Search Results (10,916)

This study investigates the unintended consequences of China’s Green Finance Reform and Innovation Pilot Zones (GFRI) on corporate financialization (CF). Leveraging a Difference-in-Differences (DID) approach and panel data of listed firms in China, we find that GFRI significantly increases firms’ financialization levels. The effect is more pronounced among firms located in eastern regions, non-state-owned enterprises, those with lower ESG ratings, and management teams lacking financial expertise. Mechanism analysis suggests that the policy’s impact is driven by short-term speculative behavior, motivated by liquidity considerations and profit-seeking incentives. These findings reveal a potential misalignment between green finance policy goals and corporate responses, highlighting the importance of designing sustainability initiatives that minimize resource misallocation and support real-sector investment. Full article

Previous survey research has documented that consumers place value on socially responsible firms. This support includes the intention to be more loyal to these firms and also the willingness to pay higher prices for their products. Our study connects the customer intentions documented in survey research with actual measures of financial performance from published financial statements. The study uses gross profits scaled by total assets as a proxy for customers’ willingness to pay higher prices and sales increases as a proxy for loyalty. Additionally, the study examines differences in the aforementioned measures between customers in the business-to-business (B2B) and business-to-consumer (B2C) segments. These differences have been documented in studies that suggest customers in these segments value different characteristics of suppliers when making their purchases. Finally, customers must be made aware of a firm’s sustainability practices; therefore, the study looks at three different approaches firms use to communicate the quality of their sustainability practices. These approaches include external assurance of the social responsibility report, the auditor’s review of the firm’s internal controls, and the firm’s advertising intensity. Data used in this study includes financial performance measures of North American firms and corporate social responsibility data from disclosures collected by the Global Reporting Initiative. Using ordinary least squares, the results suggest that customers require some sort of assurance of a company’s socially responsible disclosures when making decisions about whether to support the company. Full article

Community-based organizations are recognized as key stakeholders for public health, as their community expertise positions them to create tailored interventions to comprehensively address community needs that large-scale public health interventions may not address. The current study describes one youth-serving community-based non-profit’s approach to public health, where youth civic engagement is oriented by social justice coursework and integrated within youth participatory action research (YPAR) to engage youth in health equity efforts. The Social Determinants of Health (SDOH) framework and the Socioecological Model (SEM) were applied to student research outputs to understand student conceptualization of social issues and the subsequent interventions they suggest. This work explores the feasibility and depth of student-created interventions within each SDOH domain, identifying common themes in students’ conceptualizations of social problems and interventions to promote health equity. Suggestions for integrating SDOH frameworks into the YPAR curriculum to scaffold youth projects, identifying root causes of health disparities, and developing practical community-based solutions are provided. Full article

The study analyzed energy, environmental impact, and costs in intensive broiler production systems in the southeast of the state of Minas Gerais, Brazil, comparing scenarios with and without photovoltaic systems. Four configurations were evaluated, considering different ventilation types (positive and negative pressure) and photovoltaic generation. The Life Cycle Assessment (LCA), with a functional unit of 1 kg of live weight of chicken and a cradle-to-gate approach, indicated that photovoltaic systems reduce between 2.58 t and 4.96 t of CO₂-eq annually, in addition to offering better energy efficiency. Economically, sheds with positive pressure ventilation have the lowest cost–benefit ratios, while the feeding subsystem was the one that contributed the most to global warming, among the environmental impact categories evaluated in the LCA. Photovoltaic systems demonstrated the potential to reduce electricity costs between 19.4% and 26.5% per year. However, coffee husks used as chicken litter accounted for 36.5% of production costs, highlighting the need for more economical alternatives. It was concluded that photovoltaic systems are a viable solution to reduce environmental impacts and increase profitability, reinforcing the importance of resource-use optimization strategies in poultry farming. Full article

This study investigates the relationship between capital intensity, debt financing, and profitability in non-financial firms in Oman over the period 2012–2022. Using a robust panel dataset of 76 firms, the research explores how capital structure dynamics influence firm performance across different firm sizes and industries. The findings reveal that capital intensity significantly enhances profitability, and debt financing further strengthens this effect, with variations observed across firm size and sector. The analysis also identifies a non-linear (concave) relationship between capital intensity and profitability, indicating that while moderate capital investment improves firm performance, excessive capital accumulation may lead to diminishing returns. Larger firms, with better access to financial resources, exhibit a stronger positive relationship between debt financing and profitability, while smaller firms face more challenges due to limited access to capital. Industry-specific results indicate that capital-intensive sectors, such as Energy and Industrials, demonstrate a more pronounced effect of capital intensity on profitability compared to less capital-intensive sectors. The study also incorporates the effects of the COVID-19 pandemic, showing its significant influence on firm performance, particularly in sectors with high debt exposure. By integrating non-linear effects, firm size, industry heterogeneity, and pandemic shocks, this study provides novel insights into capital structure management in emerging economies, offering implications for both corporate decision-makers and policymakers aiming to enhance financial access and optimize debt strategies across sectors. Full article

China is developing renewable energy bases (REBs) in the desert and Gobi regions. However, the intermittency of renewable energy and the temporal mismatch between peak renewable generation and peak load demand severely disrupt the power supply reliability of these REBs. Hydrogen storage technology, characterized by high energy density and long-term storage capability, is an effective method for enhancing the power supply reliability. Therefore, this paper proposes a REB planning model in the desert and Gobi regions considering seasonal hydrogen storage introduction as well as electricity-carbon-hydrogen markets trading. Furthermore, a combination scenario generation method considering extreme scenario optimization is proposed. Among which, the extreme scenarios selected through an iterative selection method based on maximizing scenario divergence contain more incremental information, providing data support for the proposed model. Finally, the simulation was conducted in the desert and Gobi regions of Yinchuan, Ningxia Province, China, primarily verifying that (1) the REB incorporating hydrogen storage can fully leverage hydrogen storage to achieve seasonal and long-term electricity transfer and utilization. The project has a payback period of 10 years, with an internal rate of return of 13.30% and a return on investment of 16.34%, thus showing significant development potential. (2) Compared to the typical battery-involved REB, the hydrogen-involved energy storage facility achieved a 59.39% annual profit, a 10.98% internal rate of return, a 14.93% return on investment, and a 1.51% improvement in power supply reliability by sacrificing a 52.49% increase in construction cost. (3) Compared to REB planning based only on typical scenarios, the power supply reliability of REBs based on the proposed combination scenario generation method improved by 8.58%. Full article

The optimization of distillation columns is critically important due to their substantial contribution to operational costs in the petrochemical industry. This paper introduces a computationally efficient surrogate-based optimization framework designed explicitly for prefractionation columns. To address the challenges of high computational cost and model accuracy in model-based optimization, a self-adaptive Kriging model, which features automated hyperparameter tuning via Bayesian optimization, is implemented and trained using Latin hypercube sampling of historical process data. By integrating a self-adaptive Kriging model with a modified firefly algorithm, the framework efficiently identifies optimal operating conditions that maximize economic profit while adhering to operational constraints. Case studies demonstrate that the proposed framework achieves superior economic performance, increasing the average final profit by 0.17–0.31% compared to non-adaptive surrogate benchmarks. Furthermore, it is exceptionally stable, achieving a minimal relative standard deviation of only 0.037% in the final profit across 30 independent runs, significantly lower than the 0.266% and 0.237% achieved by the benchmark methods. This study provides a practical and efficient tool to optimize complex distillation columns with limited computational resources. Full article

This study examines the determinants of financial sustainability in Turkish maritime industry by analyzing firm-level panel data from 190 ship and boat maintenance firms and 208 coastal shipping companies for the 2010–2022 period, comprising 5174 firm-year observations. Fixed-effects models with Driscoll–Kraay robust standard errors are employed to evaluate how asset structure, liquidity, and energy efficiency jointly affect firm profitability across subsectors, using the Operating Return on Assets (OROA) as the principal indicator of operational performance. The empirical results indicate substantial heterogeneity between maintenance and shipping firms. For maintenance firms, OROA shows a positive association with the Non-Current Assets to Total Assets ratio (NCATA) and the Economic Efficiency Ratio (EER) but a negative association with the Current Ratio (CR), suggesting that capital deepening and operational efficiency tend to correlate with stronger performance, whereas excess liquidity is associated with weaker outcomes. For shipping firms, OROA is positively associated with EER and Total Asset Turnover (TATR) but negatively associated with Fixed Asset Turnover (FATR) and CR, indicating relationships consistent with efficiency gains from energy management and asset utilization but linkages suggesting challenges from fleet aging and liquidity mismanagement. Overall, the findings suggest that the drivers of financial sustainability are associated with different structural conditions across maritime subsectors, highlighting the importance of targeted modernization, port efficiency, and energy-transition investment strategies. Full article

Using panel data from 182 county-level cotton-growing regions in the Middle and Lower Reaches of the Yangtze River (2000–2022), this study investigates the drivers of cotton planting area contraction, focusing on the synergistic impacts of non-farm employment, agricultural policies, and their synergies, while verifying mechanisms via rural labor outflow and cotton economic returns. From a sustainability perspective, cotton planting area and output were relatively stable with fluctuations in 2000–2010, but plummeted by 80.6% and 82.8%, respectively, by 2022 (a “cliff-like” decline). Empirical results from the Spatial Durbin Model (SDM) show: (1) Non-farm employment significantly reduces local cotton cultivation and exhibits spatial spillover effects—counties neighboring or economically similar to regions with higher non-farm employment experience greater pressure for contraction; (2) This contraction is more pronounced in counties with smaller rural populations and lower cotton returns, confirming that labor scarcity and low profitability are key channels; (3) Agricultural policies exacerbate the decline: the 2005 Reward Policy for Major Grain-Producing Counties triggers cotton-to-grain substitution, while the 2014 shift from cotton temporary stockpiling to target price subsidies further accelerated the contraction of cotton cultivation in inland regions. This study contributes to understanding agricultural system transitions in the Yangtze River Basin, offering insights for optimizing sustainable planting structure adjustment and balancing food security with cash crop development under rural economic transformation. Full article

The mining industry faces the critical challenge of balancing economic profitability with environmental responsibility. Traditional mine planning models often prioritise financial gains, particularly Net Present Value (NPV), while placing less emphasis on environmental impacts, such as carbon emissions. This research presents a comprehensive multi-objective optimisation model for production scheduling in sublevel stoping operations. The model simultaneously aims to maximise NPV and minimise carbon emissions, providing a more sustainable framework for decision-making. The carbon emission objective comprehensively accounts for energy consumption across all key mining activities, including drilling, blasting, ventilation, transportation, crushing, and backfilling, using a “top-down” accounting method. The multi-objective problem is solved using the Non-dominated Sorting Genetic Algorithm II (NSGA-II), which generates a set of Pareto-optimal solutions representing the trade-off between the two conflicting goals. The model is applied to a conceptual copper deposit with 200 stopes. The results demonstrate a clear trade-off: schedules with higher NPV inevitably lead to higher carbon emissions, and vice versa. For instance, one solution yields a high NPV of $312.94 million but with 23,602 tonnes of CO₂ emissions. In contrast, another, more environmentally friendly solution reduces emissions by 26.5% to 18,647 tonnes, resulting in only a 1.21% reduction in NPV. This research concludes that integrating environmental objectives into mine planning is not only feasible but essential for promoting sustainable mining practices, offering a practical tool for operators to make informed, balanced decisions. Full article

Modern electrical vehicles (EVs) are equipped with sizable batteries that possess significant potential as energy prosumers. EVs are poised to be transformative assets and pivotal contributors to the virtual power plant (VPP), enhancing the performance and profitability of VPPs. The number of household EVs is increasing yearly, and this poses new challenges to the optimization of VPP operations. The computational cost increases exponentially as the number of decision variables rises with the increasing participation of EVs. This paper explores the role of a large number of EVs as prosumers, interacting with a VPP consisting of a photovoltaic system and battery energy storage system. To accommodate the large quantity of EVs in the modeling, this research adopts the decentralized control structure. It optimizes EV operations by regulating their charging and discharging behavior in response to pricing signals from the VPP. A two-stage optimization framework is proposed for VPP-EV operation using a reinforcement algorithm and gradient-based programming. Action masking for reinforcement learning is explored to eliminate invalid actions, reducing ineffective exploration, thereby accelerating the convergence of the algorithm. The proposed approach is capable of handling a substantial number of EVs and addressing the stochastic characteristics of EV charging and discharging behaviors. Simulation results demonstrate that the VPP-EV operation optimization increases the revenue of the VPP and significantly reduces the electricity costs for EV owners. Through the optimization of EV operations, the charging cost of 1000 EVs participating in the V2G services is reduced by 26.38% compared to those that opt out of the scheme, and VPP revenue increases by 27.83% accordingly. Full article

Within the innovation-driven development paradigm, transportation infrastructure is playing an increasingly prominent role in shaping innovative activity. This paper examines the impact of transportation infrastructure on firm innovation by exploiting the staggered expansion of China’s High-Speed Rail (HSR) network as a quasi-natural experiment. Using a difference-in-differences framework, we show that the introduction of HSR significantly increases firms’ patenting activity, and the effect remains robust across a battery of alternative specifications and checks. Mechanism analyses suggest that HSR alleviates financing constraints, facilitates the mobility of highly skilled workers, and enhances the efficiency of industry-level resource allocation, thereby fostering firm innovation. Heterogeneity analyses reveal that the effect is most pronounced among firms with stronger R&D capacity, located farther from banks, non-state-owned enterprises, and SMEs. Finally, we document that the innovation-enhancing effect of HSR translates into higher firm competitiveness and profitability, underscoring the broader economic implications of transportation infrastructure development. This study deepens understanding of the mechanisms through which transportation infrastructure shapes innovation and offers important implications for optimizing the HSR network and enhancing the efficiency of innovation resource allocation. These findings offer valuable insights into how enhancing transportation infrastructure can drive firm innovation, boost corporate competitiveness, and contribute to the coordinated and sustainable development of regional economies. Full article

The conversion of CO₂ into valuable chemicals such as formic acid offers a promising approach to reducing CO₂ emissions. This study presents a techno-economic assessment of two continuous catalytic processes for formic acid production via carbon dioxide (CO₂) hydrogenation. The processes differ in the type of nitrogenous base used, operating under either homogeneous or heterogeneous catalytic conditions. Process simulations and techno-economic evaluations were performed in SuperPro Designer^TM for a medium-scale facility with an annual CO₂ processing capacity of around 14 kMT. The homogeneous catalysis pathway demonstrated superior plant performance, producing 13.03 kMT of formic acid per year at 99.78% purity. In contrast, the heterogeneous pathway required higher capital investment and exhibited lower overall efficiency. The techno-economic analysis confirmed the economic viability of the homogeneous process, with a production cost of $1.18/kg and favorable investment indicators, whereas the heterogeneous route proved economically unattractive under the evaluated assumptions. Sensitivity analysis identified the selling price of formic acid as the most critical profitability parameter, with the homogeneous process remaining robust across varying conditions. Overall, homogeneous catalytic CO₂ hydrogenation demonstrates a technically efficient and economically promising process for the chemical transformation of CO₂, contributing to carbon management. Full article

Investment in equity assets is characterized by high volatility, both in prices and returns, which poses a constant challenge for the efficient management of risk and profitability. In this context, investors continuously seek innovative strategies that enable them to maximize their returns within acceptable risk levels, in accordance with their investment profile. The purpose of this research is to develop a model with a high predictive capacity for equity asset returns through the application of artificial intelligence techniques that integrate genetic algorithms and neural networks. The methodology is framed within a technical analysis-based investment approach, using the Relative Strength Index as the main indicator. The results show that more than 58% of the predictions generated with the proposed methodology outperformed the results obtained through the traditional technical analysis approach. These findings suggest that the incorporation of genetic algorithms and neural networks constitutes an effective alternative for optimizing investment strategies in equity assets, by providing superior returns and more accurate predictions in most of the analyzed cases. Full article

In the context of the growing adoption of alternative gas separation processes, combined with the interest in hydrogen as a fuel and energy carrier, the use of membrane technology in H₂/CH₄ purification is analyzed in this work, focusing on the techno-economic aspects. In particular, the separation and economic performance of three Pd–Ag/Si-CHA membrane plants are simulated, aiming to achieve high degrees of purity and recovery paired with cost-effective configurations. A single Pd–Ag membrane stage operating at 20 atm and 350 °C can theoretically guarantee a CH₄ concentration of 95%, while a completely pure H₂ stream leaves the plant as a permeate product. The choice of a less selective Si-CHA membrane allows a temperature reduction but implies the use of more stages to achieve the desired CH₄ target. In addition, H₂ purity does not exceed 98%. A two-stage hybrid process, in which the retentate gas leaving the Pd–Ag membrane is cooled and fed to the Si-CHA unit, is also a cost-effective solution, as feed pressure can be reduced to 10 atm with significant compression cost savings. All the configurations are able to provide positive values of economic potential (EP); however, the single Pd–Ag membrane plant is the best option since it guarantees the highest EP, net profit and net present value (NPV). Full article