Investment Projects Research Articles

Optimization of renewable energy project portfolio selection using hybrid AIS-AFS algorithm in an international case study

In the coming decade, as restrictions on fossil fuel usage become more stringent, investment in renewable energy projects presents an increasingly appealing opportunity. Evaluating investment attractiveness involves considering both profitability and investment risk. This study proposes a multi-objective mathematical model for identifying the optimal Renewable Energy Project Portfolio (REPP), aiming to maximize net present value while minimizing investment risk. The key innovation of this model is its incorporation of project lifetime and workforce employment considerations to discern the best REPP. To optimize the objective functions of this mathematical model, a hybrid meta-heuristic algorithm combining Artificial Immune System (AIS) and Artificial Fish Swarm (AFS) algorithms is introduced. Genuine data from a varied spectrum of renewable energy projects spanning 20 countries has been meticulously collected. The proposed model is optimized using this dataset, considering portfolio sizes of 3, 5, 10, and 15. The numerical results indicate that, at a specific investment risk threshold, the proposed hybrid algorithm outperforms both AIS and AFS in terms of profitability. Furthermore, the assessment of the geographical distribution of selected projects reveals a deliberate effort to avoid concentration in any specific region, demonstrating a commitment to identifying optimal investment opportunities globally. This research advances the understanding of renewable energy project portfolio optimization, providing valuable insights for investors, policymakers, and sustainable development practitioners.

Inviting foreign direct investment for sports development projects in relation to economic development and development challenges

The present study aimed to investigate attracting foreign direct investment for sports development projects in relation to economic developments and challenges. The researchers utilized a descriptive approach, using a questionnaire, due to its appropriateness for the nature of the research. A total of 300 workers from the General Office of the Ministry of Youth and Sports participated in this study. They were selected using a stratified purposeful sampling method from the following categories: undersecretaries, general directors, department directors, department heads, and administrators. The findings of this study showed support for foreign trade exchanges through investment in export industries, especially in contexts where the host country has an advantage over the country of origin and where banking facilities are available in commercial banks. Additionally, it was demonstrated that lower risk and higher returns lead to an influx of investments. Consequently, this increases capital formation, particularly by reducing the state's dependence on external debt and decreasing the volume of foreign aid.

The changes in the approach to the realization of "Green Deal" goals of Polish large and medium-sized road carriers as a result of the COVID-19 pandemic

The purpose of the article is to show changes in the operation of Polish large and medium-sized road carriers in the context of the EU's pro-environmental requirements contained in the Green Deal in the post-pandemic period. The decline in the number of transport orders resulting from the general slowdown in the economy during the COVID-19 pandemic undoubtedly had an impact on the turnover of road carriers and, consequently, on funding for investment projects, including environmentally friendly investments. Verifying the magnitude and direction of such changes seems a much-needed aspect of the research in the context of the Green Deal's unchanging high demands. The research that was conducted shows the impact of the pandemic on the investment decisions and activities of transport companies and the reality of post-pandemic transport. The practical application of the research results is very useful, primarily as guidance for road carriers in the context of Green Deal.

Analysis of Capital Budgeting Decision-Making Using the Electre Decision Support System Method (Case Study on Export-Oriented Msmes: PT. Mekar Saluyu Group)

The era of globalization brought about a significant transformation in international trade, allowing for greater participation of MSMEs. However, even though Indonesia has the largest number of MSMEs in ASEAN, the percentage of MSMEs involved in exports is still low. Various factors hinder the expansion of MSMEs to the international market, including financial management constraints. To overcome these challenges, strengthening strategies are needed, such as fostering a conducive business environment, increasing access to capital, and developing infrastructure. In the context of financial strengthening, it is important for MSMEs to understand capital financing strategies and financial decision-making. The capital budgeting method is crucial in determining investment projects that can increase profitability and expand business. To facilitate proper decision-making, the use of integrative techniques in capital budgeting is important. One method that can be used is the ELECTRE Decision Support System (SPK), which helps to develop investment alternatives based on certain criteria to facilitate decision-making. This study will apply the capital budgeting method and SPK ELECTRE to assist companies in choosing investment options for curly chili or sweet potato plants using five calculation criteria, this study aims to provide guidance for MSMEs in making the right financial decisions.

Anomaly Detection in Kuwait Construction Market Data Using Autoencoder Neural Networks

In the ambitiously evolving construction industry of Kuwait, characterised by its vision 2035 and rapid technological integration, there exists a pressing need for advanced analytical frameworks. The pressing need for advanced analytical frameworks in the Kuwait Construction Market arises from the necessity to identify inefficiencies, predict market trends, and enhance decision-making processes. For instance, these frameworks can be used to detect anomalies in investment patterns, forecast the impact of economic changes on project timelines, and optimise resource allocation by analysing labour and material supply data. By leveraging deep learning techniques, such as autoencoder neural networks, stakeholders can gain deeper insights into the market’s complexities and improve strategic planning and operational efficiency. This research paper introduces a deep learning approach utilising an autoencoder neural network to analyse the complexities of the Kuwait Construction Market and identify data irregularities. The construction sector’s significant investment influx and project expansion make it an ideal candidate for deploying sophisticated analytical techniques to detect anomalous patterns indicating inefficiencies or unveiling potential opportunities. Our approach leverages the capabilities of autoencoder architectures to delve into and understand the prevalent patterns in market behaviours. This analysis involves training the autoencoder on historical market data to learn the normal patterns and subsequently using it to identify deviations from these learned patterns. This allows for the detection of anomalies that may lead to operational or financial consequences. We elucidate the mathematical foundations of autoencoders, highlighting their proficiency in managing the complex, multidimensional data typical of the construction industry. Through training on an extensive dataset—comprising variables like market sizes, investment distributions, and project completions—our model demonstrates its ability to pinpoint subtle yet significant anomalies. The outcomes of this study enhance our understanding of deep learning’s pivotal role in construction and building management. Empirically, the model detected anomalies in transaction volumes of lands and houses, highlighting unusual spikes that correlate with specific market activities. These findings demonstrate the autoencoder’s effectiveness in anomaly detection, emphasising its importance in enhancing operational efficiency and strategic planning in the construction industry.

System for monitoring building heat consumption

Relevance. Energy consumption and efficient use of district heating networks affect the environment, society and the economy. Solutions are needed that can significantly reduce specific thermal energy losses. Using a technically and economically feasible way to assess energy efficiency allows these decisions to be made. Currently, assessing the energy efficiency of buildings raises significant questions among specialists. There is not much modern specialized literature in this area. The problem of energy efficiency requires more rigorous attention to urban planning issues. Thus, refined methods for assessing the energy efficiency of buildings make it possible to simultaneously save capital investments and ensure efficient consumption of thermal energy. Aim. To develop a system for assessing the real heat consumption of buildings to ensure optimization of dispatching of centralized heat supply systems in real time. Methods. Computer modeling of the state of heat consumption of buildings with various characteristics and schemes for their connection to centralized heat supply networks; methods of geographic information analysis. Results. The authors have proposed the system for monitoring the heat consumption of buildings. This system allows assessing the energy efficiency of buildings through the maximum use of computer and software technologies. It is shown that the calculated heat flows of buildings used to predict savings when modernizing buildings do not always correspond to the actual heat loads, which can lead to an incorrect assessment of investment projects. The authors obtained graphical dependences of the quantities influencing specific heat losses on various primary independent factors. Conclusions. The constructed system for monitoring the heat consumption of buildings allows, together with the use of geoinformation analysis methods, obtaining a fairly complete picture of the state of heat consumption for city areas and an assessment of the energy characteristics of buildings.

Research on Comprehensive Performance Evaluation Method for Frontier Fundamental Research Project for Future Aircraft Engines

The evaluation and management of frontier fundamental research projects for future advanced aircraft engines are challenging due to the need to balance assessing the innovative potential and technical risks with considering their long-term effects and inherent uncertainties. This study presents a comprehensive evaluation indicator system for evaluating frontier fundamental research projects for future advanced aircraft engines, integrating the Analytic Hierarchy Process (AHP) and fuzzy comprehensive evaluation (FCE) to balance innovative potential with technical risks. The AHP is used to determine weights for the evaluation indicator system based on a survey of technical experts. By incorporating expert ratings and weighted criteria, the FCE method synthesizes comprehensive evaluations and effectively avoids traditional scoring biases and simplistic averaging methods. A case study on a major project is conducted to demonstrate the effectiveness of the proposed method in highlighting the significant achievements and potential for innovation gaps. The results show that the AHP-FCE method proves robust in identifying complex, prospective research, providing a strategic tool for policymakers to prioritize impactful aircraft engine research and ensuring investment in projects with significant breakthrough potential.

Investigating the techno-economic and environmental feasibility of biogas-based power generation potential using food waste in Bangladesh

This study investigates the environmental, economic, and technological viability of sustainable energy production from food waste in Bangladesh through anaerobic digestion (AD) technology along with the challenges in developing such biogas plants. The tri-fold criteria of technical feasibility, economic viability, and environmental sustainability—all of which were examined in this research work. Results indicate that the amount of food waste is 40.86 million tons in 2021 and is projected as 62.82 million tons in the year 2043 in Bangladesh. The power generation potential from the food waste is estimated at 2667.40 MW and 4466.24 MW for the same period. The net present value of the project in Bangladesh is 55,234.93 million dollars. The investment payback period and internal rate of return are 6.73 yr And 11 %, respectively. Techno-economic and environmental feasibility is also calculated for the eight major cities in Bangladesh for the year 2021. The biogas-based power plant substantially reduces CO2 emissions as compared to coal-based and a diesel-based power plant. Additionally, 4.93 million tons of bio-fertilizer, could be produced from food waste. This study will offer scientific guidance for the investment in biogas-based electricity-generating projects in Bangladesh.

Exploring the complex interplay of green finance, business cycles, and energy development

Green finance has emerged as a contemporary mechanism to support investments in renewable energy, energy efficiency, and sustainable infrastructure projects. This study aims to provide empirical insights into the asymmetric influence of green finance and business cycle fluctuations on energy development in 60 developing countries from 2000 to 2021. Four aspects of energy development, including energy access, stability, efficiency, and production gap, are examined using panel quantile regression with additive fixed effects. The research findings demonstrate that green finance plays a significant role in fostering energy development, with varying effects across different quantiles of the distribution. Specifically, the results indicate that green finance supports energy access and stability, particularly during economic recession, low-income levels, and limited technological advancement. However, the impact of green finance on energy efficiency exhibits notable heterogeneity, contingent upon technological and periods of economic expansion. Achieving tangible improvements in energy efficiency necessitates a certain level of technological and economic development. Moreover, green finance shows a capacity to maintain an optimal level of energy production, particularly evident during economic expansion and for highly technologically developed countries. The impact of business cycle fluctuations varies across different quantile distributions of energy development indicators, predominantly exerting an inhibitory effect of economic recession. In light of these results, it is recommended that policies in developing countries be revised to enhance energy access, optimize energy production levels, and promote the cost-effectiveness of renewable energy in conjunction with green finance initiatives.

Sensitivity analysis of coal mine project investment using fuzzy model

Sensitivity analysis of coal mine project investment using fuzzy model

Renewable Wind Energy Implementation in South America: A Comprehensive Review and Sustainable Prospects

South America is a region that stands out worldwide for its biodiversity of ecosystems, cultural heritage, and potential considering natural resources linked to renewable energies. In the global crisis due to climate change, South American countries have implemented actions to carry out a progressive energy transition from fossil energies to renewable energies and contribute to the planet’s sustainability. In this context, South American countries are implementing green strategies and investment projects linked to wind farms to move towards achieving the sustainable development goals for the year 2030 of the UN agenda and achieving low-carbon economies for the year 2050. This article studies the advances in wind energy implementation in South America, highlighting progress and experiences in these issues through a review of the scientific literature considering the year 2023. The methodology applied in this article was carried out through the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines and the generation of scientific maps. As a result, this article presents the main developments, lessons learned/gaps, and future sustainable prospects on the road to 2050. According to the results, renewable wind energy infrastructure was applied in South America during the global climate change crisis era. Different levels of development in on-shore wind farms have been reached in each country. Also, a promising future exists for off-shore wind energy considering the highest potential. Finally, this article concludes that implementing emerging technologies like the production of green hydrogen and synthetic e-fuels looks like a synergetic clean energy solution combined with wind energy, which may transform the region into a world-class sustainable territory.

Investments in the infrastructure of Russia and its regions

Subject. This article discusses the issues of development of infrastructure of all types and the implementation of targeted investment projects. Objectives. The article aims to analyze the importance of investments in the development of regional infrastructure, using the construction industry as a case study. Methods. For the study, we used a statistical analysis. Results. Based on structural-and-dynamic and factor analyses of investments in the construction industry, the article presents various scenarios for the development of the construction industry. Conclusions. Sustainable development of the economy is impossible without capital accumulation and investment in infrastructure projects.

The Modern Arctic Policy of India

Aim. To study India’s Arctic policy by considering its conceptual, institutional and procedural components. Methods. Structural-analytical approach, document analysis, comparative analysis, generalization and synthesis.Results. The article examines the provisions of a strategically important document of India dedicated to the implementation of policy in the Arctic, government bodies competent to implement India’s Arctic policy, their main functions, and the directions of Delhi’s activities in the Arctic. The trends along which actions are actually taken are compared with the directions enshrined in the country’s strategic document on Arctic policy.Conclusions. The document “Arctic Policy” is only declarative, political in nature. The policy document establishing the action plan for the implementation of policy in the Arctic with deadlines has not yet been adopted. There are no standards for holding people accountable for improper implementation of activities. A specialized body responsible for implementing policy in India has not been created, despite its mention in India’s Arctic Policy. The scientific direction in the Arctic is key for India. It is also highlighted as a priority in the Arctic policy, which is a weak point of Indian Arctic policy. There are 5 more areas of Indian activity in the Arctic that are at the stage of formation or development. Norway is India’s main partner, close ties are developing with Russia. There are serious omissions in the country’s Arctic policy related to the lack of an icebreaker, non-participation in the Barents Euro-Arctic Council, and poor investment in Arctic projects. The practical significance of the scientific work lies in the ability to use its results to further build a dialogue with the Indian government and business community, and its conclusions can form the basis of future scientific research.

The World Bank’s neoliberal agenda and inclusive education in post-apartheid South African schools

Globally, the World Bank’s neoliberal agenda has reframed inclusive education through its investment projects and inclusive policies, thus begetting unevenness and social inequalities. Accordingly, in South Africa, the World Bank’s neoliberal investment projects and inclusive policies exacerbate the exclusion of learners in schools. The critical theory framework is adopted as a lens to explore the extent to which the World Bank’s neoliberal education agenda meets the end goals of democracy and social justice in post-apartheid South Africa. A critical analysis of the World Bank’s inclusive education policies points to a neoliberal agenda that fosters liberalisation instead of human rights; a policy that propagates privatisation instead of universal education; learners’ emancipation barricaded by investment projects that favour deregulation instead of regulation; and illusive social change due to neoliberal public policies in post-apartheid South African schools. Ultimately, the authors argue that the World Bank’s incoherent, inconsistent and ambiguous neoliberal education agenda does not speak to its intended recipients, namely the poor, unprivileged and excluded learners in post-apartheid South African schools. A recommendation thus put forward is that the World Bank should redirect its investment projects and revise its inclusive policies in the quest to spearhead universal and free public education.

Islamic securitizations, what they are and their developmental role, a study in the experiences of selected countries.

The research aims to present perspective of Islamic securitizations (instruments), their characteristics, and how they can contribute to achieving economic development, by shedding light on the applying experience in leading Islamic countries, namely Malaysia, Saudi Arabia, and the Emirates. This research has applied the descriptive and analytical approach by addressing the nature of Islamic instruments, their characteristics and their developmental role. The research has concluded a number of results, the most important results are as follows: that Islamic securitization is one of the means that contribute to achieving economic development as an effective financing tool by linking the financial sector with the real economy, and it contributes to achieving economic development by financing investment projects and eliminating the problem of unemployment. Islamic securitization has achieved remarkable development in Malaysia, as the local securitization market in Malaysia is an important platform for government agencies and investment companies in securitizations. The ratio of Islamic securitizations to GDP in the Kingdom of Saudi Arabia increased from 24.7% in 2012 to 39.34% in 2020. The United Arab Emirates ranked first among the Gulf Cooperation Council countries in issuing Islamic securitization with an amount of $63.644 billion.

Bounded rationality consensus reaching process with prospect theory and preventing individual weight manipulation for multi-attribute group decision making

Owing to the development and popularization of social media, multi-attribute group decision-making (MAGDM) adopting social network analysis (SNA) has appealed to widespread focus for a few years. However, most existing research on SNA has not simultaneously considered the expert's weight manipulation behavior and bounded rationality during the consensus-reaching process (CRP). To overcome this limitation, an original consensus model predicated on prospect theory (PT) and preventing individual weight manipulation is proposed in this paper. First, the experts’ behavior under certain risks is characterized by using PT, where a dynamic reference point is proposed to provide a more objective description of the experts’ psychological behavior. Then, the PT is integrated into the CRP, and the three-level prospect consensus measurement and a three-stage feedback identification mechanism are investigated. Subsequently, to safeguard against individual weight manipulation and obtain the appropriate expert weights, a feedback model incorporating minimum adjustment and maximum entropy rooted in PT is developed. This model is established from the perspectives of “efficiency” and “equity.” At last, the proposed method is applied to evaluate low-carbon investment projects in a power generation enterprise to verify its effectiveness and applicability. The superiority and robustness of the proposed method are also demonstrated through comparative analysis and sensitivity analysis.

Management of sustainable investments: A comprehensive financial evaluation of wind energy facilities in Kastamonu

The rich renewable sources of nature, such as water, wind, solar, geothermal, and biomass, are converted into energy, revitalized into the economy without causing pollution, and ensure sustainability in energy management. Wind power plants have been among the most preferred renewable energy sources in recent years since they are harmless to the environment and easy to install in places with consistent and sufficient wind speed. This study focuses on conducting a feasibility analysis of a Wind Power Plant (WPP) in Kastamonu, a region known for its persistent wind patterns. The analysis aims to contribute to the existing literature by examining the potential of a WPP investment project within the region. Utilizing wind speed data collected from 23 observation stations for six years, starting from 2017 to 2022, a total of 1,200,600 h, a statistical evaluation method known as the Weibull probability density function is employed to indicate the wind energy potential. The parameters are determined by applying the maximum likelihood method. The findings indicate that it is feasible to establish Wind Energy Power Plants in specific locations, namely İnebolu, İnebolu Kar, Küre, and Tosya stations. The cost estimation for establishing a 10 MW power plant with three different turbine powers across these four locations ranges from 10 million USD to 20,8 million USD. Furthermore, the analysis indicates that the net profit for producing 1 kW of electrical energy falls from 9.39 to 50.65 USD. The projected payback period for the investment ranges from 2 to 25 years, depending on factors such as the exact site of the facility and the size of the turbines. Some investments are more feasible than others, with economic viability and potential return on investment varying significantly within the specified locations.

The Use of Content-Marketing in Complex Development of Non-Urbanized Territories in Russia

The article deals with practical aspects of using content-marketing to improve social and economic appeal and complex development of non-urbanized territories in Russia. The author showed that the process of business climate development on territories with low population density is a whole complex of measures. In practice they are connected with target positioning of each region and spot lighting of its concrete benefits for potential partners and economically active people, who would like to swap their megalopolis for more placid life and realize themselves beyond big cities. It was shown that content-marketing can serve as a universal tool for resolving problems of regional development in Russia. It is based on approaches of step-by-step bringing the target audience to decisionmaking about buying goods, services or taking part in an investment project. In case of Russian regions it means a decision to invest in the region, set up highly-technological enterprises or business connected with agriculture. At the same time entrepreneurs could get an additional incentive for realizing their ideas in the form of state support with a broad range of tax privileges and subsidies and as maximum – availability of a preferential zone in the region, where state is interested in creating jobs and intensive development of a concrete territory. It was underlined that in Russia preferential zones are mainly arranged on non-urbanized territories far from big cities and agglomerations. The article provided examples of content-marketing functioning in promotion of existing highlytechnological enterprises and business-projects being developed now in every region of the country. The use of successful experience in developing regions was studied also on less successful territories, which require operative alterations in their positioning. A conclusion was drawn that high-quality positioning of the region is a secure investment in its development and a universal tool for sustainable development of non-urbanized territories in Russia.

Opportunities and Prospects of Developing Tourist Industry Infrastructure in the Republic of Altay on the Basis of State-Private Partnership

The research deals with planning and developing tourist industry in the Republic of Altay on the basis of mechanisms of state-private partnership oriented to building the necessary tourist infrastructure in the region. In the research the author analyzed trends in developing the system of academic views and regulatory control of stateprivate partnership in the Russian Federation and systematized key forms of direct and indirect participation of state in the face of bodies of state governance and regional levels in implementation of investment projects with cornerstone impact on social and economic and technological development of territories. The author checked tourist potential of the Republic of Altay and sufficiency of tourist infrastructure units in the region according to strategy of social and economic development of the region. Apart from that, the article identified technological and operation features of building and using different units of tourist infrastructure in the region and worked out recommendations aimed at application of concrete forms and methods of state-private partnership in order to ensure the complex development of tourist infrastructure in the Republic of Altay. Findings of the research can be used for elaboration and realization of the Republic of Altay policy aimed at tourism development in the region.

Accessibility improvement and interregional trade flows

AbstractAccessibility improvement has been regarded as one of the main regional policy goals in the recent decades. As a result, many countries has undertaken complex transport infrastructure investment programmes worth billions of dollars. The best examples of such investment can be China or, in the European context, Spain and more recently Poland. There have been published many analyses focusing on output and employment effects of transport infrastructure investment projects. Yet, there hardly exist any studies that verify their potential influence on interregional trade flows. This paper fills the existing gap in the literature by assessing the impact of accessibility improvement on the volume and the value of interregional trade flows in Poland between 2005 and 2015. We find that there is no statistically significant relationship between travel time reduction and interregional trade. This may explain largely the surprising lack of positive relationship between accessibility improvement and regional GDP growth, reported in previous papers.