ABSTRACT Enterprise bankruptcy exerts effects on financially linked firms‘ operations. Such risks may propagate through shareholding relationships, potentially amplifying financial distress and threatening the stability of the broader system. Enterprise risks originate not only from internal factors but also from complex equity relationship networks. Consequently, there is a critical need for enterprise bankruptcy prediction models to support investment and operational risk management. We propose hypergraphs and bidirectional attention‐based dual graph neural networks (HBA‐DGNN) as an innovative approach for predicting enterprise bankruptcy. It consists of two main components. The first component, the hypergraph embeddings of categorical features (HECF) module, can effectively capture higher order relationships among enterprises. Simultaneously, the bidirectional attention‐based GNN (BAG) module quantifies the importance of equity relationships based on enterprise attributes and networks. We conduct an empirical study on the model of Evergrande Group, which faced a debt crisis and caused systemic risks in China's financial market. The HBA‐DGNN demonstrates superior predictive performance compared to baseline models, achieving an average improvement of over 20%. Additionally, attention coefficients in the BAG significantly correlate with enterprise bankruptcy, effectively identifying critical edges and nodes responsible for risk contagion. The HBA‐DGNN effectively predicts enterprise bankruptcy, supporting corporate operations, financial investment, and market supervision.

ABSTRACT Walking remains the dominant mode of transport in Accra, yet the infrastructure supporting it is inadequate for the level of use recorded daily. This study assessed walkability in Accra’s Central Business District (CBD) using a mixed-method approach combining user perception surveys, pedestrian counts, crash records (2018–2022), and a physical audit of pedestrian facilities. Factor analysis identified three dimensions shaping walkability, namely: (i) crossing, safety, and navigability; (ii) sidewalk condition and maintenance; and (iii) infrastructural inclusivity. Peak-hour pedestrian volumes ranged from 250 to 600 persons per hour across major corridors. Based on Highway Capacity Manual (2016) criteria, levels of service varied from A on Kojo Thompson Road to C on Kwame Nkrumah Avenue, highlighting uneven pedestrian conditions within the CBD. Despite high demand, sidewalks were often narrow, uneven, and obstructed, with poor drainage and lighting compounding safety risks. Accessibility features for persons with disabilities were largely absent. Crash analysis supported these findings, with nearly half of incidents occurring during road crossings and most crashes clustered during weekday peak periods. Altogether, the results reveal the marginalization of pedestrians within Accra’s automobile-oriented planning framework, underscoring the need for targeted investments in sidewalk quality, inclusive design, safe crossings, and vendor management.

This study employed a qualitative research method to explore the safety management measures and influencing factors at construction sites through in-depth interviews with practitioners at various levels of the construction industry. The study found that safety management measures mainly include three levels: technical engineering measures, management control measures, and personal protection measures. Their actual effects are jointly influenced by factors at the organizational, group, and individual levels. Safety investment, leadership commitment, and subcontract management model at the organizational level, safety culture and manager leadership at the group level, and safety knowledge and risk perception ability at the individual level all have a significant impact on the effectiveness of safety management. The study specifically highlighted that group factors play a key mediating role in safety management, conveying organizational policies and guiding individual behaviour. Based on this, the study recommends building a multi-level, integrated safety protection system and implementing differentiated safety management strategies to improve the effectiveness of construction safety management.

This study examines the performance of robo-advisors within the broader digital transformation of financial services. Robo-advisors automate portfolio construction and maintenance through algorithmic frameworks that apply established investment principles and low-cost ETFs, thereby extending professional investment management to individuals lacking the time, resources, or expertise traditionally required. Focusing on Wealthfront’s Classic Portfolio from 2013 to 2023, the analysis evaluates absolute and risk-adjusted returns, volatility and drawdown dynamics, and factor exposures to distinguish systematic risks from potential investment skill. Results show that passive indexing outperformed all examined robo-advisor portfolios on both absolute and risk-adjusted bases during a decade dominated by strong U.S. equity performance. Although robo-advisors successfully delivered calibrated risk exposure, their diversified multi-asset allocations incurred notable opportunity costs in a growth-driven market. The platforms offer the greatest value to conservative investors, while more aggressive investors may pay advisory fees without receiving proportional benefits. JEL classification numbers: G11, G51. Keywords: Robo-advisor, Artificial intelligence, Performance evaluation, Risk-adjusted performance.

Infrastructure investment is a policy priority for Namibia to address critical gaps and support economic growth. However, a constrained fiscal environment in recent years has contributed to a decrease in public investment and capital stock. The Public Investment Management Assessment (PIMA) finds the strength of Namibia’s institutions is broadly in line with comparators, however there is scope for improvement. In particular the rate of execution of the Development Budget is a persistent challenge and there are weaknesses in project preparation, appraisal, selection and budgeting. Namibia is at an early stage in incorporating climate-sensitivity into public investment management and has a clear opportunity to get this right. Priority recommendations relating to project preparation, appraisal and budgeting and mainstreaming climate change considerations into strategic planning, offer potential to enhance the efficiency and sustainability of public investment management.

Failure of crisis imagination? Temporal worldmaking, tracking error, and non-queer futures at Norges Bank Investment Management

Liberia is at a pivotal stage in its post-conflict recovery, where infrastructure investment is crucial for economic growth and stability. The IMF's Fiscal Affairs Department conducted a Public Investment Management Assessment (PIMA) Update and Climate PIMA to evaluate Liberia's public investment management institutions and their climate resilience. The assessment found modest improvements in public investment institutions since 2016, with relative strengths in planning but weaknesses in implementation of investment projects. Recommendations include enhancing project scrutiny, strengthening PPP oversight, and integrating climate considerations into investment planning. These actions aim to improve infrastructure governance, boost economic resilience, and address climate vulnerabilities.

The article develops and substantiates comprehensive directions for enhancing the economic impact of urban agglomerations as strategic growth nodes in the context of Ukraine's post-war recovery and European integration. The research highlights that agglomerations represent spatial groupings of settlements unified by labor, production, and cultural-domestic ties, acting as the primary drivers of the national economy. The theoretical foundations of forming agglomeration effects-infrastructure sharing, labor market matching, and knowledge diffusion-which determine innovation activity and productivity, are analyzed. It is established that doubling the size of an agglomeration correlates with a 13.5% increase in the innovative activity of enterprises. The study investigates the architectonics of European Cohesion Policy, which operates with a budget of €392 billion for 2021–2027, as an institutional framework for modernizing Ukrainian urban areas. Key tools such as the NUTS classification and shared management mechanisms are explored, noting that post-war destruction will likely categorize most Ukrainian regions as 'less developed' (NUTS 2), allowing for up to 85% EU co-financing. The research details the objective 'Berlin Formula' for fund allocation and categorical co-financing rates. Special attention is paid to the digitalization of management through the DREAM ecosystem and the reform of Public Investment Management (PIM), transitioning from chaotic funding to data-driven planning. The article emphasizes the implementation of 'green' economy models, including circular economy advantages such as energy savings through closed production cycles, optimal waste utilization, and resource-efficient production methods. Ways to synchronize domestic legislation (including draft laws No. 13124 and No. 11054 regarding administrative-territorial organization and decent pay in local self-government) with the requirements of Chapter 22 of the Acquis Communautaire and the Ukraine Facility mechanism, providing €50 billion in support, are formulated. The research underscores that institutional quality is more critical for convergence than the mere volume of funding, advocating for multi-level governance, transparency, and macro-regional strategies like the Danube and Carpathian initiatives. Strategic goals for sustainable development involve achieving 7% annual GDP growth by 2026–2030, increasing employment to 70% by 2030, and implementing full energy consumption accounting systems. The findings suggest that agglomerations must serve as 'idea factories' that facilitate the integration of internally displaced persons (IDPs) and veterans through the European Social Fund Plus (ESF+) while restoring human capital to ensure long-term resilience. Ultimately, the proposed directions focus on creating transparent governance systems capable of converting geographic concentration into high quality of life and global competitiveness by utilizing instruments like the European Investment Bank (EIB) expertise for blending structural funds with private capital.

This technical assistance assessed Uzbekistan’s public investment management practices and their climate sensitivity using the Public Investment Management Assessment (PIMA) with the Climate Module (C-PIMA). The assessment found that Uzbekistan has made important progress in strengthening public investment management since 2020, with the introduction of fiscal rules and improvements in project appraisal, selection, monitoring and management of PPP related fiscal risks. Uzbekistan’s public investment management institutions compare well with its peers, though there is room for improvement. In particular, planning and allocation processes remain fragmented with parallel investment procedures for domestic and externally financed projects. Implementing further reforms to improve strategic planning, align investment procedures across funding sources, enhance the PPP selection process and strengthen capital budgeting processes, including for maintenance, would be especially beneficial. Integrating climate considerations into existing processes would also enhance the resilience of public investment.

Noncommunicable chronic diseases (NCDs) pose complex challenges to the organization of health systems, especially within Brazil’s Unified Health System (SUS). Primary Health Care (PHC), recognized as the coordinator of care, plays a strategic role in integrating with Specialized Outpatient Care (SOC) to ensure continuity and comprehensiveness of care. This qualitative narrative review aims to critically analyze the articulation between PHC and SOC in the care of NCDs, based on studies published from 2022 to 2025. The analysis is structured into thematic axes: planning and organization of specialized services; coordination of care by PHC; continuing education and interprofessional practices; use of technologies and information systems; and regional governance. The findings indicate that, despite conceptual advances with the Chronic Conditions Care Model (MACC) and Health Care Planning (PAS), structural, technical, and political barriers still hinder effective integration between levels of care. Service fragmentation, lack of shared clinical protocols, and low interoperability of information systems hinder care continuity. It is concluded that integration depends on broad institutional changes, appreciation of interprofessionalism, strengthening of PHC, and investment in collaborative regional management. The study contributes to reflections on possible paths toward more integrated, humanized, and resolutive health care networks.

Institutional investors have become the primary owners of public equities, fundamentally transforming corporate governance and market dynamics. This paper explores how the rise of artificial intelligence (AI) in investment management introduces new systemic risks and challenges traditional fiduciary duties. We define “algorithmic stewardship” as the governance of AI-driven decision-making within fiduciary institutions. Our framework connects investor constraints, AI decision rules, and market outcomes, highlighting that while AI can enhance efficiency and risk management, it may also synchronize behavior, amplify procyclical feedback loops, and obscure accountability. The paper discusses implications for regulators, suggesting the need for interaction-based oversight and AI-aware stress tests, as well as responsibilities for institutional investors. We conclude with future research directions on accounting disclosure and assurance in an AI-driven financial ecosystem.

This study examines the effect of public debt on investment performance in Morocco over the period 1990–2024. Gross fixed capital formation serves as the dependent variable, while public debt, government expenditure, inflation, and population growth are used as explanatory variables. Using the Autoregressive Distributed Lag (ARDL) approach, the analysis captures both short-run and long-run dynamics. The results reveal that in the long-run, public debt has a negative and statistically significant effect on investment, which suggests that excessive indebtedness challenges capital formation. In the short-run, only public debt has a temporary positive impact that fades over time. The negative and highly significant error correction term confirms a stable long-run relationship between the variables. Diagnostic tests indicate that the model is free from serial correlation, heteroskedasticity and instability. Globally, the findings underscore that while debt can initially stimulate investment, sustained debt accumulation could hinder it, highlighting the importance and need for prudent debt management and more efficient use of borrowed resources in Morocco. These outcomes suggest that an appropriate composition of public debt and efficient public investment management is crucial for sustaining private investment and long-term economic growth in Morocco, providing policy-relevant insights for fiscal authorities seeking to balance debt sustainability with investment-led development.

Horticultural facilities can boost crop yields and quality. However, their structures, costs, and resource efficiency vary significantly. Many facility operators prioritize short-term economic gains at the expense of long-term investments in energy efficiency and environmental management, ultimately leading to increased energy consumption and higher greenhouse gas emissions. A systems-based assessment of tomato production is essential for optimizing resource use. This study integrated emergy analysis (EMA) and life cycle assessment (LCA) to evaluate the sustainability of three tomato production systems: polytunnels, solar greenhouses, and glass greenhouses. The Results demonstrated that polytunnels exhibited the best environmental performance, with the lowest environmental loading ratio (ELR, 19.06) and environmental final index (EFI, 1.62). Solar greenhouses showed the best environmental composite index (ECI), outperforming others in mitigating potential environmental impacts. Glass greenhouses imposed the greatest environmental pressure (ELR, 168.51), primarily due to substantial natural gas consumption and infrastructure investment. Scenario analyses revealed that environmental performance across all systems could be significantly enhanced through shortening transport distance, extending the service life of construction materials, and managing energy use. The maximum reduction potentials for the environmental composite index (ECI)were 23.80% for polytunnels, 18.60% for solar greenhouses, and 19.90% for glass greenhouses. This study confirms that polytunnels are the most environmentally friendly option, and targeted management strategies can effectively steer facility-based agriculture toward a more sustainable trajectory.

This paper examines the asymmetric correlation and dynamic interaction between China’s macroeconomic market and the global crude oil market, addressing a critical limitation in existing literature: the frequency mismatch between high-frequency (daily) crude oil data and low-frequency (monthly) macroeconomic data. To resolve this, we employ a mixed-frequency group factor model that decomposes volatility drivers into two mutually exclusive components: (1) common factors, which capture cross-market spillovers between the two markets; and (2) group-specific factors, including low-frequency (LF)-specific factors (for China’s macroeconomic indicators) and high-frequency (HF)-specific factors (for crude oil prices). Our empirical analysis uses a comprehensive dataset spanning January 2005 to March 2024, covering 11 daily crude oil price indicators and 60 monthly Chinese macroeconomic indicators. We validate results using the adjusted coefficient of determination (R2) and Bayesian Information Criterion (BIC) for model selection, and further test robustness across three samples: a full sample (2005.01–2024.03) and two crisis sub-samples (2007.01–2009.12 Financial Crisis, 2020.01–2023.12 COVID-19). Three core findings emerge: First, the two markets exhibit strong asymmetric influence; Second, the correlation is time-varying and crisis-sensitive; Third, factors show long-term persistence. These results confirm that crude oil acts as a key external constraint on China’s macroeconomic stability, while China’s macroeconomic conditions have limited impact on global oil pricing—consistent with its status as a “price taker” in the global crude oil market. The study provides empirical support for policymakers to design targeted risk-mitigation strategies and for market participants to optimize oil-related investment and risk management.

Software management has greatly impacted organizations and Human Resource Management (HRM) is no exception. In this context, software management is often introduced with the rationale that it could offer benefits such as cost reduction, time savings, and strategic transformation. Many organizations have invested in HRM systems in the hope of transforming the Human Resource department (HR) into a strategically. Extant research, however, shows that many organizations fail to achieve intended effects from their software management investments and as result beliefs around the strategic value of HRM vary. This thesis aims to critically examine the link between HRM investments and strategic value. The review focused on perceptions about HRM systems within organizations and sought to unearth how perceptions shape the route of software management implementation towards a strategy outcome. Our findings indicate that the majority of the studies are not guided by a leading theoretical paradigm. Furthermore, strategic barriers such as implementation problems and limited use of the system that does not reflect its potential are identified and discussed. By examining some common factors that have been identified to shape the translation of HRM systems from initial perception to actualized use we lay the foundation for more nuanced theorizing of HRM use within contemporary organizations.

Money and Edinburgh go back a long way. The Bank of Scotland was founded in 1695, just a year after the Bank of England. Three centuries later, the first edition of the Global Financial Centres Index (in 2007) confirmed what everyone had always assumed: second only to London in the UK, sixth in Europe. But how? This small city, its population only topping 500,000 in the twenty-first century, was far from the centers of power and finance, with only a modest trading and manufacturing base of its own. This paper marries fresh oral history from the city’s mid-twentieth century financial elite—that is, an Edinburgh before the Global Financial Crash—with Pierre Bourdieu’s theory of habitus in the relatively new paradigm of Historical Organisation Studies, treating the industry as a single unit across banking, life assurance, and investment management. This reveals their personal characteristics and demonstrates the “symbolic violence” which socialized them into absorbing and embracing both the values and practices of the organizations where they worked and the external structures, including professional bodies and, not least, the Church of Scotland, which helped maintain some of those values.

ABSTRACT This study investigates the structural role of Financial Planning and Control (FPC) in shaping firms’ Investment and Risk Management (IRM) practices, while examining the mediating influence of Financial Sustainability (FS) within integrated financial decision systems. Using survey data from 200 firms operating across commercial, manufacturing, and service sectors in Kosovo (2024–2025), the study employs exploratory and confirmatory factor analyses and structural equation modeling. The results reveal that Financial Planning and Control exerts a strong direct effect on Investment and Risk Management and a significant positive effect on Financial Sustainability. Financial Sustainability, in turn, positively influences IRM outcomes and partially mediates the relationship between planning and control and investment–risk practices. These findings indicate that financial sustainability functions as an endogenous structural mechanism through which internal control systems translate into more effective investment and risk decisions. The measurement and structural models demonstrate excellent reliability, validity, and overall fit. By advancing a system-level perspective on financial decision-making, this study contributes to the financial management and risk literature and highlights the strategic importance of aligning planning, sustainability, and risk management to enhance financial resilience and investment quality, particularly in volatile and resource-constrained environments.

Any social problems need to be solved first of all by investment methods: creating new jobs (innovative training and retraining of employees), increasing labor productivity and increasing real wages, and raising the economic interest of employees and entrepreneurs in the highly efficient use of accumulated total human capital (the life quality improving). These methods should contribute raising the level of trust in society. Due to the generalization of theoretical and practical studies, the classification of income types from accumulation into social capital, conditions and causes of its formation are generalized. It is determined that management of investment processes in social capital is impossible without qualitative and quantitative assessment of investments. The comprehensive system of social investment assessment at the macro-, meso- and microeconomic levels is presented. A quantitative aspect of this system involves a direct assessment of the enterprises’ financial costs in the region for social programs and initiatives. The qualitative aspect is related to the assessment of the completeness and complexity degree of the investment process. The given system of assessment will allow identifying the main problems in the social investment management.

This paper examines how cryptocurrencies can be incorporated to the corporate investment portfolio and how the risk management strategies can be implemented to make the cryptocurrencies usage a success. The sheer volatility and uncertainty that have been seen in the cryptocurrency markets pose great threats to management of corporate treasury and institutional investment. By thoroughly examining the processes of portfolio construction, risk measurement models, and the protective resources, the research gives recommendations to corporations thinking about using cryptocurrencies. The study compares passive and active investment style whereby the performance benchmarking is considered in a variety of market regimes such as crash periods, flat markets, bullistic market and bearish market trends. The research has revealed that the traditional diversification gains are narrow in the cryptocurrency market, and altcoins do not offer significant risk mitigation as compared to Bitcoin. Nevertheless, predictability through momentum facilitates effective downside protection tactical allocation strategies which retain the upside participation strategies. The paper puts forward an Optimal NAV Protect strategy, which is a combination of minimum-variance allocation and momentum-driven tactical exposure, and has a better performance based on risk adjustment in different market environments. The practise provides corporations with a viable model of cryptocurrency integration that is compensatory in its return targets and institutional risk limitations. The analysis adds to the knowledge of the cryptocurrency portfolio dynamics, its risk management and consideration of implementation with corporate investors that operate within this new asset class.

This study investigates the influence of macroeconomic variables on the volatility of Islamic stock indices in India (Nifty 50 Shariah) and China (FTSE Shariah China) using the generalised autoregressive conditional heteroskedasticity–mixed data sampling (GARCH–MIDAS) model. We analyse monthly data from July 2010 to December 2023, focusing on the impact of inflation (consumer price index [CPI]) and short-term interest rates (91-day T-bill rate for India and the interbank rate for China) on the long-term volatility component. Utilising the GARCH–MIDAS model, this research seeks to identify how macroeconomic variables affect the instability of Islamic stock indices within India’s Nifty 50 Shariah and China’s FTSE Shariah China. We examine monthly data between July 2010 and December 2023, focusing on the effect of inflation (CPI) and short-term interest rates (91-day T-bill rate for India and interbank rate for China) on long-run volatility component. We have found out that there is a strong positive correlation between short-term interest rates and long-term volatility in both markets, which means that perhaps Muslim investors are using conventional interest rates to determine their Islamic investments. But the effect of CPI differs between them, as it has an insignificant effect in India and a marginally significant but negative impact in China. This difference shows how essential it is to look at national factors when studying the volatility of Islamic stock exchanges. It is noted here that in both locations there is evidence of the leverage effect, so that bad news greatly influences volatility compared to good news. Also, we did not find any regular pattern when comparing Islamic stock returns and traditional interest rates while conducting a benchmark study. The above findings have important implications for those who invest or manage funds or make policies in these new economies—showing them how they should adapt their investment and risk management plans to specific situations. JEL Codes: C58, E44, G15, G17