Volatile Research Articles

Carbon-contract-for-difference (CCfD) and green transition of coal power under dual price uncertainties in the Korean market—a real options approach

ABSTRACT Carbon pricing under the Korean Emission Trading System (K-ETS) is the most widely accepted policy for internalizing the externalities caused by greenhouse gas emissions to firms’ production decisions. However, the effect of K-ETS has been questioned because of two problems, namely low level and high volatility of carbon prices and time-inconsistent preferences of governments, which causes firms to hold their investment decisions. Carbon contract for difference (CCfD) can be an effective solution to these problems by serving as a credible commitment vehicle. This study analyzes the optimum investment trigger prices of carbon and subsidy for CACPs based on the Geometric Brownian Motion (GBM). As coal power generates about 80% of the power sector’s carbon emissions in Korea, CACPs are rising as an important alternative to reduce carbon emissions and mitigate the social cost of phasing out coal plants with remaining operational life expectancy. The uncertainty of both carbon prices and subsidy prices is considered. The results indicate that the investment trigger price under the current ETS is 95.0 USD/ton-CO2 and that under CCfD is 52.5 USD/ton-CO2. This paper shows that CCfD can reduce the burden that customers must eventually bear to meet Korea’s Nationally Determined Contribution (NDC) goal.

Investment Strategies in Turbulent Times: A Comparative Analysis of Developed and Emerging Markets

ABSTRACT This study examines portfolio diversification between emerging (China, Malaysia, the Philippines, and Thailand) and developed markets (the USA, UK, Singapore, Hong Kong, and Australia) from January 2006 to August 2022 using MGARCH-DCC analysis. Malaysia’s stock index shows low volatility but a declining trend. The USA index offers the lowest volatility and correlation, making it ideal for diversification with Asian markets. The Philippine index also provides diversification benefits. However, China’s and Thailand’s indices pose risks due to high volatility. Correlations spiked during the 2007 subprime crisis but later stabilized. The findings guide investors on diversification strategies and highlight caution with volatile markets.

The Role of Ionic Liquids in Textile Processes: A Comprehensive Review.

Thanks to their unique physicochemical properties, ionic liquids (ILs) have moved from niche academic interest to critical components in various industrial applications. The textile industry, facing significant environmental and economic pressures, has begun to explore ILs as sustainable alternatives to traditional solvents and chemicals. This review summarizes research on the use of ILs in various textile processes, including dyeing, finishing, and fiber recycling, where their high thermal stability, tunable solubility, and low volatility are exploited to reduce resource consumption and environmental impact. The discussion also extends to the integration of ILs in textile waste recycling, highlighting innovative approaches to fiber dissolution and regeneration aimed at circular economy goals. Despite these advances, challenges such as high production costs and scalability remain barriers to the widespread adoption of ILs in the textile sector. Addressing these barriers through continued research and development is essential to fully realize the potential of ILs for sustainable transformation in textiles.

Comprehensive Characterization of the Odor-Active Compounds in Different Processed Varieties of Yunnan White Tea (Camellia sinensis) by GC×GC-O-MS and Chemometrics.

This study investigates the aroma characterization of unique white tea varieties from the Lüchun county of Yunnan province, Mainland China. These include shaken, unshaken, steam-cooked, and compressed varieties. The aroma profile of white tea varieties was analyzed using two-dimensional gas chromatography-olfactometry-mass spectrometry (GC×GC-O-MS), electronic nose (e-nose), and descriptive sensory evaluation. A chemometric approach was used to compare sensory scores to instrumental data. A total of 154 volatile compounds were detected in 16 white tea varieties through GC×GC-O-MS. Among these, 133 compounds were successfully identified through the National Institute of Standards and Technology (NIST) library, and 21 were listed as unknown. The identified volatile classes include aldehydes, such as hexanal and heptanal, which contribute to the green aroma of white tea, and alcohols like 2-heptanol and 3-hexen-1-ol, which exhibit fresh and floral odor notes. The content and relative odor active values (r-OAVs) of the volatile compounds were calculated. The chemometric data revealed significant variations in volatile contents between shaken and unshaken white tea varieties. The orthogonal partial least squares discriminant analysis (OPLS-DA) model showed strong validity and stability. This study describes the impact of processing conditions on the flavor profile of white tea and provides a solid foundation for monitoring the aroma quality of different processed white tea varieties.

Characterisation of C‐β‐Cyclodextrin‐Thymol Inclusion Complexes as Delivery Systems for Antibacterial and Antioxidant Applications

ABSTRACTThymol (THY) is a natural antioxidant and antimicrobial; however, its biological activity and application in the food and pharmaceutical fields are limited due to its low water solubility and volatility. In this study, inclusion complexes of cationic‐β‐cyclodextrin‐THY (C‐β‐CD‐THY) were prepared by using the aqueous stirring method. Then UV–Vis spectra, FT‐IR, NMR, DSC, XRD and SEM data were collected to characterise the structure and morphology of the inclusion complexes. Phase solubility experiments showed a better solubilisation effect of C‐β‐CD‐THY than HP‐β‐CD‐THY. At a concentration of 0.64 mmol/L for THY, the DPPH scavenging rate was 60.99% and 61.31% for HP‐β‐CD‐THY and C‐β‐CD‐THY, respectively, whereas that of THY in 10% ethanol was only 43.47%. The bacteriostatic activity was verified using a circle of inhibition and the live/dead bacterial double stain. C‐β‐CD‐THY exhibited better antimicrobial activities against Escherichia coli and Staphylococcus aureus than HP‐β‐CD‐THY. In conclusion, the C‐β‐CD‐THY inclusion complexes have the potential to be applied as an effective bacteriostatic agent for food and pharmaceutical applications.

Melt inclusion bubbles provide new insights into crystallisation depths and CO2 systematics at Soufrière Hills Volcano, Montserrat

Improved understanding of the magmatic system of Soufrière Hills Volcano, Montserrat (SHV) is needed to inform future hazard management strategy, and remaining uncertainties include the depth of magma storage and the source of ongoing gas emissions. Eruptive activity between 1995 and 2010 has been proposed to be sourced from either a dual chamber or transcrustal mush-based magmatic system, with volatile solubility models using H2O and CO2 from melt inclusion (MI) glass estimating depths of 5–6 km. To date, published SHV MI volatile data have neglected the vapour bubbles now known to sequester the bulk of MI magmatic carbon. Total CO2 concentrations in SHV magma are therefore underestimated, together with volatile-derived entrapment pressures and inferred magma storage depths. Here, we present a new dataset of volatile (H2O and total CO2) and major element concentrations in plagioclase- and orthopyroxene-hosted SHV MI, that span almost all of the eruptive activity (Phases 1, 2, 4, and 5), and include the first measurement of bubble-hosted CO2 for SHV and indeed the Lesser Antilles Arc. Analyses were conducted using Raman spectroscopy, ion microprobe, and electron probe analysis. Dacitic–rhyolitic MI occur within andesitic whole rock compositions. Volatiles in MI glass are similar to published studies (H2O 2.47–7.26 wt%; CO2 13–1243 ppm). However, bubble-hosted CO2 contributes 9–3,145 ppm, to total inclusion CO2 with 5%–99% (median 90%) of CO2 sequestered within bubbles, and total CO2 concentrations (131–3,230 ppm) are significantly higher than previously published values. Inferred entrapment depths from our dataset range from 5.7 to 17 km – far greater than previous estimates – and support a vertically elongated magmatic system where crystallisation spanned both upper- and mid-crustal depths. Our CO2 measurements enable new estimation of CO2 sources and fluxes. As a total of 4.5 Mt of CO2 was held in SHV magma during the aforementioned phases, the maximum amount of CO2 that can be emitted from a batch of SHV magma is ∼1500–1750 tonnes/day. Measured CO2 fluxes are significantly higher, indicating additional input of CO2 into the system from greater depths. Our study shows that including bubble-hosted CO2 redefines understanding of the SHV plumbing system.

Analytical Differentiation of Wines from Three Terroirs Located in a Warm Winegrowing Area Based on Their Volatilome.

This research aims to identify aroma compounds, their combinations, and statistical relationships to classify and characterize wines produced in small, defined areas known as "terroirs", which share edaphoclimatic characteristics grape varieties, viticultural practices, harvest timing, and winemaking processes. The goal is to deepen the understanding of the relationship between the terroir and wine typicity. This study analyzed the contents based on enological parameters, the major and minor volatile compounds of the young wines produced in three wineries across two vintages, using the Pedro Ximenez white grape variety cultivated in different terroirs within the same quality zone. Statistical tools, such as Multiple Variable Analysis (MVA) and Principal Component Analysis (PCA), were employed to identify significant differences in the volatilomes of wines. PCA effectively differentiated wines from each terroir and vintage using scores from the first two principal components, calculated based on the absolute concentrations of 12 major volatile compounds and 3 polyols. Conversely, PCA based on the concentrations of 52 minor volatile compounds showed a strong ability to classify wines by vintage year. The minor volatile contents of wines from 2 vintages, grouped into 9 chemical families, provide distinct fingerprints that enable wines to be distinguished by terroir. The results underscore the chemical basis underlying terroir typicity in a production zone within a warm Protected Denomination of Origin (PDO).

Quantitative Analysis of the Drivers of the Spatio-temporal Evolution of Vegetation NPP in the Beijing-Tianjin-Hebei Ecological Barrier Area

The Taihangshan-Yanshan Region is an important ecological barrier area in Beijing-Tianjin-Hebei, and it is of great importance to investigate the spatial distribution pattern and driving mechanism of net primary productivity （NPP） of vegetation for ecological restoration. The MOD17A3HGF.061 NPP dataset was obtained using the Google earth engine（GEE）, and Sen trend, coefficient of variation, partial correlation, complex correlation, and residual analysis were applied to investigate the spatial and temporal patterns of vegetation NPP in the study area and to quantitatively isolate the relative contributions of climate change and human activities. The results showed that： ① The vegetation NPP in the study area showed an overall increasing trend from 2003 to 2021, with a rate of（C-based）2.57 g·（m2·a）-1 and the distribution characteristics of "low in the surroundings and high in the middle" in the Taihangshan area, "high in the north and low in the south" in the Yanshan area, and "low in the north and low in the south" in the Yanshan area. At the same time, the spatial distribution characteristics of "low around and high in the middle" in the Taihangshan area and "high in the north and low in the south" in the Yanshan area were shown. Nearly 70% of the regions had medium or low volatility of vegetation NPP, and 80% of the regions had the opposite trend of future changes. ② The vast majority of NPP changes were positively correlated with precipitation and negatively correlated with temperature, but the significance was not strong； only 23% of the area had a strong correlation between vegetation NPP changes and meteorological factors, and it was concentrated in the central Yanshan Mountains, while the rest of the area was mainly driven by reasons other than climatic factors. ③ Potentially improved （NPPH>0） and potentially degraded （NPPH<0） areas were roughly equally distributed, but human activities played a positive role in most of the areas （79%）； 76% of the areas were dominated by human activities in the actual improved areas and 58% in the actual degraded areas, and human activities were the main factor dominating the NPP succession of vegetation in the study area. The results of this study provide an important reference for the formulation of precise vegetation ecological protection and restoration policies in the Beijing-Tianjin-Hebei ecological barrier area.

Physicochemical characteristics and metabolite composition of fish sauce made from large yellow croaker roe enzymatic hydrolysates based on three fermentation temperatures.

Large yellow croaker roes were used to make fish sauce using enzymolysis method, and the impact of different fermentation temperatures (25, 32 and 40°C) on the physicochemical characteristics and metabolite composition was revealed. Results indicated that compared with 25 and 32°C, the higher contents of total acidity, amino nitrogen, total soluble nitrogen, and the deepening of the nonenzymatic browning degree of fish sauce fermented at 40°C were obtained. The total volatile basic nitrogen content at 40°C was lower than 32°C. The ideal fermentation temperature should be 40°C. The metabolomics analysis of fish sauce showed that 40°C significantly increased the abundance of hippuric acid, 3-hydroxy hippuric acid, hydrocinnamic acid and heptanoic acid compared with other temperatures, but decreased trimethylamine N-oxide, 15-methyl palmitic acid, N6-succinyl adenosine and nicotinamide. These results expand the utilization pathways of low-value fish roes, and provide a promising reference for the manufacturing of high-quality fish sauce.

Experimental measurements, thermodynamic modeling and molecular dynamics simulation of the multiphase equilibria of {1-butanol + n-butyl acetate + [EMIM][EtSO4]} systems at 101.3 kPa

Ionic liquids (ILs) are organic salts with normal melting temperatures lower than 373 K and have interesting properties to be used as environment-friendly solvents, as low volatility, high thermal stability, and easy containing and recycling ability. Besides, they are versatile molecules whose anions and cations can be changed to solubilize different organic compounds. For these reasons, ionic liquids can be used in many industrial applications, such as in separation processes as azeotropic distillation and liquid–liquid extraction, and, because of that, it is important to know the phase equilibrium behavior for equipment design for these processes. However, experimental data for systems containing ionic liquids are very scarce. This work aimed to analyze the fluid phase behavior of the 1-butanol + n-butyl acetate + [EMIM][EtSO4] system in liquid–liquid (LLE), vapor–liquid (VLE) and vapor–liquid–liquid equilibria (VLLE) at 101.3 kPa. LLE was analyzed in glass-jacketed vessels and VLE and VLLE were analyzed in a modified Othmer ebuliometer. Compositions of each phase sample were obtained from calibration curves with built-in functions of the refractive index and density. Experimental data were submitted to thermodynamic consistency tests and the consistent points were modeled with the Group Contribution Volume Translated Peng-Robinson (GC-VT-PR) and Non-Random Two-Liquid (NRTL) models. Vapor pressure and saturated liquid density data for the ionic liquid, necessary for the determination of the pure component parameters, were obtained from analytical methods. For the LLE, a phase stability test was also done to evaluate the data consistency by the Gibbs energy of the mixing surface and to determine the plait point. Molecular dynamics (MD) simulations, performed by NAMD software, were also conducted to understand the behavior of the multiphase fluid equilibria, by analyzing the structural properties of the components. Results of the thermodynamic modeling in terms of the deviations of temperature and mole fractions showed that these models were adequate to study the phase behavior of systems containing ionic liquids, while the dynamic simulations suggested that the ionic liquid molecules strongly interact with 1-butanol molecules when compared with the n-butyl acetate molecules.

Recent Advancement in the Development of Detection and Removal of Heavy Metal Ions by Deep Eutectic Solvents: A Review

: Heavy metal pollution is one of the most serious environmental problems, because of the non-degradable nature of heavy metals and their accumulation in the food chain, which poses a severe threat to the environment and human health even at low concentrations. Most of these metal ions can coordinate with biological molecules and disturb their function. Exposure to heavy metals can cause different health threats such as endothelial dysfunction, allergy, infant mortality, cancer, neurological diseases, respiratory diseases, oxidative stress, cardiovascular disorders and kidney diseases. Therefore the detection and removal of these toxic species are very important. Deep eutectic solvents (DESs) are green solvents and have excellent applications in many fields. They contain nonsymmetrical ions that have low lattice energy, low vapor pressure, dipolar nature, nonflammability, low volatility, low melting points, excellent thermal and chemical stability and high solubility. DESs are also better in terms of the availability of raw materials, easy synthetic procedure, low cost of their starting materials and their easy storage. DESs have an excellent ability for the detection and removal of heavy metal ions. In this review, we discussed various DES-based spectrophotometric and fluorimetric chemosensors for the detection of heavy metal ions in different matrixes. Additionally, we have also explored the capabilities of different DESs in removing heavy metals.

Physicochemical and functional properties of cinnamon essential oil emulsions stabilized by galactomannan-rich aqueous extract from Gleditsia sinensis seeds and soy protein isolate.

Cinnamon essential oil has gained widespread attention in the food industry as a safe and effective preservative. However, its low water solubility and high volatility limit its application in food, making the use of natural emulsifiers for its emulsification an increasingly popular focus of research. This study focuses on the extraction of galactomannan-rich aqueous extracts from Gleditsia sinensis seeds using a low-energy, low-pollution microwave-assisted method. The extracted aqueous extracts from Gleditsia sinensis seeds was combined with soy protein isolate to prepare a cinnamon essential oil emulsion, followed by physicochemical characterization and stabilization mechanism studies. The emulsions demonstrated excellent storage stability at 4 °C, along with robust ionic, pH, temperature, and freeze-thaw stability. Furthermore, the emulsions exhibited significant antioxidant activity and effectively inhibited the growth of Staphylococcus aureus and Listeria monocytogenes, highlighting their potential for application in food preservation. Preservation trials with orange juice confirmed that our emulsion achieved preservation comparable to that of the commercial food preservative potassium sorbate. These findings provide valuable insights for developing stable and functional natural food emulsifiers.

In vitro gas production and rumen fermentation for diets containing increasing levels of Panicum maximum cv. Mombasa with or without spirulina

This study was designed to evaluate the effect of substituting alfalfa hay with graded levels panicum maximum without or with graded levels of spirulina supplementation on rumen fermentation and nutrient degradability. The evaluation was achieved through an in vitro study, rumen fluid was obtained from adult sheep aged 2 years (fed clover hay), immediately after slaughter. Experimental diets were formulated as isonitrogenous and isocaloric and contained 40% forage. Forage composition was altered by substituting alfalfa hay with graded levels of panicum maximum hay, so that treatment diets contained 0, 25, 50, 75, and 100% of the forage from panicum maximum for treatments R1, R2, R3, R4, and R5, respectively. Additionally, each treatment was further supplemented with graded levels of spirulina at the following rates: 0, 0.5, 1.5, 2, 2.5, and 3 mg/g. Results indicated that gas production after 24 h per g DM, OM and DDM has a positive linear relationship with spirulina supplementation level (R2 = 0.80, 0.83, and 0.93, respectively). The gas production increased by increasing the level of Spirulina. However negative linear relationships were recorded between gas production per g DM, OM, DDM and alfalfa substitution level (R2 = 0.97, 0.95, and 0.96, respectively) which the gas production decreased as the substitution level increased. In vitro degradability of dry and organic matter was decreased by the increment of Panicum maximum and Spirulina supplementation levels and vice versa, until 2 mg/g of Spirulina (p < .0001). The addition of Spirulina significantly (p < .0001) increased total volatile fatty acids (TVFA) and NH3 concentration, until 2mg/g, while the addition of Panicum maximum hay significantly increased NH3 concentration, until it reached at (R4). In conclusion, the substitution of alfalfa hay with graded levels of Panicum maximum hay may be reduce nutrients degradability and gas production while supplementing diets with graded level of spirulina improve degradability and ruminal fermentation parameters.

Manganese biofortification in grapevine by foliar spraying improves volatile profiles of Cabernet Sauvignon grapes and wine sensory traits.

Manganese (Mn) is involved in plant metabolism as an enzyme cofactor. However, the role of Mn in the formation of volatile compounds in grapes has rarely been studied. To address this gap, this study explored the effect of foliar Mn application on the aroma traits of grapes and wine. Mn nutrient solutions at different concentrations (0 (CK), 300, 1200, and 2400mg/L) were sprayed on grapevines in 2017 and 2018 and the volatile compounds, odor activity, and sensory features of grapes and wine were investigated. The results showed that Mn application significantly increased Mn content in grape leaves and fruits at harvest. Compared with CK, the total volatile content of grapes was significantly increased by Mn treatment in both years because of the promotion of the accumulation of alcohols and esters. Particularly, 1200mg/L Mn treatment resulted in a higher sensory score than CK, especially in terms of intensity, duration, and harmony. Multivariate analysis and odor activity values jointly identified eight volatile compounds (ethyl acetate, phenylethyl acetate, and phenylethyl alcohol, etc.) as key odorants that contribute to the floral and fruity flavors of Mn-treated wine. Overall, this study indicated that a moderate concentration of Mn is beneficial for improving the fragrance characteristics of grapes and wines. The results have implications for micronutrient management of grapevines to improve wine flavor quality.

Modeling decision-making dynamics in financial management through biomechanical principles and bio-inspired analytical frameworks

This study presents a novel approach to financial decision-making by integrating biomechanical principles with neural network architectures. The research establishes a framework that models market dynamics using mechanical analogies, incorporating concepts such as market elasticity, stress-strain relationships, and dynamic equilibrium. A bio-inspired neural network architecture is developed to process market indicators and generate trading decisions, combining mechanical parameters with Machine Learning capabilities. The model was validated using market data from 2018–2023, with out-of-sample testing conducted during 2022–2023. Key findings demonstrate significant improvements over traditional approaches: The bio-inspired framework achieved a 73.2% overall decision accuracy rate, surpassing benchmark models by 6.8%. Performance was notably strong during low volatility periods (77.9% accuracy) and showed particular effectiveness in identifying stable market conditions requiring hold decisions (75.9% accuracy). Risk-adjusted returns analysis revealed a Sharpe ratio of 1.18, compared to 0.68 for traditional models and 0.57 for the S&amp;P 500. The framework demonstrated superior downside protection with a maximum drawdown of −14.3% versus -18.9% for conventional approaches. Annual returns of 15.8% were achieved while maintaining lower volatility (12.4%) compared to traditional models (14.7%). Response time analysis showed a 46.2% improvement in reaction to sharp market movements, with an average response time of 4.2 min to significant price drops compared to 7.8 min for traditional models. The system demonstrated robust error recovery capabilities, with a 92.4% success rate in correcting false signals within 2.8 min. These results indicate that integrating biomechanical principles with neural networks provides a more robust and adaptive framework for financial decision-making, offering improved accuracy, risk management, and response capabilities compared to conventional approaches. The framework’s success suggests promising applications in automated trading systems and portfolio management.

Effect of Carbonization Temperature of Charcoal Briquettes from Corn Cob with Gondorukem (Resina Colophonium) Adhesive On Briquette Quality Standards

Briquettes are an alternative energy source made from agricultural waste. Apart from producing an alternative energy source, briquettes are a more efficient and income-generating solution for processing agricultural waste in Indonesia. This research obtains quality standards for briquettes due to carbonization temperature, time, and variations in the ratio of adhesive. The carbonization temperature is 300–350 °C and 350–400 °C, with a temperature increase rate of 10 °C/minute for 15 and 30 minutes. Then the briquettes are molded with a charcoal mass ratio of 90:10 and 80:20 with adhesive. The briquettes are then tested using the SNI 1683-2021 method, including calorific value, water content, ash content, volatile matter, and fixed carbon. The best method for this research is carbonization temperature at 350–400 °C, time of carbonization, and a ratio of 90% raw material and 10% adhesive (90:10), with test results of a heating value of 5,605.75 cal/g, water content of 6.29%, ash content of 6.12%, volatile matter content of 11.96%, and bound carbon content of 81.92%.

The Driving Relationship of China Carbon Price Based on Different Market Volatility States

The China carbon market is a market-oriented designation for addressing climate issues. Price mechanism is the core of carbon market, studying on the price formation can promote the emission reduction targets. This paper conducts an autoregressive adjusted Markov model to divide the carbon price state, and designs a multiple regression model to test the driving mechanism. The results show the 2 order autoregressive Markov model of MS (2) - AR (2) model can classify the carbon price into high and low volatility states. Furthermore, in high volatility state, carbon price is only significantly positively correlated with macroeconomic factors of China Securities Index 300 (CSI300) and European carbon price of European emission allowance future contract (EUAF), while in low volatility state, carbon price is significantly positively influenced by energy market products JM future (JMF) and Oil, macroeconomic factor of CSI300, and European carbon price of EUAF. Furthermore, the impact strength is weaker than the whole sample regression results. The results provide reference for investors to judge carbon price and reveal price trends.

Формирование финансовой базы кредитной сферы регионов Крайнего Севера в системе обеспечения региональной финансовой безопасности

This study aims to analyze the sufficiency and sustainability of financial resource mobilization by credit institutions in the Far North regions of Russia within the framework of regional financial security assessment. The paper examines the adequacy of financial resource mobilization through coefficient analysis. It was found that, over the past decade, there has been a consistent increase in the attraction of funds by the credit system in the Far North regions, aligning with the national growth rates. In recent years, the rate of fund mobilization from legal entities has exceeded the national average, while the rate from individuals has been lower than Russia’s average. Currently, the Far North regions' high financial potential is supported by a relatively high share of individual deposits. The sustainability of the resources attracted by regional credit systems was assessed using regression analysis. The results indicate that northern regions exhibit low volatility in individual deposits but high volatility in term accounts belonging to legal entities, indicating significant risks of fund outflows from this category. Based on these findings, a classification of the Far North regions was developed. The analysis not only identified regions with the highest financial risks related to borrowing base formation but also highlighted northern regions with the greatest potential for regional investment instruments. These regions include the Magadan and Murmansk regions, the Kamchatka Territory, and the Republic of Karelia.

A Systematic Review of Accounting Practices for Reporting Investments in Associates and Joint Ventures: Equity Method and Consolidation Method

Purpose: This paper presents findings from empirical studies related to the adoption of accounting practices, namely the equity and consolidated methods of accounting, for reporting investments in associates and joint ventures. Design/ Methodology/ Approach: This review considered 21 published articles sourced from Scopus and Web of Science (WoS) databases, with the publication date spanning from January 1980 to December 2022. The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method was employed for article retrieval. Findings: Based on the search results, the empirical research was synthesised and segregated into three (3) major domains: usefulness, value relevance and level of compliance. Despite having mixed empirical evidence across countries, the equity method is more beneficial to investors due to its positive relationship with market values and lower volatility. While crucial for creditors, the consolidation method significantly impacts financial statements and explains price fluctuations. The review suggests that future research should address implementation challenges, incorporate more qualitative studies and explore Asian datasets, which are currently underrepresented. Originality/ Value: This review synthesizes 44 years of empirical research on accounting practices for reporting investments in associates and joint ventures, focusing on the equity method and consolidation method. It identifies three distinct thematic domains within this body of literature, providing a comprehensive mapping of its development. Keywords: Investment in associates and joint ventures, accounting practices, equity method, consolidation method

Comprehensive Analysis of Volatile Organic Compounds and Their Impact on Apple Quality Following Some Essential Oil Treatments Against Botrytis cinerea

The susceptibility of apples to post-harvest decay by the fungus Botrytis cinerea has prompted innovative research into alternative preservation methods. In this regard, essential oils (EOs) have emerged as promising candidates due to their natural origin and potential antimicrobial properties. Investigating the biological significance of EO blends is crucial for understanding their potential antimicrobial mechanisms and evaluating their capacity to modulate metabolic responses that could inhibit post-harvest fungal decay in fruit tissues. This study delves into the intricate chemistry of apples when subjected to various EO treatments, shedding light on the profound changes in alcohols, esters, C6 compounds, terpenes, and volatile compounds. Based on our results, terpene concentrations exhibit significant variations with α-Pinene ranging from 13.4 µg L−1 in Fungus + Thymol + 1,8-Cineole treatment (Fun+Thy+Cin) to 28.7 µg L−1 in Fungus + Thymol + 1,8-Cineole + Eugenol treatment (Fun+Thy+Cin+Eug), and β-Pinene concentrations spanning 19.3 µg L−1 in Fungus + 1,8-Cineole + Eugenol treatment (Fun+Cin+Eug) to 45.5 µg L−1 in Fungus + Thymol + 1,8-Cineole + Eugenol treatment (Fun+Thy+Cin+Eug). Ester elaboration presents marked changes, with ethyl octanoate peaking at 715.7 µg L−1 in Fungus + Thymol + 1,8-Cineole + Eugenol treatment (Fun+Thy+Cin+Eug) and ethyl propionate reaching 152.9 µg L−1 in Fungus + Thymol treatment (Fun+Thy). The volatile compound dynamics also demonstrate significant variations, with hexanoic acid concentrations ranging from 0.1 to 0.2 among treatments and 3-Methylbutanal displaying concentrations from 0.8 to 6.4, with the highest concentration observed in the Control. The essential oil combination of Thymol, Eugenol, and 1,8-Cineol (Fun+Thy+Cin+Eug) had the most significant impact on the volatile compound content in the fruits. The findings from this study unveil the intricate responses of apple chemistry to various EO treatments. These insights hold promise for enhancing post-harvest apple preservation strategies through the modulation of EO treatments.