High Market Research Articles

Does the digital transformation of enterprises affect capital mismatch? evidence from Chinese listed firms.

In this study, based on the data of the Chinese listed firms, the effect of digital transformation on capital mismatch was examined. And the potential mechanism was also further discussed. It was found that digital transformation can significantly suppress capital mismatch, especially for non-state-owned enterprises, mature enterprises, and regions with high marketization and financial technology level. In addition, management capability and information environment are potential influencing mechanisms of digital transformation to suppress capital mismatch. These findings have important implications for revealing the relationship between enterprise digital transformation and capital mismatch, provides new ideas for improving the efficiency of capital allocation, and also provides important insights for enterprises to accelerate digital transformation and promote the high-quality development of enterprises.

Camel milk: White gold and its contribution to the sustainable development goals—A review

Camel milk plays a multifaceted and significant role in contributing to sustainable development goals (SDGs). This review aims to explore its impact on SDG 1 (No Poverty), SDG 2 (Zero Hunger), SDG 3 (Good Health and Well-being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action). Camel milk alleviates poverty by providing crucial income and job opportunities for pastoral communities where alternative livelihoods are limited. Its rich nutritional value enhances food security, particularly in regions suffering from hunger and low agricultural productivity. Furthermore, its nutritional and medicinal properties contribute to public health and well-being, particularly in communities affected by food insecurity. The expanding camel milk industry promotes decent work and economic growth by fostering market diversification and growth while empowering women by creating economic opportunities within local communities. Camel milk production aligns with sustainable consumption and production patterns by requiring fewer resources and minimizing waste, and it strengthens resilience to climate change in vulnerable regions. Despite its potential, the camel milk industry faces hurdles such as high production costs, inadequate infrastructure, and limited market access. This article emphasizes the need for targeted efforts to overcome these challenges and highlights the potential of camel milk as a key driver of sustainable development in some of the world's most fragile regions and its contributions to sustainable development and improving the livelihoods of vulnerable communities worldwide. This article emphasizes the need for targeted efforts to overcome these challenges and highlights the potential of camel milk as a key driver of sustainable development in improving the livelihoods, especially of vulnerable communities across the world's most fragile regions.

The Impact of Bank Regulation on Commercial Bank Performance: Evidence From South Africa

ABSTRACTUsing data on South Africa's commercial banks in the period 2005–2018, this paper investigates the impact of bank regulation on bank performance. The study uses a fixed effects model to run the regression model as well as the data envelopment analysis approach to estimate efficiency scores. We find a number of interesting results. First, we find a negative relationship between capital stringency and bank performance, suggesting that increased capital requirements force banks to increase their reserves, adversely affecting their performance. Second, we find a positive relationship between activity restrictions and bank performance, indicating that this kind of regulation, which may well be good for the public as argued by the public interest view of regulation, is also good for the regulated banks. Third, we find a negative and significant relationship between supervisory power and bank performance. Fourth, we find a positive and significant relationship between the market discipline index and bank performance, suggesting that by creating environments characterised by high market discipline, the regulatory regime enhances the ability and incentives of private investors to efficiently monitor banks. This ensures better management of banks, ultimately increasing profitability. Overall, the study finds that regulation matters for bank performance.

The Value of Investor Sophistication

ABSTRACTWe introduce the idiosyncratic volatility spread as a novel measure of the stock‐level investor sophistication. Our study reveals a negative relation between investor sophistication and stock returns, particularly for stocks with more binding short‐sale constraints. Importantly, this negative relation cannot be attributed to variables that affect the idiosyncratic volatility–return relation. Our findings hold across different factor models and estimation methods, demonstrating the robustness of the results. Furthermore, we observe that this relation is more pronounced during periods characterized by high investor sentiment, high market uncertainty, and economic contractions. Further tests suggest that investor sophistication introduces heterogeneity in beliefs among investors due to their varying model selection, demonstrating that investor sophistication is not driven solely by disagreement.

Valuation Driven Innovation

Abstract This paper examines whether and how market valuation influences firm innovation, using an ex ante valuation measure that filters firm size and growth prospects from tangible investment. Specifically, by utilizing the National Bureau of Economic Research (NBER) patent database, I find that firms with high market valuations generate more innovative outputs, as measured by the number of patents and patent citations. Causality is established using mutual fund flows as an exogenous shock, demonstrating a strong effect of market valuation on firm innovation. Consistent with the idea that managers take advantage of irrationally low discount rates by issuing equity and investing the proceeds, these results are more pronounced among firms with high financial constraints and overvaluation. The sensitivity of innovative output to market valuation varies with equity market timing and sentiment, but is not affected by whether or not firms are issuing equity.

Identification of Supply Chain Performance of Anchovy Commodity in Panomboman Village, North Sibolga, North Sumatera Province

Anchovies are one of the commodities in the fisheries sector in North Sibolga District, Central Tapanuli Regency and have a high selling value. However, the price of this commodity product is not fixed so that fishermen's income is not optimal. The purpose of this study was to identify the performance of the anchovy supply chain in Panomboman Village, North Sibolga District. This study is descriptive qualitative where the data collection methods are interviews, observations, and documentation studies. The results of the study show that the design pattern of the anchovy product supply chain network involves ten main actors, namely fishermen, collectors, wholesalers, retailers, and end consumers. There are three flows, namely the flow of goods from upstream to downstream, the flow of money from downstream to upstream and the flow of information from upstream to downstream and from downstream to upstream. The results of the study showed that the performance of the anchovy product supply chain in the village was considered inefficient because there was a fairly large marketing margin between fishermen and collectors, namely IDR 3,500 upto IDR 8,000/ Kg of anchovy products. Finally, fishermen formed a group of fishermen and distributed their anchovy production directly to wholesalers. Keywords: Supply chain, anchovies, fisheries .

The Impact of Environmental Regulation Compliance and Market Competitiveness Degree on Performance: The Case of the Portuguese Enterprise Ecosystem

ABSTRACTThe EU Directive 2002/96/EC concerning the re‐use, recycling, and other forms of recovery of waste of electrical and electronic equipment (WEEE) sets criteria for collecting, treating, and recovering WEEE. In Portugal, since 2006, firms operating in these industries must comply with the WEEE Directive. In this study, we examine the impact of compliance with this environmental regulation on corporate performance across different degrees of market competitiveness. We collected a sample of Portuguese‐based firms from the electrical and electronic equipment industries from the Orbis Europe database between 2003 and 2022 and identified the ones that comply with the law—the treatment group. Our final sample consists of 219 firms, corresponding to 2718 matched pairs formed of treated and control observations. Our results show no differences in performance between firms that comply (the treatment group) and those that do not (the control group), except for firms operating in more competitive markets. In such cases, compliance negatively affects firms' performance. The profitability of treated firms assigned in the group of high market competitiveness is, on average, three percentage points lower than that of their counterparts. This evidence poses a challenge to the EU regulators, who should focus on enforcing EU Directive to create a common ground across member states to avoid free riders from emerging.

The Differentiation of Extra Virgin Olive Oil from Other Olive Oil Categories Based on FTIR Spectroscopy and Random Forest

The great interest in the rapid and reliable differentiation of extra virgin olive oil from other olive oil categories is directly related to its unique sensory characteristics and high market prices. The aim of the present study was to investigate the potential of FTIR as a rapid and non-invasive technique to discriminate extra virgin olive oil (EVOO) from other olive oil categories (virgin olive oil, ordinary, and lampante) based on the acquired spectral profile of olive oil. Spectral data were collected, pre-processed, and correlated by Random Forest (RF) analysis with the sensory category (EVOO vs. other) of olive oil samples, as defined by sensory analysis undertaken previously by trained panelists. The results showed that the application of Savitzky–Golay (S-G) smoothing with a second derivative (d = 2), second- and third-order polynomial (p = 2, p = 3), and window size (w) of 12 and 13 points achieved the highest accuracy (0.91) between the two classes of samples. Characteristic spectral bands of triacylglycerols related to the carbonyl groups present in triacylglycerols (C=O) located near 1744 cm−1 (specific features: 1739, 1748, and 1751 cm−1), the fingerprinting area 1250–1000 cm−1 (specific features: 1088, 1094, 1116, 1123, 1124, 1158, 1162, 1236, 1240, and 1247 cm−1), which correspond to CH bending, and 1680 cm−1, which is associated with unsaturated aldehydes were observed to constitute the main basis of the discrimination of EVOO from the “other” class. The ability of the model to achieve high classification accuracy demonstrates the robustness of the FTIR spectral data combined with advanced machine learning techniques. Due to the lower cost and more rapid analysis time afforded by FTIR, this method provides promising perspectives for industrial olive oil classification.

RESPONSE OF LOCAL CANDLENUT GRAIN WITH DIFFERENT DRYING DURATION TO GRAIN YIELD

Candlenut is a plant that has many uses and can be utilized as a basic ingredient for kitchen spices and pharmaceutical ingredients. The increasing demand for candlenuts from other countries makes farmers in Indonesia increasingly active in making candlenuts as the main crop Candlenut seeds have very high benefits and selling value if they have gone through a good and correct peeling process. This study aims to determine the effect of the length of time drying candlenut seeds processed with a peeling machine on the yield of candlenut grain. This research was conducted in Seulimum Village, Seulimum District, Aceh Besar in April 2024. This study used a non-factorial Randomized Block Design (RBD) of 4 treatments and 6 replications resulting in 24 experimental units. The parameters observed were the percentage of intact nuclei (%) and the percentage of broken nuclei (%). The results showed that the test treatment of the length of time drying candlenut seeds with sunlight with different intervals of the number of days did not give a significant effect on the percentage of intact candlenuts, and the percentage of broken nuclei.

Analysis of Problems and Countermeasures in China's Stock Market

As an important part of the global financial system, China's stock market has unique characteristics and challenges, such as high market volatility, information asymmetry, policy risks, and market mechanism defects. This paper aims to analyze these major problems facing the Chinese stock market and propose practical solutions. By studying the challenges of market volatility, information asymmetry, policy risks, insufficient investor education, and imperfect legal framework, this paper proposes countermeasures to improve the stability and efficiency of China's stock market. These countermeasures include improving policy transparency, promoting institutional investor participation, strengthening investor education, improving information disclosure mechanisms, and strengthening market supervision. The results show that by implementing these measures, market volatility can be effectively reduced, information transparency can be improved, market efficiency can be enhanced, and support can be provided for the sustainable development of China's stock market. This study provides valuable insights for policymakers, investors, and scholars to promote the healthy and stable development of China's stock market.

Impact of Academic Medical Centers on Surgical Outcomes of Neighboring Non-Academic Medical Centers.

We aimed to investigate the geographic variation of Academic Medical Centers (AMCs) across different healthcare markets and the impact on surgical outcomes in nearby non-AMCs. Patients who underwent major surgery between 2016 and 2021 were identified from the Medicare Standard Analytic Files. Healthcare markets were delineated using Dartmouth Atlas hospital referral regions. Multivariable regression was used to examine the association between the presence of market-level AMCs and surgical outcomes in neighboring non-AMCs. A total of 388,431 Medicare beneficiaries underwent major surgery (CABG: n=97,346, 25.1%; AAA repair: n=67,000, 17.3%; pneumonectomy: n=30,500, 7.9%; pancreatectomy: n=5,341, 1.4%; colectomy: n=188,244, 48.5%) at 2,757 non-AMCs. Median age was 74 years (IQR: 70-80), and roughly one-half of patients was male (n=215,569, 55.5%). Notably, 43.1% of individuals underwent surgery in markets with low AMC presence, 48.0% in markets with moderate AMC presence, and 8.9% in markets with high AMC presence. On multivariable analysis, compared with low AMC markets, high AMC presence was associated with decreased risk of extended length-of-stay (-1.51%, 95% CI -2.03 to -1.00), postoperative complications (-1.20%, 95% CI -1.76 to -0.65), 90-day readmission (-2.39%, 95% CI -2.90 to -1.88), and mortality (-0.64% 95% CI -0.98 to -0.30) (all p<0.001). Moreover, high AMC market presence was associated with a 2.93% (-2.93%, 95% CI -3.17 to -2.68; p<0.001) decrease in expenditures for the index surgical procedure. High market presence of AMCs was associated with lower morbidity and mortality rates at nearby non-AMCs. The influence of AMCs on clinical outcomes likely extends beyond direct patient care, indicating spillover effects of AMCs on outcomes for patients in neighboring non-AMCs.

Exploring the potential of gamma-irradiated chitosan as an innovative, biodegradable preservative for refrigerated Labeo rohita (Hamilton)

PurposeFish is a crucial source of animal protein in Bangladesh and is widely consumed across the country. Rohu fish (Labeo rohita) is particularly important due to its rapid growth and high market demand. However, the use of formalin as a preservative for Labeo rohita and other fishes in Bangladesh poses significant health risks.MethodsIn our study, we explored the use of gamma-irradiated chitosan as an alternative preservative to prolong the shelf life of rohu fish through microbiological, chemical, and sensory analysis.ResultsUntreated Labeo rohita had a refrigerated storage life of 6 days, while chitosan-treated samples at a concentration of 10 g/L showed a refrigerated storage life of 16 days, based on several spoilage parameters. Additionally, our findings revealed that 50 kGy-irradiated chitosan, even at a concentration of 1 g/L, exhibited better antimicrobial activity against gram-negative bacteria compared to other chitosan variants. Unlike formalin, which has adverse effects on human health and the environment, chitosan is non-toxic and offers various health benefits.ConclusionThus, the results of this study demonstrate that radiation-processed chitosan has superior antimicrobial activity and serves as a safer alternative to formalin in extending the shelf life of Labeo rohita. We hope that these findings will promote the broader use of gamma-irradiated chitosan in Bangladesh and other countries to mitigate the health risks associated with formalin.

A Five-Year Analysis of Market Share and Sales Growth for Original Drugs after Patent Expiration in Korea.

The sales patterns of original drugs after patent expiration in Korea show a relatively high market share and continuous sales growth differently from those in the U.S. and European countries. This study aims to investigates a five-year sales pattern of original drugs after patent expiration in Korea using empirical data. Using data from the Ministry of Food and Drug Safety, original drugs whose patents expired in 2012-2018 were extracted. And we used IQVIA data to determine the market share and sales growth rate of 48 original drugs, whose generic drug launched for the first time in the same molecule market, and whose sales data over five years after first generic entry were available. We analyzed the differences by the attribute of variables. The sales volume of original drugs in the fifth year (Q 20) had an average growth rate of 150.6% compared with that before the first generic drug launched, indicating a continuous growth. The average market share of original drugs in the fifth year (Q 20) decreased to 70.6%, but it was higher than previously reported research results in Korea and other countries. Differences were observed across the category of attribute. This study demonstrated that while market share of original drugs is decreasing, the sales volume increased continuously until the fifth year, differently from those of other countries. Variations in sales patterns by attributes reflect unique dynamics in Korea.

Non-Wood Forest Product Extractivism: A Case Study of Euterpe oleracea Martius in the Brazilian Amazon

Euterpe oleracea Martius is the main palm tree species that contributes to the Amazonian economy and its pulp is a widely sought-after product in the market due to its nutritional and health benefits. However, high market demand has stimulated changes in land use practices of native stands, including management models that increase fruit productivity. Thus, we aimed to evaluate the socioeconomic aspects involved in the extractivism/local management practices of this species in a community in the Brazilian Amazon. We interviewed 10 families from the 15 ones that participate in the productive chain of this species in the community, with questions related to the socioeconomic aspects, management practices, and commercialization of E. oleracea. Its fruit collection in the community is an important activity that provides family income, with the majority of production being for pulp. Family labor is of fundamental importance for the maintenance of production and is presented in all steps of the production chain. The main advantage in Santa Luzia is its location near the main consumer markets, so community members should take advantage of this more effectively and stimulate the strengthening of the community’s local processing unit, mainly for the commercialization of the pulp, which constitutes the greatest contribution.

Research on the Improvement Path of Financing Constraints for Small and Medium-Sized Enterprises Empowered by Digital Transformation

This paper, based on literature related to big data and corporate financing, analyzes and explores the mechanisms and effects of big data technology in alleviating corporate financing constraints. As is known to all, Financing constraints have always been an important factor restricting the development of small and medium-sized enterprises, and digital transformation provides new ideas to alleviate this problem. The current situation of financing constraints is apparently complex and diverse, which is involving multiple aspects such as information asymmetry, limited financing channels, high financing costs, policy and market environment, as well as enterprise ownership and industrial structure.It argues that big data technology, with its powerful data processing and analytical capabilities, effectively reduces information asymmetry, broadens financing channels for enterprises, and significantly lowers the costs of debt and equity financing, thereby alleviating corporate financing constraints. Digital transformation not only enhances the profitability and sustainability of small and medium-sized enterprises but also strengthens investor confidence by improving market transparency and risk management capabilities, providing strong support for corporate financing.

Evaluation of Hair Growth Promoting Activity of Standardized Soybean Extract on Testosterone-Induced Alopecia.

Millions of men and women suffer from alopecia, especially androgenic alopecia (AGA), which is considered the most common form of hair loss. The available treatments for hair loss include multiple approaches, with the most popular being synthetic drugs including minoxidil and finasteride, in addition to natural products. However, synthetic drugs have shown many undesirable side effects, on the contrary, the specifications of the commonly used natural drugs have not been reported in most of the previous studies, despite the high market preference for them. One of these natural drugs is soybean (Glycine max), an economically important bean that has been reported in several studies to effectively prevent hair loss in humans and is widely used in many products treating alopecia. However, no reports were traced on the specification and standardization of the used soybean extract, which may lead to unreproducible results. Thus, in this study, we investigated the effects of different concentrations; 1%, 3%, and 5% (v/v) of a specified soybean extract (SSE) in coconut oil, using a testosterone-induced model of alopecia in adult male Wistar rats in comparison with a 2% finasteride solution. Visual and microscopical evaluations of follicular diameter, length, and density were performed. The data showed that 5% of SSE exhibited the highest activity with results comparable to standard 2% finasteride for hair diameter, length, and density, which could be attributed to the extract's isoflavone content. Genistin and diadzin isoflavones were isolated from the ethyl acetate fraction of the SSE. The total extract was standardized using high-performance liquid chromatography using genistin as a marker and showed a content of 6.2 µg/mL. Accordingly, the formulated 3% and 5% SSEs (containing 0.186 and 0.31 µg/mL of genistin, respectively) could be considered as a promising natural treatment for AGA.

Effects of exceptional high electricity market price driven electricity consumption flexibility on customers’ peak powers and power-based tariffs

Effects of exceptional high electricity market price driven electricity consumption flexibility on customers’ peak powers and power-based tariffs

Integrated gut microbiota and multi-omics analysis revealed the growth differences of female giant freshwater prawn (Macrobrachium rosenbergii).

Macrobrachium rosenbergii (giant freshwater prawn; GFP) holds considerable importance in aquaculture due to its high market demand and economic significance. Female GFP growth varies significantly, however, the processes responsible for these growth disparities remain unknown. In this study, intestinal and hemolymph samples of large (FL), medium (FM), and small (FS) female GFPs were collected to investigate the molecular mechanism of female GFP growth. Through the utilization of 16S rRNA sequencing and liquid chromatography-mass spectrometry metabolomics, significant intestinal flora and metabolites linked to the growth performance of female GFPs were identified. The dominant phyla of the three groups were the same, namely Firmicutes and Proteobacteria. Among groups, small females exhibited the lowest abundance of Proteobacteria (27.26%) and the highest abundance of Firmicutes (70.10%). The most abundant genus in each group was Lactococcus. Liquid chromatography-mass spectrometry identified 115 annotated differential metabolites, and essential metabolites related to female GFP growth performance were screened. The concentration of serum metabolites in the larger females exhibited a statistically significant variance compared to that of the smaller females. Through association analysis, we identified key genes, metabolites, and gut microbiota that influence the growth of female GFPs. Likewise, we used multi-omics techniques to establish two relationship models ("gut microbiota-GFP phenotype-metabolite", "gut microbiota-GFP phenotype-transcript"), and three important network association models ("DN5520_c0_g1-CW1-Bacteroides", "DN537746_c0_g1-BW-Roseburia" and "Picolinic acid-phenotype-Roseburia") were further developed. The present study provides novel insights into the mechanisms underlying the variability in individual growth among female GFPs. Our findings offer valuable information for future investigations exploring the correlation between gut flora and host organisms in aquatic environments.

금리 변동을 반영한 LSTM 기반 주가 예측 모델 연구

Due to the recent impact of inflation, central banks have maintained a policy of raising interest rates, highlighting the growing importance of financial market forecasting that reflects these economic conditions. However, there has been a lack of recent studies in Korea that consider interest rate in stock price prediction. In this study, we aimed to improve prediction accuracy by incorporating interest rates as a variable into stock price prediction models. For this purpose, we utilized the LSTM algorithm and trained the model on historical data from periods of high stock market volatility to predict the KOSPI index. Additionally, we conducted a multi-faceted analysis of the impact of interest rates through market conditions and sector-specific analyses. By employing various evaluation metrics, we performed both stock price prediction and directional movement prediction simultaneously. As a result, the model that incorporated interest rates demonstrated a 48.31% reduction in RMSE, compared to the baseline model, with the performance difference being statistically significant. This study confirms that interest rates are a critical variable in stock price prediction and that models reflecting interest rate fluctuations can enhance predictive performance.

Pendampingan Pembuatan Produk SANTRI (Sabun Cair Antibakteri) Berbasis Ekstrak Daun Sirih pada Kelompok PKK

The mentoring activity for making dishwashing soap with betel leaf extract in Gebang Village aims to increase the independence and welfare of the local community, especially for Micro, Small, and Medium Enterprises (MSMEs). This program is implemented as an effort to optimize local natural potential, especially betel leaf plants which are known to have antibacterial and natural cleaning properties. This activity involves several stages, starting from education about the benefits of betel leaves, technical training in making soap, to mentoring in aspects of product packaging and marketing.The method used includes a participatory approach, where the community is invited to be actively involved in every process, so that a sustainable transfer of knowledge and skills is created. The results of this activity show that the community is able to produce effective, environmentally friendly dishwashing soap that is competitive in the local market. In addition, participants are also given training on simple business management, including bookkeeping, determining selling prices, and marketing strategies.This mentoring has a positive impact on increasing the capacity of individuals and the village economy, especially in creating local superior products with high selling value. It is hoped that with these new skills, the community can improve their standard of living and make making dishwashing soap one of the sustainable businesses in the village.