Investment Program Research Articles

Rural road connectivity and local economic Activity: Evidence from Sri Lanka’s iRoad program

A large portion of the world's rural population has limited access to paved roads, which is widely believed to constrain rural economic growth opportunities. Using a panel of nighttime lights and road placement data from the Integrated Road Investment Program (iRoad), a large-scale rural road development program in Sri Lanka, this study examines the relationship between rural road connectivity and local nighttime luminosity. The program was found to result in better and more consistent rural road conditions. Rural areas with improved connectivity after two years show higher local nighttime luminosity, a proxy for economic activity, compared to areas without connectivity. These gains hold even for indirectly targeted rural areas where the iRoad passes through. The gains vary spatially, which are most pronounced in areas at a moderate distance to socioeconomic centers and with more adequate complementary infrastructure provisions. These findings support the notion that improving rural connectivity can ease development constraints, increase resilience in managing negative economic shocks caused by the COVID-19 pandemic, and contribute to post-pandemic economic recovery. The findings also lend to the idea that targeted placements based on the beneficiary's location and complementary infrastructure (e.g., educational and medical facilities) can enhance the effectiveness of rural road investments. An intensive margin analysis suggests that post-construction maintenance is effective in bringing about sustained impact.

Determinat,on of the best transport alternatives by entropy based WASPAS method: a comparative study on cross-competetive routes

Purpose- Users typically choose the option that is most convenient for them in terms of time or cost based on their preferences when multiple options are presented on the same line. In this regard, users' preferences are significantly impacted by the product components given by competing travel options. The aim of this study is to evaluate the criteria that are considered to be effective in competition and user preferences in transport corridors where there is cross-competition, and to rank the routes according to these criteria. Methodology- In this context, transport corridors in Turkey and some European countries have been selected. The criteria evaluation of the selected routes was carried out using the Entropy method and then the ranking of the routes was carried out using the WASPAS method. Findings- It can be seen that the London-Manchester air route is ranked first, while the Paris-Lyon air route is ranked last in the study. Taking into account the HSR ranking, the London-Manchester corridor is in first place, as in the airline sector. Among the selected routes, the Ankara-Istanbul HSR corridor is ranked the last. When it comes to bus transport, the Ankara-Istanbul route is in the top position. On the other hand, the Berlin-Frankfurt corridor comes last. Conclusion- The results of the research are important in terms of understanding the factors that are effective in cross-competition By considering the performance criteria of these routes and their respective weightings, it can inform decisions related to the regulation of fares or the development of investment programmes to enhance the competitiveness of public transport modes such as High Speed Rail (HSR). In essence, this research fills a gap in transport decision studies by providing a comprehensive analysis of routes across all modes and providing actionable insights for policy makers. Keywords: Cross competition, transportation modes, airline, WASPAS, entropy. JEL Codes: D61, L91, L93.

Доступность бюджетных инвестиций для регионов при программно-целевом подходе к формированию бюджетов (на примере муниципальных образований Архангельской области)

The article is devoted to the study of the availability of investment funds for the regions of investment funds of state development programs in the context of the program-targeted approach to budget formation. The use of program-targeted budgeting methods undoubtedly opens up extensive opportunities for optimizing the public finance management system, but the management tools and implementation mechanism at the regional level have not yet been sufficiently developed, which reduces the effectiveness of their application. The paper evaluates the uniformity of distribution of funds of the Targeted Investment Program of the Arkhangelsk Oblast for the period 20172021 between four districts that are similar in their parameters, as well as the distribution of budget investments within the framework of inter-budget transfers to local budgets of the Arkhangelsk Oblast for the period 20212023. The process and principles of a program-targeted approach to strategic planning and management of the public finance system as the main tool for improving the efficiency of budget expenditures are considered. The methods used in the study include analyzing the dynamics and structure of budget investment distribution, drawing conclusions on the basis of the obtained data about the uniformity of funds distribution and investment accessibility for the regions. This article can be useful for assessing the availability of budget investments when using the program-targeted approach to budget planning, as well as for developing an effective mechanism for implementing program-targeted budgeting approaches in the budget process at the local and regional levels.

A growth pattern of foreign investment motivations by individuals

PurposeThis paper aims to introduce a growth comprehensive pattern to explain the phenomenon of individual foreign investment, first at the global level and then at the regional level. The patterns are developed based on a number of main theories with grounded theory (GT) as the foundation, distributed on the two pull and push forces of international business theory and migration theory; simultaneously, it is classified on the three levels (attribute–consequence–value [ACV]) of means-end theory.Design/methodology/approachAn embedded method is applied to generate two complementary datasets from two approaches: in-depth interviews and secondary data analysis.FindingsIn this structure, the investor plays a central role as the decision-maker based on the entrepreneur's motives for internationalization (economics-driven and psychology-driven factors) and the householders' motives for emigration (aspiration and access capabilities). The external forces considered are a push from the home country (structures) and pull from the host country (immigrant investment programs [IIPs]), in which the factor of (dis)trust/misconception as a moderator has an additional impact on this mobility. Demographic factors such as gender, region, generation/age, level of education, religion and occupation generally describe the characteristics of each specific target group.Research limitations/implicationsThis paper is to develop a conceptual framework.Originality/valueThe results of this study, in addition to fulfilling its own objectives, will also serve as the foundation for further research in several scientific fields such as economics, sociology and politics.Peer reviewThe peer review history for this article is available at https://publons.com/publon/10.1108/IJSE-12-2022-0786

Planning and Evaluating Nature-Based Solutions for Watershed Investment Programs with a SMART Perspective Using a Distributed Modeling Tool

Watershed Investment Programs (WIPs) face many challenges in implementing strategies aimed at restoring and preserving ecosystem services using Nature-based Solutions (NbS). A key challenge lies in defining SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) objectives, which involve addressing questions such as which NbS interventions to apply, where, and in what amounts. Effectively achieving WIPs’ objectives requires strategic implementation of NbS. In response to this challenge, we present SIGA-CALv1.0, a daily time-step and distributed modeling conceptual framework that enables the design and evaluation of the impact of NbS portfolios on water quantity and quality. To validate our framework, we applied it to the Arma river basin in Colombia. Our findings indicate that NbS can lead to substantial benefits, including reductions of up to 47% in sediment, 62% in nitrogen, 8% in phosphorus, and 15% in pathogen indicators (total coliforms). The proposed methodological framework offers decision-makers robust technical support for defining strategic NbS implementation plans, guided by SMART objectives. This approach strengthens the effectiveness of ecosystem services restoration and conservation strategies in watersheds, enabling more efficient resource allocation and improved environmental outcomes.

Comparative analysis of sustainable development programs on the example of the international insurance market leaders

In conditions of economic and political instability, as well as natural and climatic changes, special importance is attached to sustainability programs that contribute to the adaptation of humanity to adverse factors. Providers of all segments of the financial market, including insurance, for which ensuring stability is a key task, are implementing ESG principles into their practice. The results of efforts to achieve sustainable development in the environmental, social and business management spheres are reflected in separate registers of reporting, which has been called non–financial. The subject of the research in this article is the analysis of non–financial reporting of the leaders of the international insurance market in order to summarize the experience of creating and implementing ESG principles in insurance. The object of the study is two of the largest insurance groups in the world — AXA and Ping An, each of which has important features: the first owns a wide branch network around the world, the second is the leader in the introduction of modern technologies and digital tools. The results of the study are to identify the most advanced and possible insurance and investment programs for the protection of ecology and human capital on the basis of the introduction of ESG principles into insurance in the Russian insurance market.

The Essence of the Development of Social Investment Projects for the Economy

"The article presents a compelling argument that in the context of contemporary conditions, investments encompass the allocation of capital (in the form of values and resources) into various social and economic activities, provided that such activities comply with pertinent laws and legislative acts. These investments are made to generate economic benefits or produce positive social and environmental impacts. The author astutely observes that investments encompass a broader scope than solely capital investments, as they can pertain to both tangible and intangible assets (real investments) as well as financial instruments such as shares, bonds, and other securities. Capital investments, on the other hand, typically involve the allocation of funds. Notably, investments diverge from capital expenditures in terms of their investment objects. Capital investments align with investments in fixed assets, constituting a subset of capital-forming investments. It is important to recognize that the investment process encompasses more stages than that of capital investments alone. Moreover, the inclusion of procedures related to the accumulation of funds through the issuance of shares, bonds, and securities further enhances the scope of investment considerations. Additionally, the process of distributing income among investors can be regarded as an additional aspect to be addressed. It is crucial to recognize that all the aforementioned points, parameters, and procedures necessitate the establishment of new relationships in administrative, organizational, legal, and psychological contexts. Therefore, studying these relationships within market conditions and on a novel socio-economic foundation emerges as a paramount objective for national science. to facilitate the development of investment programs."

Debt-for-nature or climate swaps in public finance management

Considering climate change and growing ecological threats, achieving climate neutrality requires close attention from the state and the involvement of new tools, including those of the so-called green financing. This paper aims to determine the feasibility of combining the tasks of reducing the debt burden and expanding investments in environmental programs in Ukraine, using innovative tools for public finance management, such as debt-for-nature and debt-for-climate swaps. It substantiated the necessity of coordinating debt-for-environment investment programs within the framework of Ukraine’s National Recovery Plan and initiatives implemented in Ukraine with the active participation of the World Bank Group. The advantages of this approach are ensuring clear interaction with international financial institutions and expanding the practice of greening public management. Based on statistical data for 2009–2022, the results demonstrate the growth of negative debt dynamics and characterize limited financing environmental restoration in Ukraine. Relying on international practices, the study conducted a comparative analysis to identify the most significant characteristics of the new debt green conversion instruments as well as the advantages and limitations of their use in Ukraine. The paper offers scenarios for implementing the concept of debt-for-nature exchange in the conditions of Ukraine. It shows the result of the formation of a new debt payment profile. These findings can raise state authorities’ awareness of making proper decisions regarding debt policy and public finance management. AcknowledgmentThe study presents the results of a study conducted as part of the scientific project “Formation of the foundations of nationally rooted stability and security of the economic development of Ukraine in the conditions of the hybrid “peace-war” system” (state registration number 0123U100965).

An Empirical Study on Financial Awareness and Financial Literacy among Women Working in Unorganised Sector in India

There has been a corresponding rise in demand for education and financial literacy as more and more women recognize how critical it is to become financially independent in order to empower themselves. Any financial choice an Indian woman makes is unlikely to be influenced by her personal preferences, but rather by the other family members. This is due to the fact that the families of Indian women frequently make investment decisions. The importance of women's contributions to the prosperity of the world and the economic empowerment of their communities will rise in the not-too-distant future. As a result, women are more in need of economic empowerment, which may be attained by gaining better financial literacy, adopting a more optimistic attitude toward money, and improving their financial well-being. To boost the percentage of women interested in investing, investment programs should be introduced that are explicitly targeted toward women and beneficial for their future in some way. People are better able to make wise financial decisions and efficiently manage their resources when they have a basic understanding of finances. In order to pursue social and economic prosperity, awareness initiatives and financial literacy are very required for the working women in the unorganized sector. In order to better understand the level of financial literacy and awareness among the general people, academics have conducted a number of studies. The goal of paper is to raise the degree of financial literacy of women because they currently have a big say in how their country will develop.The number of women engaged in the work force in India is rising significantly.

Implications of Forest Policy Changes on Investment Program Strengthening Forest Management Unit in Central Sulawesi

The forest investment program, supported by foreign funding, aims to promote the strengthening of Forest Management Units (FMUs) in implementing decentralized forest management in Indonesia. Ten FMUs have received funding from the forest investment program since 2017, one of which is FMU Dampelas Tinombo of Central Sulawesi. This program exited in 2022. During its implementation project, Indonesia’s forestry policy is changing, as are the primary tasks and functions of FMUs. This study examined the implication of forest policy changes on the sustainability of the FMU strengthening investment program in FMU Dampelas Tinombo of Central Sulawesi Province. This study was conducted from July to September 2022. Data was collected through interviews and focused group discussions with FMU managers and stakeholders. This study showed that the forest investment program to strengthen the FMU in Central Sulawesi had been effectively implemented but had not significantly affected decentralized forest management practices. Changes in forestry policy brought about by the amendment of the Job Creation Law and its subsidiary regulations have significantly affected the program’s performance and sustainability. The business development program promoting FMU independence must be discontinued because it contradicted the FMUS’ constitutionally mandated primary responsibilities and duties. FMU should optimize the governance function in achieving community-based forest management, which includes forest planning, facilitation, and technical guidance. Keywords: Forest management unit, forest policy change, governance, performance, sustainability

Change Point Analysis of Time Series Related to Bitcoin Transactions: Towards the Detection of Illegal Activities

This paper proposes a unified framework for the detection of statistically significant changes in time series related to Bitcoin transactions. The time locations of these changes are linked to the occurrences of events which could be further investigated aiming to reveal potential illicit activity. The proposed framework includes: (a) the extraction of 28 features of interest in the form of time series from the Bitcoin transaction history; (b) the selection of features among the extracted ones based on the Partition Around Medoids clustering approach; and (c) the change point analysis of the multivariate time series which is formulated by the medoid time series of each cluster. This analysis enables the identification of structural breaks in the underlying behavior of the time series of interest at certain time points. The proposed framework is applied on the Bitcoin transactions of two entities that have been involved in illicit activities, namely Pirate@40, who orchestrated a high-yield investment programme, and the MintPal Bitcoin exchange platform that was hacked. The analysis results indicate that the estimated change points can be linked to certain event occurrences which may affect the transaction activity and could be further investigated for potential links to illicit actions.

The livelihood impacts of transnational aid for climate change mitigation: Evidence from Ghana

While multilateral agencies have spent hundreds of millions of dollars in the forestry sector to curb deforestation, mitigate climate change, and improve local livelihoods, there is a lack of rigorous empirical analyses demonstrating past investments' effectiveness in improving livelihoods. We investigate such programs' effectiveness in changing livelihoods by estimating the Forest Investment Program (FIP)’s short-term impacts in Ghana. We do not find significant changes in income, expenditure, and food security of households in FIP communities compared with non-FIP communities post-FIP. However, households in FIP communities with increased monitoring and enforcement activities decreased the harvest of forest products, which caused forest-dependent households to allocate their labor toward own farm production. These results suggest mitigation programs relying on increased monitoring and enforcement should also support practical ways to offset negative livelihood impacts from the decreased harvest of forest products.

Survey of the Impact of Social Investment Programs Toward Beneficiaries’ Economic Empowerment and Entrepreneurship Development in Nigeria

In Nigeria, several governments have embarked on a number of social investment programs aimed at poverty reduction, job and wealth creation, economic growth, and positive social development. However, the extent of the impacts of these programs on the beneficiaries’ economic empowerment and entrepreneurship development is not yet ascertained in many parts of the country. Therefore, this study was designed to explore the extent of the impact present administration’s social investment program (N-SIP) towards beneficiaries’ economic empowerment and entrepreneurship development in Nigeria. This study's population comprised a total of 10,267 beneficiaries of the program from nine selected local government areas in Bauchi state. However, a total of 630 beneficiaries were chosen using a proportionate random sampling technique to serve as the sample of the study. Structured questionnaire forms on the impact of social investment programs on entrepreneurship development were used as the instrument for data collection in the study. The data collected were analysed using descriptive statistics, and a t-test was used to test the hypotheses at a 0.05 level of significance. The results of the study revealed that there is a positive and significant relationship between N-SIP and beneficiaries’ economic empowerment. Furthermore, the results showed a significant relationship between N-SIP and entrepreneurship development in the country. These imply that social investment programs have significantly impacted the beneficiaries economically and also helped in the development of entrepreneurship in the country. This study provides valuable insights to numerous stakeholders in the area of social investment and entrepreneurship development. Finally, future directions of the study are also provided.

Talkin' Bout a Revolution? Institutional Change in the EU Recovery and Resilience Facility: The Case of Climate Policy

AbstractThe European Union (EU) post‐COVID‐19 investment and reform programme, the Recovery and Resilience Facility (RRF), has been hailed as novel and ambitious, both as a fiscal instrument and as a lever for accelerating progress towards EU climate commitments. Yet, its design also exhibits strong path dependency, drawing on existing processes and commitments. Adapting theories of institutional change and models of hard/soft governance, we argue that the RRF is an example of significant yet gradual change – of evolution rather than revolution – taking place via layering and conversion of existing frameworks, and alteration of their logics of action. We show how the RRF repurposes the European Semester and track continuity and change in climate policy, a key priority area. Our findings suggest that the literature on institutional change should give greater consideration to the interplay between layering and conversion as a mechanism of gradual yet transformative evolution.

Methodology of Development of Social Investment Projects for the Economy: Legal Aspects

Purpose: The purpose of the present academic paper is to analyze the methods, principles and mechanism of legal regulation of social investment activity and to develop priority directions for improving the legislative framework aimed at increasing the effectiveness of investment attraction and achieving social and economic efficiency
 
 Theoretical framework: Conditions of instability require the development of social investment projects. From a legal point of view, it is necessary to reduce the administrative burden and tax pressure in the process of implementing social investment projects. This will allow for attracting investments at the global level and effectively using them at the national level for the purpose of economic development. In order to attract investors in the long term, it is necessary to reorient the tax system towards a liberal approach and optimize investment mechanisms.
 
 Design/methodology/approach: To achieve the goal set, the research was conducted by applying analysis, comparison, optimization, and modeling methods.
 
 Findings: The primary task is the analysis of social investment opportunities and the actualization of social investment information support, as well as the support of already existing social investment projects and programs. Improving the legal framework and introducing changes taking into account the instability of the external environment are separate directions of state regulation of social investment activities.
 
 Research, Practical & Social implications: One of the areas identified in the academic paper is the necessity of creating a comprehensive strategic plan for the legal regulation of social investment activity.
 
 Originality/value: This project will make it possible to implement effective legal mechanisms for regulating social investment activities, reduce the tax burden and contribute to ensuring the country’s investment attractiveness at the international level. As a result, the goal of increasing the inflow of investments and providing effective adjustment to the unstable external environment will be achieved.

Digital twin maturity levels: a theoretical framework for defining capabilities and goals in the life and environmental sciences

Background: Digital twins (DT) are the coupling of a real-world physical asset to a virtual representation to provide insight and actionable knowledge. The benefits of DT are considered to include improvements in reproducibility, reliability of interventions, increased productivity, as well as increased time for innovation. For instance, a DT could be used to boost agricultural productivity whilst also meeting various targets (e.g., biodiversity, sustainability). Or a DT could be used to monitor a cell culture, predict interactions, and make subtle adjustments to maintain the environment allowing researchers to conduct other work. Yet in developing DT two fundamental questions emerge: ‘What will the DT capabilities be?’ (i.e., the range of features and possible actions) and ‘What will the DT do?’ (i.e., which capabilities will it utilise). Methods: Here we discuss a theoretical framework for DTs developed during Wageningen University & Research’s Investment Programme on DTs that aims to answer these questions. Focusing on the Life and Environmental Sciences to help developers and stakeholders to agree on the capabilities, purpose, and goal of a DT. As well as identifying iterative design stages that may help set interim development goals such as a minimum viable product. Results: This framework defines a DT as sitting at one of five maturity, or capability, levels associated with specific types of DT: a status, an informative, a predictive, an optimisation, and an autonomous twin. Conclusions: The aim of DTs is to make better, data-driven, decisions yet there can be a gulf between expectations of what a Digital Twin will do and the reality. The five maturity levels outlined here can be used to first identify and communicate about the type of Digital Twin required for a particular project prior to DT development. Bridging the gap between what project leads, developers, and stakeholders envision the end-product will be.

Toward more equitable ecosystem investment programs—Adaptation and equity are central to the design and functioning of successful water funds

AbstractProjects designed to incentivize ecosystem management for societal benefits are becoming increasingly popular and are often touted as win–win solutions for social and environmental challenges. Yet, there are important concerns about the equity and justice implications of these programs, and there is strong evidence that a lack of attention to justice can exacerbate or create inequities. We focus on water funds, a subset of watershed ecosystem investment programs that are being scaled globally. We specifically discuss how three long‐standing Andean programs have shifted through time toward a greater focus on equity and justice. We argue that these shifts, while imperfect, have been critical to their durability and that, more generally, continued alignment of nature‐based investment programs with broader equity and justice concerns is essential for long‐term durability and success.

Exit Strategy: How Will Forest Investment Program II (FIP II) Go Forward in Central Sulawesi?

Exit Strategy: How Will Forest Investment Program II (FIP II) Go Forward in Central Sulawesi?

Conceptual model for managing the phases of implementation of infrastructure projects and programmes in the post-war period

The outbreak of Russia’s full-scale invasion of Ukraine has caused significant human, economic, and political damage, as well as destruction to infrastructure. However, in the future, all losses incurred should be recovered. Therefore, creating models to manage infrastructure projects is still important, especially in the post-war environment of Ukraine. The purpose of this study was to build a model that would allow for the highest management efficiency in the implementation of infrastructure projects in the post-war period and to describe the possibilities of its practical application. The main methods used in the study were analysis, modelling, and abstraction. Thus, the study built a conceptual model of management of infrastructure projects and programmes in the post-war period. The study also analysed the current theoretical framework for infrastructure project management and highlighted the issue of substantiating the parameters of infrastructure programme and project products. Network models, their features and possibilities of use were described to provide a clearer picture of the project’s work and more efficient resource management. The paper emphasised that infrastructure projects are often divided into two phases: construction and operation. The study also described the importance of infrastructure projects for the efficient transport of goods and passengers and their impact on the competitiveness of the transport system. This study offers a more profound insight into the specific features of managing the implementation phases of infrastructure projects, especially in the post-war period, and brings new knowledge for management in the context of building large-scale investment programmes

Unmanned Aerial Vehicle Direct Seeding Versus Ground Seeding Mechanization Services in Smallholder Farming Systems of North West IGP on Energy Use Efficiency and Quality of Rice Culture: A Review

Various sectors use AI technologies to increase output and productivity. AI in agriculture also enables farmers to boost productivity while minimizing harmful environmental effects. AI is transforming the food-processing industry, where agricultural emissions have dropped by 20%. Mechanization is once again one of the top development policy targets for changing the smallholder agricultural system in the north west IGP. To support public investment or company development programs, however, previous and ongoing efforts frequently suffer from a lack of scientific data on end-user effective demand for various sorts of mechanical improvements. Rice production involves intricate agronomic procedures. Seeding, fertilizing, and pesticide application are labour- and time-intensive tasks that have low automation efficiency. Currently, a lot of research focuses on the single UAV operation on rice, but there aren't many applications that cover the entire process of sowing, fertilizing, and applying pesticides. Based on the intelligent operating platform, a mUAV was created to oversee the planting of rice. This aircraft accomplished three tasks on the same flight platform: seeding, fertilizer application, and pesticide application. Machine design was carried out using simulations of CFD. The cultivation patterns of mechanical rice direct seeder, mechanical rice transplanter, and mUAV seeding were compared to perform a comparative evaluation of the entire process. With improved rice automation, fewer labour inputs, and lower costs, it is intended that this evaluation will offer new machinery for rice farming patterns in various conditions.