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Purpose: The article, both in the part of the considerations about strategic value and real options and in the conclusions from the conducted research, aims to demonstrate the validity of recognizing strategic value. The postulated validity is not only the result of the ambition to increase the complexity of the calculations but clearly, an attempt to justify the hypothesis that understanding almost every investment project through the real option category, or a portfolio of such options is a natural way of thinking about value factors. Design/methodology/approach: The article analyzes real options to calculate profitability and considers strategic value as an economic category resulting from decision flexibility. The valuation of real options, which is often used in the mining industry and raw material projects, is still an alternative to the so-called traditional methods. However, the development of the calculation possibilities and the methodological apparatus in modern management enhanced this widespread approach and is considered more accurate and comprehensive. The example discussed in this paper explores the option value of delaying the exploration of a copper deposit by two years, given the project’s sensitivity to raw material contract prices. Findings: The calculation results indicate that the static NPV simplifies the problem of profitability testing, which may be justified in some circumstances. Only in some circumstances will this not result in a wrong investment decision. An additional and important aspect of the article is to draw attention to the issue of the option premium as, on the one hand, a determinant of profitability, and on the other hand, the characteristics of the phenomenon of optionality as a necessary condition for its occurrence. Originality/value: The article considers the nature of the value category using the example of calculating the so-called “strategic value” of an investment project. Most scientific works in a similar area are limited to the issue of the applicability of the analyzed methods and their practical effects. Meanwhile, this article draws attention to the consequences of such a practice regarding the ontology of the value category. [ABSTRACT FROM AUTHOR]

Environmental pollution and climatic change impel economies to discover new methods for sustainable economic development. Green growth is considered an effective way of environmental sustainability. From this perspective, this study evaluates the impact of fiscal policy shocks, financial institutions, and markets development on the green growth of high-polluting economies. The study employed a CS-NARDL approach for investigating the short-run and long-run estimates. The results show that positive shocks in government spending tend to significantly increase green growth in the long-run. In contrast, the negative shock is government spending does not report any significant influence on green growth in the long-run. Financial institution's and financial market's efficiency have a positive impact on green growth in the long-run. Thus, the findings of the study suggest that government spending should be increased with a particular focus on financial markets efficiency and financial institution's efficiency to enhance green growth. [ABSTRACT FROM AUTHOR]

Over the past few decades, microfinance institutions have attracted the interest of governments and academics alike, given their unique nature of being financial institutions with a dual mission of promoting social development and reducing poverty. However, concerns have been raised about their effectiveness in achieving these goals while remaining financially sustainable. In this study, we attempt to examine the factors that have the greatest impact on the social, financial, and overall efficiency of microfinance institutions in African regions. We adopt a two-step approach: First, we assess the efficiency scores of 95 microfinance institutions in Africa between 2005 and 2018 using a data envelopment analysis (DEA) approach. We then regress their efficiency scores on a set of determinant variables, capturing the microfinance institutions' characteristics. Our findings suggest that a majority of institutions prioritize profitability over social outreach. Furthermore, the panel data regression indicates that factors such as profitability, equity capitalization, types of loans, and low gross domestic product (GDP) have a positive influence on microfinance institutions' efficiency. Conversely, variables including their risk portfolio, grants, microfinance institution status (Non-Governmental Organization (NGO), cooperative, etc.), operational area, political environment, and size exert a negative impact on efficiency. Through this study, we seek to enhance our understanding of microfinance institutions and to identify the factors that impact their operational efficiency, thereby reinforcing their crucial role in advancing financial inclusion, empowering marginalized communities, and fostering inclusive economic growth. [ABSTRACT FROM AUTHOR]

The study delves into the challenges and opportunities SMEs face in South-West Nigeria, focusing on the transformative impacts of digitalization, big data analytics, customer experience enhancement, and stringent budgeting controls on their financial performance. The research analyzes data from 825 SMEs through Partial Least Squares Structural Equation Modelling (PLS-SEM) analyze the data. The findings indicate that digital transformation significantly boosts customer experience, big data analytics, and budgetary controls. Enhanced customer experience and effective big data utilization reciprocally improve budgetary control processes, which are crucial for financial performance. The study reveals the mediating roles of customer experience and big data analytics in the relationship between digital transformation and budgeting control, highlighting the interconnectedness of these factors. Financial efficiency also emerges as a significant moderator in the nexus between budgetary control and financial performance, underscoring its influence on economic outcomes. This research proposed initiatives such as investments in customer relationship management systems, personalized services, and streamlined communication channels to create positive customer experiences that, in turn, positively influence budgeting outcomes.

Effective waste management is fundamental to sustainable development and the well-being of societies. This study focuses on the financial efficiency of urban waste collection in Portuguese municipalities, with the aim to analyze the effects of the allocation of public resources in the waste management sector. The main objective is to analyze the relationship between public spending and waste collection over a five-year period. Through the application of the classic data envelopment analysis model (DEA), the study seeks to observe the existence of benchmarking patterns, identify possible inefficiencies, and determine opportunities for improvement in urban waste management and collection practices. The results suggest substantial variations in waste collection efficiency between municipalities and a positive correlation between public spending and the volume of waste collected. The results emphasize the need for a strategic allocation of financial resources in order to promote sustainable waste management practices. The paper highlights the importance of municipalities reassessing their strategies for allocating financial resources to ensure a better balance between funding and efficiency in the use of resources. The conclusions offer valuable practical implications for defining strategies and managing municipal waste collection services in Portugal and other countries with similar contexts. AcknowledgmentThis article is financed by Instituto Politécnico de Setúbal [Polytechnic Institute of Setúbal].

As prominent oil producers, Gulf Cooperation Council (GCC) countries have played a significant role in the global energy market. However, as the world's attention increasingly shifts towards environmental sustainability, understanding the implications of the GCC's economic activities on CO2 emissions becomes indispensable. This research paper investigates the relationship between specific economic indicators and their impact on CO2 emissions in the GCC from 2001 to 2021. This study employs quantile regression, a robust statistical method that estimates the conditional quantiles of a response variable given a set of predictor variables. The findings reveal several essential insights: Financial institution efficiency is significant and negative at a 1% level at the lower (10th, −83,537.3) and higher quantiles (90th, −549,002.3). The relationship between the GDP per capita and CO2 emissions varies across quantiles, highlighting the complexity of the growth–environment nexus. Total patents exhibit a positive and significant relationship with emissions, underscoring the importance of directing innovation towards environmentally sustainable solutions. Renewable energy consumption displays a nuanced relationship with CO2 emissions, with a more substantial negative impact observed at higher consumption levels. This underscores the potential of renewable energy to mitigate emissions when integrated at scale. This study's outcomes hold crucial policy implications for GCC countries as they seek to align economic growth with environmental sustainability. The findings emphasize the importance of fostering financial institution efficiency, promoting green innovation, and expanding renewable energy sources to reduce emissions. [ABSTRACT FROM AUTHOR]

The tourism sector is one of the economic sectors most affected by the COVID-19 pandemic. Accordingly, this study aims to explore the impact of this pandemic on the operational and financial performance of tourism-listed companies on the Egyptian Exchange. For that purpose, the efficiency of these companies is evaluated using DEAW and SBM-DEA models, besides investigating their determinants from internal and external resources using dynamic panel data regression. The empirical results exhibited that company resources, such as operating expenses and employee costs, negatively impact their financial and operational efficiency. While total assets did not affect the financial efficiency of companies. Also, operational and financial efficiency are positively affected by the total operating income and sales revenues during this pandemic. Interestingly, the results showed that the COVID-19 pandemic does not impact both types of efficiency for companies operating in this sector. The study provided some managerial insights and empirical evidence that may help companies, policymakers, and investors to confront the repercussions of this pandemic and aftermaths. [ABSTRACT FROM AUTHOR]

Current study aimed at exploring the impact of expert systems components (knowledge base, inference engine, explanation component, user interface, acquisition component) on organizational financial efficiency from perspective of financial managers within industrial organizations in Jordan. The quantitative deductive approach was utilized, and a questionnaire was handed to a convenient sample of (331) financial managers and analysts within industrial organizations. SPSS was adopted in order to process and analyze primary data; results of study accepted the main hypothesis which was articulated "expert systems components have statistically significant influence on financial efficiency" with r = 0.656 and a substantial relationship between "expert systems" and "financial Efficiency". This relationship accounted for 43.1% of the variance in the examined variable (the dependent variable). Regarding sub-variables, it was seen that the highest in influence was "user interface" scoring an r= 0.592 and a medium relationship with financial efficiency that accounted for 35.1% of the variance. Study recommended the need for expert systems to be able to reason and explain the reasons for the recommendations they make and to respond to simple questions raised by non-specialists. Further recommendations were presented in the study. [ABSTRACT FROM AUTHOR]

This study aims to analyze the financial performance of Koperasi Swasti Sari Branch Malaka using financial ratios--liquidity, solvency, profitability, and activity ratios--from 2020 to 2023. The significance of this research lies in its contribution to understanding the financial resilience of cooperatives in Indonesia, particularly in rural and border areas. Using a descriptive quantitative approach, the analysis is based on secondary data obtained from financial reports, processed using Microsoft Excel tools. he results show that the average liquidity ratios indicate good short-term financial stability, with a Current Ratio of 151.68% and a Quick Ratio of 151.64%. The solvency ratio, Debt to Asset Ratio (DAR), averages 67.80%, reflecting controlled reliance on debt, though caution is advised for future financing. The profitability performance is excellent, as evidenced by the Net Profit Margin (NPM) of 67.94% and the Return on Assets (ROA) of 15.84%, indicating strong profitability management. However, the activity ratios highlight inefficiencies, with Cash Turnover averaging 2.13 times and Receivables Turnover at 0.09 times, underscoring the need for improved cash and receivable management. It is recommended that Koperasi Swasti Sari improve its cash and receivables management strategies to enhance operational efficiency, optimize liquidity, and maintain financial sustainability while prudently managing debt to ensure long-term growth. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Abant Social Sciences / Abant Sosyal Bilimler Dergisi is the property of Journal of Abant Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this paper is to provide a tool for finding investments in the stocks of energy firms that achieve both good financial and reasonable environmental, social, and governance (ESG) performance. Our methodology entails two steps and is based on diversification-consistent DEA models. The first step involves constructing a financially efficient frontier of investment portfolios by applying the model originally proposed by Branda (Omega 52:65–76. 10.1016/j.ejor.2007.04.014, 2015). In the second step, a new DEA model is proposed in order to find the ESG-efficient portfolios among the ones already identified in the first step and to rank them with respect to their ESG performance. This model is parameterised by a weighting system that allows us to assign different importance to the various ESG outputs. Additionally, the proposal allows an evaluation of both ESG and financial efficiency related to the financial energy market over two periods (the pre-COVID-19 and COVID-19 periods), considering renewable energy and non-renewable energy firms both jointly and separately. The results support the better financial performance of the renewable energy stock market compared with that of the non-renewable energy market. [ABSTRACT FROM AUTHOR]

Despite the significant increase in Information and communication technology (ICT) diffusion, tourism development, and financial development in China, their plausible combined effect on green growth (GG) has not been investigated, leaving a gap in the current literature. This study contributes to the literature by examining the impact of ICT diffusion, tourism activity, and financial development on GG in China over the period 1996–2020. The Autoregressive distributed lag (ARDL) and Quantile ARDL (QARDL) techniques applied to provide empirical evidence, which infers that ICT diffusion urges GG in China in the long‐and‐short‐run. Financial development, which is measured through financial market efficiency and financial institution efficiency, tends to improve GG in China in the long run. The estimated results report a positive nexus between tourism activity and GG at the highest quantiles in the long run. In the end, important policy suggestions are provided for accelerating sustainable GG in China. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Estudios Cooperativos is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Policymakers and academics are interested in identifying mechanisms that promote environmental sustainability due to their relationship with climate change. This research evaluates the channels that transmit the effect of technology and financial efficiency on environmental quality. The relationship is moderated by real production per capita, foreign direct investment, natural resource rents, and institutional quality in the context of the Environmental Kuznets Curve. The research covers the 1996–2021 period for a sample of 88 economies classified into three groups according to the World Bank Atlas Method. We use second-generation cointegration techniques with structural breaks and quantile regression models. The findings offer sufficient evidence to conclude that the impact of technology and financial efficiency on environmental quality is heterogeneous throughout the distribution. Our findings suggest that technology is more associated with maximizing production than mitigating or restoring environmental deterioration. A policy implication derived from our research is to encourage the generation of carbon-free technology and promote financial efficiency in upper-middle-income countries to achieve environmental sustainability.

The peculiarity of oil and gas projects is their long implementation period, during which they are subject to the influence of a large number of different risk factors that complicate project implementation and result in failure to achieve the planned economic indicators set by investors. The effective operation of companies therefore depends on how reliably investors can predict the prospects for project development. The success of the subsequent functioning of the investment project depends to a large extent on the reliability of the assessment of the effectiveness of the investment project, based on the optimally chosen strategy of its development, and, above all, on the anticipation of possible risk factors and tools for their prevention. Therefore, at present, the competitive struggle in the oil and gas production industry is currently shifting to the area of pre-project preparation of investment projects and increasing the reliability (quality) of their economic efficiency assessment at the stage of making a decision to start their implementation.Geological risks become important in the implementation of exploration projects, the first stage in the overall process of developing the Company's assets. It is necessary to find a balance between the cost of project implementation and the amount of accumulated hydrocarbons for the forecast period, which will ensure maximum profitability of the project. The challenge to optimize the financial outlay on the implementation of geological exploration works by focusing on the most promising and important projects for companies becomes relevant. In this regard, the article considers the methodological approaches proposed by the author to assess the risks of exploration with the aim of improving the efficiency of the planning process and reducing inefficient financial costs.

The pandemic, followed by the Russian aggression against Ukraine, caused rapid changes in the economy. European countries experienced unprecedented price increases, which resulted in a significant increase in the cost of capital. This resulted primarily in limited access to capital and a significant reduction in investments in the real estate market. In addition, investors began to withdraw capital from investments in the real estate market to other assets, encouraged by their rising rates of return. The article presents how the indicated circumstances translated into the financial efficiency of companies from the Real Estate sector. Listed companies of the European Economic Area in the years 2019-2022 were analyzed. Changes in the main accounting measures and market measures for individual countries as well as the characteristics of real estate market participants were analyzed.

Polyculture of black tiger shrimp Penaeus monodon, mud crab Scylla paramamosain, and red seaweed Gracilaria tenuistipitata, were applied in improved extensive ponds in the Vietnamese Mekong delta to evaluate production and financial efficiency. The trial consisted of two treatments: (1) non-feed supplement, in which shrimp consumed only natural food in the culture pond; and (2) feed supplement, in which shrimp received commercial feed (50% feeding rate). Treatments were in triplicate; ponds featured natural occurrence of red seaweed. Postlarvae of shrimp and crab were stocked at densities of 4 ind./m2 and 0.15 ind./m2, respectively, and culture for six months. Results showed that shrimp receiving feed supplement demonstrated much better (P < 0.05) growth and survival than those without feed supplementation. Shrimp yield was significantly higher (P > 0.05) in the feed supplement pond (348.9 kg/ha) than in the non-feed supplement pond (169.2 kg/ha). Crab production was similar between the two treatments (P > 0.05), varying from 88.1 to 92.4 kg/ha. Production cost (456.2 US$/ha) in the non-feed supplement pond was significantly lower than that in the feed supplement pond (944.8 US$/ha), but the former produced less profit (2,230.9 US$/ha) than the latter (4,169.2 US$/ha). Notably, the average benefit–cost ratio in the non-feed supplement group (4.84 times) was relatively higher compared to the feed supplement group (4.35 times). These findings suggest that polyculture of shrimp, crab, and seaweed in the improved extensive pond could be applied either non-feed supplement or feed supplement for shrimp, depending on the financial conditions of the farmers. [ABSTRACT FROM AUTHOR]

Mega events, providing prestige and economic contributions to host cities and countries, are of great importance in terms of internationalization. In addition to their extra advantages, these events must be organized efficiently for sustainable development. To the best of our knowledge, although some studies investigate the efficiency of countries participating in mega-events, no study concentrates on the efficiency of mega-events as an organization. Accordingly, this study examines the financial efficiency of each sub-event of three mega-events: the Summer Olympic Games, the Winter Olympic Games, and the FIFA Men's World Cup. In this context, the bootstrap DEA method was utilized. The findings revealed that almost all mega events were organized inefficiently. It is thought that addressing the efficiency levels of mega-events at the organizational scope might yield a new perspective for mega-event authorities and lead to new literature. [ABSTRACT FROM AUTHOR]

Many emerging markets rely on land financing, whereby land grants are used to raise funds for the government. In the short term, land financing eases the government's fiscal deficit and boosts regional economic development. However, the long-term implications of such behaviour have not been adequately discussed. This study focuses on the relationship between local government land finance dependence (LGLFD) and urban innovation quality (UIQ). We find that LGLFD significantly inhibits the improvement of UIQ, and this inhibition occurs through three main channels: changing government spending preferences, reducing financial efficiency, and deteriorating the institutional environment. Our empirical study analyses 3662 samples from 264 Chinese cities from 2003 to 2016, confirming our research hypothesis. Further research finds that there is significant heterogeneity in the effect of LGLFD on UIQ. Based on these conclusions, some policy implications are proposed. [ABSTRACT FROM AUTHOR]

The emphasis placed on climate change at the COP28 summit highlights the need for a deeper understanding of the factors influencing sustainable development. Therefore, this study utilizes data from 27 OECD countries from 1992 to 2020 to investigate the complex relationships among renewable energy consumption (RE), environmental regulations (ER), financial efficiency (FE), and trade-adjusted carbon emissions (CCE). Additionally, we examine the moderating role of FE in the relationship between RE and CCE. This study employs the method of moment quantile regression to demonstrate that an increase in RE and more strict ER substantially reduces CCE. Similarly, FE has a significant inverse effect on environmental degradation. Further, we observe that as RE increases, FE plays a crucial moderating role, reinforcing the inverse relationship with CCE. In the context of the COP28 summit, this study recommends that policymakers integrate renewable energy strategies with financial restructuring to facilitate sustainable economic growth amidst climate change. [ABSTRACT FROM AUTHOR]

Purpose: Kenya has experienced a drought in initial public offerings (IPOs) since 2014. Among varied causes of IPO Drought is decline in demand of IPO shares by retail investors. This paper assert decline in demand is partially attributed to low-quality listings in the past that underperformed in both short- and long-run. Design: The paper investigated quality of listing firms at the time of listing on all IPOs made between 2000 to 2014 in Nairobi Securities Exchange using various dimensions. Findings: The results revealed most of listing firms lacked growth opportunities, reported weak financial performances and engaged in earnings managements. Liberal listing guidelines aiming at attracting firms to list in numbers led to low-quality offerings. Implication: Strategy of liberal listing requirements is counterproductive as demand for the listings keep shrinking due to low-quality of listed firms that underperform in long-run. The study recommends reviewing of listing requirements so that only high-quality firms are allowed to list to keep the market vibrant. As long as low quality offerings are allowed, retail IPO investors will keep off the market as they suffer adverse selection costs

The objective of this study is to provide a complete overview of models, methodologies, and variables used in the measurement of financial and social efficiency in financial entities, their determining factors, the main topics on which the studies revolve, as well as their possible gaps, through a structured literature review. Researched was done in 67 multi-country bibliographic sources (1992-2023) identified in the WOS and SCOPUS databases. The studies focused on ten topics: ownership, social efficiency, crisis, risk, determinants, size, mergers and acquisitions, methodologies, input-output and others. Among the main findings is the type of ownership, it is evident that efficiency varies according to the institutional context (banks, cooperatives, microfinance institutions). The evidence so far indicates that cooperatives and non-governmental organizations (hereafter NGOs) are less efficient than banks and Non-Banking Financial Institutions (hereafter, NBFIs). Social and financial performance can produce synergies; however, cooperatives that are more financially efficient are not efficient in their social dimension or vice versa. Efficiency in times of crisis has been a factor of interest in studies of cooperatives and they have proven to be resilient in these times. Non-Performing Loans (hereafter NPL) risks reduce efficiency as well as liquidity and solvency risks. With respect to the determinants of efficiency, competition, territory, and financial indicators: Capital, Asset, Management, Earning and Liquidity (hereafter CAMEL) are significant in the studies. Size has been a characteristic factor due to economies of scale; larger cooperatives tend to be more efficient not only economically but also from a social point of view. Data Envelopment Analysis (hereafter DEA) is the most used methodology to determine the efficiency of financial cooperatives based on the inputs and outputs used. Mergers and acquisitions do not improve efficiency and the determining in being part of these processes is the smaller asset size. This study revealed the importance of the financial efficiency and social efficiency as factors in financial cooperatives. Future lines of research are also added when gaps in the literature are detected.

The coexistence of carbon neutrality and capitalism can be realized if environmentally friendly management is proven to enhance profitability. The focus of green logistics practices (GLPs) is on maximizing energy efficiency in logistics services, potentially leading to cost reductions for companies. Such practices can be supported through public reports, such as Environmental, Social, and Governance (ESG) reports, and government policies, including government certification. The primary objective of this study is to investigate whether the financial efficiency of logistics companies can be improved through the implementation of GLPs and a relevant government policy. To achieve this objective, a two-stage analysis was conducted using Data Envelopment Analysis - Slack-Based Measure (DEA-SBM) and Tobit regression analysis. The DEA-SBM was employed to assess whether the financial efficiency of logistics companies adopting GLPs and a relevant government policy was superior to that of companies not adopting such practices. Additionally, Tobit regression analysis was employed to analyze the effects of GLPs, ESG reports, and a government policy on the financial efficiency of logistics companies. The findings of the study indicate the necessity for collaboration between the private and public sectors to implement GLPs in a financially positive manner. In conclusion, the research demonstrated that the implementation of GLPs, coupled with public disclosure through ESG reports or equivalents and a government policy, had a positive impact on the financial efficiency of logistics companies.

The object of the study is Russian industrial companies whose shares are traded on the Moscow Exchange. The study’s subject is financial and financial connections in the field of using intellectual capital’s competence component as an important factor in business growth. The relevance of the study is important for the increasing role of intellectual capital and its components as a determining factor in business growth, as well as the need to identify new determinants that influence company capitalization. In the context of overcoming the consequences of sanctions, intellectualization and digitalization of the economy, the problem of the study of the dependency of the capitalization of Russian companies on the state of the components of intellectual capital is significantly updated. The purpose of the study is to assess and model the impact of the competence component of intellectual capital and financial efficiency on the capitalization of Russian manufacturing companies.Methods of comparative and statistical analysis, calculation of financial and economic indicators, correlation and regression analysis, and the Farrar-Glauber test were used. According to correlation analysis, the capitalization of Russian public companies in the production sector is influenced by an internal factor such as patent activity. The constructed multifactor linear regression model allows for the conclusion that a 1% increase in the number of patents raises the company’s market capitalization by 1.23% while all other factors remain constant. It is concluded that in the Russian market the importance of material assets as a factor in business growth significantly prevails over the influence of the competence component of intellectual capital. Recommendations are given, the implementation of which in the practice of Russian manufacturing companies will maximize their capitalization by taking into account the financial and economic advantages from the use of the competence component of intellectual capital.

This article addresses the problem of interrelations between economic factors and military conflicts, examining the role of econometric forecasting in the context of academic management during periods of uncertainty surrounding hostilities. It delves into the two principal theories of classical macroeconomics – neutrality and dichotomy – and explores their applicability to the complex interplay between economic forces and military dynamics. In doing so, it challenges the conventional binary view of conflicts as either war or peace, emphasizing the nuanced gradations that emerge over time. The study highlights the significance of economic advantages in shaping decisions related to military conflicts and underscores the role of econometric forecasting as a critical factor in academic institutions navigating the indirect repercussions of hostilities. The article also presents a comprehensive examination of strategic interactions, introducing distinctions between moves, rounds, and plays in conflict scenarios. Drawing on recent research and publications, the article underscores the importance of understanding the economic principles governing the preservation of peace and forecasting the consequences of such decisions. It references seminal work by economists P. Romer, R. Lucas, R. Barro, I. Salla y Martin, and R. Levine, who laid the foundation for the study of endogenous economic development. The theories of trade and military conflict are two distinct branches in economic analysis and prediction. Trade theory is founded on contractual agreements and mutual benefits, while the military conflict theory centers on competition for dominance. It's important to recognize that various analytical methods exist for modeling equilibrium in such situations, whether they involve active hostilities or the coexistence of armed forces during economic stagnation due to anticipated conflicts. It becomes evident that the decision to initiate or de-escalate a military conflict is primarily driven by economic advantages, even in the domain of academic management. In this context, econometric forecasting techniques play a role in the economic activities of academic institutions, which may experience direct or indirect consequences of hostilities. This is because various sectors must compete for their survival amidst these dynamics. Purpose. The study's objectives include assessing the impact of military budgeting productivity on economic growth using economic and mathematical modeling techniques, with a focus on countries facing uncertainties related to hostilities, evolving budget and tax regulations, and inflation. The article adapts the models of J. Battis and T. Koeli to facilitate this analysis. Methods Macroeconomic Analyses, Economentric Analyses, Trend Analyses Results. Determining the optimal level of taxation to obtain the necessary income for the budgets of academic institutions in conditions of uncertainty in the conduct of hostilities. In conclusion, the study challenges classical economic doctrines by establishing a strong connection between military budget allocation and the real sectors of the economy. It underscores that a nation's economic growth is contingent upon the productivity and effectiveness of its military budgeting, even in a globalized world economic system. This study opens the door to further research in this interdisciplinary field. Keywords: Econometric forecasting, Academic management, Uncertainty, Hostilities, Economic modeling, Endogenous economic development, Academic institutions, Budgeting, Military conflicts, Financial impact, Economic growth, Strategic decision-making, Budget optimization, Risk assessment, Financial efficiency. Methods Macroeconomic Analyses, Economentric Analyses, Trend Analyses fig .: ; tab .: ; bibl .: 9.

The aim of the article is to assess the economic and financial condition of cooperative banks in Poland in 2020-2022, i.e. in the period of deterioration of the conditions of banking activity and the resulting specific market and regulatory challenges. It has been shown that many indicators of the activity of cooperative banks have improved compared to previous years, especially 2017-2019, or reached levels comparable to those recorded in the years of economic prosperity. This applies to e.g. return on assets and return on equity ratios and the loan portfolio quality ratio. Comparison of the financial results achieved by cooperative banks in 2020-2022 with the results of commercial banks shows that in difficult conditions for banking activity, local banks showed good economic condition and financial efficiency. However, this does not change the fact that cooperative banks must continue to adapt their operating model to modern market and regulatory challenges, in particular to technological challenges and growing customer expectations in terms of the quality of banking services.

The level of financial efficiency in Sub-Saharan Africa (SSA) remained low and incomparable to that of industrialized nations of the world, despite the supposed advantages of foreign capital inflows. This study examined the relationship between foreign financial inflows and financial efficiency in Sub-Saharan Africa against this backdrop (SSA). This study's specific goals are to look into how remittance inflows affected financial efficiency in SSA and how FDI inflows affected it as well. Out of 49 countries in Sub-Saharan Africa, 42 were chosen for the study using a purposive sampling technique and an ex-post facto research design. The study used pooled mean group, mean group, and dynamic fixed effects techniques to estimate the model parameters using panel autoregressive distributed lag (PARDL) methods of estimation. The findings revealed that remittance inflows have significant positive impact on the financial efficiency, while FDI inflows have insignificant influence on the financial efficiency. In addition, the combination of economic growth with remittance inflows yielded negative impact on the financial efficiency while the combination of economic growth with FDI inflows yielded a positive impact on financial efficiency. The study concluded that remittance and FDI inflows play vital roles in guaranteeing improvement in financial efficiency of Sub-Sahara African countries directly and indirectly through inclusive economic growth. The study recommended that financial openness policies, like removing restrictions and encouraging free flow of financial resources between entities in domestic economy and foreign economies to promote further foreign financial inflows and enhance further financial efficiency. It is also recommended that financial openness policy should be pursued alongside inclusive economic growth measures such as economic diversification policies.

Purpose: The purpose of this study is to investigate the mediating role of intellectual capital (IC) on the association between corporate governance mechanism (CGM) and the financial efficiency of Islamic banks (Z-score, net investment income and loan to deposit) and verify it through standard mediation in the panel based on interaction. Design/methodology/approach: The data of this study draws from 125 full-fledged Islamic banks and windows from 26 Organization of Islamic Cooperation (OIC) over the period of 2009 to 2019. A two-step system generalize method of moment estimation is used to test the hypotheses. Findings: The results underwrite that the inclusion of IC as a mediating variable has influenced positively the corporate governance and financial efficiency of IBs. Besides, only CEO power and Shariah supervisory board positively affect the financial efficiency of IBs. While structural capital and relational capital positively affect the financial efficiency of IBs. Apart from that, results show that the CGM has a significant relationship with the IC value of IBs. Research limitations/implications: These findings are valuable for policymakers and regulators to set policies to improve CG structure and effective use of IC resources to improve banking efficiency. Additionally, findings might be helpful for the bankers to proficiently use the IC as a premise to plan new strategies to get an upper hand in financial performance. Originality/value: This study extends and contributes to the current literature by analysing the role of IC along with CG to boost the financial efficiency of banks in OIC countries. [ABSTRACT FROM AUTHOR]

The potential of agricultural cooperatives to foster socioeconomic development is a critical issue in developing countries. This study examines the factors that influence market choice among South African agricultural cooperatives. Data for 381 agricultural cooperatives were collected from the Cooperative Data Analysis System, drawn from the original database of 3,197 cases from 2017. Cases with missing observations were omitted. A multivariate approach utilising principal component analysis and K-means clustering was employed to identify the typologies of market choices. Multinomial logistic regression was then applied to determine the factors influencing agricultural cooperatives' choice of market typologies. The study reveals that the financial and social efficiency of agricultural cooperatives, the age of the institution, the square of the age of the institution, ownership of livestock, cooperative size, and credit access all influence market typology selection. Training programs such as those in financial management, corporate governance, accounting and bookkeeping, management committees, and the number of managers in cooperatives also impact cooperatives' market choice. The findings of this study should facilitate the design of policies that cater to cooperatives encountering diverse market choices. By influencing the choices of agricultural cooperatives, stakeholders can contribute to more meaningful cooperative involvement in markets. [ABSTRACT FROM AUTHOR]

Copyright of Runas. Journal of Education & Culture is the property of CICSHAL - Centro de Investigaciones en Ciencias Sociales y Humanidades desde America Latina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study focuses on improving financial efficiency and rationally allocating financial resources in the Beijing–Tianjin–Hebei, based on data from 2011 to 2019. Firstly, the Slack-Based Measure (SBM) model based on Shannon Entropy is adopted to measure financial efficiency in Beijing–Tianjin–Hebei. Secondly, a Beijing–Tianjin–Hebei inter-regional financial resource allocation scheme is proposed using the Generalized Equilibrium Efficient Frontier Data Envelopment Analysis (GEEFDEA) model. Finally, the external environmental factors influencing financial efficiency are explored using spatial and other econometric models. Efficiency measurement reveals that financial efficiency in Beijing–Tianjin–Hebei is unevenly developed. The financial efficiency of Beijing, Tianjin, and Zhangjiakou is high and stable, whereas the financial efficiency of Tangshan, Langfang, and Shijiazhuang is high, but fluctuates significantly. In comparison, the financial efficiency of other cities is low. The factors and the adjustment amount to improve urban financial efficiency are obtained by studying the allocation of financial resources. And it is found that Tianjin and Tangshan have more financial resource surpluses than other cities. By exploring influencing factors, it is found that the financial development level, innovation level, and infrastructure construction level of Beijing–Tianjin–Hebei significantly affect financial efficiency. [ABSTRACT FROM AUTHOR]

Large risks and opportunities arise for production operations as a result of international governmental initiatives to limit carbon emissions. In instance, high-emitting manufacturing processes may be a reflection of productive inefficiencies and the uncertainty of the prices of carbon dioxide emissions. Recently, there has been a lot of attention paid to the topic of ecologically responsible supply chain management. Therefore, participants in the supply chain have worked together to create effective contracts, often known as green supply chain management contracts. In order to demonstrate the key role of financial efficiency, environmental sustainability, and supply chain management in sustainable growth and digital technology development, this study considers the data for BRICS economies over the period of 2008–2022. However, under the supply chain management, this study considers the innovation efficiency, input, and output to evaluate the external determinants. However, this study employs the OLS, 2SLS, and AMG estimator to demonstrate the robust and reliable outcomes for selected economies. In compile words, this study divides empirical scheme into two different explained variables such as sustainable growth and development of digital technologies. However, to show empirical scheme very catchy, the present study uses the simultaneous equation models. Therefore, all selected indicators of sustainable growth contribute to economic growth efficiently except the foreign direct investment. Besides for the digital technology development, all factors significantly contribute to digital technologies except the carbon emissions and foreign direct investment. Additional robust tests confirm the consistency and stability of the findings reached in this research. Thus, to improve economic performance, digital economy development, and sustainability, authorities in BRICS areas should develop strategies that enhance digital economy development under the green supply chain management. [ABSTRACT FROM AUTHOR]

Purpose: In general, efficiency is a criterion for evaluating the performance of a decision unit from different dimensions. Data envelopment analysis is a mathematical programming method for evaluating the performance of decision-making units. The purpose of this study is to measure the financial efficiency of firms by considering both incoming assets and financing. Methodology: In this research, a new method called the three-dimensional model of data envelopment analysis was introduced, and performance analysis was done on 10 active firms in Iran's steel industry for 5 years, from 2016 to 2021. Findings: The results showed that several firms have good performance in managing incoming assets but are inefficient in terms of financing. At the same time, some firms have poor management performance compared to inputs, but they are efficient in terms of financing. Therefore, when analyzing a firm's performance, an indicator that considers both inputs and financing at the same time is needed. According to this, we proposed a new measurement method and analyzed the current financial situation of each decision-making unit through the method of return to scale, and a path has been determined for financial improvement. Originality/Value: Attention to the effect of negative and destructive factors such as borrowings and debts of the decision-making unit in data envelopment analysis has been the key and different aspect of this study, compared to other previous studies. According to the literature review, using the redesigned DEA model has not been considered by Iranian researchers, and due to a new approach to data envelopment analysis, our approach has distinguished itself from the previous works. [ABSTRACT FROM AUTHOR]

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This study evaluates the management capacity ability and profitable capacity of eight public-private partnership hospitals in Taiwan from 2015 to 2020. By conducting various ratio analyses of the financial statement, this study found these hospitals have achieved a balance between management efficiency and profitability, thereby confirming the viability of the PPP model for hospital management. In addition, the subject hospitals play a vital role as isolation hospitals during the COVID-19 pandemic. Beyond offering medical assistance to infected individuals, these hospitals contribute to the integrity of Taiwan's medical network, mitigating the impact of the pandemic. Overall, establishing and managing hospitals with PPP partnership is a feasible solution as it alleviates governmental financial burdens related to medical welfare and achieves profitability. [ABSTRACT FROM AUTHOR]

The purpose of the study is to improve the methodological support for the assessment of the financial efficiency of the agricultural sector of Ukraine under the influence of the innovative potential management of its resource provision. The main scientific methods used in the study are fundamental provisions of the theory of innovation and finance, correlation and multifactor regression analysis, mathematical programming, etc. According to the results of the conducted research the parameter of technological progress as an indicator of the level of innovation development of the agrarian sector of the Ukrainian economy was obtained after modelling of autoregressive multiplicative Tinbergen-Solow production function. The numerical value of the technological progress parameter indicates a potential for additional growth in agricultural output of +0.142%, while other conditions remain unchanged. 23 indicators of the state of the resource provision of the agricultural sector were systematized in 4 groups: the results of the production activity of the agricultural sector (6 indicators), the resource supply of the agricultural sector (8 indicators), the efficiency of the use of resources by agricultural enterprises (4 indicators), and sustainability of the financial condition of agricultural enterprises (5 indicators). A power-law four-factor regression model of the impact of the output volume of the agricultural sector, the value of current assets, return on capital and the current liquidity ratio on the volume of net profit of agricultural enterprises of Ukraine was obtained. It is proved that the elasticity of net profit for agricultural output is 0.01%, for the value of current assets - 1.46%, for capital accumulation - 0.72%, for current liquidity - 3.2%. We constructed the target functions of maximization of the agricultural production output on the basis of the Tinbergen-Solow production function, net profit on the basis of the four-factor power model of net profit, return on equity on the basis of the two-factor DuPont model for the short term. The solving of target functions allowed for maximization of the return on equity of agrarian enterprises of Ukraine only at the expense of the existing innovation potential of production resources and will be used in further research by the authors.

When it comes to the environmental costs, environmental economists have tried to study the effects of the foreign direct investment-growth nexus, but they have ignored the crucial role that financial development and technical innovation play. Massive increases in energy consumption have contributed to environmental degradation in the BRICS nations, which have experienced rapid IND due to their robust economies. This study uses data from 1990 to 2021 to examine the relationship between carbon emissions in BRICS member nations and factors such as FDI, technological innovation, and economic growth. Within the panel nations, the results confirm a high cross-sectional reliance. The BRICS countries' financial development, technological innovation, and foreign direct investment all have a negative and statistically significant long-run association with CO2 emissions, according to the Augmented Mean Group (AMG) estimator. On the other hand, economic growth, TI, IND, and energy use all have positive and statistically significant associations with carbon emissions. This study's researchers choose to use the Dumitrescu and Hurlin panel causality test to look at the other way around. Economic growth (EG), Digital economic growth (DEG), Financial efficiency (FE), CO2 emissions (CO2), Industrialization (IND), Technological Innovation (TI), Foreign direct investment (FDI) and Inflation are all identified as having a bidirectional long-run causative relationship. In contrast, a unidirectional causal relationship is observed between FDI and CO2 emissions. To entice high-quality FDI, the BRICS member nations must advance their industries, financial institutions, and technological innovation. In addition, these nations need immediate legislative solutions because IND is a major cause of environmental damage.

The level of financial efficiency in Sub-Saharan Africa (SSA) remained low and incomparable to that of industrialized nations of the world, despite the supposed advantages of foreign capital inflows. This study examined the relationship between foreign financial inflows and financial efficiency in Sub-Saharan Africa against this backdrop (SSA). This study’s specific goals are to look into how remittance inflows affected financial efficiency in SSA and how FDI inflows affected it as well. Out of 49 countries in Sub-Saharan Africa, 42 were chosen for the study using a purposive sampling technique and an ex-post facto research design. The study used pooled mean group, mean group, and dynamic fixed effects techniques to estimate the model parameters using panel autoregressive distributed lag (PARDL) methods of estimation. The findings revealed that remittance inflows have significant positive impact on the financial efficiency, while FDI inflows have insignificant influence on the financial efficiency. In addition, the combination of economic growth with remittance inflows yielded negative impact on the financial efficiency while the combination of economic growth with FDI inflows yielded a positive impact on financial efficiency. The study concluded that remittance and FDI inflows play vital roles in guaranteeing improvement in financial efficiency of Sub-Sahara African countries directly and indirectly through inclusive economic growth. The study recommended that financial openness policies, like removing restrictions and encouraging free flow of financial resources between entities in domestic economy and foreign economies to promote further foreign financial inflows and enhance further financial efficiency. It is also recommended that financial openness policy should be pursued alongside inclusive economic growth measures such as economic diversification policies. [ABSTRACT FROM AUTHOR]