Cycle Theory Research Articles

Determinants Of Islamic Bank Financing During Economic Turbulence

The Covid-19 outbreak has caused turbulence in Indonesia's economic growth, thereby disrupting the performance of Islamic banks, especially in the distribution of financing. This research examines the influence of economic turbulence, third-party deposits, bank size, capital and profitability on financing disbursed by Islamic banks in Indonesia. The population of this research is Islamic commercial banks in Indonesia in the 2017-2022 period. The sample selection used a purposive sampling method and obtained ten Islamic banks. The data analysis technique uses panel data analysis with a fixed effect model. The research results prove that third-party deposits positively and significantly impact financing, while bank size and capital negatively and significantly impact financing. However, economic turbulence and profitability do not affect financing. When financing is divided based on contracts, economic turbulence negatively impacts profit-sharing-based financing, and profitability negatively impacts receivables-based financing. These findings can be a reference for Islamic banks to maintain the availability of third-party deposit funds to support financing expansion and further optimize their capital by channelling it to more productive assets in the form of financing. These findings can complement existing theories and support the business cycle theory that Islamic banks tighten financing based on profit sharing, which carries higher risks.

A systematic literature review of crisis management in online public opinion: evolutionary path and implications for China

PurposeThis study aims to explore the dissemination and evolutionary path of online public opinion from a crisis management perspective. By clarifying the influencing factors and dynamic mechanisms of online public opinion dissemination, this study provides insights into attenuating the negative impact of online public opinion and creating a favorable ecological space for online public opinion.Design/methodology/approachThis research employs bibliometric analysis and CiteSpace software to analyze 302 Chinese articles published from 2006 to 2023 in the China National Knowledge Infrastructure (CNKI) database and 276 English articles published from 1994 to 2023 in the Web of Science core set database. Through literature keyword clustering, co-citation analysis and burst terms analysis, this paper summarizes the core scientific research institutions, scholars, hot topics and evolutionary paths of online public opinion crisis management research from both Chinese and international academic communities.FindingsThe results show that the study of online public opinion crisis management in China and internationally is centered on the life cycle theory, which integrates knowledge from information, computer and system sciences. Although there are differences in political interaction and stage evolution, the overall evolutionary path is similar, and it develops dynamically in the “benign conflict” between the expansion of the research perspective and the gradual refinement of research granularity.Originality/valueThis study summarizes the research results of online public opinion crisis management from China and the international academic community and identifies current research hotspots and theoretical evolution paths. Future research can focus on deepening the basic theories of public opinion crisis management under the influence of frontier technologies, exploring the subjectivity and emotionality of web users using fine algorithms and promoting the international development of network public opinion crisis management theory through transnational comparison and international cooperation.

Financial Knowledge, Behavior, and Attitude on The Financial Well-Being of The Sustainable Livelihood Program Associations

Research Objective: This study evaluates and develop a predictive model on the financial well-being, financial knowledge, behavior, and attitudes of Sustainable Livelihood Program Association (SLPA) officers and members, a program of the Department of Social Welfare and Development (DSWD) under the Pantawid Pamilyang Pilipino Program (4Ps). Theoretical Framework: The study is grounded in the Sustainable Livelihood Program (SLP) Theory of Change, which seeks to understand how institutional initiatives such as policies, strategies, programs, or projects contribute to progressive and sustainable outcomes (Acosta & Avalos, 2018). The financial competencies of Sustainable Livelihood Program Associations (SLPAs), particularly in spending, are strongly influenced by Modigliani and Brumberg's Life Cycle Theory of Consumption and Spending. Methodology: This is a quantitative study using descriptive- correlational design. There are 209 participants consisting of officers and members from selected SLPAs in Malaybalay City. Results: Findings revealed that SLPA officers and members have a moderate level of financial knowledge and attitude. However, financial well-being requires improvement, underscoring a discrepancy between current and desired financial conditions within the association. Moreover, significant relationships exist among financial well-being, financial knowledge, attitude, and behavior. Implications: The communicated findings to DSWD Region X contributes for the enhancement of the implementation of the SLPA. The results on the level of financial well-being will be enhanced when focused is made on the financial knowledge and attitude. The materials for financial education may be revised. Originality or Value: This study contributes to the literature on financial literacy and well-being of the government supported associations to ensure that upliftment on the financial well-being of members.

Examining the Impact of Religion on Civilization: Insights from Ibn Khaldun and Arnold Toynbee's Theories

This paper examines the impact of religion on civilization through the perspectives of two prominent scholars, Ibn Khaldun and Arnold Toynbee. The paper provides an overview of Toynbee's theory of comparative civilizations, highlighting his emphasis on the comparability of diverse societies and his rejection of the notion of inherent superiority or inferiority among civilizations. The paper also explores Ibn Khaldun's cyclical theory of the rise and fall of civilizations, which emphasizes the role of religion in shaping the fortunes of societies. This study utilizes a comparative methodology to analyze the viewpoints of Ibn Khaldun and Arnold Toynbee on the impact of religion on civilization. The work explores the perspectives of individuals on social unity, governing systems, and the development of culture. It utilizes knowledge from their writings and historical circumstances to clarify the complex connection between religion and human communities. The paper investigates the impact of religious beliefs on the rise and fall of civilizations, drawing on insights from both Toynbee and Ibn Khaldun. It examines how religion has influenced the development of civilizations, including its role in shaping cultural values, political structures, and economic systems. The paper also explores how religion has contributed to the decline of civilizations, including through religious conflicts and the erosion of social cohesion. Overall, the paper provides a comparative analysis of the role of religion in civilization and society, drawing on the insights of two influential scholars. It highlights the importance of understanding the complex interplay between religion and civilization, and how religious beliefs have shaped the fortunes of societies throughout history.

Exploration of Course Teaching Methods based on PDCA Cycle Theory

To ensure the implementation of the student-centered teaching philosophy and to improve the effectiveness of offline teaching through the use of information technology, this paper takes the teaching of the course "Analysis and Design of E-commerce Systems" as an example to explore the teaching design method under the guidance of PDCA theory. Practice has shown that the application of this theory can improve the quality of teaching to a certain extent.

CEO Type and Firm Performance: Evidence from Nasdaq Baltic

Despite the well-established characteristics of shareholder-CEOs and professional-CEOs, previous research has yielded inconclusive findings on the actual impact of the separation of shareholding and management on firm financial performance. This study aimed to address this gap by going off the beaten path of research centered on the U.S.-listed firms and investigating 55 firms listed on the Nasdaq Baltic market in the post-Soviet countries of Estonia, Latvia, and Lithuania from 2017 to 2021. While professional-CEO-led firms displayed higher Tobin’s Q (M = 1.37) compared to shareholder-CEO-led firms (M = 1.17), and shareholder-CEO-led firms had a higher average ROE (M = 7.76%) compared to professional-CEO-led firms (M = -1.74%), independent samples t-test analysis revealed that these differences in either stock market performance (p = .250 > .05) or shareholder return (p = .193 > .05) were statistically insignificant. These findings challenge organizational life cycle theory and agency theory predictions, aligning instead with stewardship theory and upper echelons theory, suggesting that CEO characteristics, motivation, and actions, while clearly distinct for shareholder-CEOs and professional-CEOs, are not the sole determinant of financial performance in mature firms. Accordingly, shareholder-CEOs, other stockholders, and boards of directors should draw support from these findings in their considerations regarding firm leadership.

Determinants of bank’s dividend policy: a life cycle theory test in Indonesia

PurposeThis research attempts to examine bank dividend policy in Indonesia by applying the life cycle theory of dividends.Design/methodology/approachThis research used secondary data gotten from two sources: banks’ annual financial statements from 2005 to 2019 and the number of observation samples was 510 from 42 banks. Random Effects Logit Model (RELM) is used to detect the influence of independent variables on Propensity to Pay Dividends (PPD) and Random Effects Tobit Model (RETM) is used to test the influence of independent variables on Dividend Payout Ratio (DPR).FindingsThe RELM results show that Retained Earnings to Total Equity (RE/TE), Retained Earnings to Total Asset (RE/TA) and bank age have a positive impact on the propensity to pay dividends (PPD) while bank growth (GRW) has a negative impact. The RETM results reveal that RE/TE, ROA and bank size have a positive impact on the dividend payout ratio (DPR) while GRW has a negative impact. This analysis also discovers that the capital adequacy ratio (CAR) and Non-performing Loans (NPL) is one important factor considered by banks in Indonesia in determining their dividend policy.Research limitations/implicationsThis study contributes to enriching literature in finance, especially in the life cycle theory of dividends. Also, it can be a guide to consider by investors before deciding to put their shares in banks in Indonesia.Originality/valueResearch on bank-specific life cycle theory is very difficult to find, especially in the Indonesian context, so this research can enrich the body of knowledge on dividend decisions.

“Doing economics” through a photographer’s lens: An experiential learning approach

Kolb Learning Cycle Theory is employed in this study as a pedagogical framework to show how combining economics with photography can foster experiential learning. The author draws on her personal experience of teaching a course titled Economic Issues through a Photographer’s Lens to undergraduate students in an urban setting. She discusses the instructional design and activities of the course (which include field photography, photo essays, and photo exhibits) and their impact on students’ engagement and motivation. The author concludes that such experiential learning methods have the potential to improve students’ understanding of economic concepts and issues and to encourage students to discover deeper meaning in their studies.

科研人员科学数据元数据功能需求探索

In the context of data sharing and the advancement of open science, this study analyzes the functional requirements of scientific data metadata based on the requirements of scientific researchers for data resources, so as to provide valuable insights for the construction and enhancement of Chinese scientific data metadata standards. We gathered the functional requirements of scientific data metadata from 30 researchers in the research process during semi-structured interviews, and constructed a model for the functional requirements of scientific data metadata based on the information behavior theory. The findings show that the functional requirements of scientific data metadata are significantly affected by individual value perceptions and discipline differences, which can be reflected in the process of scientific data exchange and sharing. This paper provides insights and suggestions for the construction of scientific data metadata from three aspects: demands of researchers, information behavior process and data life cycle theory.

The Effect of Contributed Capital Mix on Dividend Policy: Testing Life Cycle Theory in The Covid-19 Pandemic Era

Objective: This study aims to test whether life cycle theory is relevant in the era of the Covid-19 pandemic crisis. Specifically, whether the contributed capital mix has a significant effect on dividend policy. Theoretical framework: In this study, we tested the life cycle theory and whether it is relevant to the COVID-19 pandemic situation. The dividend policy of a corporation should be determined by where it is in its life cycle. Mature, well-established businesses usually give dividends. Method: We studied 66 companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the pandemic period from 2020 to 2022. The dependent variables used in this study are in the category of dividend payers and non-dividend payers. As for the independent variables, we use the variables return on assets, sales growth, rete, MarCap, Papen, teta, and cash holding. We use the logistic regression method with the data panel. Results and conclusion: It is statistically found that life cycle theory is relevant to some contributed capital mixes such as rete, MarCap, Papen, and cash holding. Meanwhile, ROA, SGR, and teta have no significant effect on dividend policy paying dividends or not but still have a positive relationship direction. Implications of the research: The life cycle hypothesis is being tested in the context of the pandemic era in this investigation. A better knowledge of how company financial decisions are impacted by economic crises may result from the results, regardless of whether they confirm or refute the life cycle theory. In terms of strategic financial planning, the research may provide financial managers with useful advice. It will assist them in understanding how to modify capital structure and dividend policies in response to economic shocks such as the COVID-19 pandemic. Originality/value: Studying Life Cycle Theory in the context of a pandemic enhances the research's theoretical components. It exhibits the willingness to adapt well-established ideas to unusual and intricate circumstances, which may result in a more thorough comprehension of the dynamics underlying corporate financial decisions.

Research on the path to enhance the cultural communication literacy of Thai international Chinese language teachers

With the rapid development of global integration, new requirements have been put forward for the content of communication and cooperation among countries. Since the 1990s, China's comprehensive strength has continued to develop rapidly and has become an indispensable and important country in the global development process. With China's increasing international status and close cooperation with countries around the world in multiple fields, each country has a strong demand for learning Chinese, which has prompted China's Chinese language and culture to enter a new stage of high-quality development. Language is a bridge of communication that can promote the integration and development of international culture, industry, and other aspects. International Chinese language teachers play a particularly important role in the dissemination of Chinese language and literature. Therefore, it is necessary to develop a standardized framework and model for cultivating the ability elements of international Chinese language teachers based on guidance and goals, in order to promote sustainable development. This study uses literature review, interview methods, and mathematical statistics to investigate some international Chinese language teachers who have traveled from China to Thailand. The PDCA cycle theory is used to establish a development path centered on "current situation analysis, innovation path, path evaluation, and continuous improvement", exploring the difficulties and difficulties in improving the cultural communication literacy ability of Thai international Chinese language teachers, Targeted optimization and development paths should be proposed: (1) Reasonable goals and development ideas for cultivating the ability elements of international Chinese language teachers should be formulated based on the actual situation of Thai Chinese language learning, exploring deep internal motivation and logical relationships, and improving the framework for cultivating ability elements based on the elements of communication. (2) In the specific implementation process, specific indicators for cultivating ability elements should be clearly defined to strengthen standardization. Targeted training should be conducted based on relevant indicators. (3) Targeted ability element training standards should be developed for Chinese language teachers based on the actual environment, needs, and theoretical foundation of international communication in Thai Chinese language learning. Fourthly, explore diversified cultural communication methods and development path choices, improve the comprehensive ability of Thai international Chinese language around the elements of global communication, and continuously optimize the curriculum system and teaching content. (4) We should improve the evaluation and feedback system, establish clear management systems and development plans for each stage, and promote excellent culture and concepts in a healthy manner. In the specific implementation process, being good at identifying and proposing problems, and combining practical experience to fully solve problems, can help promote deep development.

The value and implementation path of smart media technology application in the cultural heritage of ethnic traditional sports

This study analyses the value of embedding smart media technology in the protection and inheritance of traditional Chinese national sports culture, explores the logical relationship between smart media technology and traditional sports culture inheritance, and proposes innovative development paths based on the basic principles and development trends in an attempt to provide useful references for the living inheritance and sustainable development of traditional Chinese national sports culture. The rational use of smart media technology can effectively drive the high-quality development of various fields. The application of smart media technology in the inheritance and development of traditional ethnic sports culture is expected to reflect the diversified values, based on which it is important to point out that the implementation path of the new smart media technology to accelerate the promotion of traditional ethnic sports culture is of great significance in practical development. This study uses the PDCA cycle theory to establish a research idea based on the main line of “value analysis-proposed path-path evaluation-continuous optimization”, whereby the smart media technology drives the innovation of the development situation, and pushes the dissemination of Chinese traditional national sports culture into the smart media era. It is found that the integration of the two helps to innovate the way of cultural inheritance, is conducive to better excavation and collation of the essence of excellent traditional sports culture, and can better promote diversified development. It is conducive to promoting the sustainable development of the traditional sports culture industry. It is conducive to the promotion of national cultural exchanges, exchanges, intermingling and the enhancement of national cohesion, and helps to effectively excavate and reasonably use the deep value of smart media technology; it should be based on the needs of development and innovative communication and development of smart sports culture mode. The development of traditional sports short video platform, the construction of intelligent traditional sports into the campus system, the construction of a diversified system of communication mode; from the “traditional inheritance mode” to the “intelligent leadership”, the integration of content, innovative inheritance mode. From “cultural inheritance” to “resource sharing”, precise positioning and integration of resources. Eventually, a system will be formed that is led by intelligent innovation, optimizes the mode, improves the content, and strengthens the evaluation and feedback.

Municipal solid waste incineration bottom ash recycling assessment: Carbon emission analysis of bottom ash applied to pavement materials

Inspired by the concept of conserving resources, bottom ash has been increasingly utilized in road construction as a readily available waste material. This study sought to address this gap by quantifying the carbon benefits associated with bottom ash application. Through a comprehensive analysis grounded in life cycle theory, author evaluated the changes in energy consumption and carbon emissions before and after the integration of bottom ash into the road construction process. The analysis employed the raw material production stages of different pavement materials as the system boundary. By determining the optimal amount of bottom ash and calculating the associated values, the study proposed an efficient application scheme for utilizing bottom ash in urban engineering construction projects. The results showed that bottom ash had the least carbon reduction effect in permeable bricks, followed by cement concrete and cement stabilized macadam mixture. The most significant effect was observed in asphalt mixtures. However, energy consumption increased with the addition of bottom ash in asphalt mixtures, whereas it decreased in the other three products. The carbon reduction after applying bottom ash was predicted based on the annual growth rate of urban road construction. Under the premise of maintaining the non-destructive application performance of asphalt mixtures, the optimal carbon reduction benefit for a 20% addition of bottom ash was approximately 17,369.9 tons. In cement-stabilized crushed stone mixtures, the optimal carbon reduction benefit ws achieved with a bottom ash content of 30%, approximately 15,797.7 tons. The practice of utilizing bottom ash in road works was significant in terms of maximising the benefits of carbon reduction.

Analyzing China’s “One Village One Product” Policy Implementation through the Institutional Analysis and Development Framework and Policy Cycle Theory

Analyzing China’s “One Village One Product” Policy Implementation through the Institutional Analysis and Development Framework and Policy Cycle Theory

Convergence of dominant forms of investment capital in the development of socio-economic systems

The object of this study is the dominant forms of investment capital and their convergence according to the stages of development of socio-economic systems. Any evolution has certain stages. The development of socio-economic systems is no exception. All processes and phenomena in the world, including development, occur cyclically and are interconnected with the stages of natural, social, and economic processes. According to the theory of economic cycles, such phenomena as the development of the socio-economic system, its crisis and innovations have a close relationship. Industrial revolutions became a vivid example of changes in the socio-economic development of complex systems. One of the main sources of financing for each stage of the industrial revolution is investment capital, which can be part of industrial, private, financial, banking, or intellectual capital. Depending on the signs of social relations, social system, etc. can take their forms. Each of the stages of the industrial revolution is preceded by appropriate conditions that are associated with certain historical conditions at a specific moment in time. Considering the dominant forms of investment capital according to the stages of the industrial revolution, the reasons for their change should be noted. The process of convergence of investment capital is considered here. One of the indicators that characterizes the efficiency of investment capital is its mobility or immobility. A number of macroeconomic factors affect the mobility of investment capital. Considering the world structure of direct foreign investments, the main directions of their utilization have been indicated. The model of the convergence of the dominant forms of investment capital in the logistics system is presented in accordance with the stage of the industrial revolution and the features that accompany it

Rice farmers and floods in Ecuador: the strategic role of social capital in disaster risk reduction and livelihood resilience

Social capital plays an essential role in resilience building and disaster risk reduction, as it makes resources available in disaster situations. However, there is still a gap in the literature regarding the relationship between social capital, resilience, and disaster risk reduction. This research aims to understand and explain the role of social capital as a resource mobilizer during times of shock and the potential implications of this for DRR and resilience building. To do so, we develop and apply a framework that integrates the concepts of resilience (specifically the adaptive cycle theory), social capital (in terms of social relationships), and the disaster risk reduction cycle. We apply the framework to the case of rice smallholder farming in flood-prone areas in Ecuador. We find that households' resources are critical to sustaining other dimensions of resilience through different forms of social capital. The availability of resources (canoes, food, water, and others) that households can exchange or share within the community (bonding social capital) sets the conditions for other levels of social capital. Bridging social capital is relevant for accessing temporary refuge for animals, water, food, and loans when resources at the local level become scarcer. The lack of resources creates conditions that strengthen unhealthy social relationships at the bridging social capital level. The use of this framework helped us to systematize our data and provide an overview of how the coping strategies of rice smallholders contribute to and inhibit their resilience during a flood and their transition to recovery.

Pathways to Prosperity: Navigating Post-Stagnation Growth and Revitalizing Business

This study examines the ways in which firms recover from stagnation or sales decline, with a focus on two key aspects: traditional high-growth companies and growth restarts within the framework of organizational life cycle theory. Analyzing a dataset of 1883 Russian firms from 2013 to 2021, this research employs logistic regression to identify factors that promote growth. These factors include the youth of the firm, investment intensity, and significant sales drops during periods of stagnation. The study introduces a new economic category, termed ‘restarting growth’, which signifies a firm’s sustained expansion following an extended period of stagnation. This category is crucial for identifying factors that increase the likelihood of a company transitioning to growth after prolonged stagnation or production downturn. The findings of this study reveal that firms that are younger, invest more intensively in fixed capital, and have experienced a larger sales drop during a period of stagnation are more likely to transition to growth. These results are juxtaposed with the growth factors characteristic of traditional high-growth companies, as well as with the theoretical approaches explaining growth restarts within the framework of organizational life cycle theory. Such distinctions are pivotal both for academic understanding and practical applications in discerning how companies rebound from crises. Moreover, the research identifies several highly significant factors—indicators that can assist investors in selecting promising firms for financing.

WORKING CAPITAL MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE OF DAIRY PROCESSING FIRMS IN KENYA

The significance of the dairy sector in Kenya’s economy cannot be over emphasized. This is because the sector contributes 4% of the national gross domestic product and 19% of the agricultural gross domestic product for an economy that heavily relies on agriculture. Working capital plays a critical role in the success of commercial entities. This study sought to determine the effect of working capital management practices on the financial performance of dairy processing firms in Kenya. The general objective of the study was to determine the effect of working capital management practices on financial performance of dairy firms in Kenya. The specific objectives of the study were to establish the effect of inventory management practices, debtor’s management practices, creditors’ management practices and cash management practices on financial performance of dairy firms in Kenya. The theories that guided the study are; Keynesian liquidity preference theory, Cash Conversion Cycle theory, Stewardship theory, Risk return trade-off theory and Transaction Cost Economics Theory. The study population comprised the 221 dairy processing firms classified as major and mini processors by the Kenya Dairy Board. Stratified random sampling technique was used to select a sample size of 69 firms for the study. Self-administered structured questionnaire was used for data collection. A pilot study was conducted to test for the validity and reliability of data measuring instruments. Descriptive statistics namely mean, variance and standard deviation, and inferential statistics namely, correlation, simple and multiple regression was used for data analysis. The results of the analysis were presented using tables. The diagnostic tests to be performed in the study included Normality, Linearity and Multi - collinearity. A statistical package for social sciences software was used to aid the data analysis. Results indicated that inventory management was a key predictor of financial performance. Results indicated that debtor’s management practices were a key predictor of financial performance. Correlation outcomes of the results showed that credit management, and cash management had a positive and statistically significant relationship with the financial performance of dairy firms in Kenya. The regression results showed that cash management and creditors management have a direct positive effect on the financial performance of dairy firms in Kenya. The study recommended that Dairy Firms directors should develop a policy on credit collection detailing the policies and practices to be followed by the Dairy Firms. To enhance their accounts receivables and remove bad debts while boosting sales and inventory turnover, farm owners should rigorously follow up on debts, assess consumers before providing debts, give incentives for early debt payments, and build a solid debt management strategy. Dairy Firms may generally keep the standard payment interval longer than the average collection period to limit receivables payments for short-term needs, lowering finance expenses.

Transient DC-link voltage oscillation stability assessment of VSC-HVDC systems using Lyapunov direct method

Lyapunov direct method is utilized in this paper to reveal the transient voltage oscillation stability mechanism for VSC-HVDC systems. Firstly, a reduced analytical nonlinear model for transient voltage oscillation stability assessment is proposed, which is a Liénard system. Based on the proposed model, a novel Lyapunov function is constructed and the conservative stability boundary is depicted, which reveals that the transient voltage oscillation can be well damped when the operating points are within the domain of asymptotic stability. In addition, it is found that there exists one limit cycle for VSC-HVDC systems. Once any system operation point exceeds the limit cycle, the divergent oscillations are triggered, and the aperiodic instability will eventually appear if the perturbations failed to be cleared in time. Finally, according to the limit cycle theory, one sufficient instability condition is derived and the transient voltage instability risk of the VSC-HVDC systems can be well evaluated.

Cointegrations in house price dynamics and ageing population risks.

How does the riskiness of an ageing population change with house price dynamics of rural areas? Why do rural house prices increase faster than cities despite their ageing populations? Life cycle theory predicts working age households have higher demand for housing than retirement households. An issue that has seen much less attention in the literature is that rural house prices have been increasing despite their populations age rapidly. To answer these issues, our paper introduces an empirical cointegration-based framework designed to be flexible for empirical settings. Our cointegration framework reveals crucial information about rural housing and ageing which has not been found previously: the short-term deviation of house prices from cointegration restrictions is a strong predictor of future rural house prices and migration rate from 1 to 4 year ahead. This is not the case for urban areas nor where cointegration restrictions are being ignored. Rural house prices, not urban ones, are the key to understand this cointegration restriction. Our framework is pertinent to most ageing societies with available housing and demographic data. When a government formulates macroprudential policies internalizing these cointegration restrictions and supporting rural developments, migration into rural areas and population increases are possible. Our evidence highlights the importance of cointegration-based long-run ageing risks for rural housing markets.