Search Results (494)

With the rapid integration of distributed energy resources, achieving a balance between economic efficiency and environmental sustainability in multi-microgrid (MMG) systems is critical. However, existing studies typically treat microgrid operators as fully compliant entities. They often neglect the “trust-risk” dimension along with potential default behaviors in decentralized markets. This paper proposes a novel co-optimized scheduling model for urban MMG systems, centered on a unified “Social–Economic–Physical” coupling framework. To ensure transaction integrity, a robust reputation evaluation framework is developed using Root Mean Square Error (RMSE), mean absolute error (MAE), plus Dynamic Time Warping (DTW). This framework effectively identifies fraudulent data or contractual breaches. Furthermore, to enhance fairness while promoting decarbonization, the model integrates a dynamic network pricing strategy based on the Shapley value. It works alongside a reputation-weighted reward–penalty step-type carbon trading scheme. The proposed model is formulated as a mixed-integer linear programming (MILP) problem and solved using MATLAB R2025b with CPLEX 12.10. Simulation results demonstrate that the integrated approach significantly optimizes system performance. Total carbon emissions are reduced by 49.6 tons. Meanwhile, revenues for the MMG Alliance, individual microgrids, and shared energy storage operators increase by 4.08% to 33.00%. The proposed framework provides a practical governance solution for Smart City multi-microgrid systems, effectively addressing the “trust-risk” challenge in decentralized urban energy markets. The findings validate that the proposed mechanism effectively fosters a trustworthy trading environment, achieving a “win-win” outcome for economic profitability and urban energy resilience. Full article

This paper examines whether CEO green experience shapes firms’ responses to China’s environmental protection tax (EPT) under the 2018 “fee-to-tax” reform. Using a panel of Chinese A-share listed firms from 2013 to 2023, we construct a firm–year measure of the effective environmental payment burden by harmonizing pollution discharge fees (pre-2018) with EPT payments (post-2018) and scaling by operating revenue. This measure is intended to capture firm-level response patterns under the EPT regime, rather than represent firms’ underlying environmental outcomes directly. CEO green experience is measured through keyword-based text analysis and manual verification of publicly available CEO résumés and coded as an indicator variable. Employing a two-way fixed effects framework with firm and year fixed effects and firm-clustered standard errors, we find that firms led by green-experienced CEOs exhibit a significantly lower effective EPT burden. Mechanism tests suggest that environmental information disclosure—proxied by the issuance of a standalone environmental report—serves as an important channel in this relationship: green-experienced CEOs are more likely to promote environmental reporting, which is associated with a lower effective tax burden. A battery of robustness checks, including alternative measures of CEO green experience and restricting the sample to the post-2018 period, supports the stability of the main results. Heterogeneity analyses further suggest that the association is stronger among highly educated CEOs, large firms, and firms in heavily polluting industries. The findings highlight the role of executive characteristics and disclosure institutions in shaping firm-level responses to market-based environmental regulation. Full article

To promote the sustainable development of power battery recycling, this study investigates the strategic interplay between altruistic preferences and channel structure. Addressing divergent interests and the dynamic evolution of recycling scale and brand reputation, a differential game model with two state variables is constructed to analyze four decision modes: resale/agency under selfish/altruistic scenarios. The results reveal that altruistic preferences induce Pareto improvements, reconciling the recycler’s utility with the partner’s profit growth. Notably, altruism acts as a moderating mechanism that reshapes channel advantages, enabling the Resale–Altruistic (RA) mode to surpass the agency mode as the system-wide optimal state. Furthermore, a substitutive compensation effect between altruistic preference and revenue-sharing contracts is identified. This research provides a quantitative framework for optimizing behavioral contract design and governance in battery recycling ecosystems. Full article

The rapid growth of renewable energy and the inherent volatility of wind power grid integration have imposed stringent requirements on power system security and economic operation. To address this challenge, energy storage systems (ESSs) are widely adopted as flexible regulation tools; however, their high capital costs make the shared energy storage model a more efficient and viable solution. This paper proposes an optimal configuration model for wind farms participating in shared energy storage (SES) based on cooperative game theory. First, integrating wind power output forecasting data and market electricity price information, a wind-storage combined optimization model accounting for wind power uncertainty is first established. Subsequently, a core pricing strategy integrating the core allocation rule with the Vickrey–Clarke–Groves (VCG) auction mechanism is proposed to realize the fair allocation of energy storage resources and effective revenue incentives. Finally, comparative experiments between the proposed core pricing mechanism and the fixed pricing mechanism verify its superiority in terms of social welfare, budget balance, and allocation fairness. The results demonstrate that the proposed mechanism not only enhances the overall social benefits of the wind-storage system but also effectively ensures the incentive compatibility of all participants and the stability of the alliance, providing feasible theoretical and methodological support for the economic dispatch of wind-farm-shared energy storage. Full article

Against the background of carbon neutrality, the government’s carbon regulations have had a profound impact on the distributed energy sharing behavior of industrial parks. To deeply explore the interactive relationship between distributed energy sharing in industrial parks and government regulation, this paper constructs a three-party evolutionary game model composed of the government, core enterprises and supporting enterprises; endogenizes government behavior; and integrates inter-enterprise contractual mechanisms into the evolutionary framework. By establishing a revenue payment matrix and a replication dynamic equation, the stability conditions and system evolution paths of the strategy choices of each subject are analyzed, and numerical simulations are conducted. The results show that there are multiple evolutionary stable equilibria in the system, among which the equilibrium where core enterprises actively share, supporting enterprises actively share, and the government actively regulates carbon is the ideal state. Cost-sharing contracts and cooperative penalty contracts play a significant role in promoting the participation of supporting enterprises in sharing and curbing “free-riding” behavior, respectively. The changes in government subsidy rates and carbon tax rates have a crucial impact on the evolution of corporate strategies. Quantitatively, the carbon tax rate exhibits a threshold effect; enterprises shift to positive energy sharing when the tax rate exceeds 0.8, while a subsidy rate above 0.4 leads the government to withdraw from regulation. This indicates that a reasonable design of carbon regulations can help achieve coordinated energy emission reduction between the government and enterprises. The findings provide theoretical support for optimizing carbon regulations and designing cooperation strategies. Full article

The rapid rise of live-streaming e-commerce has fostered a new “content clipping” model, in which secondary creators edit and republish anchors’ live-streaming content to promote product sales. While this model can expand market reach and enhance revenue, it also introduces copyright disputes, regulatory challenges, and profit-sharing conflicts among platforms, anchors, and secondary creators. This study develops a three-party evolutionary game model to examine strategic choices regarding platform regulation, anchor authorization, and secondary content creation. Results reveal that excessive regulation may undermine equilibrium and profitability, while appropriate authorization can balance risk and reward. Secondary creators’ participation is sensitive to commission rates and cost–benefit trade-offs. This research contributes to the literature by integrating copyright governance into live-streaming e-commerce game theory and offers actionable insights for designing regulatory mechanisms, optimizing authorization policies, and fostering sustainable multi-party collaboration. Full article

Against the growing global focus on green development, government subsidies are widely recognized as a crucial policy tool to promote firms’ green transformation. In competitive markets, green investment decisions are jointly shaped by supply chain power structures, and different research and development (R&D) leadership can yield distinct policy outcomes. This study develops a Bertrand competition model of a green supply chain with one manufacturer and two competing retailers, comparing two structures: manufacturer-led R&D (SM) and retailer-led R&D (SR). We examine how these policies affect pricing decisions, product greenness, and revenues. Under the retailer-led R&D, a green cost-sharing ratio is introduced to capture the interaction between internal coordination and government support. The results show that subsidy effects depend on consumer green awareness. When green awareness is low, subsidies mainly raise prices through cost pass-through. When green awareness is high, subsidies can lower prices by stimulating demand. In addition, the interaction between subsidy intensity and cost sharing leads to non-monotonic changes in retailers’ revenues. By comparing different market structures and parameter settings, we identify the conditions under which SM or SR dominates in terms of prices, product greenness, and revenues, providing guidance for more flexible green subsidy design. Full article

Managing supply chain risks is a core pillar of operational and supply chain resilience building in the global industrial chain system, which is essential for the high-quality and sustainable development of manufacturing firms. Against the backdrop of escalating global economic uncertainties and interconnected supply chain vulnerabilities, mitigating the adverse impact of supply chain risks on firms’ overseas market expansion has become a critical research and practical issue in the field of operational and supply chain risk management. Based on the textual analysis of annual reports of listed firms, this study constructs a systematic supply chain risk measurement indicator system through standardized text preprocessing, multi-dimensional feature keyword lexicon construction, context co-occurrence frequency calculation and so on. We further validate the effectiveness of the indicator system by comparing its trend with the global economic uncertainty index, confirming that it can capture firm-specific supply chain risk information effectively. Employing text analysis, this study constructs a systematic supply chain risk measurement indicator system for A-share manufacturing firms and empirically verifies that elevated supply chain risks significantly constrain their overseas market expansion. Three interrelated operational mechanisms, namely surging operating costs, tightened financing constraints, and slumping R&D investments, drive this inhibitory effect. Notably, firms can effectively offset this negative effect by broadening overseas operational scope and intensifying overseas digital and technological innovation. Heterogeneity analyses further reveal that the inhibitory effect is more pronounced for five types of firms: those with lower overseas revenue, located in less market-oriented regions, operating in upstream value chain sectors, with lower current liabilities, and with a lower degree of digital transformation. Full article

This study examined the influence of Environmental, Social, and Governance factors on the financial performance of companies listed on the Saudi Stock Exchange (Tadawul). Employing a panel data approach, the analysis covers 450 firm observations collected annually during the period 2018–2023. Financial performance is measured using Return on Assets (ROA) and Return on Equity (ROE), while ESG disclosure scores are disaggregated into their three constituent pillars. Firm size, revenue per share, and leverage are incorporated as control variables. The fixed effects regression results reveal that social factors demonstrate statistically significant positive relationships with both ROA and ROE, supporting the stakeholder theory-based perspective that strong social practices enhance operational efficiency and investor confidence. Conversely, environmental and governance factors exhibit no significant association with either financial performance metric within the study period. Leverage shows a significant negative relationship with ROA but not with ROE, while revenue per share consistently demonstrates strong positive associations with both performance measures. These findings contribute to the limited literature on ESG–performance linkages in Gulf Cooperation Council markets and offer important implications for corporate managers, investors, and policymakers seeking to advance sustainability objectives within the framework of Saudi Vision 2030. Full article

Global data center electricity demand is projected to double to 945 TWh by 2030, yet no optimization framework jointly sizes renewable generation, battery storage, hydrogen export infrastructure, and flexible computing loads within a single industrial hub. This paper develops a two-layer techno-economic workflow for an integrated renewable–hydrogen–data center hub in Yanbu Industrial City, Saudi Arabia. HOMER Pro provides baseline capacity sizing and dispatch across four scenarios; a Pyomo-based mixed-integer linear program, calibrated to within 2% of the baseline, then extends the system to include a 60 MW data center (30 MW critical, 30 MW flexible), multi-sink hydrogen allocation (domestic, ammonia, methanol), and low-grade waste heat recovery. Battery storage emerges as the dominant cost–carbon lever: its removal raises the levelized cost of electricity (LCOE) from 0.052 to 0.181 USD/kWh (+250%) and increases CO₂ emissions from 1.83 to 2763 kt/yr, a factor of 1510. The Integrated Hub reduces annualized costs by 8.2% (36.9 M USD/yr) and emissions by 28% relative to a separate-build counterfactual, driven by shared PV–battery infrastructure and hydrogen export revenues of 58.5 M USD/yr. Export demand raises the electrolyzer capacity factor from 8.65% to 24.3%, cutting the levelized cost of hydrogen from 10.5 to 6.8 USD/kg. Waste heat recovery reduces the levelized cost of heat by 17%, and co-location lowers the levelized cost of compute by 23% (from 0.055 to 0.042 USD/GPU/hr). These results provide quantitative design principles for industrial hub planners considering data center co-location in high-solar regions with hydrogen export ambitions. Full article

The goal of this paper was to develop an approach to managing the investment mechanism in an innovative financial economy, which would fit the modern era of global uncertainty. To achieve this, we conducted trend, correlation, and regression analyses of risk management in venture investing in BRICS+ based on statistics for the period of global uncertainty (2014–2025). The compiled econometric model of the effectiveness of risk management in venture investing in the innovative financial economy of BRICS+ amid global uncertainty highlighted differences in approaches to managing the investment mechanism in this economy, depending on the level of risk it entails. In the age of free trade, the approach involved the use of the two tools of risk management of venture investing within the state management of an innovative economy: acceleration of economic growth and energy transition. In the current age of global uncertainty, there is a need for a new approach. It is developed in this paper and involves the use of market management tools: high-tech exports and the export of intellectual property objects. The perspectives of accelerating the development of an innovative financial economy of BRICS+ in the age of global uncertainty include the revision of the approach to the management of the investment mechanism in an innovative financial economy. For this, it is recommended to increase revenues from selling rights for intellectual property objects at a higher rate compared to recent years and to make a transition to an increase in the share of high-tech exports in the structure of industrial exports. The advantages of the proprietary model include the disclosure of the poorly studied experience of developing countries, accounting for global uncertainty (in the world economy), and a larger period of empirical research of the economies of the countries of BRICS+, which encompasses 2014–2025 and ensures a fuller and more precise and reliable interpretation of the dynamics of risks of venture investing and return on the measures of risk management in these countries. Full article

This study compares two policy instruments for decarbonizing China’s seafood exports to the EU and UK over 10 years using a recursive dynamic computable general equilibrium model. One instrument applies tariff-like carbon surcharges on embedded emissions at the border. The other recognises certified low-carbon production through tiered rate reductions or exemptions. The model constructs product-level carbon cost wedges for processing electricity, aluminium packaging, and cold-chain operations, then transmits them to border prices through pass-through and to import volumes through Armington demand. These mechanisms operate inside a dynamic setting with capital accumulation, learning, and technology adoption. We evaluate processed tuna, shrimp, whitefish, and fresh tilapia to reflect differences in energy use, packaging intensity, and cold-chain reliance. Results show that certification, especially when paired with targeted domestic green finance or tax offsets, speeds adoption of cleaner power and refrigerants and preserves market share better than uniform surcharges. Effects differ between coastal and inland production hubs, supporting location-specific policy bundles. Sensitivity analysis varies carbon prices, adoption speeds, and certification coverage within stated parameter ranges. We report trade, export revenue, emissions, investment, and welfare outcomes and identify product and channel drivers of exposure. Full article

The expansion of carbon pricing instruments, such as carbon taxes and emissions trading systems (ETS), has been rapid over the last three decades. However, the global quantitative evidence is often presented in descriptive reports rather than in a unified empirical framework. The present study documents the long-run co-evolution between three factors: firstly, the global diffusion of carbon pricing mechanisms, secondly, the share of global greenhouse gas emissions covered by an explicit carbon price, and thirdly, global carbon-pricing revenues. The present study utilises annual global time-series data spanning the period 1990–2024 (mechanisms) and overlapping samples for coverage and revenues (2005–2024; 2006–2023). Employing correlation analysis, trend modelling and robustness checks tailored to trending series, the study offers a transparent and replicable quantitative synthesis of the data. The findings suggest a robust positive long-term correlation between the number of mechanisms in operation and emissions coverage. Revenues manifest a pronounced non-linear scaling over time; nevertheless, given the aggregate nature of the dataset, the estimates are interpreted as co-movement patterns rather than causal effects of specific instruments. The paper makes a significant contribution to the field by offering a transparent and replicable quantitative synthesis of global carbon-pricing diffusion and fiscal scaling. It is important to note, however, that the paper also explicitly states the limits of causal inference and outlines panel-data extensions for future research. Full article

The state budget system in Vietnam functions within a cohesive structure that allocates financial resources between central and local governments; nevertheless, substantial disparities in socioeconomic conditions among provinces have resulted in increasing discrepancies in local budget revenue. This study, therefore, examines the impacts of fiscal decentralization policy, land utilization, urbanization, provincial competitiveness index, and human capital on local government revenue. The analysis utilizes quantitative panel-data techniques on a dataset encompassing all 63 Vietnamese provinces and municipalities from 2017 to 2022, totaling 378 observations. Econometric estimation employs pooled ordinary least squares, fixed-effects, random-effects, and viable generalized least squares models, along with diagnostic and robustness checks to mitigate unobserved heterogeneity and error dependence. The findings demonstrate statistically significant correlations between local budget revenue and five studied determinants. However, fiscal decentralization policy exerts the most significant influence on the revenue of the local government budget. The results suggest that enhancing municipal fiscal performance needs more than merely modifying revenue-sharing ratios, with significant ramifications. Full article

Background: This study revisits whether oil revenue windfalls translate into higher socio-economic welfare in oil-exporting economies and explains why oil price booms often fail to generate sustained gains in real GDP per capita. Methods: Using annual data for ten oil-exporting countries over 1990–2024, we estimate country-specific ARDL/ECM models under a unified specification. The dependent variable is log real GDP per capita, explained by log real oil prices, the log share of government expenditure in GDP, population growth, and world GDP growth, with political and devaluation dummies where relevant. Results: Cointegration and significant error correction terms hold for most exporters, but adjustment speeds differ sharply. Long-run oil price elasticities are heterogeneous: strongly positive in Qatar, weak or insignificant in several cases (including Azerbaijan), and negative in a post-rentier pattern (UAE/Oman). Fiscal and demographic channels emerge as systematic constraints: government expenditure shares are often negatively associated with long-run welfare, and population growth typically reduces GDP per capita. World GDP growth is generally positive but uneven in significance. Conclusions: Resource use is conditional: welfare outcomes depend on fiscal regimes, demographic pressures, and structural transformation rather than windfall size alone. Full article