High Investment Research Articles

Exploring the Link Between CEO Integrity and Investment Efficiency: New Evidence from Emerging South Africa

ABSTRACT This study detects an un-investigated ethical attribute of CEOs linked to investment efficiency – integrity. This study conjectures, drawing on the expectancy violation and self-regulation theories, that CEOs with high levels of integrity tend to understand the severity of stakeholders’ punishment for managerial misconduct and, therefore, self-regulate to avoid self-serving motives and align managerial and stakeholders’ interests leading to high investment efficiency. Using a sample of South African firms from 2015 to 2020, this study finds that CEO integrity significantly matters for investment efficiency and in reducing suboptimal investment strategies. The positive CEO integrity-investment efficiency nexus is pronounced in the presence of high corporate transparency, conservative managerial spending, low agency conflicts, and high board governance. The findings of this study remain valid to alternative measures, CEO characteristics, and endogeneity concerns. Taken together, this study extends the literature through empirical evidence that CEOs’ ethical and moral traits can reinforce investment efficiency.

Comparative Analysis and Reconstruction of the Fama-French Three-Factor, Five-Factor and Carhart Four-Factor Models on U.S. Consumer Discretionary Market

The stock market has been studied and analyzed by scholars and investors for a long time. This paper aims to compare the applicability of the Fama-French three-factor (FF3F), five-factor (FF5F), and Carhart four-factor models (Carhart 4F) in the U.S. consumer discretionary sector. For the market return, data is obtained from the U.S. Consumer Discretionary Sector ETF (VCR), covering a period from 2014 to 2024, comprising 120 months. Regression results indicate that the FF3F model performs the best, explaining 89.41% of the returns. Although the FF5F and Carhart 4F models show slight improvements, additional factors (WML, RMW, CMA) are statistically insignificant. A restructured model that contains market premium (Rm-Rf), size (SMB), and investment (CMA) factors is proved to be more effective, with market premium and small-cap stocks, as well as high investment firms, driving higher returns. This research provides experiential evidence on the efficacy of factor models in the U.S. consumer discretionary sector's stock market.

Greening the Pharmaceutical Supply Chain

ABSTRACTThe pharmaceutical sector is critical from a life‐saving perspective. However, it also poses significant environmental challenges due to large consumptions of non‐renewable materials and energy, as also extensive by‐product and waste generation. Addressing these issues is paramount, though surprisingly, research on it has largely been theoretical, fragmented and incomplete. These shortcomings are sought to be addressed in this work where a comprehensive green supply chain management (GSCM) framework for the sector is first developed through a systematic literature review. It is then empirically assessed and validated for UK's pharmaceutical sector through 47 interviews and analyses of 112 corporate environmental reports that covered all key stakeholders. Innovative and Bio‐pharma players were found to be at the forefront of the greening efforts with generic players lagging behind. High levels of solvent recycling, AI‐based drug design, and emphasis on Ecopharmacovigilance were observed for the Innovative players. The key drivers for greening were found to be regulatory pressures (e.g., f‐gas, ERA, IED) and cost saving potential, with their influence being particularly greater for the Innovative players. Similarly, complex marketing authorization process, high investment requirements, lack of green culture and time pressure were revealed as the key barriers to greening. On the downstream side, lack of environment‐related regulatory guidance on prescribing and contradictory regulatory guidance on disposing unused/expired drugs were identified as factors having a significant impact on the environmental loading of drugs. Overall, the study findings can help assess the green readiness of the sector, as also develop stakeholder‐specific policy interventions and support mechanisms to increase green adoption.

Drug Procurement, R&D Models, and Innovation Performance of Pharmaceutical Companies

Under the multi-objective public policy of national centralized banded purchasing of medicines (“Drug Procurement”), winning pharmaceutical companies are faced with the dual dilemma of declining product profits and high investment in innovation. Although the centralized drug procurement policy significantly reduces drug prices and alleviates the burden of patients, the mechanism of its impact on the innovation performance of pharmaceutical companies is still unclear, and an in-depth study of this mechanism can help to comprehensively understand the effect of the implementation of the centralized drug procurement policy. By constructing a multi-period double-difference model to investigate the impact of the drug collection policy on the innovation activities of enterprises, the study finds that the drug collection policy significantly improves the innovation performance of selected enterprises through two paths, namely internal R&D and external cooperation. Heterogeneity analysis shows that the drug collection policy significantly enhances the innovation performance of larger enterprises and pharmaceutical enterprises whose leading products are chemicals, and has a more significant positive effect on the innovation performance of state-owned enterprises compared with that of non-state-owned enterprises. On the basis of empirical analysis, suggestions are made for policy improvement.

Investments in Renewable Energy in Rural Communes: An Analysis of Regional Disparities in Poland

Although energy transformation is a widely discussed topic, there is a dearth of research on the role of rural communes in implementing that concept in Poland, a country where rural areas account for more than 90% of the total landmass. Most research projects are focused on larger local government units, such as cities, whereas rural communes’ role in the development of local energy policies and impact on the development of renewable energy sources (RESs) is often disregarded. Therefore, this study extends the existing literature resources with a view to bridging that gap by assessing rural communes’ investment activity in the context of the Polish energy transformation, with particular emphasis on regional differences in RES investments financed with Union funds. Therefore, the main purpose of this study is to assess the contribution of rural communes to the Polish energy transformation process, with a particular focus on regional differences in renewable energy investments financed with European Union funds in the successive seven-year financial perspectives 2007–2013 and 2014–2020. The study aimed to answer the following key research questions: how does the level of rural communes’ investment activities related to renewable energy development compare to that of other commune types? What are the regional differences in rural communes’ investment activities related to renewable energy? What are the main factors affecting rural communes’ investment activity in regions most involved in the development of renewable energies? The study relies on data from the Ministry of Development Funds and Regional Policy and from the Local Data Bank of the Central Statistical Office. The dataset was processed with the use of descriptive statistics methods and Ward’s method with a view to identifying regional patterns and conditions for the development of renewable energy investments. This study focuses on the investment activities of rural communes in Poland related to RESs financed with European Union funds. The empirical research results highlight rural municipalities’ crucial role in developing RES, emphasizing their high investment activity and significant regional differences. Municipalities from the eastern Polish provinces of Lublin and Podlasie have successfully secured EU funds for RES development. They have implemented numerous projects, primarily related to solar energy.

Vermicomposting of gastro waste does not produce high-quality fertilizer

AbstractThe production of gastro-waste is an common issue part in all societies, but its disposal, including recycling, is not yet satisfactorily resolved. This research explored whether it is possible to manage this waste directly at its source without special equipment and high initial investments. The study was conducted on a university campus, where a simple three-tier vermicomposter was assembled to process cafeteria leftovers. The vermicomposting process and the quality of the resulting vermicompost were monitored, and a container experiment with a 20% vermicompost concentration was set up.The vermicompost was evaluated from a food perspective and found to attract insects, emite odors, and heat up to over 50 °C within the vermicomposter. The resulting vermicompost parameters were not as favorable for agricultural use as those from thermally untreated waste. The most problematic parameter was the electrical conductivity, which likely caused the early termination of the container experiment due to plant death in the vermicompost-applied variant. Additionally, high concentrations of microorganisms such as Salmonella and E. Coli were found in the vermicompost. In conclusion, using the vermicomposting process for heat-treated food residues is not suitable for regular institutions. Graphical abstract

Advancing Heat Pump Adoption in Ukraine’s Low-Carbon Energy Transition

The European Union established a legislative framework to facilitate the transition to low-carbon energy sources. As Ukraine aspires to join the EU, it is progressively adopting similar legislation. The extensive damage to Ukraine’s fossil fuel-based heat generation infrastructure necessitates the reconstruction of heating and cooling supply systems, with a focus on low-carbon energy sources, particularly heat pumps. Notably, Poland achieved the highest growth in installed heat pump capacities in Europe, offering valuable insights for Ukraine’s energy transition. This study employs the TIMES-Ukraine model to assess the potential proliferation of heat pumps within the country. The findings suggest that, if capital costs for heat pumps decrease, their adoption could accelerate more rapidly than biomass-fired heating systems, particularly in urban single-family homes and buildings lacking central heating systems, over the next decade. While high investment costs may slightly diminish the attractiveness of this technology for space heating, heat pumps consistently outperform biomass heating appliances and potential biomethane-sourced gas boilers.

Adoption of a sustainable land management practice for invasive Prosopis juliflora in East Africa

BackgroundWoody invasive alien species are among the world’s worst invaders, significantly affecting ecosystem services, increasing the cost of farming and reducing access to land. Prosopis juliflora (“prosopis”), a spiny shrub or tree, was introduced from its native Latin America into Eastern Africa to reduce dust and sandstorms and provide wood and fodder for livestock, but it has spread from the original areas of introduction and invaded large areas of land, thereby replacing grazing and arable land with impenetrable thickets. Stakeholders in two invaded regions of Kenya and Tanzania selected and tested, through an inclusive and participatory process guided by the Woody Weeds project, one sustainable land management (SLM) practice to manage prosopis through uprooting and subsequent use of the cleared land for continuous crop and fodder production. The practice was successful and was adopted by stakeholders in the communities where it was tested.MethodsWe assessed reasons why people adopted the practice or not, as well as whether there was an effect of the Woody Weeds project on the adoption, through in-person interviews with 154 household heads in Baringo, Kenya, and 148 in Kahe, Tanzania.ResultsAbout 75% of the respondents implemented the practice, 76 didn’t implement the practice and ten respondents no longer implemented the practice. We found that the likelihood of people adopting was higher for male than female respondents and was positively related to farm size. Results of a choice experiment revealed that almost all respondents prefer the SLM over a situation where their land is invaded by prosopis, even if the investment is high, which confirms that people prefer farming over prosopis, and that their perception of the SLM became more positive over time. Altogether, our results illustrate the beneficial effects of the SLM practice, despite high initial investment and risk of injury while uprooting prosopis. The results further indicate the value of communal meetings for dissemination, as many people learn about new practices through observation of their neighbours’ activities and during public barazas and village meetings.ConclusionsWe recommend awareness raising about these SLM practices and their benefits and upscaling of the practices to other areas infested by prosopis.

A simple model and rules for the evolution of microbial mutualistic symbiosis with positive fitness feedbacks

The evolution of microbe-microbe mutualistic symbiosis is considered to be promoted by repeated exchanges of fitness benefits, which can generate positive fitness feedbacks ('partner fidelity feedback') between species. However, previous evolutionary models for mutualism have not captured feedback dynamics or coupling of fitness between species. Here, a simple population model is developed to understand the evolution of mutualistic symbiosis in which two microbial species (host and symbiont) continuously grow and exchange fitness benefits to generate feedback dynamics but do not strictly control each other. The assumption that individual microbes provide constant amounts of resources, which are equally divided among interacting partner individual, enables us to reveal a simple rule for the evolution of costly mutualism with positive fitness feedbacks: the product of the benefit-to-cost ratios for each species exceeds one. When this condition holds, high cooperative investment levels are favored in both species regardless of the amount invested by each partner. The model is then extended to examine how symbiont mutation, immigration, or switching affects the spread of selfish or cooperative symbionts, which decrease and increase their investment levels, respectively. In particular, when a host associates with numerous symbionts without enforcement, neither mutation nor immigration but rather random switching would allow the spread of cooperative symbionts. Examples using symbiont switching for evolution would include large ciliates hosting numerous intracellular endosymbionts. The simple model and rules would provide a basis for understanding the evolution of microbe-microbe mutualistic symbiosis with positive fitness feedbacks and without enforcement mechanisms.

Benefits of Irrigation or Fertigation on Early Growth and Yield of a High-density Apple Planting in a Humid Climate

The success of a new high-density apple planting depends on how fast the grower can recoup the high investment that these systems require. The right balance between vegetative growth and cropping during the early life of the planting is where tree growth is sufficient to rapidly fill the allotted space while at the same time producing high early yields. In this study we evaluated irrigation or fertigation as strategies compared with the traditional nonirrigated control to improve growth and yield of five apple scion cultivars (Mutsu, Gala, Honeycrisp, Jonagold, and Macoun) on M.9 or B.9 rootstocks over the first 5 years at Geneva, NY. Calcium nitrate at the rate of 113 kg·ha−1 N was applied to all three irrigation treatments (dissolved in water for the fertigation treatment, broadcast dry with the irrigation treatment, or broadcast dry with the nonirrigated control). Our results showed that fertigation with dissolved N and irrigation with dry broadcast N increased yield and tree growth similarly and significantly over the first 5 years of orchard establishment compared with the nonirrigated treatment with dry broadcast N. There was a significant economic benefit of irrigation or fertigation in the humid climate of New York State.

Metaheuristic Algorithm to Find Optimal Sizing of Stand-Alone Hybrid Energy System in Remote Areas: A review

In remote areas, electricity is provided by diesel generators, which have many disadvantages, such as their dependence entirely on fossil fuels that cause global warming due to emissions of harmful gases such as carbon dioxide, and the high maintenance cost of these generators, as well as the difficulty of transporting fossil fuels to them. Therefore, the world has tended to use renewable energy sources, due to their advantages such as their presence in all regions of the world, they do not emit harmful gases and their long life. However, renewable energy sources also have disadvantages such as high investment cost, and their intermittent nature because they depend on climate data. Therefore, the optimal sizing of these sources is considered an important factor to increase reliability, reduce emissions, reduce costs, and other goals. These problems can be solved by modern techniques, a metaheuristic algorithm that is more famous than traditional algorithms because it has good results and faster processing time. In this paper, we present a comprehensive review for used metaheuristic algorithms to find the optimal sizing of the energies used in the hybrid energy system (HES) for single and multi-objective optimization. Also, we review the main combinations of HES including their assessment parameters of economics, environmental, and reliability.

Comprehensive assessment of sludge wet air oxidation and its combination with anaerobic digestion

Wet air oxidation (WAO) is a promising sludge treatment technology but has yet to be used widely. This study evaluates a new integrated pathway of AD plus WAO, juxtaposing against the standalone AD and WAO, from the aspects of carbon emissions, energy efficiency, and cost-benefits. The assessment unit is 1 t dewatered sludge with a water content of 80%, and the greenhouse gases are converted to equivalent CO2. WAO can recover the thermal heat released from organic oxidation, resulting in the lowest carbon emissions, 10.92 to −36.86 kg CO2-eq/t. AD plus WAO also performs well with 32.21 to −48.16 kg CO2-eq/t. All three ways can produce renewable energy through biogas utilization or thermal recovery. WAO has the highest energy efficiency of 35%–42% due to efficient thermal energy recovery, and AD plus WAO has a second-ranked efficiency of 15%–30%. However, WAO needs expensive facilities and external electricity, resulting in a higher expenditure than AD. The integrated systems also require a high investment, but can simplify digested sludge treatment. According to the normalized scores in the three aspects, WAO is recommended chiefly, especially for treating low-organic-content sludge. AD plus WAO ranked second and can be used for high-organic-content sludge.

Research on the optimal configuration method of shared energy storage basing on cooperative game in wind farms

Aiming at the problems of low energy storage utilization and high investment cost that exist in the separate configuration of energy storage in power-side wind farms, a capacity optimization method based on cooperative game for wind farm-side shared energy storage power plant is proposed. Firstly, the wind power output scenarios on different typical days are clustered using the Latin hypercubic sampling method and the k-means method; then, the capacity optimization model of the shared energy storage plant is established with the objective of minimizing the total cost of constructing the shared energy storage plant in wind farms; secondly, the cooperative allocation strategy based on the Shapley value is designed to allocate the total cost of investing in and constructing the shared energy storage system; finally, it is demonstrated through examples that the method proposed in this paper effectively reduces the cost of the total investment in the energy storage system for new energy power plants, reduces the cost of wind abandonment penalties for new energy power plants, improves the output effect of new energy power plants, and increases the utilization rate of the shared energy storage power plant.

The role of renewable energy in achieving sustainable development goals

Renewable energy is a critical enabler of global efforts to achieve the United Nations’ Sustainable Development Goals (SDGs), serving as a foundation for addressing social, economic, and environmental challenges. This review explores the multifaceted role of renewable energy in driving progress across several SDGs, particularly SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action), while also contributing to goals such as poverty alleviation (SDG 1), improved health outcomes (SDG 3), economic growth (SDG 8), and sustainable cities (SDG 11). The transition to renewable energy sources—such as solar, wind, hydropower, and geothermal—offers pathways to reduce global carbon emissions, mitigate climate change, and ensure universal access to clean energy. In addition, renewable energy projects promote economic empowerment through job creation and rural electrification, driving inclusive growth in underserved communities. The integration of renewable energy in urban planning also supports sustainable development in cities. However, the adoption of renewable energy faces barriers such as high initial investment costs, technological limitations, and regulatory challenges. This review discusses strategies to overcome these obstacles, emphasizing the importance of supportive policy frameworks, international cooperation, and public-private partnerships. It highlights successful case studies from countries that have leveraged renewable energy to make significant strides toward the SDGs, offering valuable insights for global implementation. As the world approaches the 2030 deadline for the SDGs, renewable energy remains a vital driver of sustainable development, providing innovative solutions to complex global issues while fostering a cleaner, more equitable future.

Smart Strategies in the Digital Age: Conventional Retail Facing the Revolution E-Commerce

The aim of this research is to see how e-commerce trends impact traditional retail marketing strategies. The study emphasize the use of new technologies such as augmented reality (AR), artificial intelligence (AI), and omnichannel approaches as a way to maintain traditional retail competitiveness. This was done using the PRISMA framework and SWOT analysis. Data was collected from eleven relevant articles over the past three years (2022-2024) using searches in ScienceDirect and Google Scholar. Results show that the use of technology in omnichannel strategies can improve customer experience and operational efficiency. However, the main obstacles remain infrastructure limitations, high investment costs and data security threats. To address this issue, it is recommended to use mitigation strategis that prioritize technology partnerships and focus on specific market segments. This research provides parctical guidelines for retail partitioners to adjust to the dynamics of the e-commerce market. In addition, this research offers a perspective for academics in studying retail transformation in the digital era.

Challenges and Opportunities of Tractor Adoption by Smallholder Farmers in Gambella Region, Ethiopia

Tractor adoption by smallholder farmers in the Gambella region is essential for increasing agricultural productivity, improving food security, and promoting sustainable livelihoods. The sampling methods employed included purposive sampling to select kebelles and a lottery method for sample respondents. Primary data were collected through surveys, questionnaires, in-depth interviews, focus groups, and field observations, while secondary data were obtained from government statistics, academic publications, non-governmental organization reports, market information, and historical records. Data analysis utilized descriptive statistics, such as frequencies and percentages. Regarding opportunities for tractor adoption, the study found that 9% of smallholder farmers used tractors to improve soil health, 20% to reduce labor costs, and 16% to enhance market access, 7% to reduce post-harvest losses, and 48% to increase productivity. Conversely, the study identified major constraints, with 27% citing high initial investment, 40% noting lack of credit access, 18% reporting limited technical expertise, and 15% indicating inadequate infrastructure as barriers to tractor adoption. To maximize adoption opportunities, government agencies and private companies should offer financial incentives and loans to support farmers’ tractor investments. Additionally, to address these adoption challenges, government, local, and non-governmental organizations should provide subsidies, low-interest loans, and technical training programs to enable smallholder farmers to purchase or rent tractors, thus enhancing access to mechanized services and improving agricultural productivity and efficiency.

A diffusion of innovation (DOI) analysis of 3D food printing adoption among food sector early adopters

PurposeResearch on 3DFP has focused on technical developments and consumer acceptance, but the practical implications of adopting this technology from industry perspectives across food sectors are underexplored. This study aimed to uncover factors influencing 3DFP adoption and the prospects of this technology by interviewing food businesses using 3DFP in different food sectors around the globe.Design/methodology/approachThe Diffusion of Innovation (DOI) model, a process-oriented adoption approach, was utilized to understand the technological, adopter and social factors influencing 3DFP adoption in food businesses.FindingsDecisions to adopt 3DFP hinged on technology compatibility with business needs, adopters’ innovation and technology interests and perceived public interest. Early adoption cases revealed 3DFP benefits over conventional technologies in improved product design, customization, food versatility, convenience and sustainability. Interconnected barriers to adoption included high investment costs, limited technology capacity, negative consumer perception and a low adoption rate by large companies. Proposed barrier solutions by businesses encompassed improving technology scalability and leveraging food and technology familiarity alongside alternative technology labelling to increase visibility and interest by large companies and consumers.Originality/valueTo the best of the authors’ knowledge, this is the first study assessing the determinants of early adopting 3DFP, covering perspectives from different food sectors and using the DOI model. The study’s insights are valuable for food industry stakeholders: policymakers, industry leaders, food businesses and researchers. It can guide subsequent adopters’ decision-making and inform future research on technical, social and business aspects to enhance adoption in the promissory food sectors for 3DFP such as protein alternatives.

Unlocking wind power potential to improve energy security in Ethiopia

Ethiopia possesses abundant wind resources that have the potential to revolutionize its energy sector by providing reliable and sustainable electricity through wind power. Despite the presence of a few operational wind farms, the country is facing challenges in generating sustainable electricity. The slow progress in wind power development raises concerns, as the impact of declining power generation from existing wind farms on economic development and return on investment remains insufficiently examined. The research paper aims to examine the status, challenges, and opportunities in developing, deploying, and sustaining wind power generation. This was accomplished through qualitative and quantitative analysis using 11 years of power generation data from operational wind farms and field research. Data sources include Ethiopian Electric Power, wind power operation reports, official government reports, field observations and discussions with wind power operators. The study reveals that challenges such as intermittent wind resources, high initial investment costs, inadequate transmission infrastructure, limited skilled workforce, and environmental concerns hinder the realization of wind energy's full potential. The article provides evidence-based recommendations for policymakers and the wider stakeholders to address the challenges and maximize benefits of wind energy in Ethiopia. This contributes to understanding the current situation and necessary actions to harness the country's abundant wind power potential.

Puzzlingly low utilization of solar irrigation pumps by smallholders in Nepal undermines cost-effectiveness

Abstract Solar Powered Irrigation Pumps (SIPs) hold substantial potential for low carbon irrigation expansion, particularly where affordable electricity is limited. In contrast to diesel-based irrigation, which carries steep fuel costs, irrigation by SIPs requires zero marginal costs, but high initial investments. This makes their competitiveness with diesel pumps highly dependent on the temporal frequency of their usage. Using unique and detailed data on SIP usage by smallholders in Nepal, we show SIP usage frequency is low, making it financially competitive with Diesel for only a small fraction of farmers. We analyze characteristics of farmers who make low/high usage of the SIP, and explore potential explanations for the puzzling low level of SIP use.

An Analysis of Industry Forces Impacting Apple’s Performance: A Study Using Porter’s Five Forces Framework

The main objective of this study was to identify different electronic industry forces that impact the performance of Apple Inc. using Porter’s five forces framework. The study adopted a desktop methodology. The buyers have moderate power as a result of customers' attraction to the brand. Still, also the availability of alternative products at lower prices gives the customers power to negotiate. There is a moderate power of supplies resulting from a wide industry demand and scarcity of the components. There is a low threat of new entrants in the electronic industry due to high capital investment, high research and development costs, economies of scale and strong brand loyalty. The availability of different products of similar functionalities makes the threat of substitutes to be high in the market like tablets and smartphones. The rivalry of existing competitors is high as the industry is characterized by aggressive price strategies. To maintain its strong position in the market, Apple highly invests in research and development to make its products differentiated and maintains its strong brand loyalty. Apple need to consider the consumers of low incomes as the products of Apple Inc. are regarded as expensive for this group and where the competitors are willing to offer substitute products and services at lower prices.