Search Results (5,622)

This study examines the impact of working capital management policy (WCMP), including working capital investment policy (WCIP), working capital financing policy (WCFP), and cash holding policy (CHP) on financial distress (FD) among non-financial firms listed on the Egyptian Stock Exchange during 2010–2024. FD is proxied by the Altman Z-score, where higher values indicate lower distress risk. The study further investigates whether economic policy uncertainty (EPU) moderates the relationship between WCMP and FD. Using panel data analysis and the Fixed Effects Model, the results show that conservative WCIP and higher cash holdings significantly reduce FD risk, whereas greater reliance on short-term financing increases firms’ vulnerability to distress. The findings also reveal that EPU amplifies the effects of WCMP on FD. Overall, the study highlights the strategic importance of prudent liquidity management in enhancing firms’ financial resilience in emerging market environments characterized by macroeconomic uncertainty. Full article

Background: Isolated gallbladder injuries are rare, especially when initial imaging is normal. Advanced imaging is required to detect delayed complications. Moreover, it is necessary to make an appropriate diagnosis while selecting the most suitable treatment option. Case Presentation: A 49-year-old man fell while cycling and developed worsening abdominal pain. Initial contrast-enhanced computed tomography (CT) scans showed no abnormalities. However, the patient later developed cholangitis and cholecystitis caused by biliary obstruction from a delayed gallbladder hematoma. Magnetic resonance imaging (MRI) and magnetic resonance cholangiopancreatography (MRCP) were used to diagnose this condition. The patient was initially managed conservatively with antibiotics, which led to temporary symptomatic improvement. Notably, the patient developed a delayed recurrence of suspected acute cholangitis (Grade I) on Day 12 due to hematoma migration. After recurrence, endoscopic nasobiliary drainage was performed as a step-up approach, in accordance with the Tokyo Guidelines 2018 management bundle, to achieve biliary decompression, followed by elective laparoscopic cholecystectomy. Pathological examination revealed chronic cholecystitis with hematoma. Conclusions: Isolated gallbladder injuries should be considered in patients with blunt abdominal trauma. Delayed hematoma formation can lead to biliary obstruction, even without initial CT findings. In such cases, early implementation of MRI and MRCP, along with close clinical monitoring for delayed recurrence, is essential. A strategic “step-up approach” incorporating endoscopic drainage is a safe and effective management option prior to definitive surgery. Full article

Rural heritage villages in China face compounding pressures from heritagisation policies, tourism marketisation, and digital platform logics, which together threaten the cultural integrity of lineage-based communities. While existing scholarship has shifted from treating authenticity as a fixed property to viewing it as a negotiated construct, a critical gap persists: the literature does not explain how local actors operationally manage the simultaneous demands of external governance compliance and internal cultural continuity. Drawing on multi-sited ethnography conducted across ritual spaces, tourism settings, and digital platforms in Huizhou lineage villages (March–August 2025)—including over 30 h of in-depth interviews with 18 cultural practitioners and two years of online community ethnography (2023–2025) within Huizhou traditional village cultural liaison groups—this study examines the micro-level strategies through which communities respond to Authorized Heritage Discourse (AHD). The study introduces the concept of Versioned Governance: a community-enacted mechanism through which cultural authenticity is strategically differentiated into ritual, performative, and pedagogical versions. Through spatial partitioning, temporal staggering, and linguistic encoding, lineage groups create cultural buffer zones that mediate between sacred practice and public display without compromising ethical coherence. This framework reframes authenticity not as an essential property nor as mere negotiated perception, but as a processual and political achievement—continuously produced through the interplay of structural discipline and local agency. The findings contribute to critical heritage studies and offer practical implications for cultural land-use and heritage governance policy in non-Western rural contexts. Full article

Against the backdrop of the comprehensive advancement of the law-based governance of China and the “dual carbon” strategic goals, existing research still lacks a systematic discussion on how corporate compliance management affects ESG performance, and few studies have constructed targeted compliance management indicators from a textual perspective. To fill this research gap, this paper aims to explore the influence of corporate compliance management on ESG performance. Using Chinese A-share listed firms on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2023 as research samples, this study adopts text mining techniques, combined with a panel regression model and a mediating effect model, to construct an indicator of corporate compliance management and examine its impact on ESG performance. The empirical results show that compliance management significantly improves corporate ESG performance and functions mainly through three channels: promoting corporate green innovation, fostering corporate ethical culture, and reducing agency costs. Heterogeneity tests indicate that the positive relationship is more pronounced in state-owned enterprises and in firms with higher managerial power. Further analysis reveals that compliance management also helps reduce the divergence in ESG ratings among Chinese firms, and the construction of all dimensions of compliance management can contribute to the improvement of corporate ESG performance. These findings enrich the literature on the economic consequences of compliance management and the determinants of ESG performance and provide theoretical guidance for Chinese firms to enhance ESG performance via compliance management. Full article

This systematic literature review examines sustainability in Cultural Organizations by synthesizing findings from 88 publications published between 2015 and 2025. These publications have been identified in the Scopus and Google Scholar databases and are evaluated according to the PRISMA 2020 reporting framework. The review investigates three interrelated axes: (i) the integration of multidimensional sustainability (economic, social, environmental) into the management of cultural organizations and its alignment with the Sustainable Development Goals; (ii) digital sustainability communication strategies, with emphasis on the use of social media; and (iii) audience perception and engagement with these initiatives. Findings reveal that environmental and social dimensions dominate the literature, while economic sustainability remains underdeveloped and often only fragmentally integrated. Digital media are recognized as critical communication tools but are used primarily for information dissemination and promotion, with limited application of dialogical or participatory practices. Audience perception emerges as the least theoretically developed research area, despite its decisive role in the effectiveness of sustainability actions. Overall, this review highlights the need for holistic models that connect sustainability strategy, digital communication, and social engagement and proposes a conceptual framework that integrates these three dimensions within the strategic role of cultural organizations. Full article

As wildfires intensify globally due to climate change, accurate wildfire danger forecasting systems have become essential for effective disaster management and early warning. Fuel Moisture Content (FMC), defined as the ratio of water mass to dry fuel mass, plays a critical role in determining ignition probability and fire spread dynamics. This study conducts a comparative analysis of five major national wildfire danger rating systems: the National Fire Danger Rating System (NFDRS, USA), Canadian Forest Fire Danger Rating System (CFFDRS), European Forest Fire Information System (EFFIS), Australian Fire Danger Rating System (AFDRS), and the Korean Forest Fire Danger Rating System (KFDRS). Using a multi-criteria comparative framework, the systems were evaluated based on fuel classification structure, input variables, modeling approach, and spatiotemporal prediction resolution. The results reveal substantial disparities in spatial resolution (100 m to district-level), temporal resolution (hourly vs. daily), and fuel moisture modeling approaches (physics-based, index-based, and hybrid systems). Specifically, NFDRS and AFDRS provide high-frequency forecasting with hourly temporal resolution, operating at spatial resolutions of 1 km and 100 m, respectively, and incorporating dynamic fuel moisture modeling. In contrast, CFFDRS and KFDRS primarily rely on daily index-based predictions. Furthermore, while many global systems increasingly leverage remote sensing and machine learning for real-time FMC estimation, South Korea’s KFDRS remains predominantly empirical and weather-driven. The analysis identifies critical limitations in the KFDRS, including coarse spatial resolution (district-level), limited integration of Live Fuel Moisture Content (LFMC) modeling, and the lack of AI-augmented hybrid approaches. Accordingly, this study proposes a phased three-stage policy roadmap (2026–2035), emphasizing sensor-network expansion, AI–physics fusion modeling, and high-resolution (10 m) FMC mapping to enhance forecasting accuracy in complex terrains. These findings provide strategic insights for improving wildfire risk management and supporting the transition from reactive response to predictive wildfire forecasting under increasing climate variability. Full article

The adoption of disruptive technologies has become increasingly critical for organizations, particularly following the global shifts prompted by the COVID-19 pandemic. Despite the potential benefits, many organizations, including those in the Fast-Moving Consumer Goods (FMCG) industry, face significant hurdles in this transition. Consequently, this study aims to understand the primary challenges and enabling factors influencing the adoption of disruptive technologies for sustainable digital transformation within the South African FMCG sector. A quantitative methodology was employed, utilizing a questionnaire for data collection. Data from 102 respondents were analyzed using SPSS version 28, involving descriptive statistics (mean item score) to rank factors and exploratory factor analysis (EFA) to identify underlying constructs, and a reliability test was carried out with a score of 0.7. Key challenges identified include high initial costs and poor collaboration. Prominent enabling factors include top management commitment and operational cost reduction. The EFA revealed significant underlying challenge dimensions such as “Infrastructural and Resources Constraints” and “Human Factors Constraints,” and enabling dimensions including “Organizational Commitment and Strategy” and “Leadership.” The study concludes with key implications for promoting successful adoption. The adoption of disruptive technologies has become a strategic imperative for sustainable digital transformation (SDT), particularly in emerging markets such as South Africa’s FMCG sector. This study investigates the key challenges and enabling factors shaping technology adoption within this context. A quantitative methodology was employed, using a structured questionnaire distributed to 102 professionals across FMCG organizations in Gauteng. Exploratory factor analysis (EFA) revealed latent dimensions within both challenges and enablers, which were then interpreted through the lens of Rogers’ Diffusion of Innovation (DOI) theory. To enhance analytical clarity, a matrix model was developed linking factor dimensions to DOI attributes such as relative advantage, complexity, compatibility, trialability, and observability. The study found that high initial costs, poor collaboration, and human capability gaps significantly impede adoption, while strong leadership, strategic alignment, and operational cost savings facilitate it. The findings underscore the need for systemic interventions that address not only technical readiness but also leadership, organizational culture, and structural alignment. Practical implications are outlined for both policy and management, particularly in leveraging DOI attributes to accelerate digital transformation, as well optimize innovation diffusion within resource-constrained environments. For the future, the study proposed a hybrid methodology incorporating qualitative interviews to enhance depth and suggests longitudinal tracking to capture temporal shifts in transformation maturity. Full article

The study explores the role of management accounting education in cultivating an entrepreneurial mindset among management accountants and entrepreneurs in Zimbabwe. This study was motivated by the lack of a deep understanding of how management accounting education can contribute to the development of the entrepreneurial mindset, despite the growing importance of entrepreneurship in driving innovation and economic development. This study seeks to bridge the gap by providing insights into the intersection of accounting education and the formation of an entrepreneurial mindset in Zimbabwe. The study utilised an inductive research approach, which aligned with the interpretivist research philosophy adopted. Data for the study were collected through in-depth interviews with 11 management accountants and entrepreneurs regarding management accounting education and its role in fostering an entrepreneurial mindset and analysed using thematic analysis. The findings elucidate how management accounting education fosters entrepreneurial thinking, emphasising strategic decision-making, risk evaluation, and innovation. Participants underscored the need for courses that integrate practical skills with academic knowledge to better equip students for entrepreneurial challenges. This research study contributed to the literature by providing context-specific insights from Zimbabwe, a developing country, and thereby extending the understanding of how management accounting education shapes entrepreneurial mindset development in resource-constrained and volatile environments. Furthermore, it provides an integrated viewpoint that connects entrepreneurial thinking, experiential learning, and accounting education in the context of the Global South. This study concluded that management accounting education is essential for shaping the entrepreneurial mindset in Zimbabwe. Suggestions for improving the relevance and efficacy of accounting education in promoting entrepreneurship include changes to the curriculum and teaching methods. Full article

As large scale digitization continues to reform business processes, one critical challenge organizations are currently facing is managing the staggering amount of data flowing. Further, with large datasets comes the added complexity of insuring a cyber secure environment and shielding the information security management system (ISMS) from undesirable manipulations. Today’s drastic rise of cyberattacks urges the need for effective security frameworks to guard against unauthorized access and malicious acts impeding business operations. The latter of which compelled organizations to adopt holistic information security approaches, commonly implemented via ISMS frameworks. Further, to maintain an effective ISMS, ongoing monitoring and measurements are highly required. Considering the aforementioned points, this paper explores how organizations measure the effectiveness of their ISMS focusing on key performance indicators, metrics, and foundational components involved in information security management by categorizing metrics into governance, risk, and incident response as well as determining the maturity level based on ISO alignment, the presence, specificity and automation of KPIs. Based on empirical interviews with eight diverse organizations, the research findings reveal a wide range of maturity among organizations, from those lacking clear defined KPIs to those with sophisticated multi-layered systems. While special attention is paid to incident-response management, companies with a strong ISMS stand out because they use automated and proactive metrics for strategic reporting, whereas companies with a weaker ISMS often do not have organized KPIs and depend on random manual audits. Based on these results, the present work suggests an analysis framework for evaluating ISMS effectiveness. While previous studies have struggled to define clear ISMS measurement practices, this paper aims to provide insights on measurements by identifying the core building blocks of ISMS and revealing how they are evaluated to drive continual ISMS improvement. Full article

Robotic Process Automation (RPA) has emerged as a significant technology within Business Process Management (BPM), yet the academic literature remains fragmented. This paper presents a systematic literature review (SLR) of RPA in BPM, conducted following PRISMA 2020 guidelines and synthesizing 83 peer-reviewed journal articles published between 2015 and 2025. Systematic content analysis identifies six thematic dimensions: (1) process identification and selection; (2) implementation and life cycle management; (3) benefits and performance outcomes; (4) challenges and barriers; (5) technology integration; and (6) governance and organizational impact. These dimensions are synthesized into a conceptual integrated framework comprising three pillars—strategic alignment, operational execution, and continuous improvement—grounded in BPM theory and dynamic capabilities. The framework, while not empirically validated in this study, provides a theoretical foundation for future research and practice. Emerging themes include expanding sectoral breadth, empirical adoption model validation, and heightened focus on governance and sociotechnical work transformation. This review contributes a comprehensive thematic synthesis of RPA within BPM and offers a theory-grounded conceptual framework to guide researchers and practitioners in navigating intelligent process automation. Full article

High-density urban areas face a critical trade-off between limited land resources and intensifying flood risks. This study develops a grey-green infrastructure (GGI) optimization framework that integrates hazard–exposure–vulnerability (H-E-V) risk assessment, surrogate modelling, and NSGA-III to simultaneously minimize cost, maximize flood control, and enhance water environmental benefits. The Suqian City case study reveals: (1) Grey-green coupling significantly outperforms single green infrastructure (GI), providing an additional 7.07–23.34 percentage points in flood risk control rate (FRCR). While GI reaches a performance bottleneck at 78.59% FRCR under extreme events, the GGI configuration maintains a high efficiency of >92.74%. (2) Risk-informed spatial targeting effectively reclassifies urban vulnerability. Under a 20-year return period, high-risk and medium-high risk areas are reduced by 80.99% and 52.15%, respectively. The validated surrogate models ensure high optimization efficiency with R² values exceeding 0.85. This framework provides a methodologically transferable decision-support tool for sponge city construction, demonstrating that strategic spatial allocation is as vital as infrastructure capacity for urban flood risk management. Full article

The mining industry is among the most energy-intensive sectors and remains highly dependent on fossil fuels, particularly in remote, cold-climate regions where access to centralized electricity grids is limited. This dependence poses significant challenges in terms of operating costs, energy security, and greenhouse gas (GHG) emissions. This review provides a system-level analysis of energy consumption patterns, decarbonization pathways, and renewable energy integration strategies in the mining sector. The paper first examines the structure and drivers of energy demand in open-pit and underground mines, identifying transport systems, material handling, ventilation, and comminution processes as major energy consumers. It then analyzes technological and operational decarbonization strategies, including electrification, hybrid energy systems, renewable generation, and energy storage solutions. Particular attention is given to the technical constraints associated with site isolation, extreme climatic conditions, intermittency of renewable energy sources, and mine-life considerations. Case studies from the Canadian mining industry illustrate practical implementation challenges and achievable performance improvements. The analysis shows that while renewable energy technologies and storage systems are increasingly cost-competitive, deep decarbonization of mining operations requires integrated energy management, long-duration storage solutions, and site-specific hybrid system design. The review highlights engineering and strategic pathways that can progressively reduce fossil fuel dependence and support the transition toward low-carbon mining energy systems. Full article

Background: The COVID-19 pandemic created an urgent need to understand how supply chains can withstand and adapt to severe disruptions. While prior research has highlighted the importance of supply chain resilience and robustness in managing disruptions, less attention has been given to the mechanisms through which firms transform these capabilities into financial outcomes. Drawing on the Resource Orchestration Perspective (ROP), this study proposed that absorptive capacity acts as a cognitive orchestration mechanism that enables firms to more effectively translate resilience and robustness capabilities into financial performance during periods of major disruption. Methods: Using a quantitative approach, this research employed partial least squares structural equation modeling to analyze data from 66 supply chain managers who experienced varying levels of supply chain disruption following the COVID-19 pandemic. Results: Both supply chain resilience and robustness affect organizational absorptive capacity, which, in turn, enhances performance. Conclusions: This study extends ROP and provides new insights into how firms can strategically leverage disruption-related knowledge to enhance performance in turbulent environments by identifying absorptive capacity as a key mechanism linking resilience capabilities to financial outcomes. In practice, it provides managers with valuable insights to prioritize AC development and reduce financial risks associated with disruptions. Full article

The contemporary green transformation of the economy is a strategic imperative for businesses, especially small and medium-sized enterprises (SMEs) operating in the energy market, forcing the integration of sustainable practices in decision-making processes, including investment efficiency assessment. Classic financial tools, such as the internal rate of return (IRR) and net present value (NPV), commonly used in the SME sector, do not always adequately account for environmental, regulatory, and social risks associated with green transformation, as—particularly in the case of IRR—they rely on the assumption of stable cash flows and do not incorporate regulatory uncertainty, environmental externalities, or ESG-related risks into discounting parameters. The aim of the study was to determine the impact of nominal and real discount rates, adjusted for a synthetic measure of green transformation, on investment decisions. The research methodology combines advanced multi-criteria decision-making techniques, specifically TOPSIS and CRITIC, with sustainable finance concepts, offering an innovative approach to investment decision-making in the SME sector. The study shows that integrating environmental factors, when treated as a risk component, increases the cost of capital and reduces the net present value, while maintaining the profitability of the analysed projects. Incorporating green components into the discount rate enhances valuation appropriateness and improves investment risk management, particularly under macroeconomic uncertainty. The main contribution of the study lies in linking a synthetic green transformation indicator with dynamic discount rate adjustment within a multicriteria framework, extending existing ESG-adjusted valuation models by enabling a more structured and data-driven incorporation of environmental transition risk. Full article

Based on the panel data of Chinese A-share listed companies from 2012 to 2023, this paper takes the pilot policy of Pilot Zones for Innovative Application of Artificial Intelligence as an exogenous shock, and adopts a multi-period difference-in-differences (DID) model to systematically examine the causal effect of this policy on the quality and efficiency of enterprise innovation and its mechanism of action. It is found that the Pilot Zones for Innovative Application of Artificial Intelligence significantly improve enterprises’ innovation quality and efficiency. Mechanism tests show that the pilot policy enhances enterprise innovation quality and efficiency by driving digital transformation, eliminating information barriers, and upgrading supply chain collaboration. Heterogeneity analysis confirms that the policy dividends are more fully released in non-state-owned enterprises, high-tech enterprises, labor-intensive and technology-intensive enterprises, as well as enterprises located in cities with a higher degree of marketization. In addition, the life-cycle heterogeneity analysis shows that the pilot policy exerts the strongest and most comprehensive innovation-promoting effect on maturity-stage firms, mainly improves innovation efficiency for decline-stage firms, and does not produce significant effects for growth-stage firms. The findings offer practical insights for policymakers and local governments in refining AI-related innovation policies and pilot-zone implementation, and for enterprise managers in strategically adopting AI to strengthen innovation capability and long-term sustainable development. Full article