Physical Assets Research Articles

The sweet burden: Does homeownership improve the economic status of households?

This study utilizes household-level micro survey data from China to investigate the impact of homeownership on the economic status of households and the underlying mechanisms. The findings reveal that homeownership does not enhance the economic status of households. This outcome may be attributed to the inherent immobility of housing as a physical asset and the substantial financial pressure imposed by housing loans, leading to a “housing mortgage slave effect” and reduced job mobility among homeowners. These conclusions remain robust after accounting for endogeneity issues and preforming a series of robustness checks. Moreover, the study finds that homeownership is significantly and negatively associated with changes in the economic status of households without intergenerational financial support, whereas it has no significant effect on those without such support. This suggests that financial supports can alleviate the burden of mortgage debt, therefore mitigating the adverse relationship between homeownership and changes in household economic status.

Navigating the Digital Twin Network landscape: A survey on architecture, applications, privacy and security

In recent years, immense developments have occurred in the field of Artificial Intelligence (AI) and the spread of broadband and ubiquitous connectivity technologies. This has led to the development and commercialization of Digital Twin (DT) technology. The widespread adoption of DT has resulted in a new network paradigm called Digital Twin Networks (DTNs), which orchestrate through the networks of ubiquitous DTs and their corresponding physical assets. DTNs create virtual twins of physical objects via DT technology and realize the co-evolution between physical and virtual spaces through data processing, computing, and DT modeling. The high volume of user data and the ubiquitous communication systems in DTNs come with their own set of challenges. The most serious issue here is with respect to user data privacy and security because users of most applications are unaware of the data that they are sharing with these platforms and are naive in understanding the implications of the data breaches. Also, currently, there is not enough literature that focuses on privacy and security issues in DTN applications. In this survey, we first provide a clear idea of the components of DTNs and the common metrics used in literature to assess their performance. Next, we offer a standard network model that applies to most DTN applications to provide a better understanding of DTN’s complex and interleaved communications and the respective components. We then shed light on the common applications where DTNs have been adapted heavily and the privacy and security issues arising from the DTNs. We also provide different privacy and security countermeasures to address the previously mentioned issues in DTNs and list some state-of-the-art tools to mitigate the issues. Finally, we provide some open research issues and problems in the field of DTN privacy and security.

Promoting digital twin technology application for process industry: A novel generation modelling platform and its implementations

AbstractOne key concept of Industry 4.0 is the industrial digital twin (DT)—a virtual replica of physical assets, processes, and systems. DTs optimise operations, enhance productivity, and facilitate innovation across various industries, including manufacturing, energy, healthcare, and transportation. This paper presents a multi‐domain and multi‐time scale modelling and simulation platform, featuring built‐in model libraries that represent diverse physical, chemical, and behavioural properties. A comprehensive system modelling approach and a closed‐loop industrial control system based on DTs are developed, showcasing advanced control, optimisation, and system security research capabilities. The architecture and advantages of the novel generation modelling platform are detailed, with specific applications highlighted, underscoring its contributions to the process industry.

The impact of COVID-19 on livelihood assets: a case study of high-value crop farmers in North-West Bangladesh

The COVID-19 pandemic has had a catastrophic impact on public health, extending to the food system and people's livelihoods worldwide, including Bangladesh. This study aimed to ascertain the COVID-19 pandemic impacts on livelihood assets in the North-Western areas (Rajshahi and Rangpur) of Bangladesh. Primary data were collected from 320 farmers engaged in high-value agriculture using a multistage sampling method. The data were analysed using first-order structural equation modelling. The findings reveal a significant impact (p < 0.01) of the pandemic on all livelihood assets in Bangladesh. Notably, human assets exhibited the highest impact, with a coefficient of 0.740, followed sequentially by financial (0.709), social (0.684), natural (0.600), physical (0.542), and psychological (0.537) assets. Government-imposed lockdowns and mobility restrictions were identified as the major causes of the pandemic's negative effects on livelihoods, which included lost income, rising food prices, decreased purchasing power, inadequate access to food and medical supplies, increased social insecurity, and a rise in depression, worry, and anxiety among farmers. The effects of COVID-19 and associated policy measures on the livelihoods of high-value crop farmers have reversed substantial economic and nutritional advances gained over the previous decade. This study suggests attention to the sustainable livelihoods of farmers through direct cash transfer and input incentive programs to minimize their vulnerability to a pandemic like COVID-19 or any other crisis in the future.

Asymmetric spillovers and resilience in physical and financial assets amid climate policy uncertainties: Evidence from China

Climate policy is essential for fostering sustainable development and addressing climate-related issues, while climate policy uncertainty (CPU) introduces complex challenges in providing a consistent framework for action. In this study, we delve into the spillover dynamics among China's domestic CPU, foreign CPU, physical assets, and financial assets across various market scenarios, through a quantile-based connectedness method and evidence from China. The findings reveal: (1) The spillover dynamics are asymmetric across quantiles and time, and the COVID-19 pandemic influences the total connectedness. (2) The complexity of spillover patterns in physical assets is likely contingent upon market conditions, policy sources, asset types, and industrial-chain positions, while the spillovers of financial assets are quantile-dependent and time-varying, with the agricultural equity market showing relative resilience to the pandemic. (3) There is no significant Granger causality in quantiles between domestic CPU and foreign CPU under the entire sample period, and the rankings regarding the spillovers from CPUs to assets vary across market conditions. Implications for policymakers, investors, and firms are provided.

The Impact of Intellectual Capital on Enterprise Performance in Saudi Arabia: Literature Review of Empirical Research

Physical assets such as buildings, plants, and so on, are important factors in the production era, but their importance has decreased with increased the importance of intangible assets in the knowledge era. In the knowledge-based economy, intellectual capital (IC) is one of the most important assets in an enterprise for achieving sustainable competitive advantages. As a result, research on the correlation between IC and enterprise performance (EP) and its role in achieving competitive advantage has become one of the most controversial topics in accounting globally. The findings of the empirical research have been inconsistent; there is no consensus on the effect of IC on the enterprise's performance due to the different definitions and methods of measuring IC used among researchers. The paper focuses on reviewing empirical research about the effect of IC on EP in Saudi Arabia, aiming at a presentation of recent developments and a discussion of the direction for future research. This paper is the first study to review empirical research on IC and EP in the Saudi context.

Access and well-being in small-scale fisheries

Theory on access suggests there is a beneficial relationship between access to resources and well-being outcomes. Yet, the intricacies of the relationship between access and well-being have received limited empirical attention - especially in the context of fisheries. To examine this topic, we use a quantitative survey of 444 small-scale fishers in 8 countries in the Mediterranean Sea. We created composite scores from indicators related to fishers' perceptions of availability of resources, access capacities (financial, social, political, physical, human and cultural assets), access rights (formal rights and competing uses) and well-being. We then use descriptive analysis to characterize access and well-being among fishers and modeling approaches to examine how demographic factors are related to access rights and capacities and which factors are predictive of well-being. The research provides several insights. First, SSF had more positive perceptions of their access capacities and access rights than of resource availability. Second, SSF perceptions of resource availability, access rights and capacities varied significantly among sites and countries, but less so for demographic variables. Third, SSFs had a fairly positive perception of their overall well-being, however perceptions were less positive in some countries and for some indicators of well-being. Fourth, while some access capacities (i.e., social, cultural, political and financial assets) were positive predictors of an overall measure of 'human well-being', formal access rights were not a predictor of human well-being. These results highlight that managing SSF for well-being requires a nuanced understanding of and targeted approach to addressing access rights and capacities.

Real asset liquidity and accounting conservatism: evidence from asset redeployability

PurposeThis study examines the implications of real asset liquidity for accounting conservatism. We investigate whether the liquidity of a firm’s physical assets mitigates lenders’ demand for conservatism by increasing the amount lenders can recover if the firm is liquidated, a theoretical prediction in Göx and Wagenhofer (2009).Design/methodology/approachWe use an asset redeployability index as a proxy for firm-level real (physical) asset liquidity and adopt ordinary least squares (OLS) regressions in the test. We also investigate the differential impact of real asset liquidity on conservatism in two unique settings where lenders’ demand for accounting conservatism varies (loan initiation and bank deregulation).FindingsWe find that accounting conservatism decreases as real asset liquidity increases. The negative effect of real asset liquidity on conservatism increases as the quantity of the firm’s real assets increases, and the negative association is strengthened when firms face high financing constraints and have access to public debt markets. The moderating effect of real asset liquidity on lenders’ demand for conservatism increases (decreases) when real asset liquidity is more (less) important to lenders.Originality/valueThis study provides direct empirical evidence for the theoretical prediction in Göx and Wagenhofer (2009). Prior research shows that real asset liquidity impacts a firm’s capital structure and investment decisions (Campello and Giambona, 2013; Kim and Kung, 2017; Ortiz-Molina and Phillips, 2014; Williamson, 1988). We complement this literature by providing evidence that real asset liquidity also plays a role in financial reporting by reducing accounting conservatism.

Pengembangan Digitalisasi Inventaris Berbasis Web Untuk Meningkatkan Manajemen Aset Tetap Pada PT ANTAM Tbk UBPE Pongkor

PT Aneka Tambang (ANTAM) Tbk. operates several business units, including the Pongkor Gold Mining Business Unit (UBPE Pongkor). Currently, UBPE Pongkor relies on the SAP (System Application and Products) system and manual reconciliation for fixed asset management. The current system, relying on SAP and manual reconciliation, lacks automated tracking of physical location, asset ownership, and depreciation calculations. To optimize fixed asset management, ANTAM is implementing a QR-Code-based system for asset identification. This research aims to investigate how a digital inventory system can enhance the company's efficiency, accuracy, and operational performance. Specifically, it evaluates the effectiveness of inventory and asset reconciliation activities to ensure data consistency between the system and physical conditions in the field. The research employs a qualitative approach using a descriptive method with data collection techniques of observation, interviews, and documentation. Additionally, it utilizes the Waterfall development methodology. The findings of this research project report indicate that the fixed asset management through digital inventory at PT ANTAM Tbk. UBPE Pongkor operates effectively and aligns with the overall operational process. This includes system planning, system design, implementation, system development, testing, system compatibility testing, and usage and maintenance phases.

Knowledge-based expert system to drive an informationally interoperable manufacturing system: An experimental application in the Aerospace Industry

The industrial revolutions have challenged organisations to rethink their product design and manufacturing processes, making them faster and more connected to market demands and changes. Digital technologies have emerged with solutions to virtual represent physical objects, processes, systems, or assets to simulate and analyse the impact of manufacturing changes before actual implementation. However, the challenge is to deal with thousands of heterogeneous information sets which must be shared simultaneously by different groups within and across institutional boundaries. Each manufacturing industry has its format and model to represent the product in the development, manufacturing process, material features, etc. In this context, this paper explores a knowledge-based expert system to support the information exchange and inconsistency detection across the manufacturing process, specifically in an experimental application in the Aerospace Industry. The proposed framework was based on knowledge formalisation and semantic rules through ontologies, semantic reconciliation strategies and connectivity interfaces to manage information and knowledge and identify inconsistencies across the manufacturing system. It was mainly evaluated across the product and manufacturing design of sheet metal forming aluminium thin wall parts for the aerospace industry. Results demonstrate the capability of the approach to enhance data accuracy, coherence, and efficiency throughout the manufacturing of complex products. However, the solution presents challenges such as interdisciplinary collaboration in product design, specific information requirements for manufacturing planning, and the impact of production planning on manufacturing capacities.

Risk Management of Physical Assets Supported by Maintenance Performance Indicators

Risk Management of Physical Assets Supported by Maintenance Performance Indicators

Unlocking the potential of digital twins: Transforming hospital practices for better care

Digital twins are virtual replicas of physical assets or processes and have emerged as a promising technology in various industries, including healthcare. This paper explores the application of digital twins in hospital operations and talks about their role in enhancing patient care and improving workflow efficiency. Through a comprehensive review of the literature and analysis of case studies, we examine how digital twins are revolutionizing traditional hospital practices and improving the delivery of healthcare services. The paper begins with an introduction to digital twins in healthcare, which provides an idea of the technology and its underlying principles. We then explore the many ways in which digital twins are being implemented across different areas of hospital operations, from patient monitoring in the Intensive Care Unit (ICU) to medication management in the pharmacy. Throughout this paper, we have included flowcharts that will help the reader better understand the idea we pitch. Furthermore, the paper discusses the challenges and considerations associated with adopting digital twins in hospital settings, including data privacy concerns, interoperability issues, and the need for better infrastructure. We also explore emerging trends and future directions in digital twin technology. We try to predict how this technology may continue to evolve and shape the future of patient care. In conclusion, this paper underscores the potential of digital twins to transform hospital practices and revolutionize the delivery of healthcare services. By using the power of digital twins, hospitals can improve operational efficiency, personalize patient care, and ultimately improve the overall quality of healthcare delivery.

A fRAmework of the DetermInants of Arts aNd Cultural Engagement (RADIANCE): integrated insights from ecological, behavioural and complex adaptive systems theories.

Arts and cultural engagement (ACEng) is ubiquitous across every human culture since palaeolithic times, but in contemporary society, ACEng is unevenly distributed, demographically, socio-economically, geographically and politically. But what are the "determinants" of ACEng (i.e., the facilitators or barriers to people's engagement) and how can they be optimised? Despite a large body of theory and evidence on individual determinants, this work has largely occurred in disciplinary silos, which has led variously to contrasting discourses and approaches, criticism, and inconsistent findings. What we lack is a rigorous comprehensive understanding of these determinants (both those already theorised and those that have been little recognised as determinants to date) that goes beyond descriptively showing inequalities, instead explaining why these inequalities exist and how they can be overcome. This paper explores the currently recognised determinants of ACEng, and existing theoretical approaches to these determinants. Drawing on the theoretical bases of ecological systems theory, ecosocial theory and complex adaptive systems science, we conducted a review and iterative theorising process. We propose a new theoretical framework of the determinants of arts and cultural engagement (RADIANCE) developed through cross-disciplinary literature reviewing, domain mapping, and consensus building. Overall, we identified 35 different factors that can act as determinants of ACEng across micro, meso, exo, macro and chrono levels. We broadly categorised these as social (i.e. a primary feature being the interaction of people), tangible (i.e. a primary feature involving physical assets or resources or the production of physical assets), and intangible (i.e. constructs that do not have a primary physical basis but instead have a virtual or imaginary basis). The relevance and implications of this framework for broader research, policy, and practice and case studies of it in use are presented.

Validation Framework of a Digital Twin: A System Identification Approach

AbstractThe constant improvement and developments in Artificial Intelligence/Machine learning models coupled with increased computing power have led to the incorporation of AI/ML for simulating learning and problem‐solving in simple and complex engineering systems. This latent uncertainty and unpredictable characteristics of AI‐enabled systems challenges engineers and industry stakeholders who care about ensuring the right systems are built (system validation). Digital Twins are an excellent example of such AI‐enabled systems due to their data‐dependent nature when tasked with replicating, monitoring, and updating physical assets for structural health monitoring and control. However, Digital Twins' system validation has not been well‐researched. This study delves into existing research and frameworks for validating Digital Twins and proposes a novel model‐centric validation framework based on system identification techniques. As a case study, we apply this model‐centric validation framework towards partially validating a Digital Twin for a single‐heat‐pipe test article for a Microre‐actor Agile Non‐nuclear Experimental Testbed.

Impacts of livelihood assets on hydropower displacees’ livelihood strategies: Insights from the Tanahu hydropower project in Nepal

Examination of livelihood assets is crucial for displaced people as it informs effective resource allocation and support. This study investigates the livelihood decisions of households displaced by Nepal's Tanahu Hydropower Project using multinomial logistic regression to evaluate how different assets affect their choices. Data were obtained using questionnaires, with a total of 185 questionnaires used for the analysis in this study. Descriptive and inferential statistics were used for data analysis. This study finds that physical assets substantially influence livelihood strategies, promoting diversification and nonfarming activities. Interestingly, social assets have a negative impact, whereas natural, financial, and human assets exert no significant effect. The study highlights the community's focus on economic stability, balancing immediate financial needs with long-term goals such as children's education. However, it reveals ongoing financial struggles, with an average daily income of only 1.962 USD and many households remaining in poverty, particularly those dependent on farming. The study also reflects on the mixed perceptions toward government policies, influenced by factors such as skill gaps and family aspirations. These findings provide essential insights for targeted support and resource allocation to displaced populations.

Exploring the Application of Digital Twin Technology in the Energy Sector using MEREC and MAIRCA Methods

Smart city sustainability initiatives prioritize creating environmentally, economically, and socially sustainable urban environments. Digital Twin (DT) technology creates precise digital replicas of physical assets, systems, or processes. These digital twins play a crucial role in advancing the goals of smart city sustainability. This paper explores the development and application of DT technology for integrated regional energy systems in smart cities, emphasizing its potential to optimize energy consumption, reduce costs, and enhance overall system performance. The CloudIEPS platform, an energy internet planning platform based on digital twin technology, is a great example of how digital twin technology can be applied in practice, helping optimize energy efficiency and reduce costs. Integrating digital twin technology with the Multi-Criteria Decision-Making (MCDM) methods offers a novel approach to managing and optimizing energy systems in smart cities. The paper aims to create a consistent and robust approach to determining the best digital twin solution for energy systems in smart cities. The paper identifies critical factors for decision-making and establishes a method for assessing the significance of criteria using Triangular Neutrosophic Sets (TNS) through the MEthod based on Removal Effects of Criteria (MEREC) and the Multi-Attributive Ideal Real Comparative Analysis (MAIRCA) approach. These methods are used to evaluate and prioritize multiple criteria in decision-making processes. Furthermore, the methods are combined with Triangular Neutrosophic Sets (TNS) to support decision-making for smart cities' energy systems, better accounting for the complex and uncertain nature of energy systems. A case study is conducted to apply and validate the developed methodology and perform a sensitivity analysis of the experimental results. The research outcomes indicated that the proposed methodology is robust and effective in handling the uncertainty and complexity inherent in smart cities' energy systems. The sensitivity analysis further confirms the stability and adaptability of the proposed methodology across different scenarios, making it a valuable tool for policymakers and stakeholders in the energy sector.

KAEDAH PENDALILAN QIYAS DAN APLIKASINYA DALAM KEWANGAN ISLAM SEMASA

Qiyas plays a crucial role in the formulation of Sharia law, being one of the primary sources of evidence used in the science of usul al-fiqh. Although usul al-fiqh, the science that discusses the process of deriving legal rulings, is a necessity for those involved in the issuance of legal rulings, it is observed that in the current context, the literature on usul al-fiqh has not received adequate attention, especially in the domain of Islamic finance. Therefore, one of the suitable sources of usul al-fiqh for resolving modern issues that were not addressed in ancient times is the source of qiyas. Qiyas is essential in determining the element of similarity from the perspective of the ‘illah (effective cause) of the law between an issue explicitly mentioned in the Sharia texts and a new issue. Furthermore, this source is accepted as evidence by the reputable scholars among the four Sunni schools of thought. This study aims to analyze the application of qiyas as evidence in contemporary Islamic financial practices. The study employs a qualitative approach, involving a literature review encompassing books, journals, and relevant circulars. The collected materials are analyzed using document analysis methods. The findings of the study indicate that several practices in Islamic finance are implemented based on the justification of qiyas. These practices include issues related to fiat currency, the requirement for a minimum amount of physical assets in sukuk, the zakat on jewelry (gold and silver), and the zakat on publicly listed company shares. Therefore, it can be concluded that qiyas plays an important role as a primary reference for contemporary issues in Islamic finance. It is recommended that current Islamic finance industry practitioners thoroughly understand the source of qiyas.

Best practices in cybersecurity for green building management systems: Protecting sustainable infrastructure from cyber threats

This study explores the critical intersection of cybersecurity and sustainable infrastructure, with a focus on Green Building Management Systems (GBMS). Recognizing the increasing sophistication of cyber threats and the integration of digital technologies in sustainable buildings, this research aims to understand the challenges and prospects of cybersecurity within this context. Employing a systematic literature review and content analysis, the study examines peer-reviewed articles, conference proceedings, and industry reports from 2010 to 2024. The methodology facilitates a comprehensive understanding of the evolution, current practices, and future directions of cybersecurity measures in sustainable infrastructure. Key findings reveal that robust cybersecurity measures are foundational to protecting the digital and physical assets underpinning sustainable infrastructure. The study identifies core principles of cybersecurity, such as resilience and the integration of cybersecurity with sustainability efforts, as crucial for enhancing the security posture of GBMS. Looking ahead, the research anticipates a future where cybersecurity measures are seamlessly integrated into sustainable buildings, ensuring resilience against cyber threats while advancing sustainability goals. Strategic recommendations include adopting international standards, fostering interdisciplinary collaboration, investing in cybersecurity education, and leveraging emerging technologies. The study concludes that advancing research in cybersecurity technologies tailored for sustainable infrastructure is essential for navigating the complexities of cybersecurity in green building management.

Vulnerability to climate change of coastal mangrove-dependent communities in the Tana Delta, Kenya: a local perspective

Coastal mangrove-dependent communities face various risks due to climate change, thus rendering them vulnerable. This study explored the vulnerability of these communities in the Tana Delta in Kenya using an indicator-based vulnerability assessment framework to better understand their exposure, sensitivity and adaptive capacity. Data was collected through household surveys (n = 377), focus group discussions (FGDs), and key informant interviews (KIIs). The analysis revealed mean vulnerability indices at the sub-location level ranged from 0.850 for Kipini to − 0.913 for Kilelengwani and − 2.702 for Ozi. The statistically significant indicators of vulnerability were (i) exposure—high temperatures and rainfall changes; (ii) sensitivity—household numbers, head of household’s age, dependents’ education, and dependents’ employment; and (iii) adaptive capacity—ownership of assets, access to community infrastructure and services, condition/quality of houses, total income, and alternative sources of income. The findings highlight the need for adaptation strategies that ensure greater financial assets supported by education and skills enhancement to utilize existing opportunities. Attention to community infrastructure and services is crucial. Policy should focus on financial, physical, and human assets to reduce community vulnerability alongside the continued conservation and management of mangrove resources. The results will help policymakers in addressing the impacts of climate change and benefit households in the study area. These insights can be applied to regions with similar climate conditions and livelihood systems.

When should the government own the physical assets needed to provide public goods?

Consider a government and a non-governmental organization (NGO) who can collaborate to provide a public good using physical assets. Who should be the owner of the assets if the NGO can make non-contractible investments? In the literature it has been argued that whoever has a larger valuation of the public good should be the owner. Yet, this result was derived under the assumption of symmetric information. We study the case in which the NGO gets privately informed about the quality of the public good. It turns out that public ownership becomes more attractive if the probability of a high quality is relatively small, whereas ownership by the NGO becomes more attractive otherwise.