polarized sampling design is employed by selecting firms in the top and bottom 20% of ESG performance to identify and compare the distinctive disclosure characteristics of companies with high versus low environmental performance. Five models are evaluated using Accuracy, Precision, Recall, F1-score, and AUROC. The results show that ensemble models outperform traditional approaches, with CatBoost achieving the most robust performance. Feature importance analysis reveals a concentrated structure dominated by carbon emissions, energy efficiency, and waste management, while the importance of renewable energy variables increases over time. These findings highlight the nonlinear and multidimensional nature of environmental disclosure and demonstrate the value of machine learning in enhancing environmental sustainability analysis, investment decision-making, and regulatory effectiveness. As this study is based on a single-country dataset (Taiwan), future research may incorporate cross-country datasets to improve external validity. Full article

While rapid digital transformation has significantly optimized sectors such as finance and e-commerce, maintenance management in industrial environments has historically received lower levels of technological and capital investment. This lag creates critical gaps in operational efficiency and asset longevity, particularly within renewable energy infrastructures where sustainability and resilience are paramount. Addressing this technological disparity is essential for minimizing ecological footprints and maximizing the viability of net-zero systems. This paper introduces an advanced multi-platform digital solution designed to optimize the operation and maintenance of renewable energy systems and smart infrastructures. The platform addresses traditional management gaps by implementing standardized protocols that integrate real-time remote monitoring, sensor networks, and cloud-based data acquisition. By centralizing historical and real-time data from solar, wind, and hybrid grids, it facilitates advanced analytics, such as predictive modeling of component degradation. Real-world validation across photovoltaic plants and wind farms demonstrates significant impacts: a 30% reduction in unplanned outages and a 20% to 25% decrease in operational and maintenance costs. The results confirm that digitalizing maintenance processes is a strategic pillar for the energy transition, aligning industrial performance with global low-carbon pathways. Full article

Recirculating organic byproducts like food waste, wastewater and manure efficiently and at scale in a circular bioeconomy will be critical to ensuring future food security, energy security, climate resilience, water security and environmental health. Ultimately, we will not be able to live within the safe operating space of our planetary boundaries if we do not stop our wasteful and inefficient habits. Our food, waste, energy and water sectors are starting to transform towards circularity, driven by a diverse range of drivers, from net zero emissions targets, to food waste policies, and to rising fertiliser prices and geopolitical risks. However, these sectors are often not transforming in a coordinated manner, risking unintended consequences like competition between end-uses, technology lock-in, the prevention of scalability, or failure to achieve key sustainability targets, causing rebound effects. For example, society’s organic waste is being earmarked for the production of bioenergy, sustainable aviation fuels, biomaterials, and biofertilisers; however, it is not clear if there will be a sufficient supply of organic waste to meet these diverse demands. Phosphorus flow analyses indicate that we will need to secure almost all of the nutrients in organic waste as fertiliser raw material to produce food. There are some existing pockets of innovation within sectors related to food waste, water and wastewater, fertilisers and agriculture, and bioenergy. However, many initiatives are being driven by short-term challenges, are not operating at scale, or are not sufficiently integrated across sectors. In this paper, we provide examples of innovations and challenges from around the world, including Italy, Australia, Sri Lanka, the UK, Japan, and Malawi. This paper identifies a pathway to navigate tensions to achieve co-existing sustainability goals, including key enablers and barriers, ranging from overcoming regulatory fragmentation to a lack of capital investments. Creating a truly viable circular economy for organic byproducts requires the integration of policies, markets, technologies and people. This means engaging diverse stakeholders, from local councils and private waste contractors, farmers, and fertiliser companies to energy retailers and wastewater utilities, NGOs, informal collectors, and environmental regulators and policy-makers. Full article