Economic Performance Research Articles

A Matter of Values: On the Link Between Economic Performance and Schwartz Human Values

Abstract The goal of the paper is to propose an abstract but formalised model of how Schwartz higher order values may influence individual decisions on sharing an individual effort among alternative economic activities. Subsequently, individual decisions are aggregated into the total (collective) economic output, taking into account interactions between the agents. In particular, we explore the relationship between individual higher order values: Self-Enhancement, Self-Transcendence, Openness to Change and Conservation – measured according to Schwartz’s universal human values theory – and individual and collective economic performance, by means of a theoretical agent based model. Furthermore, based on empirical observations, Openness to Change (measured by the population average in the case of collective output) is positively associated with individual and collective output. These relations are negative for Conservation. Self-Enhancement is positively associated with individual output but negatively with collective output. In case of Self-Transcendence, this effect is opposite. The model provides the potential explanations, in terms of individual and population differences in propensity for management, willingness to change and skills (measured by an educational level) for the empirically observed relations between Schwartz higher order values and individual and collective output. We directly calibrate the micro-level of the model using data from the ninth round of the European Social Survey (ESS9) and present the results of numerical simulations.

Estimated economic impact of fire blight on long-term orchard economic performance with susceptible and resistant rootstocks

We estimated the economic impact of theoretical fire blight induced tree loss using data from two long-term field trials in NY State. An economic analysis of profitability using Net Present Value (NPV) was conducted with three cultivars, eleven rootstocks and four planting systems. The impact of fire blight was modeled in terms of both the severity of the disease and the year of infection. We considered a range of scenarios with different infection rates (10 %, 50 %, 80 % and 100 %) of all the trees planted and different timings when the infection took place including the 1st year (prior to production), 5th year, 10th year and the 15th year during the life cycle of an orchard. The analysis showed that the smallest impact of fire blight induced losses on lifetime NPV occurred when the fire blight infection and tree death occurred in year 1 and was greatest when infection and tree death occurred in year 10. If the infection occurred in year 15 then the losses in NPV were less. As expected, the analysis showed that a low percentage of tree loss due to fire blight at any given year of the orchard life resulted in a low impact on lifetime NPV while greater levels of infection and tree loss were associated with higher losses in NPV. The use of fire blight resistant rootstocks dramatically reduced the negative impact of fire blight induced tree losses on NPV. With susceptible rootstocks (M.9 and M.26), the reduction in NPV with high levels of tree infection was as high as 70 % which would render the planting unprofitable, while with resistant rootstocks the losses in NPV were lower (<30 %) and the orchard would still be profitable. High-density orchard systems like the Tall Spindle system had less sensitivity to fire blight induced losses than lower density systems. Cultivar also had an important effect on the level of fire blight induced losses of NPV. With a high priced cultivar like ‘Honeycrisp’ the percentage loss in NPV was less than with the lower priced cultivars like ‘Fuji’ and ‘Gala’.

Impact of sectoral economic performance and fiscal capacity on public health expenditure in South Africa

This study analyses the long-run relationship between, and the direction and magnitude of impact of sectoral economic growth and fiscal capacity on government health expenditure. The study was carried out to validates the Wagner hypothesis from sectoral perspective and revenue-expenditure hypothesis for South Africa for the period 1984–2020. Fully modified least squares and dynamic least squares and canonical cointegration regression were used to achieve the objectives of the study. Empirical regression results showed that there is a negative impact of the secondary sector GDP on public health expenditure. Thus, invalidating the Wagner hypothesis and suggesting that secondary sector GDP cannot serves as an answer for public health expenditure. However, there was a positive relationship between tertiary sector GDP and public health expenditure. The study make case for unceasing provision of an enabling environment that continuously support growth of the tertiary sector.

Specific Effect of Innovation Factors on Socioeconomic Development of Countries in View of the Global Crisis

Although the coronavirus pandemic has now faded into the background, the global crisis caused by COVID-19 has had the most devastating impacts worldwide. Given the potential relapse of such unexpected and uncertain events, it is vital to specify the patterns thereof and develop proactive measures for the countries to acquire an advanced readiness to deal with the related incidents. The most infected countries faced an increase in business bankruptcies, unemployment and inflation rates, low production volumes, and a decline in Gross Domestic Product (GDP). To withstand such socioeconomic consequences, the countries had to employ a number of measures, with innovation development acceleration being one. This paper aims to assess the dependency of an increase in GDP and a decrease in inflation and unemployment rates on the country-level growth of innovation development according to such Global Innovation Index (GII) pillars as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. The conducted research analysis covered the period from 2019 to 2022 based on the data for the GII pillar development level and economic performance indicators for 20 countries from five socioeconomic models. Descriptive and comparative statistics as well as correlation and regression analysis were used to prove the innovation development to be a key driver in increasing GDP and reducing inflation. To increase the GDP value, special attention should be paid to such GII pillars as institutions and human capital and research, while infrastructure and human capital and research are the pillars to reduce the inflation rates.

Study on The Evaluation of Eco-Economic Efficiency in The Yangtze River Economic Zone

Eco-economic efficiency is of tremendous significance to the coordinated development of ecological environment and economy. This study uses the super-SBM model to assess the Yangtze River Economic Belt’s ecological and economic performance from 2011 to 2020. The Malmquist index approach is then used to dynamically analyze the total factor productivity. The findings indicate that there is a non-equilibrium feature in space and that the eco-economic efficiency of the Yangtze River Economic Zone as a whole exhibits a fluctuating rising trend. A downstream &gt; midstream &gt; upstream pattern is shown. Based on the dynamic Malmquist index and its decomposition, the Yangtze River Economic Zone’s total factor productivity has a robust upward tendency. The primary cause of the shift in total factor productivity is technological advancement.

Machine-learning based control of bi-modular multilevel PWM inverter for high power applications.

This paper presents the topology and machine learning-based intelligent control of high-power PV inverter for maximum power extraction and optimal energy utilization. Modular converters with reduced components economic and reliable for high power applications. The proposed integrated intelligent machine learning based control delivers power conversion control with maximum power extraction and supervisory control for optimal load demand control. The topology of the inverter, operating modes, power control and supervisory control aspects are presented. Simulation is carried out in MATLAB/SIMULINK to verify the feasibility of the proposed inverter and control algorithm. The experimental study is presented to validate the simulation results. The operational performance of the proposed topology is evaluated in terms of operational parameters such as regulation of output power, and load relay control and is compared to existing topologies. The economic performance is also evaluated in terms of power switch sizing and reliability in power delivery concerning switch or power sources failure.

The Role Of Green Culture In Generating Sustainable Economic Performance And Increasing Post-Pandemic Stock Prices Healthcare Sector In Indonesia And Singapore

Green culture pada sektor healthcare menjadi isu baru dalam dunia ekonomi karena dinilai mampu meningkatkan nilai perusahaan, dengan cara melestarikan sumber daya alam agar pembangunan ekonomi tetap berkelanjutan. Penelitian ini bertujuan untuk mengetahui peran green culture dalam membangkitkan kinerja ekonomi berkelanjutan dan kenaikan harga saham pasca pandemi sektor healthcare di indonesia dan singapura, sehingga manajemen perusahaan dapat mengimplikasikan hasil penelitian ini yang diharapkan dapat memberikan manfaat langsung maupun tidak langsung bagi perusahaan-perusahaan di sektor kesehatan. Penulis mengumpulkan variabel independen yang terkait dengan penelitian yaitu sdgs dan stock return, dan variabel dependen green culture, dengan nilai perusahaan sebagai variabel intervening. Populasi penelitian ini adalah perusahaan sektor kesehatan yang terdaftar di bursa efek indonesia dan singapura. Penelitian ini menggunakan metode kuantitatif dengan data sekunder menggunakan analisis multivariat dengan pendekatan path analysis menggunakan eviews 13. Pengujian h1; h2; h3; yang mempunyai hasil signifikan karena mempunyai nilai p dibawah 0,05. Sedangkan h4 mempunyai hasil yang tidak signifikan karena mempunyai nilai p diatas 0,05. Untuk menjawab tantangan keuangan berkelanjutan diperlukan perangkat kebijakan dari berbagai kementerian dan lembaga terkait. Selain meningkatkan kesadaran masyarakat mengenai budaya hijau, kebijakan yang diambil diharapkan juga disertai dengan insentif atau disinsentif kepada sektor kesehatan guna meningkatkan porsi pembiayaan yang mendukung keuangan berkelanjutan menuju net-zero emisi.

The Optimal Selection of Renewable Energy Systems Based on MILP for Two Zones in Mexico

This paper presents a series of enhancements to a previously proposed mixed-integer linear programming (MILP) model for investment decisions and operational planning in distributed generation (DG) systems. The main contribution of this study consists of integrating a wind generation system and multiple loads at different buses in a network. The model considers dynamic weather data, energy prices, costs related to photovoltaic and wind systems, storage systems, operational and maintenance costs, and other pertinent factors, such as efficiencies, geographical locations, resource availability, and different load profiles. The simulation results obtained through implementation in Julia’s programming language illustrate that the MILP formulation maximizes the net present value, and four configurations for hybrid power generation systems in Mexico are analyzed. The objective is to enable profitability assessment for investments in large-capacity DG systems in two strategic zones of Mexico. The results show that the configurations in the NE zone, especially in Tamaulipas, are the most cost-effective. Case 1 stands out for its highest net present value and shortest payback time, while Case 2 offers the highest energy savings. In addition, Cases 3 and 4, which incorporate storage systems, exhibit the longest payback periods and the lowest savings, indicating less favorable economic performance compared with Cases 1 and 2. Moreover, the sales of two case studies, one without a storage system and the other with a storage system, are shown. The model also incorporates instruments for buying or selling energy in the wholesale electricity market, including variables that depict the injected energy into the electrical grid. This comprehensive approach provides a detailed overview of optimal energy management.

Machine learning applications in forest and biomass supply chain management: a review

ABSTRACT Forest and biomass crops for bioenergy and bioproducts can promote a sustainable bioeconomy while effectively reducing greenhouse gas (GHG) emissions to mitigate global warming. One of the most concerning issues is selecting and using appropriate modeling and analytical technologies to optimize the benefits of multi-feedstock biomass supply chains, including logistics. Machine learning (ML) has been used to solve increasingly complex supply chain problems, providing powerful tools for sustainable forest management and biomass resource development. Existing research is extensive and spans many different ML techniques, but synthesis is needed to help guide the adoption of these rapidly evolving tools. This review summarizes ML applications in forest and biomass supply chain management in terms of data, algorithms, and process examples, with an emphasis on direct application to supply chain management. ML is a viable technique to support strategic, operational, and tactical planning and decision-making in this field and can enhance the environmental and economic performance of diverse forest and biomass supply chains.

The Effect of Sustainability Reporting Disclosure on Company Value Moderated by Investment Opportunity Set

This study aims to examine the influence of sustainability reporting, namely the disclosure of economic, environmental, and social performance, on the value of a company. The present investigation also explores the presence of a moderating variable, specifically the investment opportunity set, that functions to moderate the association between sustainability reporting disclosure and company value. Companies in the energy sector that were listed on the Indonesia Stock Exchange in 2021–2022 served as the study object. Quantitative approaches are employed in this study. The research sample was determined using a purposive sampling methodology, which relied on secondary data. This method resulted in a sample size of 82. Smartpls 3.0 is the program that processed the data for this investigation. The results showed there is no impact on company value from the disclosure of social, environmental, and economic performance in sustainability reporting. While it doesn't impact the disclosure of environmental performance on company value, the existence of an investment opportunity set can moderate the relationship between the economic and social performance disclosure in sustainability reporting.

Implementation Strategy of Motivation, Innovation, and Work Ethic on the Economic Performance of Papuan Nutmeg Farmers (Myristica Argantea) in Fakfak Regency

Implementation Strategy of Motivation, Innovation, and Work Ethic on the Economic Performance of Papuan Nutmeg Farmers (Myristica Argantea) in Fakfak Regency

Straw Logistics Network Optimization Considering Cost Importance and Carbon Emission under the Concept of Sustainable Development

As biomass power generation projects progress, the supply chain of biomass resources has become a key link for the green development of biomass power facilities. The role of biomass recycling logistics in the sustainable development of biomass resources and power generation endeavors has grown increasingly significant. To realize environmentally friendly and economical straw logistics, it is imperative to establish an efficient, economic and sustainable straw recycling logistics network. Therefore, based on the weighting theory and top-down method, this study proposes a planning model aiming at minimum total cost and minimum carbon emission to locate the logistics network. The immune algorithm is applied to solve and analyze the proposed examples. It is concluded that under the condition that the total cost is reasonable, reducing transportation cost. The verification model can enhance the environmental and economic performance of straw logistics networks. From the perspective of theory and practice, we provide ideas for the optimization of relevant biomass logistics networks and promote the realization of low-carbon sustainable development of logistics networks.

Within – Country diversity and economic output: The role of financial development

This study investigates the relationship between within-country diversity, financial development, and economic output with a particular focus on the moderating role of financial development. Analyzing data from a diverse set of countries, we find that both religious and language diversity exhibit negative associations with economic performance. However, in emerging economies, a positive interaction between linguistic and religious diversity emerges. Notably, robust financial development positively moderates the relationship between diversity and economic output, with identified thresholds indicating a critical level necessary to mitigate the adverse consequences of cultural diversity. Our findings highlight the essential role of financial systems in fostering trust and promoting economic growth, particularly in high-diversity contexts. Our findings are robust to a battery of alternative tests. By emphasizing the importance of financial development in navigating within-country heterogeneities, this study offers valuable insights for policymakers seeking to foster inclusive and sustainable development strategies.

The impact of farmers’ participation in green cooperative production on green performance—A study based on the moderating effect of environmental regulation

Based on 491 farmers joining in cooperatives microscopic data in Jiangxi Province,the paper uses Ordinary Least Squares to test the influence mechanism of cooperative green production on green performance, and takes environmental regulation as a regulatory variable to explore the relationship between cooperative green production and cooperative green performance. The results have shown that: (1) The green production cooperatives have a significant positive impact on their green performance, and the impact of green production on economic performance, social performance and ecological performance gradually strengthens from weak to strong; (2) Environmental regulations have a positive regulatory effect on the relationship between cooperative green production and cooperative green performance, among which three types of environmental regulations, namely, incentive, restraint and guided, can strengthen the positive relationship between green production and green performance.

Modelling solar photovoltaic systems on dairy farms for cost savings and GHG emission reduction

Rising on-farm electricity demand, coupled with surge in electricity prices, has increased costs associated with milk production. Additionally, the use of grid electricity with a high carbon footprint depreciates the environmental performance of dairy farming. We assessed the potential of photovoltaic (PV) systems installed on dairy parlours under different policy incentives to reduce electricity costs and the carbon footprint of dairy farms in Ireland. The HOMER Pro software was employed to model electricity consumption, generation and economic performance of four 15-year PV project scenarios for 11 Irish farms. Scenarios considering the targeted agricultural modernisation scheme II (TAMS) and the microgeneration support scheme are assessed. The results show that PV systems are a feasible option to power dairy farms when current energy prices and inflation rates are applied. Small systems eligible for TAMS grants presented an average discounted payback period of 5 years, making them a better option for farmers than larger projects, which had an average payback period of 8.5 years. The deployment of PV systems reduced the GHG intensity of electricity consumed at the farms by up to 29 %.

Thermo-economic examination of ocean heat-assisted pumped thermal energy storage system using transcritical CO2 cycles

In response to the challenges posed by the growth of renewable energy electricity to the security of the power grid, energy storage technology has rapidly developed in recent years. Pumped thermal energy has been recognized as an attractive massive energy storage technology with the superiority being independent of site. An ocean heat-assisted pumped thermal energy storage system using transcritical CO2 cycles is proposed in this study. State-of-the-art thermo-economic models are developed and described to simulate the system processes and conduct cost estimates. The originality of this system lies in the ability to effectively improve its efficiency by configuring seawater at different depths at the low temperature end of the system. Research has found that, if the seawater used in the charge process always comes from the surface of the ocean, the system efficiencies are 48.1 %, 61.3 % and 66.4 % respectively when the depth of seawater during the discharge process are 50 m, 100 m and 1000 m. When the seawater employed in the entire system comes from 1000 m underwater, the efficiency of the system is only 53.5 %. In addition, for the 50 MW/10 h system, the minimum value of levelized cost of storage is 0.143 $/kWh. The uncertainty analysis of cost for the proposed system is carried out using the Monte Carlo method. Results show that with the charge/discharge duration ratio rising from 4 h/10 h to 10 h/4h, the total capital cost falls from 245 ± 76 M$ to 102 ± 34 M$ and the levelized cost of storage reaches the minimum value when this ratio is 1. The larger the energy storage capacity, the lower the levelized cost of storage. In summary, the system has shown satisfactory results in both thermodynamics and economic performance, and further research is worthwhile in the future.

Performance of co-designed diversified Mediterranean cropping systems: Hybridizing stakeholders' knowledge and modelling data

Mediterranean cropping systems, characterised by continuous cereal cropping, are largely dependent on synthetic inputs, such as N fertilisers. On the other hand, they face difficult pedoclimatic conditions, exacerbated by climate change. Diversification is seen as a way to increase cropping systems resilience. The aim of this study was to co-design diversified cropping systems based on the expertise of local stakeholders and co-assess their performance, using modelling data. Our case study is the Ebro valley in Spain, a Mediterranean area with great potential for diversification, particularly where irrigation is available. Two workshops were organized to i) define the reference system in the study area and its limitations ii) co-design diversified systems to overcome these limitations and iii) co-assess reference and diversified systems. Between the two workshops, the STICS soil-crop model was calibrated with local experimental data, enabling to simulate the inter-annual (2000–2021) agronomic and environmental performance of the reference and diversified systems. An economic analysis was conducted. Stakeholders evaluated all economic, agronomic and environmental aspects. The reference system was a continuous winter cereal crop based on synthetic N fertilisation and intensive tillage. The four diversified co-designed systems consisted in introducing pea and/or rapeseed every 2 or 4 years, reducing tillage and partially replacing synthetic N fertilisation with locally sourced livestock manure. Simulation results showed that wheat and barley grain yields remained stable with diversification. Pea and rapeseed yields were lower in rotations where both were introduced compared to when each was the only break crop over 4 years. At the system level, protein yield remained stable with diversification, however, energy yield decreased by 20 % when break crops were introduced twice and by 10 % when introduced once. Gross margins improved with diversification only when pea was introduced once (12 %), mainly due to reduced expenses (-31 %), while incomes remained stable compared to RCS. However, incomes decreased by 5 % when rapeseed was introduced once, and by 10 % when both break crops were introduced. Unexpectedly, environmental performance deteriorated with diversification, with increased N losses through ammonia volatilisation and nitrate leaching in the years following pea and rapeseed cropping, due to greater N availability in the soil. An increased use of pesticides was predicted by the stakeholders in diversified systems, where the environmental impacts were exacerbated with the higher presence of break crops. The reference system presented slightly lower N availability and increased soil organic carbon storage. Overall, the approach proved useful in identifying a diversification strategy that improved agronomic and economic performance, with the system including pea once every four years being the most efficient. However, the environmental trade-offs associated with the increased presence of pea and rapeseed in the crop rotation must be considered in order to mitigate the environmental risks.

A Meta-analysis of Corporate Governance and Financial Performance of Financial Institutions in Uganda

Purpose: The objectives of this meta-analysis are to look at how corporate governance practices affect firm value, how financial performance indicators and firm value relate to each other, how corporate governance affects economic performance, and how financial performance functions as a mediator in the relationship between corporate governance and firm value. Methodology: A desk methodology was used in this investigation. Secondary data collection is a common term used to describe a desk study research design. Because it is less expensive than field research, gathering data from already existing resources is preferred. Because the data was readily available through online journals and libraries, our current study examined previously published studies and reports. Findings: Research on the relationship between corporate governance mechanisms and firm performance is complicated, with conflicting results pointing to both beneficial and detrimental consequences. Robust corporate governance practices, such as CEO duality, ownership structure, board independence, and audit quality, are generally linked to increased firm performance. These systems improve the organization's strategic decision-making, accountability, and transparency, which improves financial results and lowers agency costs and shareholder value. However, a variety of contextual factors, including industry dynamics, legal frameworks, and cultural norms, can affect how effective these mechanisms are. While some research emphasizes the beneficial relationship between corporate governance practices and firm performance, other research raises concerns about possible drawbacks and emphasizes the necessity of ongoing adjustment to shifting market conditions. Implications to Theory, Practice, and Policy: Potential theoretical frameworks for future research evaluating the effects of corporate governance mechanisms on firm performance in Uganda include agency theory, stewardship theory, and resource dependence theory. To increase governance effectiveness, practitioners should give priority to increasing board independence and diversity. Legislators ought to impose legal frameworks that encourage accountability, openness, and moral conduct in corporate governance procedures.

Social media influencer marketing and economic performance in the Spanish wine industry: unravelling the role of corporate social legitimacy

PurposeThis research focuses firstly on the impact of Social Media Influencer Marketing (SMIM) on the Economic Performance (EP) of Spanish wineries, and secondly on the mediating effect of Corporate Social Legitimacy (CSL) on this main relationship (SMIM-EP). Age, size and Protected Designation of Origin (PDO) membership are used to increase the precision of the cause-effect relationships examined.Design/methodology/approachThe study proposes a conceptual model based on previous studies, which is tested using structural equations (PLS-SEM) with data collected from 196 Spanish wineries between September 2022 and January 2023.FindingsThe results reveal a positive and significant relationship between the development of SMIM and the EP of Spanish wineries, as well as the partial mediation of CSL in the SMIM-EP relationship.Originality/valueThe uniqueness of this study can be attributed to several factors. First, it enhances the understanding and knowledge of the benefits associated with SMIM development in the winemaking context. Second, no previous research has conducted an empirical study on the development of SMIM as a catalyst for EP in the context of Spanish wineries. Third, to the authors' knowledge, no previous study has examined the mediating role of CSL in the SMIM-EP relationship, thus representing an opportunity to advance scientific knowledge related to SMIM.

Load bearing geopolymer from agro-waste and its energy-environmental- economic (E3) performance: Application through building information modeling

Agro-waste geopolymers are being significantly researched as sustainable substitutes to traditional construction materials for structural performance. However, a thorough assessment of their energy, environment, and economic (E3) performance is still questioned to facilitate in-situ building applications. This study first opts for a novel method of pressure catalysis for rice husk ash (RHA)-based geopolymers to enhance physico-mechanical performance with a low alkali activator dose. Afterward, the thermal conductivity of the optimized specimen was evaluated experimentally. Then, to assess its practical application, an E3 performance investigation was conducted on masonry brick/blocks as a pioneering approach for geopolymers. Distinct wall scenarios were simulated using Building Information Modeling (BIM) in a digital residential building. The experimental results showed that geopolymers with 50 % RHA, catalyzed under 20 MPa pressure, achieved 26.8 MPa compressive strength, lower density (1510 kg/m3), reduced water absorption (6.8 %), and 0.552 W/(m·K) thermal conductivity, outperforming traditional fired-clay brick and concrete block. The BIM analysis revealed that walls with RHA material had 53 % lower energy consumption and 30 − 41 % lesser CO2 emissions, respectively. Despite the higher cost, the RHA block has advantages as a masonry unit due to a high economic index. The significant energy and environmental gains suggest the potential for optimizing the production process of RHA-based geopolymer to enhance cost-effectiveness and amplify benefits.