ABSTRACT: Breeding for the nitrogen (N)-efficient rapeseed (Brassica napus L.) genotypes is an ideal way to increase N use efficiency (NUE) and seed yield, and ultimately allay urgent environmental concerns and benefit farmers in their production. However, there is a paucity of knowledge to explore the environmental and economic benefits among N-efficient and N-inefficient rapeseed genotypes. In this study, a field experiment and a pot experiment with two N-efficient and two N-inefficient rapeseed genotypes were conducted to unravel the differences of environmental and economic benefits. Our results showed compared to the N-inefficient rapeseed genotypes, the N-efficient rapeseed genotypes displayed respectively 23.90%, 27.13% and 15.80% higher seed N accumulation, NUE and NUtE under the field and pot experiments (environmental indexes). Conversely, the N-efficient rapeseed genotypes had 42.51% greater seeds per silique, 29.53% larger seed biomass, and 65.39% net profit than the N-inefficient rapeseed genotypes in high and low N treatment (economic indexes). Higher environmental and economic benefits for the N-efficient rapeseed genotypes should be widely promoted to decrease N input, alleviate environmental pollution, reduce investment in environmental protection, and boost economic benefit.

Purpose This study is to examine how developing countries can effectively implement a human rights due diligence (HRDD) framework that meets international investment law obligations while addressing domestic socio-economic realities. This study investigates the evolution of HRDD from a soft legal framework to explicit legal obligations in investment treaties and national laws, focusing on the ASEAN experience. This paper aims to understand the determinants of success or failure of different HRDD implementation approaches and to provide evidence-based recommendations for developing countries, particularly Vietnam, facing similar challenges in balancing investment protection with human rights considerations. Design/methodology/approach This study uses a qualitative comparative approach combining doctrinal legal analysis with empirical case studies. This study examines international investment treaties, national legislation and investment dispute settlements from 2011 to 2024. Four ASEAN countries (Singapore, Thailand, Malaysia and Indonesia) were selected based on their different HRDD implementation approaches, stages of development and global value chain integration strategies. This study uses a multi-level governance framework that analyzes international legal obligations, domestic policy frameworks and corporate implementation practices. Findings HRDD has evolved from a voluntary corporate social responsibility obligation to a mandatory legal requirement in investment treaties and national legislation. ASEAN countries demonstrate diverse implementation strategies: Singapore integrates HRDD into an ESG framework; Thailand develops a comprehensive National Action Plan; Malaysia focuses on a sector-specific approach (palm oil); and Indonesia uses state-owned enterprises as an implementation model. Investment dispute resolution increasingly recognizes the need for HRDD, reflecting a shift toward balancing investor protection with human rights. Research limitations/implications This study focuses on the ASEAN region, which may limit generalizability to other developing regions with different institutional contexts. The time horizon (2011–2024) captures recent developments but may not reflect long-term implementation outcomes. The limited availability of comprehensive data on corporate HRDD practices, particularly from SMEs, limits the depth of analysis. This study mainly looks at the formal legal framework rather than the effectiveness of implementation on the ground. Practical implications This study provides actionable guidance for developing countries implementing the HRDD framework. Key recommendations include developing a step-by-step legal framework rather than a comprehensive system at once, integrating HRDD into existing regulatory mechanisms, leveraging financial regulators and stock exchanges, developing sector-specific approaches for high-risk sectors, collaborating with industry associations, using state-owned enterprises as implementation models and establishing multi-stakeholder monitoring systems. Social implications Integrating HRDD into international investment law represents a fundamental shift toward protecting vulnerable communities affected by business activities. Effective implementation can prevent human rights abuses, improve labor conditions, protect indigenous community rights and ensure environmental protection. Research demonstrates that market-based approaches can complement regulatory frameworks, potentially creating positive change even in contexts of weak domestic enforcement. Originality/value To the best of the author’s knowledge, this study provides the first systematic comparative analysis of HRDD implementation across multiple ASEAN countries within the framework of international investment law. This study develops an innovative theoretical framework that connects domestic HRDD implementation with international investment obligations, filling a significant gap in existing scholarship. This study offers new insights into how developing countries can adapt international standards to local contexts while maintaining compliance with global standards. The evidence-based recommendations are particularly valuable for Vietnam and other developing countries.

Sharia Securities-based crowdfunding (Sharia SBC) has emerged as a novel financial innovation that integrates Islamic principles with financial technology, expanding investment access in Indonesia. However, this development has also created significant regulatory gaps and legal risks related to data protection, Sharia compliance, information asymmetry, and weak dispute resolution mechanisms. This study examines the adequacy of Indonesia’s dual regulatory model, the Financial Services Authority (OJK) and the National Sharia Council (DSN-MUI), in protecting investors and ensuring Sharia compliance in SBC. Using normative legal methods combined with comparative and policy-oriented approaches, the study identifies the lack of binding force in DSN-MUI fatwas, the limited role of the Sharia Supervisory Board, and weak enforcement of data security and disclosure standards. Comparative studies from Malaysia and Bahrain suggest that integrating Sharia audits and a centralized dispute resolution mechanism can strengthen legal certainty. These findings underscore the need for regulatory reforms to render DSN-MUI fatwas legally binding, establish a Sharia arbitration body, and mandate annual Sharia compliance audits for SBC operators. These recommendations aim to improve legal certainty, investor protection, and the integrity of Shariabased financial technology in Indonesia.

The study explores the evolving international regulation of digital assets and the harmonization of global standards aimed at ensuring transparency and mitigating risks to the global financial system. Its main objective is to analyze the policies and legal frameworks developed by key international organizations – The Financial Action Task Force (hereinafter – the FATF), International monetary fund (hereinafter – IMF), The Basel Committee on Banking Supervision regulation (hereinafter – BCBS), The international organization of securities commissions (hereinafter – IOSCO), and Organisation for Economic Co-operation and Development regulations (hereinafter – OECD) – and to assess Kazakhstan’s compliance with these standards. The research employs comparative legal analysis, synthesis, and normative methods to evaluate the interaction between international recommendations and national regulation. The paper highlights that the FATF focuses on AML/CFT measures, the IMF emphasizes financial stability and legal certainty, the BCBS introduces prudential standards for banking exposure to cryptoassets, IOSCO advocates investor protection and market integrity, while the OECD stresses taxation and information exchange. Through detailed comparative tables, the author demonstrates how Kazakhstan integrates these global standards, particularly through the AIFC framework, though national regulation outside the AIFC remains underdeveloped. The research is both scientifically and practically significant, offering a structured understanding of international approaches and their influence on Kazakhstan’s digital asset regulation. Its contribution lies in mapping the convergence of global and national legal norms, providing policymakers and regulators with guidance to enhance compliance, stability, and investor protection in the digital asset market.

The study offers a comparative legal analysis of the statutory recognition and private-law regime of utilitarian digital rights (utility tokens) in foreign jurisdictions and the Russian Federation. It shows that this institution emerged at the intersection of contract and financial law and is evolving from a technologically neutral, func-tional approach toward more formalized constructs. Drawing on the experience of the United States, Singa-pore, the United Kingdom, Japan, the UAE, Switzerland, South Korea, Germany, Australia, and Canada, the paper identifies key criteria for distinguishing utility tokens from investment instruments (including via the Howey test) and examines the regulatory consequences of such classification. Particular attention is paid to the Russian model of special regulation: the normative definition of utility digital rights in the Civil Code of the Rus-sian Federation, their issuance and circulation via the framework of investment platforms, and the correlation with digital financial assets. The paper explores the practical effects of different models (the regulatory exclu-sion model, the specialized regulation model, and the general contract law model) for market participants – risk allocation, consumer and investor protection, compliance requirements, and legal certainty while preserving flexibility for innovation. It analyzes the hybrid nature of tokens and approaches to NFTs, substantiating the need for combined regulatory regimes where mixed characteristics are present. Proposals are formulated to optimize national regulation, including clarification of qualification criteria, a risk-oriented typology, proportion-ate requirements for issuers and platforms, as well as mechanisms for law enforcement coordination to sup-port the sustainable development of digital civil turnover.

Purpose The paper aims to recommend that developing countries, such as Vietnam, should review and modernize bilateral investment treaties (BITs), strengthen their domestic legal frameworks, develop impact assessment mechanisms and enhance their capacity for dispute prevention to respond effectively to unforeseen changes in circumstances. Design/methodology/approach First, primary sources include the Vienna Convention on the Law of Treaties (VCLT), BITs, free trade agreements (FTAs) and arbitration awards from significant investment disputes. Secondary sources, including academic articles and commentaries from leading international law experts, are systematically analyzed to build a theoretical framework. The analysis of arbitration decisions focuses particularly on landmark cases, concentrating on cases concerning economic crises, political transitions and environmental policy changes to identify trends in the application of the doctrine. The paper provides a comparative analysis, contrasting Vietnam’s old BITs with newer agreements such as CPTPP and EVFTA to assess the development of treaty language related to exceptions and regulatory space. Findings The disparity between old-generation BITs and new ones (e.g. CPTPP, EVFTA) creates challenges in striking a balance between investment protection and policy space for environmental, health and sustainable development. Research limitations/implications The research mostly combines analysis of Vietnam’s specific economic, environmental and political context for future application of the rebus sic stantibus doctrine. Practical implications Understanding and effectively applying the doctrine of rebus sic stantibus is crucial. From this approach, countries can develop effective mechanisms to respond to economic and social changes without violating their international obligations. Besides, developing countries may require emergency measures affecting foreign investment, such as the temporary requisition of private property, restrictions on the export of essential medical supplies or the imposition of new safety and environmental regulations. Social implications Implementing policies to protect public interests and sustainable development; the general trend in investment law worldwide is a shift toward a sustainable approach linked to governance and environmental objectives. Originality/value For developing countries like Vietnam, studying this doctrine holds significant and practical importance.

The article addresses legal issues related to Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. The regulation is analysed in the context of greenwashing with a view to determining whether it can be an effective legal protection instrument for investors in the financial products market. The provisions of the Regulation are analysed from a legal-dogmatic perspective, according to linguistic, functional and systemic interpretation, without skipping social and economic aspects. The text discusses greenwashing itself and its legal qualification under Polish and EU law. It also compares the legal situation of consumers and investors, focusing on the scope of legal protection that both groups could benefit from in the event of suffering damage.

This study analyzes the urgency of increasing the minimum free-float threshold to 30 percent as a legal instrument to strengthen retail investor protection and improve the quality of Indonesia’s capital market. The current minimum free-float requirement of 7.5 percent, as regulated in Indonesia Stock Exchange Regulation No. I-A, is no longer sufficient to ensure trading liquidity, prevent price manipulation, or protect minority shareholders. Using a normative legal method based on statutory, conceptual, and comparative approaches, this research compares Indonesia’s regulatory framework with practices adopted in several jurisdictions. The United Kingdom sets a minimum free float of 10 percent for domestic companies and 25 percent for non-UK issuers; Malaysia requires at least 15 percent; Hong Kong mandates a 25 percent public float; Japan imposes a 35 percent tradable share ratio for Prime Market listings; and India requires a minimum public shareholding of 25 percent. The findings show that Indonesia’s free-float level remains far below these jurisdictions, making the market more vulnerable to volatility and potential price intervention. The limited shareholding dispersion also weakens regulatory oversight and reduces the likelihood of Indonesian stocks being included in global indices that rely on free-float-adjusted market capitalization. Increasing the free-float requirement to 30 percent has the potential to broaden public ownership, strengthen corporate governance, enhance liquidity, and increase investor confidence. Establishing this requirement at the statutory level is essential to provide legal certainty and to support more effective supervision by the Financial Services Authority (OJK).

Abstract: The victory of the 44-day war and the liberation of the territories from the enemy necessitate the establishment of a development strategy for the Karabakh region, including the city of Shusha, which is rich in natural resources. The tourism industry is one of the main industries for the economic development and sustainability of any resource-rich region. Analyzing the above, the formation of a tourism development strategy in the city of Shusha was examined. The article analyzes the development of the tourism sector of the city of Shusha in the post-conflict period from the point of view of ensuring regional economic revival. The purpose of the study is to determine the priority development directions of the tourism sector in Shusha and systematize these directions according to economic, cultural and innovative components. The article examines the impact of tourism on economic growth, employment and local income growth, its role in the protection of cultural heritage and the formation of an international image, as well as the possibilities of applying the “smart city and digital tourism” model. The study uses PESTEL analysis to identify strategic advantages and risks for the tourism ecosystem of the city of Shusha, and prepares practical proposals for both the public and private sectors. While researching the article, the existing tourism potential of Shusha was correlated with international experience, areas with the same nature and area as Shusha were analyzed, and sample development models were developed. The results of the study show that in order to transform Shusha into a cultural and innovative tourism center of the South Caucasus and for the future development of tourism, three main directions should be formed - increasing economic sustainability and investment attractiveness, formation and protection of cultural heritage and brand value, and application of a smart tourism model based on digital technologies.

Against the backdrop of escalating global environmental challenges and the United Nations’ advancement of the Sustainable Development Goals (SDGs), capitalist development goals are often perceived as conflicting with environmental sustainability. This paper examines Amazon as a case study to explore the potential for reconciling environmental goals with capitalist development goals within corporate practices. Results indicate that while substantial capital expenditures and rising operational costs exert short-term pressure on profit margins, these impacts are partially offset long-term benefits. This demonstrates that environmental sustainability goals and capitalist growth objectives can coexist in harmony. The primary tension stems from the conflict between corporate upfront investments in environmental protection and shareholder return expectations. This study is limited to a single case and relies on publicly available company data.

This study examines how ownership structures and audit mechanisms jointly shape firm performance in Vietnam, a transitional emerging market characterized by uneven investor protection and evolving regulatory quality. Drawing on agency theory (Jensen & Meckling, 1976) and institutional perspectives on governance in emerging economies (La Porta et al., 1999), the analysis addresses a gap in prior research, which often evaluates governance dimensions separately. Using 2,052 firm-year observations from 2017–2023 and feasible generalized least squares (FGLS) to address heteroskedasticity, autocorrelation, and nonlinear ownership dynamics, the study integrates ownership concentration, foreign ownership, institutional ownership, audit firm rotation, and Big Four auditors into a unified framework. The results reveal heterogeneous governance effects. Ownership concentration exhibits a clear U-shaped relationship with performance. Foreign ownership shows a positive linear effect with only marginal evidence of an inverted U-shaped pattern. Institutional ownership exerts a consistently negative and significant impact. Auditor rotation and Big Four auditors both enhance performance, underscoring the value of credible external assurance in weak-enforcement settings. Firm size supports performance, whereas leverage imposes financial constraints. Overall, the findings demonstrate that internal ownership incentives and external audit quality jointly contribute to stronger performance, offering context-specific insights into governance effectiveness in emerging markets.

ABSTRACT This study examines the impact of local CEOs on the informativeness of financial markets. Using China’s Hukou system to identify CEO locality, we find that firms led by local CEOs exhibit significantly higher stock price synchronicity. Our mechanism analysis shows that this effect stems from reduced voluntary disclosure, lower disclosure quality, and diminished analyst coverage. The effect is stronger in firms with weaker internal controls, smaller size, and non-state ownership, as well as in regions with weaker legal institutions, lower levels of marketization, and less pervasive Confucian influence. Moreover, local CEOs increase the risk of stock price crashes by amplifying the synchronicity effect. These findings demonstrate that informal institutions shape corporate information environments and extend Upper Echelons Theory. We also offer practical implications for corporate governance and investor protection in emerging markets.

Abstract The fair and equitable treatment (FET) standard has emerged as one of the most frequently invoked and scrutinized protections in international investment law, offering a flexible yet controversial means of protecting foreign investors. Although it is often referred to as a “lawyers’ dream clause,” due to its expansive intepretative potential and the lack of precise legal language has led to inconsistent arbitral interpretations and an increasing number of investor claims. These challenges are particularly notable in the energy sector, where states’ sovereign right to regulate intersects with investors’ expectations of legal stability. This article critically examines the evolving contours of the fair and equitable treatment standard in energy-related investment disputes, identifying the factual and legal circumstances under which tribunals have found fair and equitable treatment violations. It asks whether the existing jurisprudence provides sufficient legal predictability and coherence, particularly in balancing investor protection with the host state’s sovereign right to regulate. This article provides a doctrinal and case-based analysis of the fair and equitable treatment standard, examining its normative evolution, treaty formulations, and interpretative patterns in arbitral practice.

This Systematic Literature Review (SLR) analyzes 38 empirical studies published between 2015 and 2025 (sourced from Scopus and Sci-‎ScienceDirect) to map blockchain-based funding mechanisms in the context of venture capital (VC) and entrepreneurial finance. The review ‎addresses four research questions concerning the evolution of these mechanisms, their impact on startup performance, and associated risks ‎and regulatory challenges. The findings establish a robust taxonomy of mechanisms, including Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and Decentralized Autonomous Organizations (DAOs), each presenting unique features and regulatory profiles. ‎Crucially, the review highlights significant gaps in long-term performance data, revealing challenges related to investor protection, fraud risk, ‎and regulatory uncertainty. By integrating Signaling Theory and Governance Theory, the study discusses how tokenomics and team credibility function as signals instead of traditional VC due diligence, presenting a critical comparison between token-based funding and traditional-‎al venture capital financing. This paper offers valuable insights for academics, policymakers, and industry practitioners by providing a com-‎comprehensive map of the field, suggesting avenues for future empirical research, and offering focused policy implications regarding regulation ‎and investor safety in emerging markets‎.

Background: This study examines the influence of stock market performance on Nepal’s economic growth from 1994 to 2024. Stock market variables, such as paid-up capital, the number of listed companies, market capitalisation, and turnover, are critical to understanding their role in the country's long-term economic performance. Previous literature suggests a potential relationship between financial market development and economic growth; nevertheless, the level of this relationship in the context of Nepal remains underexplored. Method: The analysis employs the Autoregressive Distributed Lag (ARDL) approach to measure the short- and long-term relationships between key stock market variables and Gross Domestic Product. This method is suitable given the mixed-order of integration in the data, covering the period from 1994 to 2024. Additionally, Granger causality tests are conducted to examine potential causal relationships between stock market performance and economic growth. Results: The study finds a significant long-term relationship between stock market performance, specifically paid-up capital and the number of listed companies, and Nepal's GDP. This highlights the importance of capital accumulation and market development in fostering sustained economic growth. Equally, market capitalisation, turnover, and government expenditure on education show limited or no significant effect on long-term economic growth. In the short run, real market capitalisation is found to negatively impact GDP. At the same time, turnover has no significant effect, suggesting that short-term market fluctuations do not directly contribute to economic growth. Diagnostic tests confirm the robustness and stability of the econometric model. Conclusion: The study stresses the importance of strengthening capital formation, promoting market listings, and encouraging investor participation to support economic growth in Nepal. Policy interventions should focus on improving market efficiency, investor protection, and integrating financial and human capital growth. The findings suggest that these measures can help align Nepal's stock market with its broader economic goals, promoting sustainable and inclusive growth. Novelty: This research offers new insights into the specific stock market variables that most significantly affect economic growth in Nepal, emphasising paid-up capital and the number of listed companies. By employing a robust econometric methodology and examining short-term and long-term relationships, this study contributes to the literature on financial market development. It suggests actionable policy recommendations for Nepal's economic policymakers.

Subject. The article discusses the agreement between the Russian Federation and the People's Republic of China on mutual protection and promotion of investments to create conditions for implementation of joint technological and infrastructural projects for agriculture development. Objectives. The study aims at economic analysis of factors of agro-industrial complex development of the Russian Federation and China, including the strategic compatibility assessment and company capital structure formation. Methods. The study draws on general scientific principles and methods of economic analysis, including the comparative analysis, grouping, abstraction, and systems approach. The qualitative analysis of companies' strategies is based on data from public reporting, industry research, etc. The regression analysis of data on 58 Russian and Chinese companies rests on the stakeholder theory and dynamic concept of capital structure. Results. We revealed significant differences in approaches to organic growth strategy implementation by Russian and Chinese agricultural holdings on a four-point scale. Here Chinese companies are characterized by deep integration into strategic government planning, technological autonomy, and digital platform development. Ongoing joint Russian-Chinese projects in the agro-industrial complex should combine balanced use of borrowed and equity capital, flexible interaction with government institutions through digital business models, participation in clusters and platforms for access to subsidies and programs, transaction costs minimization, diversification through digital technologies introduction. Conclusions. Russian and Chinese agro-industrial companies should adhere to a comprehensive strategy combining diversification with active use of institutional support tools for successful implementation of joint projects and strengthening their positions in the international market.

With the widespread application of AI-generated content across various fields, the issue of ownership of its intellectual property rights urgently requires resolution. This paper systematically analyzes the challenges posed by AI-generated content to the traditional intellectual property system, including the dilemma of identifying a subject and applying the originality standard. It further examines the limitations of theoretical debates such as the human authorship theory and the investment protection approach. Building on this analysis, the paper proposes systematic solutions, including establishing a tiered protection standard, constructing a rights allocation model that balances the interests of multiple parties, and improving the whole-chain safeguard mechanisms. These proposals aim to provide theoretical support for constructing an intellectual property governance framework adapted to technological development.

Abstract Crowdfunding has emerged as a significant alternative financing mechanism for startups, enabling entrepreneurs to raise capital directly from a large pool of small investors through digital platforms. This study assesses the effectiveness of crowdfunding in supporting early-stage ventures and examines the challenges that limit its wider adoption. The findings indicate that crowdfunding enhances access to finance, validates business ideas through market feedback, and helps build early customer communities. However, its effectiveness is constrained by factors such as information asymmetry, lack of investor protection, regulatory gaps, high campaign failure rates, and difficulties in maintaining long-term backer engagement. The study also highlights operational challenges faced by startups, including marketing costs, platform fees, and the need for strong digital communication strategies. Overall, while crowdfunding offers a promising alternative to traditional financing, its success depends on robust regulatory frameworks, transparent information sharing, and strategic campaign management by entrepreneurs.

Sukuk Ijarah is a rapidly growing Islamic financial instrument in Indonesia and globally, offering relatively stable returns while complying with Sharia principles. Normatively, its issuance is regulated under Law No. 19 of 2008 on State Sharia Securities (SBSN), the OJK regulations on the Islamic capital market, and DSN-MUI Fatwas No. 41/2008 and 69/2008. However, market practices show a dominance of asset-based structures, where investors only acquire rights to the economic benefits of assets through a Special Purpose Vehicle (SPV), rather than physical ownership, making sukuk potentially unsecured in case of default. This raises two main issues: legal certainty and investor protection, and compliance with ownership and risk principles. This study employs normative legal research with conceptual and statutory approaches, using primary and secondary legal materials, analyzed through descriptive qualitative and comparative methods. Based on Hans Kelsen’s and Gustav Radbruch’s theories, Sukuk Ijarah normatively satisfies legal certainty, justice, and utility, as ownership is limited to asset benefits while default risk remains an inherent part of investment. Therefore, investors must understand the characteristic of beneficial ownership and the inherent risks of Sukuk Ijarah, including the legal and economic consequences if the issuer becomes insolvent.

Background Despite plentiful research on the link between corporate governance (CG) and dividend policy, the mediating impact of corporate social responsibility (CSR) on the CG –dividend policy link remains unexplored. This study investigates the mediating impact of CSR on the CG –dividend policy link, and explores the mechanism through which CSR mediates this relationship. Methods Firms listed on the Shanghai and Shenzhen stock exchanges are considered as a study sample. The data collection period ranged from 2012 to 2021. The final sample included 15,800 firm-year observations. Results The results findings indicate that firms with strong CG tend to pay low dividends, consistent with the substitution hypothesis, in which dividends and CG act as substitutes for each other. In addition to establishing a direct link between CG and dividend policy, our study significantly contributes to the extant literature by presenting both theoretical proposition and empirical evidence on the mediation effect of CSR in the above-mentioned relationship. We find that CSR mediates the corporate governance- dividend policy relationship, which implies that in comparison to corporate governance, CSR has a more dominating impact on firms’ dividend policy decisions, and better-governed firms are more likely to engage in CSR activities to protect their stakeholders; consequently, they prefer to hold or invest cash instead of paying dividends because CSR engagements lower the cost of equity capital. These findings were corroborated by a set of robustness tests. Conclusions Our results have several implications for firms, regulators, and investors. Firms can use high dividend payouts to compensate for poor investor protection and to maintain good relationships with investors. When making investment decisions, investors are advised to consider socially responsible firms because of their strong CG structure. Finally, policy makers should give special consideration to CSR in order to reduce environmental and social problems and to enhance the related standards to ensure the safety and security of all stakeholders and hence reduce global accusation and pressure.