Search Results (241)

This study examines whether audit quality enhances the value relevance of earnings and book value of equity in explaining market prices of common shares in Thailand’s emerging market. Using data from 401 non-financial firms listed on the Stock Exchange of Thailand between 2021 and 2023, we analyze 1203 firm-year observations collected from Bloomberg and company annual reports. Multiple regression results show that earnings per share (EPS), book value per share (BVPS), and audit quality measures are significantly associated with share prices. Audit quality is proxied by audit firm size, audit fees, and financial statement irregularities (Beneish M-score). Big 4 auditors increase the relevance of book value, while higher audit fees strengthen the earnings–price relationship. Conversely, firms with higher M-scores, signaling potential earnings manipulation, display weakened associations between accounting metrics and share value. These findings highlight audit quality’s role in reducing information asymmetry, reinforcing investor trust, and supporting market efficiency in a post-crisis environment. By integrating audit quality into the Ohlson valuation framework, this study contributes to the literature on audit assurance and capital market behavior in emerging economies, offering insights for investors, regulators, and managers regarding the credibility of financial reporting. Full article

This study examines the evolution of the European Union’s regulatory framework addressing energy market manipulation, focusing on recent amendments introduced by Regulation (EU) 2024/1106 (REMIT II) to the original REMIT—Regulation on Market Integrity and Transparency (EU) No. 1227/2011. Employing logical interpretation and comparative legal analysis, the paper explores the rationale and challenges of developing a proportionate yet dissuasive sanctioning regime for acts of market manipulation. The study commences with a comprehensive overview of manipulative practices within energy markets and the legal thresholds they must meet to fall under REMIT. A critical evaluation of the role of the European Union Agency for the Cooperation of Energy Regulators (ACER) is conducted, with particular attention to its updated guidelines following the revision of the REMIT regulation. A particular emphasis is placed on the evidentiary standard that is required to establish manipulation, a matter of particular significance in the context of enforcement. The comparative section analyses REMIT and REMIT II, identifying significant legal innovations and the regulatory intent behind them. The study highlights the need for enhanced legislative harmonization among Member States and strengthened coordination among national regulators under ACER. It is noteworthy that Romania has proactively aligned its policies with those of REMIT II, a development that is presented as a case study and a call for more widespread implementation. This analysis contributes to the existing body of knowledge in academic discourse since this topic has not been widely covered in the literature, despite the heightened relevance of energy market regulation in the current European context. Full article

As environmental conservation and community development gain importance, ecotourism has emerged as a significant segment of the global tourism industry. However, the cultural factors that drive tourist behavior in this domain remain underexplored. This research examined how power distance belief (PDB), interacts with the type of tourism content shared on social media (conspicuous versus experiential) to influence travelers’ ecotourism intentions. To test our hypotheses, we conducted two experimental studies using a 2 (PDB: high vs. low) × 2 (tourism content type: conspicuous vs. experiential) between-subjects design. Participants for both experiments (N = 480) were recruited through an online survey platform. In the experiments, participants’ PDB was situationally primed, and tourism content type was manipulated using specifically created fictitious posts adapted from a real social media platform. Other key variables were measured using validated multi-item scales. Data were analyzed using analysis of variance (ANOVA) and moderated mediation analysis (PROCESS Model 15). The findings reveal that travelers with high PDB show higher ecotourism intentions when exposed to conspicuous content, whereas travelers with low PDB exhibit higher intentions when exposed to experiential content. This interactive effect is mediated by travelers’ social comparison motives. These findings offer novel insights into the motivations underlying ecotourism behavior by identifying distinct pathways through which social media can promote sustainable tourism behaviors, and provide practical guidance for eco-destination managers to design targeted marketing strategies that encourage sustainable tourism practices across different consumer segments. Full article

This study investigates the psychological and emotional mechanisms underlying women’s reactions to breast cancer awareness advertisements through the dual lens of Protection Motivation Theory (PMT) and neuromarketing methods, addressing a gap in empirical research on the integration of biometric and cognitive approaches in health marketing. Utilizing a lab-based experiment with 78 women aged 40 and older, we integrated Facial Expression Analysis using Noldus FaceReader 9.0 with semi-structured post-exposure interviews. Six manipulated health messages were embedded within a 15 min audiovisual sequence, with each message displayed for 5 s. Quantitative analysis revealed that Ads 2 and 5 elicited the highest mean fear scores (0.45 and 0.42) and surprise scores (0.35 and 0.33), while Ad 4 generated the highest happiness score (0.31) linked to coping appraisal. Emotional expressions—including fear, sadness, surprise, and neutrality—were recorded in real time and analyzed quantitatively. The facial analysis data were triangulated with thematic insights from interviews, targeting perceptions of threat severity, vulnerability, response efficacy, and self-efficacy. The findings confirm that fear-based appeals are only effective when paired with actionable coping strategies, providing empirical support for PMT’s dual-process model. By applying mixed-methods analysis to the evaluation of health messages, this study makes three contributions: (1) it extends PMT by validating the emotional–cognitive integration framework through biometric–qualitative convergence; (2) it offers practical sequencing principles for combining threat and coping cues; and (3) it proposes cross-modal methodology guidelines for future health campaigns. Full article

Unregulated herbal products marketed via digital platforms present escalating risks to consumer safety and regulatory effectiveness worldwide. This study positions the case of Jindamanee herbal powder—a banned substance under Thai law—as a lens through which to examine broader challenges in digital health governance. Drawing on a dataset of 1546 product listings across major platforms (Facebook, TikTok, Shopee, and Lazada), we applied Latent Dirichlet Allocation (LDA) to identify prevailing promotional themes and compliance gaps. Despite explicit platform policies, 87.6% of listings appeared on Facebook. Medical claims, particularly for pain relief, featured in 77.6% of posts, while only 18.4% included any risk disclosure. These findings suggest a systematic exploitation of regulatory blind spots and consumer health anxieties, facilitated by templated cross-platform messaging. Anchored in Information Manipulation Theory and the Health Belief Model, the analysis offers theoretical insight into how misinformation is structured and sustained within digital commerce ecosystems. The Thai case highlights urgent implications for platform accountability, policy harmonization, and the design of algorithmic surveillance systems in global health product regulation. Full article

This study examines the Enron collapse through an integrated theoretical framework combining the financial saturation paradox with the dynamics of a naturally occurring Ponzi process. The central objective is to evaluate whether endogenous market mechanisms—beyond managerial misconduct—played a decisive role in the emergence and breakdown of the Enron stock bubble. A logistic-growth-based saturation model is formulated, incorporating positive feedback effects and bifurcation thresholds, and applied to Enron’s stock price data from 1996 to 2001. The computations were performed using LogletLab 4 (version 4.1, 2017) and Microsoft^® Excel^® 2016 MSO (version 2507). The model estimates market saturation ratios (P/Pp) and logistic growth rate (r), treating market potential, initial price, and time as constants. The results indicate that Enron’s share price approached a saturation level of approximately 0.9, signaling a hyper-accelerated, unsustainable growth phase consistent with systemic overheating. This finding supports the hypothesis that a naturally occurring Ponzi dynamic was underway before the firm’s collapse. The analysis further suggests a progression from market-driven expansion to intentional manipulation as the bubble matured, linking theoretical saturation stages with observed price behavior. By integrating behavioral–financial insights with saturation theory and Natural Ponzi dynamics, this work offers an alternative interpretation of the Enron case and provides a conceptual basis for future empirical validation and comparative market studies. Full article

Kiwifruit (Actinidia spp.) is a globally important economic fruit with high nutritional value. Fruit peelability, defined as the mechanical ease of separating the peel from the fruit flesh, is a critical quality trait influencing consumer experience and market competitiveness and has emerged as a critical breeding target in fruit crop improvement programs. The present review systematically synthesized existing studies on kiwifruit peelability, and focused on its evolutionary trajectory, genotypic divergence, quantitative evaluation, possible underlying mechanisms, and artificial manipulation strategies. Kiwifruit peelability research has advanced from early exploratory studies in New Zealand (2010s) to systematic investigations in China (2020s), with milestones including the development of evaluation metrics and the identification of genetic resources. Genotypic variation exists among kiwifruit genera. Several Actinidia eriantha accessions and the novel Actinidia longicarpa cultivar ‘Guifei’ exhibit superior peelability, whereas most commercial Actinidia chinensis and Actinidia deliciosa cultivars exhibit poor peelability. Quantitative evaluation highlights the need for standardized metrics, with “skin-flesh adhesion force” and “peel toughness” proposed as robust, instrument-quantifiable indicators to minimize operational variability. Mechanistically, peelability is speculated to be governed by cell wall polysaccharide metabolism and phytohormone signaling networks. Pectin degradation and differential distribution during fruit development form critical “peeling zones”, whereas ethylene, abscisic acid, and indoleacetic acid may regulate cell wall remodeling and softening, collectively influencing skin-flesh adhesion. Owing to the scarcity of easy-to-peel kiwifruit cultivars, artificial manipulation methods, including manual peeling benchmarking, lye treatment, and thermal peeling, can be employed to further optimize kiwifruit peelability. Currently, shortcomings include incomplete genotype-phenotype characterization, limited availability of easy-peeling germplasms, and a fragmented understanding of the underlying mechanisms. Future research should focus on methodological innovation, germplasm development, and the elucidation of relevant mechanisms. Full article

Although carbon emissions trading systems are universally acknowledged as one of the most potent policy instruments for counteracting hazardous climate trends, and digitalization is seen as a favorable technological means to promote corporate green and low-carbon transformation, few studies have investigated the dark side of both. Using data on Chinese listed companies from 2011 to 2020 and adopting a multi-period DID methodology, this research reveals that, in response to the carbon emissions trading system, firms often adopt low-cost, strategic environmental governance behaviors—namely, carbon washing—to reduce compliance costs and maintain their reputation and image. Furthermore, the study reveals that the information advantages of digital transformation create conditions for the opportunistic manipulation of carbon disclosure. Digitalization amplifies the positive influence of the carbon trading system on corporate carbon washing behavior. Mechanism analysis confirms that the carbon emissions trading system increases the production costs of regulated firms, thereby increasing their carbon washing behavior. Economic consequence analysis confirms that firms engage in carbon washing to gain legitimacy and maintain their reputation and image, which may allow them to obtain opportunistic benefits in the capital market. Finally, this study suggests that the government should adopt supplementary policy tools, such as environmental subsidies, enhanced use of digital technologies to strengthen regulatory capacity, and increased media oversight, to mitigate the unintended consequences of the carbon trading system on corporate behavior. Full article

Yeast genetic improvement is entering a transformative phase, driven by the integration of artificial intelligence (AI), big data analytics, and synthetic microbial communities with conventional methods such as sexual breeding and random mutagenesis. These advancements have substantially expanded the potential for innovative re-engineering of yeast, ranging from single-strain cultures to complex polymicrobial consortia. This review compares traditional genetic manipulation techniques with cutting-edge approaches, highlighting recent breakthroughs in their application to beer and wine fermentation. Among the innovative strategies, adaptive laboratory evolution (ALE) stands out as a non-GMO method capable of rewiring complex fitness-related phenotypes through iterative selection. In contrast, GMO-based synthetic biology approaches, including the most recent developments in CRISPR/Cas9 technologies, enable efficient and scalable genome editing, including multiplexed modifications. These innovations are expected to accelerate product development, reduce costs, and enhance the environmental sustainability of brewing and winemaking. However, despite their technological potential, GMO-based strategies continue to face significant regulatory and market challenges, which limit their widespread adoption in the fermentation industry. Full article

Droplet microfluidics has emerged as a transformative technology that can substantially increase the throughput of antibody “hit” discovery. This review provides a comprehensive overview of the recent advances in this dynamic field, focusing primarily on the technological and methodological innovations that have enhanced the antibody discovery process. This investigation starts with the fundamental principles of droplet microfluidics, emphasizing its unique capabilities for precisely controlling and manipulating picoliter-volume droplets. This discussion extends to various assay types employed in droplet microfluidics, including binding assays, functional assays, Förster Resonance Energy Transfer (FRET) assays, internalization assays, and neutralization assays, each offering distinct advantages for antibody screening and characterization. A critical examination of methods to improve droplet encapsulation is presented, besides addressing challenges such as reducing the leakage of small molecules from droplets and explaining what a “hit” droplet looks like. Furthermore, we assess design considerations essential for implementing high-throughput fluorescence-activated droplet sorting (FADS) workstations and emphasize the need for automation. This review also delves into the evolving commercial landscape, identifying key market players and emerging industry trends. This review paper aims to catalyze further research and innovation, ultimately advancing the field towards more efficient and robust solutions for antibody identification and development. Full article

This study investigates how managers choose between alternative earnings management mechanisms among syndicated loan borrowers. Specifically, it examines the trade-off between accrual-based earnings management (AEM) and real activities manipulation (RAM) during the period leading up to syndicated loan origination. The study also explores whether lender monitoring mechanisms influence subsequent earnings management behavior. The syndicated loan market, positioned between the private and public fixed income markets, offers a distinctive context for analyzing these strategic decisions. Using a propensity score-matched sample of syndicated and bilateral loans issued between 1989 and 2005, the study finds that firms obtaining syndicated loans are more likely to engage in earnings manipulation beforehand, relying more heavily on AEM than on RAM. Further analysis reveals that monitoring mechanisms—such as lender reputation, the number of syndicate members, loan size, and loan maturity—are significantly associated with future changes in AEM but show a weaker relationship with changes in RAM. Full article

The Phalaenopsis genus, a horticulturally vital group within the Orchidaceae, dominates global floriculture markets through strategic cultivar innovation, scalable propagation, and data-driven cultivation. This review systematically examines the breeding, propagation, cultivation management, and potential applications of Phalaenopsis while providing insights into future research directions. The main contents include the following: Breeding innovations—This review outlines the taxonomy of the Phalaenopsis genus and highlights its intergeneric hybridization potential, which offers vast opportunities for developing novel horticultural varieties. By establishing clear breeding objectives, researchers employ diverse breeding strategies, including conventional crossbreeding and biotechnological approaches (e.g., mutation breeding, ploidy manipulation, genetic transformation, and CRISPR/Cas9 editing). Propagation and cultivation management—Analyses of Phalaenopsis tissue culture protocols covering explant selection, media optimization, and regeneration systems are summarized. Key factors for efficient cultivation are discussed, including temperature, light, water, nutrient management, cultivation medium selection, and integrated pest/disease management. Scientific environmental control ensures robust plant growth, synchronized flowering, and high-quality flower production. Emerging applications—Phalaenopsis exhibits promising applications in functional bioactive compound extraction (e.g., antioxidants and antimicrobial agents). This review summarizes current advancements in Phalaenopsis breeding, cultivation, and potential applications. Based on technological progress and market demands, future research directions are proposed to support the sustainable development of the Phalaenopsis industry. Full article

Fermentation is a promising food processing technique that has been used throughout history for its role in food preservation, the enhancement of nutritional content, and improvement of sensory attributes. Beyond the primary probiotic benefits, microorganisms in fermented foods play a functional role in increasing nutrient bioavailability, exhibiting antimicrobial properties, producing bioactive compounds, and removing antinutritional factors. This review explores microbial diversity and its role in the production of fermented foods across different regions of the world through a dynamic market analysis. It also highlights recent biotechnological advancements in fermentation, specifically the use of omics, multi-omics, and precision fermentation. Omics technologies have been found to provide a deeper insight into microbial diversity, deciphering their metabolic pathways and functional interactions, whereas precision fermentation is being used for the manipulation of microbial processes to optimize the fermentation process and produce the desired attributes in fermented foods. Various sustainable substrates have also been used in the production of fermented foods, apart from the conventional ones. Interestingly, this review discusses the growing role of artificial intelligence, machine learning, and the Internet of Things in food fermentation, focusing on their potential to optimize processes, predict microbial interactions, and improve quality control, supported by relevant successful examples. The review also examines the current challenges faced by the fermented food industry, offering various mitigation strategies to overcome these obstacles. Possible future prospects are also explored. Through a combination of traditional methods and modern biotechnological innovations, functional fermentation is bound to transform the global food industry. Full article

This study examines the relevance of the Fraud Pentagon Theory in detecting fraudulent financial reporting among companies listed on the Bucharest Stock Exchange. While financial reporting is essential for informed stakeholder decisions, requiring information to be accurate, reliable, and fairly presented and pressure to meet expectations can lead to manipulation. The Fraud Pentagon Theory identifies five potential drivers of such behavior: pressure, opportunity, rationalization, capability, and arrogance. This research contributes to the literature by empirically testing the theory in the Romanian context, an emerging market with limited prior analysis, using a sample of 62 listed companies over the 2017–2021 period. Regression analysis was applied, using the Dechow F-score, which combines accrual quality and financial performance to assess the likelihood of fraudulent financial reporting. The findings reveal that not all dimensions of the theory significantly affect the likelihood of fraudulent reporting. Specifically, pressure-related factors (financial performance and financial stability) were found to be statistically significant, while external pressure, opportunity (external auditor quality and nature of industry), rationalization (change of auditor), capability (change of director), and arrogance (number of CEO’s pictures) did not show significant influence in the Romanian framework. These results highlight the importance of contextual factors such as market structure, governance practices, and stakeholder expectations, suggesting that fraudulent reporting risk indicators may vary across different economic environments. Full article

This paper introduces a novel three-dimensional financial risk system that exhibits complex dynamical behaviors, including chaos, multistability, and a butterfly attractor. The proposed system is an extension of the Zhang financial risk model (ZFRM), with modifications that enhance its applicability to real-world economic stability assessments. Through numerical simulations, we confirm the system’s chaotic nature using Lyapunov exponents (LE), with values calculated as $L_1=3.5547,$ $L_2=0,$ $L_3=-22.5642$, indicating a positive Maximal Lyapunov Exponent (MLE) that confirms chaos. The Kaplan–Yorke Dimension (KYD) is determined as D_k = 2.1575, reflecting the system’s fractal characteristics. Bifurcation analysis (BA) reveals parameter ranges where transitions between periodic, chaotic, and multistable states occur. Additionally, the system demonstrates coexisting attractors, where different initial conditions lead to distinct long-term behaviors, emphasizing its sensitivity to market fluctuations. Offset Boosting Control (OBC) is implemented to manipulate the chaotic attractor, shifting its amplitude without altering the underlying system dynamics. These findings provide deeper insights into financial risk modeling and economic stability, with potential applications in financial forecasting, risk assessment, and secure economic data transmission. Full article