Economic Performance Research Articles

The Effect of Sustainable Business Practices on Company Value in Indonesia Stock Exchange Sri-Kehati Index Companies

The purpose of this study was to examine the effect of economic, environmental, social, and governance performance on firm value moderated by PROPER and COVID-19 in listed companies included in the SRI-KEHATI index for 10 consecutive years. The type of research used is quantitative research using hypothesis testing of the effect of the independent variable on the dependent variable with moderation of certain variables. The research variable includes the dependent variable, firm value, independent variable, which is economic, environmental, social, and governance performance (EESG), as well as moderating variables, PROPER and COVID-19. Purposive sampling is used through certain criteria, contain public companies included in the SRI-KEHATI index group for 10 consecutive years This results in a total 130 samples (13 companies during the 2012—2021) The data analysis used are descriptive statitisical and multiple regrssion. The results of this study are (1) economic, environmental, and governance performance have a significant positive effect on firm value. However, social performance does not have a significant positive effect on firm value; (2) PROPER is proven to moderate the positive effect of governance performance on firm value, but not the effect of economic, environmental, or social performance; (3) COVID-19 is not moderate the positive effect of economic, environmental, social, and governance performance on firm value The implication of this study are (1) the implementation of sustainable business practices in economic, environmental, social and governance aspects is an important thing that must be implemented by companies in order to create a sustainable business; (2) PROPER can strengthen environmental management governance performance; (3) The dimensions and indicators used can serve as a reference for the company in sustainable business practices and as a basis for investors to make investment decisions; and (4) To be the basis of reference for the company, investors, and regulators.

Enhancing environmental, social, and governance, performance and reporting through integration of life cycle sustainability assessment framework

AbstractWe introduce an innovative framework integrating Life Cycle Sustainability Assessment (LCSA) impact categories with Environmental, Social, and Governance (ESG) factors, offering a unified approach for ESG assessment and reporting. It covers sustainable development's key aspects, enabling a detailed evaluation of environmental, economic, and social performance across product and system life cycles, in line with the Sustainable Development Goals (SDGs). Incorporating the UN's 10 principles, the framework fosters a synergy to improve ESG reporting, adaptable across industries. To demonstrate its practicality, a theoretical application in Canada's oil and gas sector highlights how this framework can provide actionable insights for SDG‐aligned performance improvements. This example illustrates how the framework can identify and address sustainability issues, thereby improving ESG performance. Beyond its theoretical contributions, the framework serves as a valuable tool for practitioners and investors, promoting informed and comprehensive ESG reporting. Ultimately, it aims to enhance organizations' contributions towards achieving the SDGs and advancing global sustainability.

Transforming carbon-intensive coal-fired power plants into negative emission technologies via biomass-fired calcium looping retrofit

Abstract Calcium looping is a promising CO2 capture technology due to reduced energy and economic penalties compared to mature solvent scrubbing technologies. It also can enable negative CO2 emissions when biomass is used to drive the sorbent regeneration process in the calciner. However, the trade-off between the energy, economic and environmental performance under different biomass co-firing fractions in the calciner and process operating scenarios has not yet been well understood. This study examined the potential for transforming a 580 MWel coal-fired power plant into a negative CO2 emitter via retrofit of calcium looping with biomass co-firing in the calciner. High-fidelity process models were developed in Aspen Plus and used to analyse the effect of biomass co-firing fraction, CO2 capture rate in the carbonator, and the fraction of flue gas fed to the carbonator on the techno-economic performance indicators. The results revealed that co-firing 30% biomass with coal in the calciner was sufficient for the retrofitted process to achieve negative CO2 emissions (−3.9 gCO2/kWelh). In this scenario, the levelized cost of electricity was 5% lower (81.1 €/MWelh) than that in the reference retrofit scenario without biomass co-firing (85.4 €/MWelh) at a carbon tax of 100 €/tCO2. Further improvement to the techno-economic performance was achieved by reducing the amount of CO2 captured in the carbonator by reducing either the CO2 capture rate (81.1 €/tCO2) or the amount of flue gas processed (80.4 €/tCO2). Although this was achieved at the expense of the increased specific CO2 emissions to 65.2 gCO2/kWelh and 109.0 gCO2/kWelh, respectively, the net specific emissions were still about 90% lower than those of the unabated host plant (792.3 gCO2/kWelh). This study demonstrated that depending on design priorities, biomass co-firing in the calciner can transform the existing coal-fired power plants into negative CO2 emission technologies or improve the process techno-economic viability.

COMPARATIVE ANALYSIS OF THE GDP STRUCTURE OF THE G7 COUNTRIES: ECONOMIC DEVELOPMENTS AND TRENDS

This research article will examine the gross domestic product (GDP), which is one of the most widely used indicators of national economic performance. GDP represents the total output of a national economy over a specified period, with seasonal fluctuations duly adjusted. The most comprehensive measure of GDP is also adjusted for inflation, thereby enabling the assessment of changes in output rather than changes in the prices of goods and services. The significance of this indicator can be demonstrated by the fact that GDP is frequently employed to assess the relative size of national economies. Governments, financial market participants, and business leaders are most interested in changes in GDP over time, as reflected in annual growth or decline rates, because this allows them to make assumptions and develop plans for the future. The government uses previous years' GDP figures to formulate policies on interest rates, taxes, and trade policy. The study of GDP in the G7 countries is particularly important and relevant, as these countries represent the central government of the whole world, have a great influence on the economy, discuss global problems and develop solutions in the shortest possible time. The object of the study is the 7 members of the G7, namely: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, while the subject is the basic indicators of the national economy of each individual country, analysed in the dynamics over the past 10 years.

Economic Performance: Impact of Implementing Environment Cost and Disclosure Carbon Emissions Fiqh Al Bi'ah (Environment) Analysis Approach

The development of environmental issues is of concern to the public in encouraging companies' awareness to carry out environmental management in their business activities, where companies can plan environmental cost budgets and make disclosures of the impact of carbon emissions produced in order to achieve their goal, namely the sustainability of the Company, namely the Company's economic performance will increase. This research aims to see the impact of environmental costs and carbon emission disruption on economic performance and is analyzed using environmental fiqh (bi'ah). This research is quantitative research. The type of data used is secondary data obtained from the Company's official website. The population in this study are manufacturing companies listed on the Jakarta Islamic Index for 2019-2021. The research sample consisted of 8 companies from the 2019-2021 period, totaling 32 samples. The sampling technique used in this research was purposive sampling. The data analysis used is panel data regression analysis using the SEM PLS data modeling program. The results of the research show that environmental cost and carbon emission disclosure variables have a significant negative influence on economic performance and the results of environmental fiqh (al bi'ah) analysis are in accordance with the verses of the Koran which discuss environmental damage which is something that is absolutely not justified because it will bring negative impact on the sustainability of living creatures or organizations and companies. These limitations suggest that future research could expand the sample size, consider a wider range of sustainability practices, and explore the relevance of environmental performance in different cultural and industry contexts.

Pratiques De Formation Et Performance Économique Dans Les PME : Effet Modérateur De La Perception De La Formation Par Les Dirigeants

This study aims to analyze the impact of the perception of training on the economic performance of SMEs in Guinea. To conduct this research, we mobilized the theory of human resources practices to find out if a good perception of training in Guinean SMEs actually contributes to improving their economic performance. An analysis of the application of training practices and their influence on economic performance was carried out to show the importance they have on said performance. We carried out a quantitative survey using a questionnaire submitted to a random sample. This sample is made up of 400 SMEs from the 8 Administrative Regions of Guinea. Econometric analysis using SPSS software and the use of Hayes' macro-PROCESS show that a good perception of training has a significant impact on the economic performance of the SMEs surveyed in Guinea.

The Synergy Between Industry 5.0 and Circular Economy for Sustainable Performance in the Chinese Manufacturing Industry

The industrial shift from Industry 4.0 to Industry 5.0 has transformed organizational thinking, moving the focus from purely technological implementation to a more human-centered approach. The current study has focused on the Industry 5.0 technological capabilities to bring into circular economy practices aligned with sustainable development goals, aiming to enhance sustainable performance. Moreover, the resource-based theory has grounded the development of the comprehensive framework on Industry 5.0 technological capabilities (artificial intelligence capabilities, big data analytical capabilities, Internet of Things capabilities, machine learning capabilities, and blockchain technology capabilities) and circular economy practices (eco-design, management system, and investment recovery) to achieve sustainable performance (environmental performance, social performance, and economic performance). Data have been collected from 179 respondents from the Chinese manufacturing industry. Additionally, data have been analyzed using the structural equation modeling technique. The results showed that Industry 5.0 technological capabilities directly affect sustainable performance. Moreover, circular economy practices played a dual, moderating, and mediating role between Industry 5.0 technological capabilities and sustainable performance. The current study has contributed to filling a gap in the literature on Industry 5.0 capabilities, especially in the circular economy and sustainable performance perspective. The practical contribution recommended is that if organizations focused on their Industry 5.0 technological capabilities, it would boost circular economy practices and sustainable performance to achieve sustainable development goals.

Assessment of the impact of intensification of heat exchange processes in heaters on power unit efficiency

In various spheres of modern industry, including power engineering, the issue of low efficiency of operation of heatexchange equipment, where condensation of vapour-gas media occurs, is a significant concern. It is known that one of the effective ways of solving this problem is intensification of heat exchange processes by transitioning from the traditional film condensation mode to the droplet condensation mode. A promising and technically straightforward way to achieve the droplet mode of condensation is a method based on the treatment of heat-exchange surfaces using a surfactant – octadecylamine (ODA). The analysis of studies, in which results of experimental research and industrial implementation are given, has shown that application of the specified method in conditions of condensation of water steam promotes formation of a stable droplet mode of condensation; as a result, the heat transfer coefficient on the steam side can more than double.Equally important and interesting is the question of how the efficiency of heat exchangers impacts the overall efficiency of complex systems, in which they operate. In this study, we examined the effect of the operational efficiency of network and regenerative heaters on the energy efficiency and economic performance of a power unit based on steam turbine unit T-110-12,8-3 operating in the heat recovery mode. To this end, we calculated the thermal scheme under various operating conditions of these heat exchangers and determined several key efficiency indicators, including the fuel heat utilisation factor (HUF) and electrical efficiency (EE). It is revealed that intensification of heat-exchange processes by a factor of 2 in horizontal delivery water heaters (HDWH) or in low-pressure heaters (LPH) significantly enhances the efficiency indicators of the power unit as a whole. At the same time, as the analysis of calculation results showed, the greatest benefits are realized when this measure is implemented in HDWH.

Addressing Uncertainty in Renewable Energy Integration for Western Australia’s Mining Sector: A Robust Optimization Approach

The mining industry is a key contributor to Western Australia’s economy, with over 130 mining operations that produce critical minerals such as iron ore, gold, and lithium. Ensuring a reliable and continuous energy supply is vital for these operations. This paper addresses the challenges and opportunities of integrating renewable energy sources into isolated power systems, particularly under uncertainties associated with renewable energy generation and demand. A robust optimization approach is developed to model a multi-source hybrid energy system that considers risk-averse, risk-neutral, and risk-seeking strategies. These strategies address power demand and renewable energy supply uncertainties, ensuring system reliability under various risk scenarios. The optimization framework, formulated as a mixed integer linear programming problem and implemented in Python using the Gurobi Optimizer, integrates renewable energy sources such as wind turbines, photovoltaic arrays, and demand response programs alongside traditional diesel generators, boilers, combined heat and power units, and water desalination. The model ensures reliable access to electricity, heat, and water while minimizing operational costs and reducing reliance on fossil fuels. A comprehensive sensitivity analysis further examines the impact of uncertainty margins and the value of a lost load on the total system cost, providing insights into how different risk strategies affect system performance and cost-efficiency. The results are validated through three case studies demonstrating the effectiveness of the proposed approach in enhancing the resilience and sustainability of isolated power systems in the mining sector. Significant improvements in reliability, scalability, and economic performance are observed, with the sensitivity analysis highlighting the critical trade-offs between cost and reliability under varying uncertainty conditions.

Electoral Turnovers

Abstract In most national elections, voters face a key choice between continuity and change. Electoral turnovers occur when the incumbent candidate or party fails to win reelection. To understand how turnovers affect national outcomes, we study all presidential and parliamentary elections held globally between 1946 and 2018. We document the prevalence of turnovers over time and estimate their effects on economic performance, human development, and the quality of democracy. Using a close-elections regression discontinuity design across countries, we show that turnovers improve several measures of country performance. To explain these positive effects, we explore how electoral turnovers affect leader characteristics, shape policy decisions, reduce perceived corruption, and foster accountability.

Effects of entrepreneurship and governance quality on global and regional economic performance: A pathway to sustainable development

AbstractThis study investigated the effects of entrepreneurship and governance quality on global and regional economic performance, and the moderating influence of governance quality on the entrepreneurship‐economic performance nexus. The study used a panel of 109 countries from 2010 to 2022. Prais‐Winsten regression, standard Fixed Effects regression with robust standard errors, Fixed Effects regression with Driscoll and Kraay standard errors, and the dynamic system GMM regression were used. We find that the unconditional effect of entrepreneurship on global economic performance is mainly negative, while governance quality predominantly exerts positive effect on global economic performance, but generally failed to moderate the adverse effect of entrepreneurship. Interestingly, we find regional disparities indicating that the patterns in Europe and Asia align with the global results, while the dynamics in the Americas show that the unconditional effect of entrepreneurship on economic performance is mainly positive and significant, with governance quality also exerting significant positive influence and reinforcing the positive effect of entrepreneurship. For Africa, we find that entrepreneurship is a potent driver of economic performance when it is measured using Total Early‐stage Entrepreneurial Activity and Entrepreneurial Employee Activity. We discussed the policy implications of these findings in relation to the sustainable development goals.

The economic and financial performance of biogas production: a retrospective analysis of the French case

Purpose While numerous studies have focused on the economic impact of technical changes made to anaerobic digestion plants, there is limited understanding of the overall economic and financial performance of the biogas production units. This study aims to analyse the economic and financial performance of the biogas production sector over a 5-year period using various accounting indicators. Design/methodology/approach The research is based on an examination of financial data of French biogas units over a five-year period (2015–2019). Following a research protocol detailed in the study, 334 units were studied: 192 projects run by farmers, 83 projects run by industrial companies and 59 run by a mixed partnership (farmers, local authorities, and industry). Findings This study reveals that biogas production is performing well both economically and financially, but the performance varies depending on the type of producer: farmers better perform from an economic point of view, while industrialists are looking for financial profitability. Farmers exploit their competitive advantage based on waste disposal. Industrialists offset this disadvantage by a better ability to raise funds to negotiate payment terms and interest rates. Originality/value The originality of the study lies in its business approach. It completes the energy efficiency one which is more usual in energy sector management publications. Additionally, the study spans a five-year period, providing a longitudinal perspective of companies’ economic and financial performance. Furthermore, the data is sourced from reliable government sources.

A DYNAMIC ANALYSIS OF THE IMPACTS OF A CONSUMPTION TAX INCREASE AND A PRODUCTIVITY SHOCK: CALIBRATED FOR THE BRAZILIAN ECONOMY

Objective: Analyze the effects of high consumption tax on key macroeconomic variables. Method: The analysis employs both a Dynamic General Equilibrium (DGE) model and a Dynamic Stochastic General Equilibrium (DSGE) model, calibrated to the Brazilian economy. The models simulate the impact of an increase in the consumption tax on key macroeconomic variables and the impact of a productivity shock in an economy with and without taxation, respectively. Results and Discussion: The results show that an increase in the consumption tax leads to a gradual decline in the capital stock and a sharp reduction in labor supply. Furthermore, productivity shocks have weaker positive effects on investment, output, consumption, and the capital stock in an economy with high taxation compared to one without it. The discussion emphasizes the importance of these findings in understanding the trade-offs between taxation and economic activity. Research Implications/Value: The findings suggest that effective allocation of tax revenues—such as investments in infrastructure, education, and technology—is essential to mitigate the negative impacts of consumption taxes on economic performance and foster long-term productivity and growth.

Military conflicts and the performance of state-owned enterprises: a study of Ukraine’s aerospace, defense, and electro-engineering industries before and after the 2014 Crimea and Donbas occupation

Abstract This study addresses the under-researched role of state-owned-enterprises (SOEs) in global value chains/production networks (GVCs/GPNs). It examines how the economic performance, foreign trade, and value capture of Ukrainian firms – classified by ownership, position in GVCs/GPNs, size, and diversification of their customer base – have evolved following the Russia’s occupation of Crimea and parts of Donbas in 2014. The study reveals significant differences in the distribution of SOEs, private, and foreign enterprises between the aerospace/defence and electro-engineering industries. Overall, since the Russian aggression in 2014, the aerospace and defence industries have outperformed electro-engineering firms, largely due to strong state support. The study concludes with broader observations that while even intensive mutual trade could not prevent the war, the war does not necessarily lead to a complete cessation of mutual trade.

Assessing thermal and economic performance of solar dryers in sustainable strategies for bottle gourd and tomato preservation.

The traditional approach of open-sun drying is facing contemporary challenges arising from the widespread adoption of energy-intensive methods and the quality of drying. In response, solar dryers have emerged as a sustainable alternative, utilizing solar thermal energy to effectively dehydrate vegetables. This study investigates the performance of a single-basin, double-slope solar dryer utilizing natural convection for drying bottle gourds and tomatoes, presenting a sustainable alternative to traditional open-sun drying. The solar dryer exhibited superior moisture removal efficiency, achieving a 94.42% reduction in tomatoes and 83.87% in bottle gourds, compared to open-sun drying. Drying rates were significantly enhanced, with maximum air and plate temperatures reaching 54.42°C and 63.38°C, respectively, accelerating the dehydration process. Moisture diffusivity analysis revealed a marked improvement in drying behavior under solar drying, with values ranging from 3.12 × 10-11 to 4.31 × 10-11 m2/s for bottle gourds, and 4.65 × 10-11 to 2.31 × 10-11 m2/s for tomatoes. Energy efficiency assessments highlighted the solar dryer's advantage, with exergy efficiency peaking at 61.78% for bottle gourds and 68.5% for tomatoes. Furthermore, the activation energy required for drying was significantly lower in the solar dryer (29.14-46.41kJ/mol for bottle gourds and 27.16-55.42kJ/mol for tomatoes) compared to open-sun drying, enhancing energy conservation. Visual inspections confirmed the superior quality of the solar-dried vegetables, free from dust and impurities. An economic analysis underscored the system's viability, with payback periods of 2 years for bottle gourds and 1.6 years for tomatoes. Overall, this study demonstrates the efficacy of solar dryers in optimizing vegetable preservation while promoting energy efficiency, aligning with global sustainability goals by reducing post-harvest losses and supporting eco-friendly practices.

Techno-Economic Analysis of BAU-STR Dryer for Rice Drying: An Approach to Accelerate Adoption

Postharvest food loss and waste offset worldwide agricultural productivity and food security. Insufficient drying and storage are the prominent drivers of food loss and waste in underdeveloped countries. Mechanical grain drying systems have distinct benefits over sun drying but are inaccessible to underserved communities due to high capital costs and energy demand. This study evaluated the techno-economic and financial performance of a half-ton-capacity BAU-STR dryer. The moisture extraction rate, drying rate, drying efficiency, and energy consumption were used as technical performance indicators. In contrast, the net present value (NPV), internal rate of return (IRR), benefit–cost ratio (BCR), and payback period were considered economic performance indicators. The technical performance analysis results revealed that the moisture content of rice was reduced from 19.5% to 13.5 ± 0.15% in 4.0 h with an average drying rate of 1.5%/h and a drying efficiency of 75.1%. The financial performance analysis resulted in a drying cost, NPV, IRR, BCR, and PBP of USD 0.96 per 100 kg of grain, USD 3018, 135%, 3.0, and 0.73 yr., respectively, when the annual use was 240 h. If the yearly use of the dryer increased from 240 to 720 h, a higher NPV, IRR, and BCR, as well as a lower payback period and drying cost, could be achieved. Adopting a BAU-STR dryer for drying grain (rice and corn) among underserved communities could play a key role in postharvest food loss and waste.

Exploring Artificial Intelligence and Machine Learning in Precision Agriculture: A Pathway to Improved Efficiency and Economic Outcomes in Crop Production

This review analyzes secondary data from academic databases, research articles, and case studies to explore the role of new technologies for precision agriculture (PA) and investigates the value addition that Artificial Intelligence (AI) and Machine Learning (ML) provide to resource use, crop yield, and economic performance. Accordingly, the most of the key applications of AI in PA were related to crop yield prediction, disease detection, and effective water usage. Operating models through AI will analyze much data in real time, thus providing insight into informed decision making by farmers for proactive action against crop challenges like drought or pest attack. Furthermore, IoT devices and remote sensing support continuous monitoring in the delivery of correct data about optimizations of resources with minimal environmental impact. AI-driven robotics further automates all tasks related to planting, harvesting, and pesticide application, improving labor productivity and operational efficiency. This would involve in other issues like implementation costs, data privacy, and general unawareness among farmers of developing areas. Equally important will be ethical issues like ownership of data and loss of jobs. Various case studies in India, China, the United States, and Africa reveal how AI could transform the future of agriculture if integrated into agricultural systems properly to gain higher productivity and sustainability. Improvements in data quality and ethical issues, and increased access by smallholder farmers, will also be part of future research. Eventually, integrating AI with IoT, robotics, and big data analytics could provide high potential to meet global food demand in a sustainable manner.

Revisiting the Personalism and Economic Performance Debate: Do All Personalist Dictators Produce Worse Economic Outcomes?

I revisit the debate around personalism and economic performance in dictatorships and the stylized fact that personalist regimes produce poor economic outcomes. Conceiving of and measuring personalism as a time-varying trait of autocratic rule as opposed to a regime typology, I find that many regimes with high personalism scores perform quite well in terms of both gross domestic product (GDP) per capita and growth. Only regimes at the highest levels of personalism have significantly worse performance. These results are based on quantitative analysis of cross-national data from 101 countries between 1960 and 2010 to probe the hypothesis. These early findings are relevant to the growing literature on personalism in dictatorship and raise new questions regarding the conditions under which personalism leads to poor economic outcomes.

Environmental Threat Assessment Framework for Mining Activities in Guinea: An Integrated Approach for Sustainable Development.

The present study aimed to investigate the environmental consequences of mining activities in boke bauxite mining areas and the Kerouane iron mining project in Guinea using a mixed-methods approach that combines quantitative and qualitative data. A reference matrix was used to evaluate the impact of the mining activities, classifying them as negligible, moderate, or significant. Data were collected from October 2022 to January 2023 by assessing their impact on water pollution, soil, noise, air quality, vegetation, fauna, and flora. These findings indicate concerns regarding the water pH, electrical conductivity, and turbidity in both the Boke and Kerouane regions. The soil composition analysis revealed the presence of Cr, Cu, Ni, and Zn in both the Boke and Kerouane project areas. Noise levels exceeded the guideline levels and substantial amounts of particulate matter (PM) were detected, with high levels of PM10 in mining operations. The Kerouane Iron Project resulted in the direct loss of 2929 ha of natural habitats and 466 ha of modified habitats, with the extraction of approximately 1.291 billion tons of ore anticipated over a 22-year mine lifespan. This study proposes an environmental threat assessment framework that integrates technical and human activity data to evaluate the environmental impacts of mining activities comprehensively. To promote sustainable development and minimize the negative impacts of mining, an integrated index of economic and environmental performance in the mining sector is recommended, along with collaboration between researchers and policymakers to develop effective climate-change mitigation strategies.

Grandfathering or benchmarking? The impact of carbon quota allocation rule on the joint emission reduction supply chain

The choice of carbon quota allocation rule (CQA rule) is crucial for the efficient operation of cap-and-trade policy. This paper analyses the impact of grandfathering (GF) rule and benchmarking (BM) rule on the joint emission reduction (JER) supply chain by using a differential game approach. In the proposed model, the upstream manufacturer achieves its emission reduction target through green technology and recycling, and the downstream retailer promotes these products. Our results show that compared with the benchmark case, both CQA rules do not always encourage the manufacturer to increase emission reduction investments. Moreover, the environmental and economic performance of different CQA rules is time-varying. For low-emission products, both CQA rules may yield higher total carbon emissions. For medium and high-emission products, the BM rule has a better short-term environmental performance, while the GF rule always has the best long-term environmental performance. As such, the government should prioritise the inclusion of medium and high-emission manufacturers in the carbon trading market and adopt the BM rule at the initial stage, and then transition to the GF rule. We also provide practical insights on the timing of transition, setting free carbon quotas, balancing economic and environmental performance, and dealing with uncertain market changes.