This study delves into the integration of Decentralized Finance (DeFi) within metaverses, probing its implications and potential. It elucidates DeFi protocols and the intricacies of metaverses before inspecting their intersection and the resulting economic prospects. The analysis further appraises inherent risks such as financial volatility, security, and regulatory issues. Case studies provide tangible insights into DeFi applications in metaverses. Future trajectories of DeFi in metaverses are projected, underlining the possible impact on the broader financial sector. This paper contributes to burgeoning research at the nexus of blockchain technology, finance, and virtual reality.

This article aims to identify the relationship between sustainability and strategic management to determine whether sustainability can be considered a strategic management research fashion. This involves a bibliometric analysis of recent academic literature from 2021 to 2023 to identify the latest academic research, key trends, collaboration and keyword networks within this relationship. The analysis was conducted using two datasets from the Scopus database. These datasets focus on English-language journal articles on business, management and accounting. The first covers academic research on strategic management, while the second expands to sustainability and sustainable development. The results show that strategic management research focusing on sustainability has recently grown faster (24.70%) than the whole strategic management research area (14.30%). Furthermore, the geographical analysis of co-authorship identified articles from 88 countries, suggesting a broad interest in this relationship. Notably, the strategic management network mapping revealed a unique, sustainable development, corporate social responsibility and sustainability cluster. Moreover, extended mapping revealed four clusters covering crisis management, strategic and creative sustainable development, operational and regulatory sustainability, sustainable supply chains, and resource management. The results thus confirm the rapid growth and widespread coverage of research on sustainability and strategic management, highlighting sustainability as a strategic management research fashion.

We consider the financial planning problem of a retiree wishing to enter a retirement village at a future uncertain date. The date of entry is determined by the retiree's utility and bequest maximisation problem within the context of uncertain future health states. In addition, the retiree must choose optimal consumption, investment, bequest and purchase of insurance products prior to her full annuitisation on entry to the retirement village. A hyperbolic absolute risk-aversion (HARA) utility function is used to allow necessary consumption for basic living and medical costs. The retirement village will typically require an initial deposit upon entry. This threshold wealth requirement leads to exercising the replication of an American put option at the uncertain stopping time. From our numerical results, active insurance and annuity markets are shown to be a critical aspect in retirement planning.

Current VAT rules for cross-border e-commerce companies in the EU are not sustainable, because they are extremely complex and often opaque, due to the lack of tax harmonization. The aim of the research is to explore, using a qualitative method, what kind of harmonization would make the current legislation more uniform, simpler, more transparent, and easier to understand, without conflicting with the rules of any Member State. To this end, the aspects of the new platform regulation introduced on 1 July 2021 and its potential for expansion are assessed through information from possible sales models. The research suggests that the rules on platforms do not cover all possible sales models, which in our view imposes an unnecessary extra administrative burden on some businesses and makes their tax activities less transparent. In the light of the results of the research, we propose that the current EU platform regulation should be extended to cover B2B, B2C transactions and services. As a result of this suggested harmonization, a simpler, more transparent, uniform and sustainable tax system would contribute to the whitening of the economy, generating additional tax revenue for Member States.

The oil and gas industry in Nigeria, a vital contributor to the nation's economy, has long been associated with significant environmental challenges. Pollution, habitat destruction, and greenhouse gas emissions have raised global concerns about sustainability and corporate responsibility. This empirical study explores the relationship between environmental accounting practices and the financial performance of listed oil and gas companies in Nigeria. We investigated eight oil and gas companies that are publicly traded on the Nigerian Stock Exchange Market (NGX) as of January 17, 2022, from 2011 to 2022. The study employs Driscoll-Kraay standard errors and reveals that environmental accounting had significant effects on returns on assets, earnings per share, and liquidity ratio. The study revealed that the implementation of environmental accounting practices had diverse effects on the performance of oil and gas companies in Nigeria. The findings encourage policymakers and stakeholders in the sector to utilise the insights and design more effective regulations and incentives that promote environmental corporate responsibility. Also, valuable insights into the potential benefits and challenges associated with adopting environmental accounting practices, and influencing the decision-making processes of corporate stakeholders were provided to ensure sustainability in terms of improved financial performance of the oil and gas sector in Nigeria.

The purpose of this study is to establish whether digital literacy and insurtech adoption influence insurance inclusion in Uganda. Principally, we sought to determine whether insurtech adoption mediates the nexus between digital literacy and insurance inclusion. This study adopted a cross-sectional and quantitative correlational approach. The study’s sample was 391 individuals who had used digital platforms such as mobile phones and computers to access insurance products and services in Uganda. Data were collected using structured survey questionnaires. Partial Least Squares Structural Equation Modelling (PLSEM) was employed to test the hypothesised relationships. The results demonstrate that both digital literacy and insurtech adoption significantly and positively influence insurance inclusion. We also found digital literacy to be a significant and positive determinant of insurtech adoption. Markedly, it was found that insurtech adoption mediates the association between digital literacy and insurance inclusion in Uganda. However, this study was conducted in a developing country with an underdeveloped insurance market and with low technological advancement. This may affect generalisation of the study findings. This study’s novelty lies in establishing how digital literacy and insurtech adoption interplay to influence insurance inclusion in Uganda. This is the first study to examine the effect of digital literacy and insurtech adoption on insurance inclusion.

According to the model of proactive motivation, we constructed a moderated impact model to examine the relationship between employees perceived overqualification (POQ), transformational leadership (TL), constructive deviant behaviour (CDB), and the generational differences in their relationships. We examined research hypotheses using data of 525 individuals. Results revealed that POQ positively affects CDB, and TL strengthened the effect of POQ on positive toward CDB. Furthermore, the effect of POQ on CDB is strongest among individuals born in the 1980s, followed by those born in the 1990s, and the moderating effect of TL is strongest among individuals born in the 1980s, and not significant among those born in the 1990s. Implications, limitations, and future directions of the present study are discussed.

Under the development mode of deep blending of emerging technologies, major projects are important for enhancing China's comprehensive national strength and independent innovation capability. Based on the social benefits of major projects, and considering the influence of reputation factors, an evolutionary game model composed of a general contractor and subcontractor of major projects is established. This paper studies the influence of various factors including the income distribution coefficient of collaborative innovation, and MATLAB simulation software is analyzed the influence of factors on an evolutionary path. The results show that a reasonable income distribution coefficient can promote the game behavior of both parties to the direction of active collaborative innovation; The reduction of innovation cost and the improvement of spillover technology absorption capacity can make innovation subjects tend to choose active collaborative innovation strategies. In addition, reputation loss above a specific threshold can effectively inhibit free-riding behavior and encourage innovation subjects to choose active collaborative innovation strategies. The research results provide reference for promoting major projects' technology innovation.

This paper, based on the "Unified Theory of Forces," rigorously proves the formula of de Broglie's wave function. This helps us better understand the following important issues: 1) Theoretically prove and understand the essence of de Broglie's wave function; 2) Prove that when the particle's momentum P is determined, the greater the mass of the particle, the more concentrated its wave function distribution, and the weaker the interference effect; 3) Correct the spatial distribution of the wave function of free particles, proving that the wave function of free particles is strictly constrained within a finite spatial range, which is consistent with the facts we observe.

This paper presents a theory on graph topological structure and graph coloring, proving that for any N-order graph structure (with a topological structure similar to ), the maximum number of colors required for coloring is less than or equal to . The Four Color Theorem is just one special case of this theory, with the maximum structure size for a four-color graph being a 4-order structure graph, hence requiring only a maximum of 4 colors for coloring.

Cultural tourism in Tanzania presents a diverse tapestry of traditions, varied ethnic groups, and historical accounts. This article aims to pinpoint areas for further exploration in the cultural tourism sector of Tanzania and analyze their potential impacts. The study conducted a systematic review of the literature following established inclusion criteria as well as the Preferred Reporting Items for Systematic Reviews and meta-analysis guidelines. A total of 21 articles focused on Tanzania Cultural Heritage Tourism from sources such as Google Scholar and web databases were examined, revealing several research gaps, including theoretical, contextual and methodological aspects. Furthermore, the research offers insights into theoretical implications and recommends avenues for future studies that could advance the field by addressing these knowledge gaps providing valuable direction to new researchers interested in exploring these specific areas as well as practitioners seeking a comprehensive understanding of various aspects related to Tanzania's cultural heritage tourism

(1) Background: in the context of sustainable development goals (SDGs), this work explores the repair direction of future cultivated land protection policies based on the Smith policy implementation model from the historical evolution to ensure that the cultivated land protection policy does not deviate during the implementation process. (2) Methods: this paper uses literature research and inductive deduction methods to sort out the evolution process of Chinese cultivated land protection policy, summarize the successful experience of transferring the focus of cultivated land protection in chronological order, and conclude the repair direction of Chinese cultivated land protection. (3) Results: although the Chinese cultivated land protection policy in the historical evolution has through three significant phases, there are still certain issues in the development trend of Chinese cultivated land protection policy based on regional division of labor for grain transportation and sales. (4) Conclusion: directly utilizing feedback from farmers as stakeholders will contribute to the maturity and improvement of cultivated land protection policies in the specific implementation of cultivated land protection policies.

This paper systematically discusses the application of reinforcement learning in automatic driving system. Reinforcement learning frameworks show significant advantages in optimizing decision making, predictive perception, path planning, and controller design, exceeding the limitations of traditional supervised learning methods. The paper highlights the critical role of components such as scene understanding, positioning, and map making in autonomous driving systems, which provide reliable environmental awareness through deep learning and sensor fusion technologies to support intelligent decision-making in complex urban environments. In addition, the paper discusses innovative approaches to safety reinforcement learning to reduce risk in autonomous driving and ensure that systems adhere strictly to safety constraints while maximizing expected rewards. These findings provide an important theoretical and practical basis for further improving algorithm robustness, managing multi-agent interactions, and integrating ethical considerations in the future.

This study examines the relationship between entrepreneurship and sustainable devel-opment in Saudi Arabia from 2006 to 2022, focusing on the economic, social, and en-vironmental dimensions. Using the Autoregressive Distributed Lag (ARDL) model, the research investigates both short-run and long-run dynamics to understand how entre-preneurial activities influence sustainable development within the framework of Saudi Arabia's Vision 2030 initiative. The findings indicate that entrepreneurship significantly contributes to economic growth through job creation and innovation, thereby aiding in the diversification of the economy away from oil dependency. Socially, entrepreneurial ini-tiatives have a positive impact on gender equality and social inclusion by empowering women and integrating youth into the labour market. Environmentally, entrepreneurship helps reduce carbon emissions and promotes sustainable business practices. Despite these positive outcomes, challenges such as regulatory barriers, limited access to finance, and the need for a supportive entrepreneurial ecosystem remain. Recommendations include enhancing entrepreneurial education, providing financial incentives, and streamlining regulatory processes to better support start-ups and SMEs. The study highlights the ne-cessity of addressing these challenges to fully realize the potential of entrepreneurship for sustainable development in Saudi Arabia. By providing empirical evidence on the sig-nificant role of entrepreneurship in driving sustainable development, this research offers actionable insights for policymakers aiming to foster a more resilient and diversified economy in line with Vision 2030. .

This study investigates the impact of intellectual capital on the sustainable performance of banks in Saudi Arabia, focusing on the period from 2012 to 2022. Utilizing data from ten major Saudi banks, the research examines how different components of intellectual capital—Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE)—influence key financial performance indicators such as Return on Equity (ROE) and Net Profit Margin (NPM). The study is grounded in the resource-based view of the firm, which suggests that a firm’s internal resources can provide a sustainable competitive advantage. The analysis employs panel data techniques, including fixed and random effects models, to assess the relationships between intellectual capital components and bank performance while controlling for variables like bank size, financial leverage, GDP growth, inflation, and the impact of the COVID-19 pandemic. The findings reveal that intellectual capital significantly enhances bank performance in Saudi Arabia, with human capital efficiency showing the most decisive influence on ROE and NPM. Structural capital and capital employed efficiency also contribute positively but vary in their impact on different performance measures. This research contributes to the theoretical and practical understanding of the role of intellectual capital in promoting sustainable banking practices. It underscores the importance of strategic management of intellectual capital in enhancing financial performance and achieving sustainability goals, particularly in the context of Saudi Arabia's Vision 2030. The study's insights are relevant for bank managers and policymakers who leverage intellectual capital for economic diversification and sustainable development.

(1) Background: The rapid development of information technology has changed the traditional concept of space, gradually shifting the "container space" to the "relational space" . The constraints of geographical spatial elements are diminishing, and the theory of virtual agglomeration is gaining attention. (2) Methods: In this study, we constructed an evaluation system for virtual agglomeration, comprising four primary indicators: virtual infrastructure level, virtual output level, virtual input level, and virtual service level. The TOPSIS method was used to calculate the virtual agglomeration level for each province, and the DEA-Malmquist method was employed to measure provincial total factor productivity (TFP) in China. Using panel data from 30 provincial regions in China from 2013 to 2021, we examined the mechanism and impact path of virtual agglomeration on TFP. (3) Result: There is an inverted U-shaped relationship between virtual agglomeration and TFP in China. The overall development level of virtual agglomeration is relatively low, within the range where the marginal effect of virtual agglomeration on TFP is positive but diminishing, indicating significant potential for further development. The impact of virtual agglomeration on TFP is stronger in the Yangtze River Economic Belt compared to non-Yangtze River areas, and the highest stable point of TFP is higher in central provinces than in eastern and western provinces. (4) Conclusions: This study provides a theoretical basis and practical reference for improving the level of virtual agglomeration .

Three Seas Initiative (3SI) is still an underresearched area and is particularly important due to historical circumstances and economic backwardness. A study was carried out to assess the impact of renewable energy and production generated by the agricultural sector on CO2 emissions in 3SI countries between 2008 and 2020. The study used panel data analysis based on the two-step system generalised method of moments (GMM) and the Dumitrescu-Hurlin panel causality test. The results show that a 1% increase in the value-added generated by agriculture increases CO2 emissions in the countries studied by 0.11%. In contrast, a 1% increase in GDP leads to a 0.29% increase in CO2 emissions. Conversely, when renewable energy consumption increases by 1%, CO2 emissions fall by 0.25% in the countries studied. One way to reduce CO2 emissions from agricultural production in the short term is to increase the share of renewables, which, incidentally, is in line with EU action.

Promoting green development has become an important way to optimize the ecological and economic structure and promote sustainable development. The Yangtze River Economic Belt is an important economic corridor in China, and it remains to be examined whether the implementation of environmental regulations has enhanced the green total factor productivity (GTFP) of cities. This paper calculates the green total factor productivity of 107 cities within the Yangtze River Economic Belt by using the super-efficient SBM model and the GML index with Chinese city panel data from 2007-2019 and measures the intensity of environmental regulations through textual analysis. The bidirectional fixed-effects model constructed in this paper suggests an inverted U-shaped relationship between environmental regulation and GTFP, which is confirmed by a series of robustness tests. Green technology innovation and advanced industrial structure play a mechanism role in this. In regions with lower levels of green technology and industrial structure, the inverted U-shaped relationship between environmental regulation and green total factor productivity is more significant. In addition, the phenomenon of GTFP rising and then falling because of environmental regulation is more obvious in cities in the middle and upper reaches of the Yangtze River and outside the urban agglomerations. Therefore, when formulating environmental regulation policies, it is necessary to balance the relationship between economic development and environmental protection and harmonize the environment and economic development of the entire Yangtze River Basin.

On using a 3D model to teach students a topic in astronomy, feedback was evaluated via a questionnaire. Analysis of students' responses to the questions revealed that user interface had a significant impact on their attitudes, which in turn could increase users' willingness to use immersive technology in e-learning. The results also showed that improving visual features through immersive technology and augmented reality tools were effective. The results confirm all hypotheses about positive relationships between facilitating conditions and usability of metaverse technology for students' attention and study motivation.

Recommender Systems (RecSys) are crucial in managing information overload and enhancing user satisfaction across various digital platforms, including e-commerce and entertainment. Evolving from traditional models to Deep Neural Networks (DNNs) and, more recently, Large Language Models (LLMs), these systems leverage sophisticated algorithms to analyze user behaviors and preferences. LLMs, such as GPT-4, are trained on extensive datasets to comprehend and generate natural language, significantly advancing their ability to deliver personalized recommendations. This tutorial explores the transformative impact of LLMs on RecSys, discussing their development, application in handling complex datasets, and the integration of contextual insights. Real-world examples illustrate how LLMs enhance recommendation accuracy and user experience, highlighting challenges and future directions in the field.

Sustainable development advocates for an environmentally friendly and resource-saving approach, fostering a new quality of productivity that is green and sustainable, and achieving a sustainable development where the economy and the environment are in harmony. The paper is based on clarifying the effects of coordinated development between the economy and the environment, and by establishing an indicator system, applying a remote sensing ecological index, entropy weight method, gray relational degree model, and a coupling coordination model, the relationship of coordinated development of Ordos in 2016-2022 is analyzed from a spatial-temporal perspective. The results are as follows: ① The years of coordinated development between the ecological environment and the economy are in the majority, while the uncoordinated years are fewer. ② The level of coordinated development between the ecological environment and the economy in the various regions of Ordos has been increasing year by year, but it still remains at the barely coordinated and primary coordinated levels. ③ The types of coordinated development between the ecological environment and the economy in Ordos exhibit significant spatial differentiation in terms of spatial distribution and clustering.Therefore, it is necessary to formulate coordinated development policies and measures according to the constraining factors of different regions.

This paper investigates the impact of debt financing on dividend payments when they face the agency costs of free cash flow. Focusing on a sample of 120 firms listed on the Saudi Stock Exchange during the period 2011-2021. The study found a negative association between agency cost of free cash flow and dividend payment. More importantly, our research highlights the significant role of long-term debt in making more prudent use of free cash flow. The obligation to meet interest and principal payments acts as an incentive for them to steer clear of unprofitable expenses and risky investments. Concurrently, long-term debt imposes restrictive clauses in debt contracts, such as minimum dividend distribution requirements, which further encourage higher dividend payments. Since interest and debt repayments are fixed obligations, using free cash flow for dividend disbursement is considered a more profitable and beneficial approach for shareholders in the context of Saudi Arabia.

This study aims to find countries that differ in their development of the agricultural sector in terms of environmental care and to examine the relationship between renewable and non-renewable energy consumption and agricultural sector production in European Union countries. The classification of countries was conducted using the principal component method and biplot. Panel data for the period 2000-2022 and a VAR model, an impulse response function (IRF) and causality tests were used for the study. The results indicate two distinct groups of countries that significantly differ in adopting green agricultural practices. Only seven EU countries stand out for sustainable agriculture with low pesticide use, a significant share of organic farms and high use of renewable energy in agriculture. Energy consumption affects agricultural production differently in the two groups of countries studied: in countries with sustainable agriculture, an increase in renewable energy consumption translates into a positive increase in agricultural production. On the other hand, an increase in non-renewable energy consumption shows a dampening effect on agricultural production growth, especially in countries with less sustainable agriculture. The study results highlight the need to promote renewable energy development in agriculture and raise awareness about the adverse environmental effects of intensive agriculture while emphasising the positive impact of organic agriculture on agricultural production.

Oracles have been suggested as a vital piece of infrastructure necessary to allow blockchain-based smart contracts to reach their full potential by interacting with real-world data. This paper begins by providing an approachable entry point to the oracle problem and the current landscape of existing solutions. From there, we provide an overview of published research to narrow down unexplored research directions and derive questions for interviews. Finally, the results of 15 unstructured expert interviews are presented and discussed. The focus here is the industry landscape of oracle projects, opportunities for innovation, and challenges needing to be overcome.

The West Pomeranian Anti-Crisis Package was an effective tool of the Voivodeship Executive Board of West Pomeranian self-government, which was used to combat and counteract and counteract the social and economic effects of the COVID-19 pandemic. The Anti-Crisis Package was prepared with a view to undertaking systemic, but also point-based measures in order to save and protect regional health care, entrepreneurs, the labour market, but also to use the existing social capital of non-governmental organizations involved in measures reducing the effects of the COVID-19 pandemic. The West Pomeranian Anti-Crisis Package, as evidenced not only by the financial outlays incurred, but also by the outcome of implementing measures achieved in 2020 and their continuation in 2021.

This research investigates the intricate dynamics between intellectual Capital (VAIC) and the stability of banks in the evolving context of Saudi Arabia's banking sector. Against the backdrop of rapid economic reforms under Vision 2030 and the challenges imposed by the COVID-19 pan-demic, the research provides a nuanced analysis of how intellectual capital and intellectual capital's components—Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE)—affect the financial stability of Saudi banks. The research analyses a decade-long panel dataset from 2012 to 2022, utilizing both fixed effects and cross-section random effects models to discern the impact of intellectual capital on bank stability. The findings reveal a positive overall influence of intellectual capital on bank stability; however, individual compo-nents present a complex relationship, with CEE showing a positive association and HCE and SCE demonstrating unexpected negative correlations with bank stability. The research identifies lev-erage (LEV) as a significant factor negatively impacting stability. Operational efficiency (OPEF) and size (SIZE) also negatively affect stability. Surprisingly, macroeconomic indicators and bank size exhibit non-significant effects on bank stability. Similarly, the direct impact of the COVID-19 pandemic was found to be non-significant, suggesting a resilient banking environment or the presence of effective mitigating strategies. As Saudi Arabia continues its ambitious economic transformation, this research underscores the critical role of effectively managed intellectual capital in ensuring the banking sector's stability. It provides a foundation for ongoing research in this vital area.

This research aimed to investigate the relationship between climate policy uncertainty (CPU), clean energy (ENERGY), carbon emission allowance prices (CARBON), and Bitcoin returns (BTC) for the period from August 2012 to August 2022. The empirical analysis strategies utilized in this study included the Fourier Bootstrap ARDL long-term coefficient estimator, Fourier Granger Causality, and Fourier Toda Yamamoto Causality methods. Following the confirmation of cointegration among the variables, we observed a positive relationship between BTC and CARBON, a positive relationship between BTC and CPU, and a negative relationship between BTC and ENERGY. In terms of causal associations, we identified one-way causality running from CARBON to BTC, BTC to CPU, and BTC to the ENERGY variable. The study underscores the potential benefits and revenue opportunities for investors seeking diversified investment strategies in light of climate change concerns. Furthermore, it suggests actionable strategies for policymakers, such as implementing carbon taxes and educational campaigns, to foster a transition towards clean energy sources within the cryptocurrency mining sector and thereby mitigate environmental impacts.

Capital structure decision plays an imperative role in firm’s performance. Recognizing the importance, there has been many studies inspected the rapport of capital structure with performance of firms and findings of those studies are inconclusive. In addition, there is relative deficiency of empirical studies examining the link of capital structure with performance of banks in Bangladesh. This paper attempted to fill this gap. Using panel data of 22 banks for the period of 2005-2014, this study empirically examined the impacts of capital structure on the performance of Bangladeshi banks assessed by return on equity, return on assets and earnings per share. Results from pooled ordinary least square analysis show that there are inverse impacts of capital structure on bank’s performance. Empirical findings of this study is of greater significance for the developing countries like Bangladesh because it will call upon concentration of the bank management and policy makers to pursue such policies to reduce reliance on debt and to accomplish optimal level capital structure. This research also contributes to empirical literatures by reconfirming (or otherwise) findings of previous studies.

This paper assesses the association of ESG scores with stock returns and highlights the moderating role of the COVID-19 pandemic and the country's governance. The study uses panel data regressions to analyze how ESG performance influences plain, absolute, and risk-adjusted returns in a sample of European and selected non-European countries. These suggest that higher overall ESG scores are related positively to financial performance, and this relation is enhanced during the COVID-19 pandemic. Specifically, the two dimensions of ESG that matter most are environmental and governance. Country-level governance is important because firms in well-governed countries amplify the benefits of high ESG scores. The opposite is true for the higher Controversies scores, whose bad financial outcome is magnified during the pandemic. These results present an argument for the resilience of firm financial performance, dependent on strong ESG practices and governance frameworks. This holds great interest for investors and policymakers in associating good ESG considerations with the effective management of financial risks, leading to sustainable returns during periods of widespread economic uncertainty.

The Metaverse of Things (MoT) is an advanced technology that has the potential to revolutionise urban living in the present era. This article explores the advantages, uses, and transformative outcomes of MoT in smart cities. The covered subjects encompass sustainability, urban planning, citizen participation, infrastructure management, and various more. MoT integrates the Internet of Things (IoT) with metaverse technologies. The ultimate objective is to develop virtual environments that are highly interactive, interconnected, and immersive while maintaining a high level of fidelity to reality. The IoT utilises virtual reality (VR), augmented reality (AR), and other digital technologies to gather data, facilitate communication, and automate certain processes, thereby enhancing several elements of urban living. It is all a component of the metaverse. The IoT will bring about a profound transformation in the way cities gather and utilise data to enhance services and optimise efficiency. Cities that can efficiently distribute this data can enhance public safety, optimise energy usage, regulate traffic, and manage waste properly. MoT apps that utilise immersive technologies and the IoT can be used to generate more intelligent and captivating cityscapes. The implementation of MoT can greatly enhance the quality of life for residents of smart cities through improvements in transportation, healthcare, education, and community engagement. The study's author examined how smart cities utilise the IoT to enhance the daily experiences of their inhabitants. This study examines the technical structure, possible advantages, and difficulties of implementing MoT in urban settings, aiming to enhance the resilience, responsiveness, and adaptability of cities. The findings emphasise the importance of robust legislative frameworks, stringent security requirements, and well-developed infrastructure to facilitate the extensive use of MoT technology. These factors are crucial for establishing a highly interconnected and efficient urban environment.

Nuclear energy, along with renewable and alternative energy sources, is a crucial green energy source. However, the existing literature often overlooks the role of nuclear energy in achieving sustainable development goals. This study analyzes the impact of green technological innovation, nuclear energy consumption, and trade openness on environmental quality in the US, which consumed the most nuclear energy from 1990 to 2019. The ARDL bounds testing approach was applied for its effectiveness in smaller samples, suitable for the data set used in this study, to determine cointegration relationships. Additionally, the Toda-Yamamoto causality test was employed to explore causal links without requiring series stationarity or cointegration. The ARDL cointegration results indicate a significant long-term relationship between CO2 emissions, green technological innovation, nuclear energy consumption, and trade openness. The results suggest that promoting green technological innovation and nuclear energy (although this effect is less certain) can be effective strategies for reducing CO2 emissions, while the impact of trade openness requires careful consideration due to its potential to increase emissions. Green technological innovation has a significant unidirectional causal effect on CO2 emissions. These results will help policymakers design policies to achieve sustainable environmental goals in the US economy.

This article comprehensively explores multiple aspects of cryptocurrencies and their price forecasting. Firstly, the article introduces the definition of cryptocurrency and its development process on a global scale, especially focusing on the launch of Facebook Libra and China's central bank digital currency, highlighting the importance and influence of digital currency in the global financial market. Subsequently, the article analyzes the advantages of digital currencies over traditional currencies, including improving economic transaction efficiency, reducing transaction costs and enhancing transaction transparency. Meanwhile, the article also explores the challenges and risks potentially brought by the development of digital currencies, such as regulatory uncertainty and market volatility. In this context, the article raises the importance of cryptocurrency price forecasting and introduces the forecasting models and techniques commonly used today. Finally, through specific experimental analysis, the effectiveness of using the deep learning model CNN-LSTM to predict the price of Bitcoin is demonstrated, and the directions of future research and optimization strategy are proposed. In summary, this paper comprehensively presents the research status and prospects of cryptocurrency and its price prediction field through systematic introduction and analysis.

The metaverse is gradually expanding. There is a growing number of photo and video recordings of metaverse virtual worlds being used in multiple domains, with growing collections. An essential element of the metaverse and its recordings are avatars. In this paper, we present a novel task of avatar detection in metaverse recordings, supporting semantic retrieval in collections of metaverse recordings and other use cases. Our work addresses the characterizations and definitions of avatars and presents a new model supporting avatar detection. The latest object detection algorithms are trained and tested on a variety of avatar types in metaverse recordings. Our work achieves a higher level of accuracy than existing models, which encourages further research in this field.

This study examines the aggregate consumption function of Saudi Arabia from 2000 to 2022, focusing on identifying key determinants of household consumption and evaluating the impacts of disposable income, household wealth, government expenditure, interest rates, and oil revenues. The research uses advanced econometric methods, including the Autoregressive Distributed Lag (ARDL) model and Johansen cointegration test, to analyze the relationships among these variables. The findings reveal that disposable income, household wealth, and government expenditure significantly and positively influence consumption, whereas interest rates show a negative correlation. Oil revenues also play a critical role, reflecting the country's economic reliance on oil. The study highlights the necessity for economic diversification to reduce the impact of oil price volatility on household income and consumption stability. The results offer crucial insights for policymakers, emphasizing the need for strategies that enhance household income and wealth, maintain robust public sector spending, and effectively manage interest rates. These findings also support the importance of consistent and predictable income sources for sustaining consumption. Additionally, this study suggests directions for future research, including developing sophisticated forecasting models to predict consumption trends and exploring other influencing factors such as demographic shifts and technological progress.

Recent digital transformations have significantly impacted the current society, economy, and culture. This includes adoption of rapidly emerging technologies, such as artificial intelligence (AI), immersive technology (e.g., virtual, augmented, mixed and extended reality (VR/AR/MR/XR)), cloud services, and internet of things, in our day-to-day life. `Metaverse’ has emerged as a technology that incorporates many of these transforming technologies to deliver personalised immersive experience related to specific application areas. A potential major beneficiary of Metaverse is the educational ecosystem, where highly immersive learning experiences can be delivered to students, catering to their personal learning needs and train them on life skills such as empathy, ethical qualities, and communication skills. The present-day Metaverse allows physical engagement, enabling users to utilise limb movements to interact with the presented materials. However, ethical concerns and technical limitations impede the widespread implementation of the Metaverse in the real-world. This paper provides a comprehensive survey of the existing literature covering the architecture, type and components of Metaverse, followed by practical aspects of metaverse implementation. The paper is concluded by discussing on the open challenges and issues along with their mitigation strategies and future research directions after the detailed usecase of Metaverse in Education.

Based on the data of A-share listed companies in Shanghai and Shenzhen of China from 2011 to 2018 and the digital inclusive finance index of Peking University (2011-2018), this paper empirically tests the impact of digital finance development on corporate social responsibility in various provinces of China and its impact mechanism. The results show that: (1) the development of digital finance helps to promote the fulfillment of corporate social responsibility; (2) the influence mechanism of the development of digital finance to promote the fulfillment of corporate social responsibility lies in that it reduces the cost of debt financing and leads to the improvement of corporate social responsibility.(3) Further research shows that the positive relationship between digital finance and corporate social responsibility is more significant in private enterprises. At the same time, the impact is more significant in areas with poor market environment. The above research shows that the development of digital finance has a significant positive effect, which will improve the level of corporate social responsibility.

Green finance in the context of sustainable development sits within the broader discourse of environmental economics and sustainable finance. Their integration has become imperative in addressing global challenges, aiming to understand how financial mechanisms can be aligned with sustainability goals, investigating the role of green finance in promoting environmentally friendly investments and fostering sustainable development. This bibliometric analysis explores the evolution, trends, and challenges in green finance research. It examines 436 articles published between 2016 and 2024, revealing insights into influential publications, authors, journals, institutions, and countries engaged in green finance for sustainability. The study identifies China, the UK, and Pakistan as leaders in research output and citation impact. Furthermore, it highlights the interdisciplinary nature of green finance, reflected in diverse publication outlets spanning environmental, social, and economic domains. The analysis underscores the increasing global interest in green finance, as evidenced by the growing citation rates over time. Key findings include the pivotal role of green finance in energy efficiency, renewable energy development, and the promotion of sustainable economic growth. Overall, this research provides valuable insights for policymakers, researchers, and practitioners, emphasizing the importance of interdisciplinary collaboration and continued research efforts in advancing sustainable finance agendas.

This study delves into the intricate interplay of economic growth components, specifically focusing on Consumption and investment in Saudi Arabia from 2000 to 2022. Employing vector error correction models and cointegration techniques, we analyze the short- and long-term dynamics within the relationship of Consumption, investment, and economic growth. Granger causality analysis is also used to discern these pivotal variables' causal connections. Our empirical analysis reveals a persistent long-term cointegration relationship among the variables, underscoring the enduring nature of their interdependency. Furthermore, our findings highlight Consumption and investment's statistically significant positive impact on economic growth. Notably, the short-term analysis unveils a stable model characterized by an annual adjustment to equilibrium of 100%.Moreover, the Granger causality study demonstrates unidirectional causal linkages between Consumption, investment, and economic growth. These findings hold substantial implications for policy formulation in Saudi Arabia. Policymakers must grasp the ramifications of burgeoning prosperity and evolving private consumption patterns on future environmental outcomes. Achieving sustainable long-term results necessitates equal emphasis on bolstering private Consumption and fostering other facets of economic growth.

With the aging of China's population, the problem of pension security has become more and more prominent, and whether delayed retirement can effectively alleviate the pension fund gap and ensure the sustainability of the pension fund has become the focus of social concern. This study predicts the income and expenditure of urban workers' basic pension insurance fund from 2021 to 2050 by constructing an actuarial model of pension insurance fund income and expenditure, and simulates the effect of delayed retirement policy. The prediction results show that under the existing system, the basic pension insurance fund for urban workers will have a shortfall for the first time in 2027, and the shortfall will expand year by year. Compared with the non-implementation of delayed retirement policy, the simulation of the implementation of delayed retirementt program delayed the emergence of the fund gap until 2029, and the forecast period of the pension fund gap significantly narrowed, indicating that delayed retirement policy has a certain positive impact on alleviating the pressure of pension payments, but delayed retirementt can not completely eliminate the pension fund gap. In view of this, this paper suggests that a progressive and flexible delayed retirement policy should be introduced as soon as possible to better adapt to the needs of different groups. At the same time, differentiated policies should be formulated for different groups of people and a pension incentive mechanism for delayed retirement should be set up to improve public acceptance of delayed retirement policy. In addition, delayed retirement policy should be combined with other measures, such as lowering the corporate contribution rate and enhancing the value-added capacity of the pension fund, so as to ensure the sustainability of the pension fund.

The industrial metaverse paradigm is generally a virtual environment that integrates various technologies such as augmented reality (AR) and mixed reality (MR) to enhance business operations and processes. It aims to streamline workflows, reduce error rates, improve efficiency, and provide a more engaging experience for employees. The promise of the industrial Metaverse to drive sustainability and resource efficiency is compelling. Utilizing advanced technologies like the Industrial Metaverse is essential for staying competitive in today’s rapidly evolving business environment. However, the environmental impact of the technologies underpinning the industrial metaverse, like data centres and network infrastructure, should not be overlooked. The ecological footprint of these technologies must be considered in the sustainability equation. Researchers have warned that by 2025, without sustainable AI practices, AI will consume more energy than the human workforce, significantly offsetting carbon-zero gains. As the metaverse persists in evolving and gaining momentum, it will be necessary for companies to prioritize sustainability and explore new ways to balance technological advancements with environmental stewardship. However, recent studies have conjectured that the Metaverse holds the potential to reduce carbon emissions, as digital replacements for physical goods become more prevalent and physical activities like mobility and construction are reduced. However, the specific extent to which this substitution can alleviate environmental concerns remains understudied, presenting a knowledge gap in understanding the real-world impact of digital replacements. Thus, the objective of this paper is to provide a comprehensive review of the industrial metaverse as well as explore the environmental impact of the industrial metaverse. The methodological approach is that of integrative literature review design wherein multiple sources from web science and databases such as ACM library, IEEE Library, and Google Scholar, were analysed to provide a comprehensive understanding of the developments in the industrial metaverse. Specifically, firstly by considering the Industrial metaverse architecture we elucidate the concept of the "industrial metaverse" and the associated enabling technologies. Secondly, an exploration through discussion, of the prevalent use cases and deployment of the emerging industrial metaverse. Thirdly, exploration of the impact of the industrial metaverse on the environment. In the fourth instance, we address novel security and privacy risks as well as upcoming research challenges, keeping in mind that the industrial metaverse is based on a strong data fabric. Results point to the Industrial Metaverse as having both positive and negative environmental effects by energy consumption, e-waste, and pollution. Overall research, however, indicates that most industrial metaverse applications have a positive environmental impact and subsequently trend toward sustainability. Ultimately for sustainability in the industrial metaverse, enterprises may consider utilizing renewable energy sources and cloud services. Furthermore, examining the effects of products on the environment as well as creating a circular economy.

Energy from biogas is one of the most promising renewable energy sources. Significant, for technical, economic, and environmental reasons, is the construction of agricultural microgas plants next to households specialising in cattle rearing. The availability of free substrate makes it possible not only to produce one's electricity and heat but also to produce a more environmentally and human-friendly manure. The operation of biogas plants is, unfortunately, associated with technical problems. This paper presents the results of a study of the quality of electricity generated in an agricultural biogas plant built at a farm specialising in dairy cows, where the owner reported a problem with the voltage in the power supply network. Therefore, selected power quality parameters occurring at the connection point of the biogas plant were analysed in detail. As the authors' research showed, in the case in question, the agricultural biogas plant was connected via a cable with too small a conductor cross-section, which resulted in significant voltage exceedances, making it impossible to switch on the second of the biogas plant's generators. Replacement of the feed-in cable has enabled both generators to run, but significant fluctuations in the feed-in voltage values were still noticeable. Analysis of the subsequent measurements revealed the need for changes in the design of the digester itself. The proposal for change is to replace the two current digester mixers (each rated at 9 kW) with more mixers of lower power. The new mixers would operate in an alternating system, where only one would always be activated.

The paper examines the impact of inward remittances flows on per capita GDP growth in Bangladesh during 1976-2012. We find that the growth effect of remittances is negative at first but becomes positive at a later stage, an evidence of a non-linear. Unproductive use of remittances was rampant in the beginning when they were received by migrant families but better social and economic investments led to more productive utilisation of remittances receipts at later periods. This was the possible mechanism behind the U-shaped relationship. Unlike what is suggested in the literature that the effect of remittances is more pronounced in a less financially developed economy, our evidence do not show that the effect of remittances on per capita GDP growth in Bangladesh is conditional on the level of financial development.

Most research on sustainable small-scale, local producer lifestyles emphasises healthy food production, lacking integration of mental and spiritual well-being into a holistic concept of a healthy lifestyle. This study explores the motives behind the production activity of producers engaged in sustainable food production in several Western Hungarian sub-regions, aiming to identify their attitudes and motivations. The small-scale entrepreneurial mindset encompasses needs beyond physical and ethical aspects, such as involvement, socio-cultural attachment to the past, tradition, nature, place, and local culture. An online questionnaire was conducted with 73 local producers in the second quarter of 2024. The results of the factor and cluster analyses were used to classify the producers into two clusters: the "Value-Creator" and the "Proud" clusters. The main features of these two clusters were illustrated in persona profiles. The "Value-Creator" cluster, mainly women, feel a strong connection to the local community and view sustainable production as a lifestyle choice. The "Proud" cluster, consisting of young men, focus on the quality and uniqueness of their products. This research contributes to a deeper understanding of sustainable production by exploring producers' intrinsic motivations and lifestyle choices. The findings could also inform other entrepreneurial projects, such as urban initiatives.

Over the past decade, there has been a remarkable acceleration in the evolution of smart cities and intelligent spaces, driven by breakthroughs in technologies such as the Internet of Things (IoT), edge-fog-cloud computing, and machine learning (ML)/Artificial Intelligence (AI). As society begins to harness the full potential of these smart environments, the horizon brightens with the promise of an immersive, interconnected 3D world. The forthcoming paradigm shift in how we live, work, and interact owes much to groundbreaking innovations in augmented reality (AR), virtual reality (VR), extended reality (XR), Blockchain, and Digital Twins (DT). However, realizing the expansive digital vista in our daily lives is challenging. Current limitations include an incomplete integration of pivotal techniques, daunting bandwidth requirements, and the critical need for near-instantaneous data transmission, all impeding the digital VR Metaverse from fully manifesting as envisioned by its proponents. This paper seeks to delve deeply into the intricacies of the immersive, interconnected 3D realm, particularly in applications demanding high levels of intelligence. Specifically, this paper introduces Microverse, a task-oriented, edge-scale, pragmatic solution for smart cities. Unlike an all-encompassing Metaverses, each Microverse instance serves a specific task as a manageable digital twin of an individual network slice. Each Microverse enables on-site/near-site data processing, information fusion, and real-time decision-making within the edge-fog-cloud computing framework. The Microverse concept is verified using smart public safety surveillance (SPSS) for smart communities as a case study, demonstrating its feasibility in practical smart city applications. The aim is to stimulate discussions and inspire fresh ideas in our community, guiding us as we navigate the evolving digital landscape of smart cities to embrace the potential of the Metaverse.

Metaverse has become an emerging trend for both academia and industry, and it seems to concern the next generation of the Internet. Although it is still in its grassroots, metaverse is estimated to bring disruption to people’s lives. One of the effects concerns the generation of new value oppor-tunities that don't exist in real life. These new types of value as well as their impact on people's lives must be explored. In this respect, this paper utilizes literature evidence to define the value types of metaverse, which are circulated with experts from the focus group on metaverse of the Interna-tional Telecommunications Union. Results uncover economic, public, and social values that metaverse generates, which can ensure its financial viability and the community's social sustaina-bility. The economic value sources come from both the industrial and the commercial sectors, while the public values concern citizen empowerment and government efficiency. The social values of metaverse concern employment growth, and the provision of immersive experiences in enter-tainment and education environments. Finally, this paper critically reviews their role for envi-ronmental, economic, and social sustainability. The literature review indicated that metaverse can on the one hand, enhance sustainability but on the other hand, it can cause environmental impact.

"Metaverse" as a term came to the fore in 2021 when Facebook rebranded its corporate identity to Meta, and signaled its intention to invest at least $10 billion in developing the concepts and related products that year. However, there is still little consensus in defining what constitutes the metaverse, although there is a widespread, though not universal, agreement that it will bring a wide range of benefits across society. More specifically, the advent, and continuing evolution, of the metaverse has strategic and operational implications for, and impacts on, industry and business at large. Adopting an inductive, interpretivist approach, this exploratory research article presents case examples of the guidance on the responsible development of the metaverse provided by two IT business services companies. The article identifies the major risks and responsibilities associated with the metaverse and assesses how companies might address these responsibilities. Very little research has been published in this area and this article attempts to make a small contribution to filling this gap in the literature. The article finds that responsibilities are largely in line with those currently associated with corporate digital responsibility, and concludes that the strategic impact and extent of regulatory change will depend on the nature of the metaverse that materialises in the forthcoming decade.

Given the contradiction between the current demands for sustainability and the way the financial system works, this paper explores in a retrospective and a prospective view the Romanian Public Finance Sustainability, highlighting the major challenges and vulnerabilities. For the retrospective part, we concentrate mainly on empirical tests on Romanian government solvency between the period 1986- 2016, by applying unit root and co-integration tests. To gain a better, general understanding of the behavior of policy-makers, in the second part we use a scenario analysis of budgetary adjustment in the short and medium run under alternative hypotheses. The results provide a formal proof that policy makers decisions face critical and complex questions and the way in which they manage fiscal stimuli have a direct implication on the sustainability of the country and on the lax implementation of fiscal policy.

The evaluation of crowdfunding campaigns varies from person to person; some investors are more interested in the creativity of the project, and others are more concerned with the profiles of entrepreneurs. The study investigated how entrepreneurs’ face disclosure influenced the success of crowdfunding. Secondary data was collected from multiple crowdfunding platforms for projects in Africa, that is, cross-country data from 54 African countries, to overcome data limitations from a single country. Econometrics analysis revealed that the facial disclosure of entrepreneurs increases the probability of crowdfunding success. Images, videos, and backers had a positive influence on the success of crowdfunding. On the contrary, the duration of the crowdfunding campaign was negatively associated with its success. To reduce the knowledge asymmetry between creators and backers, those prepared to start a crowdfunding project must provide as much information as possible to show their abilities. This study contributes to understanding the role of disclosing an entrepreneur’s profile on economic exchanges in the success of online crowdfunding. The signalling and agency theories support the finding. The findings were limited to crowdfunding projects on the African continent and are not necessarily applicable to some developed countries.

In this paper, we define the cohomology of a modified $\lambda$-differential left-symmetric algebra with coefficients in a suitable representation. We also introduce the notion of modified $\lambda$-differential left-symmetric 2-algebra. We classify linear deformations and abelian extensions of modified $\lambda$-differential left-symmetric algebras using the second cohomology group and classify skeletal modified $\lambda$-differential left-symmetric 2-algebra using the third cohomology group as our propose cohomology applications. Moreover, we prove that strict modified $\lambda$-differential left-symmetric 2-algebras are equivalent to crossed modules of modified $\lambda$-differential left-symmetric algebras.

Semenov-Tian-Shansky has introduced the modified classical Yang-Baxter equation, which is called the modified $r$-matrix. Relevant studies have been extensive in recent times. This paper is devoted to study cohomology theory of modified Rota-Baxter pre-Lie algebras and its applications. First we introduce the concept and representations of modified Rota-Baxter pre-Lie algebras. We then develop the cohomology of modified Rota-Baxter pre-Lie algebras with coefficients in a suitable representation. As applications, we consider the infinitesimal deformations, abelian extensions and skeletal modified Rota-Baxter pre-Lie 2-algebra in terms of lower degree cohomology groups.

In a one price economy, the Fundamental Theorem of Asset Pricing (FTAP) establishes that no-arbitrage is equivalent to the existence of an equivalent martingale measure. Such an equivalent measure can be derived as the normal unit vector of the hyperplane that separates the attainable gain subspace and the convex cone representing arbitrage opportunities. However, in two-price financial models (where there is a bid-ask price spread), the set of attainable gains is not a subspace anymore. We use convex optimization, and the conic property of this region to characterize the “No-Arbitrage” principle in financial models with the bid-ask price spread present. This characterization will lead us to the generation of a set of price factor random variables. Under such a set, we can find the lower and upper bounds (supper-hedging and sub-hedging bounds) for the price of any future cash flow. We will show that for any given cash flow, for which the price is outside the above range, we can build a trading strategy that provides one with an arbitrage opportunity. We will generalize this structure to any two-price finite-period financial model.

This study was aimed to investigate the effect of capital structure on firms’ profitability with special emphasis on Ethiopian Large Private Manufacturing Firms using panel data of five consecutive years (2006/07-2010/11G.C). The secondary data sources (audited financial statements) have been collected from the randomly selected thirty three large private manufacturing firms in Ethiopia. Linear regression model has been employed to analyze the relationship between firms’ profitability and capital structure. Specifically, Random-effect Generalized Least Square of panel data regression model has been selected to empirically test the literature driven hypotheses. Finally, the findings of this study revealed that a significant positive relationship between firms’ profitability and total debt ratio which indicate firm’s capital structure.

Our aim is at three feels: i) study safe haven properties of sectoral CDS; ii) study hedging effectiveness and measure the diversification benefits of introducing them in both Conventional and Islamic stock markets portfolios and iii) compare these results with VSTOXX, Gold and Bitcoin indices. To do this, we estimate time varying hedge ratio using (A)DCC and GOGARCH models and then deduce hedging effectiveness.. We follow the same methodology for each sub-period and each refit to test the effect of bubble crypto currency and COVID-19 pandemic on hedging effectiveness. Empirical results show the superiority of industrial CDS sectoral index to hedge both conventional and Islamic stock markets whether long or short term despite that their performances were reduced slightly during the second and third periods. VSTOXX and Others sectoral CDS indices offers Hedging performances that are generally better than Bitcoin and gold.

Evaluating the economic and environmental effects of farmers' green production behaviors holds important reference value for promoting sustainable agricultural development, alleviating agricultural non-point source (NPS) pollution, and achieving the organic combination of environmental protection and economic development. This paper utilizes survey data from 1,345 farm households in the main rice production areas of Jiangxi Province, China, using the example of reduced fertilizer application (RFA) among rice farmers. By constructing a DEA—SBM model with undesirable outputs to measure environmental effects, and applying an endogenous switching model to test the economic and environmental effects of farmers' adoption of green production technologies. The study found that: (1)The behavior of RFA by farmers has a significant positive impact on their net profit per mu(NPPA), helping farmers increase their income, with the increase ranging from 2.05% to 6.54%. (2)The behavior of RFA by farmers has a significant positive impact on agricultural green productivity(AGP), contributing to the improvement of the environment, with the improvement ranging from 44.09% to 45.35%. (3)Heterogeneity analysis found inconsistencies in the income-enhancing and environmental-enhancing effects at different quantiles of NPPA and AGP. Therefore, attention should be placed on improving the agricultural product quality supervision system under the market circulation mechanism, creating land scale conditions conducive to the promotion and application of fertilizer reduction technologies, and promoting the implementation of externality internalization compensation systems.

This research explores the behaviors of Generation Z consumers in China, particularly focusing on their interaction with companies through social media for the joint creation of value. Adopting a qualitative methodology, the research initially constructs a scale for assessing co-creation of value on social media platforms. Subsequently, it delves into the motivational aspects of users' engagement in these co-creative activities. The study unveils a range of utilitarian and hedonic motivations that drive Generation Z's value co-creation actions on social media. Insights derived from the findings offer both theoretical and practical implications for the field.

The present research focuses on the endogenous development theory and investigates the relationship between economic growth (dependent variable) and renewable energy consumption, technological innovation, and export diversification (independent variables) in seven emerging economies known as the E-7. Previous studies have examined these factors individually but have not explored their combined impact on the E-7 economies. Therefore, this study contributes to the existing literature on the effects of renewable energy consumption, technological advancement, and export diversification on economic development. The study analyses the dynamic connection among these variables in seven selected emerging countries: Brazil, China, Indonesia, India, Mexico, Russia, and Turkey. Panel data from 1990 to 2022 is utilized, and various methodologies, including panel cointegration, the PMG-ARDL estimator, and robustness tests such as FMOLS and DOLS, are employed. Empirical inferences are drawn using the Dumitrescu-Hurlin Panel Causality (DHC) test, and the long-run relationships among the variables are validated using the Westerlund residual cointegration tests. The results from the PMG-ARDL estimator show that renewable energy consumption, technological advancement, and export diversification have a significant and positive impact on economic expansion, confirming the validity of the endogenous growth model in the E-7 countries. The control variable of the financial sector has a positive but insignificant effect on economic growth, while trade openness has a negative and significant effect. The DHC test results indicate a neutral feedback effect of renewable energy consumption on economic growth. The findings also reveal a unidirectional causal relationship between technological innovation and economic growth. Overall, these findings provide valuable insights for economic policymakers in the E-7 countries. By removing barriers to renewable energy consumption, technological innovation, and export diversification, policymakers can promote sustainable economic development.

The present study aims at investigating the relationship between Initial Public Offerings (IPOs) variables mainly underpricing on one hand, and the brand value measures on the other. Our final data set is 104 international brand companies. We implement empirical approach using hierarchical OLS regression and descriptive statistics. We show that underpricing is positively related to brand value which emphasizes the marketing role of going public and underpricing in enhancing brand equity through the product market, which additionally confirms some information asymmetry models. We also find that on average brand companies had not been recognized as brands at the IPO time. Moreover, we show the positive role of private equity in enhancing brand value, additionally, the non-linear association between underpricing and brand value is not evident. Finally, we draw some policy implication and suggestions for future research.

This study delves into the essential characteristics of the Metaverse and its impact on the real world. The Metaverse, a parallel universe composed of countless 3D virtual worlds, has become a hot topic in technology. With the development of advanced technologies such as Virtual Reality (VR), Augmented Reality (AR), blockchain, and Artificial Intelligence, the Metaverse is gradually changing people's lifestyles and work methods, expanding the boundaries of the digital economy. This study profoundly investigates the attributes of the Metaverse, such as asset digitization, application scenario-based, scope economy, industry universality, integrated innovation, and the platform ecosystem. Additionally, we propose a theoretical framework to aid in understanding and shaping this emerging field. We conducted a thorough study and analysis of a specific case, explored the key features of the Metaverse, unveiled the profound impact of Metaverse characteristics on social and economic development, and verified our theoretical framework with this case. This research provides new perspectives and methods for academic studies and offers robust support and guidance for practical applications and decision-making.

The purpose of this project is to explore the potential of Long Short-Term Memory (LSTM), a type of recurrent neural network (RNN), as a tool for making directional predictions for assets. The focus will be on using LSTM for classifying up/down moves in stock indices, stocks, and FX rates (EUR/USD). Various financial ratios, advanced technical indicators, and volatility estimators will be used as features to enhance the predictive power of the model. Incorporating credit spreads and news indicators can also improve the model. The advantage of LSTM is its ability to handle sequences of arbitrary length, which means that longer time frames such as 5-day, 10-day, or 1-week returns can be used for prediction. Before using RNNs, exploratory data analysis (EDA) will be performed to understand the underlying patterns in the data. This may include dimensionality reduction techniques such as autoencoding, self-organizing maps, or decision tree regression. The results of the EDA will be used to guide the selection of features for the LSTM model. It is important to note that long memory and stationarity are common characteristics of time series data, such as interest rates or economic indicators. Power-law autocorrection, Hurst exponent fractional, or Markov processes may be used to model these data. Predicting 5-day, 10-day returns for equities or 1-week, 1-month returns for financial factors presents two challenges. First, a large amount of data is required, typically 7–10 years of data. Second, positive autocorrelation in the 5-day or 10-day returns in equity time series must be isolated.

Digitalization has fundamentally changed the global economy and will continue to do so. This study investigates how the US Federal Reserve and US Treasury may work together to use decentralized finance (DeFi) systems to promote economic growth in local communities. The study looks into the potential for transformation and the difficulties in incorporating DeFi into conventional financial institutions. Research shows that the use of cash as a means of payment is widely expected to decline in the future. As a result, the public’s ability to make transactions using central bank money may decline rapidly. This study's goals are to solve economic issues, promote innovation, and increase financial efficiency. The use of in-depth interviews, theme analysis, case studies, stakeholder perspectives, comparative analysis, and document analysis is suggested as part of a qualitative research methodology. The goal of these approaches is to offer a sophisticated comprehension of the dynamics of collaboration and the consequences of DeFi integration in the context of the Federal Reserve-Treasury relationship. Important data sources that are necessary to answer the research question are indicated, such as US Treasury statistics, Federal Reserve publications, DeFi platforms, and International Monetary Fund economic indicators. Informed decision-making and policy formation may pave the way for a more inclusive and efficient financial ecosystem, which will eventually drive regional economic growth in the United States and promote monetary sovereignty for the aforementioned monetary entities. This can be achieved by investigating creative collaboration tactics between the Federal Reserve and the US Treasury.

Many businesses, including finance, want to both understand and utilize blockchain technology. However, there is no detailed systematic literature review (SLR) analyzing blockchain technology in finance in order to understand it. This study emphasizes in detail the possible applications of blockchain in finance, its technical features, benefits and challenges. According to the literature review, blockchain technology has the potential to improve the efficiency of the financial sector, reduce costs and increase transparency and security. Regulatory constraints as well as concerns over scalability and interoperability are barriers that need to be resolved. In order to fully understand the potential of blockchain technology, this SLR explores the current state of research on blockchain in finance. In addition to analyzing the technical features of blockchain, the study also details its current and potential application areas, benefits and challenges. This research analyses the use of blockchain in finance in view of its infrastructure, technology, benefits and challenges for further research and application areas. In the study, 54 articles were evaluated and 34 of them were used for SLR questions. The usage of blockchain in finance is examined from a variety of aspects in this SLR. The study provides answers to nine questions about its application areas, benefits, infrastructure, technology, consensus methods, permission types, and challenges. In some cases, it also gives the correlation relationship between the answers.

Global warming may increase the potential evapotranspiration (Etp), thereby affecting the amount of clean water resources available in a region. In this study, the systematic biases in temperature outputs of 24 global climate models (GCMs) under 3 emission scenarios are corrected by using 8 bias correction methods. The trend of Etp in Yangzi River Delta in the 21st century is projected by using 4 Etp calculation formulas. The uncertainty of the projections is estimated and decomposed by using multi-way analysis of variance. The influence of uncertainty on the projected change signal is quantified by using the signal-to-noise ratio. The results show that, relative to the reference period (1971~2000), the annual mean daily Etp in Yangzi River Delta will increase by 0.14~0.17mm/d during the period 2021~2050 and by 0.21~0.41mm/d during the period 2061~2090, respectively. During 2021~2050, the uncertainty of Etp increase projections is dominantly contributed by the main effects of GCM (63%) and Etp calculation formula (24%). During 2061~2090, it is mainly contributed by the main effect of GCM (36%), followed by the main effects of emission scenario (34%) and Etp calculation formula (18%). The increase projections of Etp are generally reliable and robust during the two projection periods.

The aim of the article is to present a snapshot in time, of the current state in cryptocurrencies, the values and risks associated to blockchains. With emergence of over 20,000 crypto projects, the first objective of this article is to present the stage as it is in 2023, with historical overview since Satoshi presented the first paper on decentralised blockchains, until today. Second objective of the article is to review the values and risks associated to cryptocurrencies, and to clarify the differences between cryptocurrencies from blockchain technologies. The research questions that drive this article are related determining if the blockchain technology an innovation or its already obsolete technology? Are there any significant risks from cryptocurrencies? And are the potential values to society and economy worth pursuing? Would developed or developing countries benefit more from these technologies? And which blockchain projects will survive in the long run? In other words, where is the money and is there money or just hype. The review discusses the high probability that some crypto projects will fail, and given the vast number of cryptos, the article acknowledges that many of these projects are nothing more than ponzies. These are discussed and acknowledged, then the focus is shifted to the real-world use cases of blockchain projects.

This article examines the integration of artificial intelligence (AI) and robotic process automation (RPA) in financial accounting and management, underscoring their role in driving the digital transformation of corporate finance. It discusses the shortcomings of traditional financial processes and highlights the potential of AI and RPA technologies to enhance efficiency, accuracy, and cost-effectiveness. The paper also explores the limitations of RPA, such as its challenges in processing unstructured data and handling complex decision-making scenarios. Looking forward, it considers the future trends in AI and RPA, emphasizing the benefits of cloud technology in scaling automated systems and addressing associated challenges.

In recent years, Ethiopia's number of returnee entrepreneurs has increased dramatically, significantly contributing to personal financial achievement and the nation's economic development and transformation. However, their businesses are typically smaller and less profitable than non-migrant entrepreneurs. This study explores factors affecting the success of these returnee migrant entrepreneurs, including individual characteristics, entrepreneurial skills, and experience, financial resources, as well as the mediating role of government policies and institutional support. Data was collected from 390 returnee migrants who started their businesses and analyzed using a robust theoretical foundation and PLS-SEM to understand the impact of success factors. The results show that entrepreneurial skills, experience, and financial resources positively and significantly influence the success of returnee migrant entrepreneurs. Furthermore, social networks, while not directly significantly influencing the entrepreneurial success of returnee migrants are mediated by government policies and institutional support. Professional guidance and counseling provided by experts and mentors of the accelerator program were found to be essential for entrepreneurial success but did not improve the effectiveness of the policy. Financial resources, although crucial, did not significantly impact policy efficacy. These findings underscore the need for tailored policy interventions addressing the challenges faced by returnee migrants, including economic self-sufficiency, socio-psychological support, and effective social networks to boost the success of returnee migrants. Experienced returnee entrepreneurs play a key role in developing a vigorous and supportive entrepreneurial ecosystem through community engagement and policy advocacy. Additionally, personal traits are crucial for entrepreneurial success, while practical experience influences government policies for substantiated policy development in returnee migrant entrepreneurship and its benefits.

The metaverse, a virtual world comprising a collective virtual shared space where users interact with one another through avatars and computer-generated objects, aims to closely mimic our real world by integrating elements of Artificial Intelligence (AI), immersive reality, advanced connectivity, and Web3. As metaverse technologies gain momentum across multiple sectors, including animal farming, their potential for addressing complex challenges such as climate change and sustainability in precision food production systems becomes increasingly apparent. However, it is crucial to consider the ethical implications and the role of sensor data and livestock behavior analysis in developing metaverse technologies for modern animal farming, given the sensitive and controversial nature of animal welfare. Failure to address these ethical considerations and harness the power of sensor data and behavior analysis could lead to a lack of credibility and insensitivity towards adopting metaverse technologies in the animal farming sector. It is essential to ensure that the development of metaverse technologies does not prioritize technology over animal welfare, ethics, socio-economic implications, and the potential for data-driven insights. Addressing diversity and equity in the context of animal farming and the metaverse is crucial to avoid perpetuating existing inequalities during the implementation of metaverse technologies. This groundbreaking paper ventures into unexplored territory, shedding light on the untapped potential of the metaverse for modern animal farming. While research on this topic is still in its infancy, we embark on a journey of visionary speculation, presenting a compelling technology forecast that envisions the extraordinary possibilities awaiting us in the future. By delving into the metaverse's transformative capabilities, we provide a glimpse into a world where animal farming transcends its traditional limitations and embraces a new era of efficiency, sustainability, and ethical practices.

This comprehensive review digs into the complex landscape of the Metaverse, focusing on user perceptions and the critical roles of usability, social influence, and interoperability. The paper integrates various scholarly insights, underscoring the Metaverse's evolving significance in the digital realm and its implications across diverse sectors. Central to the findings is the importance of usability. The influence of social factors is also prominent, shaping user behavior and decision-making within these virtual spaces. Interoperability becomes a big problem, showing how important it is to have standard protocols and technologies so that experiences on different Metaverse platforms are smooth and seamless. The review further reveals insights into user experience and accessibility, emphasizing the need for inclusive, ergonomic, and user-friendly design to enhance engagement and reduce barriers. Moreover, the paper discusses the ethical and societal implications of the Metaverse, including issues like digital harassment, aggressive marketing, and privacy concerns, which call for responsible development and robust regulatory frameworks. Additionally, the review identifies gaps in current research, particularly in user experience in healthcare applications, the impact of the Metaverse on educational outcomes, and the need for more empirical studies on the long-term effects of Metaverse interactions on user behavior and psychology. This synthesis offers a detailed overview of current user perceptions and challenges within the Metaverse and sets the stage for future research directions, aiming to foster a secure, inclusive, and interoperable Metaverse environment that aligns with ethical standards and societal needs.

This study investigates the evolving corporate governance mechanisms within the context of an emerging economy. Addressing a literature gap, we analyse the influence of corporate governance and earnings quality on idiosyncratic risk in an emerging economy. In particular, this research explores the impact of corporate governance practices and earnings quality on idiosyncratic risk. For this purpose, we utilise a sample of 75 non-financial firms listed on the Pakistani equity market over nine years from 2010 to 2018. Employing the generalised method of moments, the findings of our empirical analysis reveal that firms with robust governance mechanisms and higher earnings quality experience minimal idiosyncratic risk. These outcomes provide valuable insights for standard setters, regulatory authorities, policymakers, and other stakeholders, emphasising the importance of governance mechanisms and earnings management in mitigating idiosyncratic return volatility.

Property Assessed Clean Energy (PACE) programs finance energy efficiency and renewable energy improvements in residential and commercial properties with a special tax assessment added to property taxes. The paper surveys the literature and documents the quantitative estimates of environmental and economic benefits. The paper extends to discuss the securitization of PACE loans. The issuance of PACE green bonds frees up capacity for more PACE improvements. In addition, we summarize the concerns raised after the programs have been implemented. Those concerns include consumer protection, audit after program implementation, and lien-related risks for lenders. We highlight the challenges and discuss measures to continue to grow PACE financing. The success of PACE programs will contribute to mitigating climate change and to achieving the United Nations Sustainable Development Goals (SDGs).

The integration of generative AI (GAI) into the financial sector has brought about significant advancements, offering new solutions for various financial tasks. This review paper provides a comprehensive examination of recent trends and developments at the intersection of GAI and finance. By utilizing an advanced topic modeling method, BERTopic, we systematically categorize and analyze existing research to uncover predominant themes and emerging areas of interest. Our findings reveal the transformative impact of finance-specific large language models (LLMs), the innovative use of generative adversarial networks (GANs) in synthetic financial data generation, and the pressing necessity of a new regulatory framework to govern the use of GAI in the finance sector. This paper aims to provide researchers and practitioners with a structured overview of the current landscape of GAI in finance, offering insights into both the opportunities and challenges presented by these advanced technologies.

Responding to the substantial finance gap for achieving Sustainable Development Goal 6.1 and 6.2, the Water and Sanitation sector has mobilized to launch new blended finance vehicles with increasing frequency. The sustainability and scale-up of financial solutions is intended to support increased access to unserved, marginalized populations. However, without addressing foundational issues in the sector, any finance mechanism, whether public, private or blended, will be a short-term, band-aid solution and the sector will continue the cycle of dependency on external assistance. This paper presents the results of a collaborative effort of Water.org, IRC WASH and the World Bank Water Global Practice. Drawing from the latest research on effective public financial management and based on evidence from the countries where these organizations work, the paper demonstrates that sustainable success in mobilising finance at large scale is dependent on a reasonable level of performance across 10 foundational areas. The paper presents evidence on the 10 foundational areas and discusses why other aspects of finance and governance while necessary are not sufficient. Better coordination amongst all development partners and governments, including a collective commitment to and prioritization of working on these foundational issues, is a necessary first step.

The concept of a metaverse, a shared virtual space that brings together the physical and digital worlds, has been a topic of interest for decades. With recent advancements in technology, particularly in virtual reality (VR), augmented reality (AR), and blockchain, the metaverse has become a rapidly evolving and promising ecosystem. This paper provides a review of the metaverse, exploring its history, evolution, and current state of development. The paper delves into the different types of the metaverse, including fully immersive VR metaverses, hybrid metaverses that blend the physical and virtual worlds, and decentralized metaverses that are powered by blockchain. Additionally, the paper examines the impact of web 3.0 on the metaverse, as well as the various technologies used to create and sustain the metaverse, including VR, AR, and blockchain. Furthermore, the paper explores the concept of digital ownership and the potential for marketing and commerce within the metaverse. This paper serves as a review of the metaverse and its various components, providing insights into its history, development, and prospects, and is intended to provide a foundation for further research into this exciting and rapidly evolving ecosystem.

The last-mile logistics in cities have become an indispensable part of the urban logistics system. This study aims to explore the effective selection of last-mile logistics nodes to enhance the efficiency of logistics distribution, strengthen the corporate distribution image, and further reduce corporate operating costs and alleviate urban traffic congestion. This paper proposes a clustering-based approach to identify urban logistics nodes from the perspective of geographic information fusion. This method comprehensively considers several key indicators, including the coverage, balance, and urban traffic conditions of logistics distribution. Additionally, we employed a greedy algorithm to identify secondary nodes around primary nodes, thus constructing an effective nodal network. To verify the practicality of this model, we conducted an empirical simulation study using the logistics demand and traffic conditions in the Xianlin District of Nanjing. This research not only identified the locations of primary and secondary logistics nodes but also provided a new perspective for constructing the urban last-mile logistics system, enriching the academic research related to logistics node construction. The results of this study are of significant theoretical and practical importance for optimizing urban logistics networks, enhancing logistics efficiency, and promoting the improvement of urban traffic conditions.

Remote work as a new working pattern is considered of high importance in determining the competitiveness of the institutions that adopt this form of work. This trend toward remote working has benefited workers greatly in terms of flexibility and work-life balance and has had unanticipatedly positive effects on sustainability. The issue has grown in importance considering recent development of digitalization and high concern of countries to achieve the sustainable goals. This study attempts to examine the effect of three explanatory variables: remote work, institutional efficiency, and work management on the competitiveness of finance institutions in Saudi Arabia. To collect the primary data, a survey was conducted on a stratified random sample that comprised 1270 respondents. The sample covers the three finance sector segments: banks, insurance, and finance companies. Correlation analyses, one-sample t-tests, and multi-regression analyses are applied to analyze the data. The results of the study showed that there is a positive significant relationship between the three explanatory variables of the study and institutional competitiveness. Besides, the regression model revealed that the two explanatory variables; remote work and institution efficiency are statistically significant at 95% confidence intervals, while work management is not statistically significant. The study recommends promoting remote work to increase the finance institution's competitiveness by restructuring the work policies, designing work strategies, and introducing a new management system compatible with remote work.

Recent years have seen dramatic growth in the number of scholarly scientific works dedicated to the topic of Artificial Intelligence (AI), banking, and finance. With the development of scientometric tools, it is now possible to map, visualize, analyze, and assess scientific activities in many fields of engineering and social sciences including Islamic banking and finance. Based on data retrieved from the Scopus database and using a qualitative method, this study investigates, evaluates, and identifies significant development, trends, and players in the application of AI in Islamic banking and finance using the Visualization Of Similarities Method (VOS) between objects in VOSviewer. From 2006 to 2022, 387 documents were retrieved from the Scopus database; Results revealed that the top five most active countries in terms of publications are Malaysia (117 documents), Indonesia (89 documents), the United Kingdom (36 documents), the USA (24 documents), and Saudi Arabia and Bahrain (24 documents each). The International Islamic University Malaysia and Universitas Indonesia came out on top of active institutions while the top funding source came from the Ministry of Higher Education, Malaysia. The comprehensive findings and analysis reported in this study serve as a roadmap for future academics to create theory and practice for applying AI in Islamic banking and finance.

Poverty exists through the world as a curse and a big trouble in the way of development. When people deprived of their basic needs such as food, cloth, shelter, education, treatment and so on is termed as poverty .This paper is to examine empirically the impact of micro-credit on poverty alleviation in Bangladesh. The regular growth of the micro finance concerned parties has been promoted not only by market forces but also by conscious actions of national governments,Non-Governmental Organizations (NGOs) and the donors who view microfinance as an effective tool for eradicating poverty. This paper argues that microfinance can be considered as an important element for an effective poverty reduction strategy especially in rural areas. This study is developed by descriptive analysis based on secondary data. After the analysis of collected data and information, it shows evidence that practically microcredit can be considered as an effective tool for poverty reduction in developing countries like Bangladesh. To be more ensure that how much and how the microcredit really reduces poverty, further study and research should be carried out in future.

The impact of financial risks extends beyond the normal operation and survival of industrial and commercial enterprises and financial institutions. They also have the potential to impede the stable development of a country's and even the world's financial economy. This is clearly demonstrated by the severe consequences of the frequent financial crises that have occurred in recent years. It thus follows that the prevention of financial risks has become one of the core tasks of the operation and management of industrial and commercial enterprises and financial institutions. Portfolio optimization techniques are employed in the construction of a variety of asset allocation models, with reinforcement learning algorithms used to dynamically adjust investment strategies with the objective of maximizing returns and minimizing risks. The preliminary construction of an asset allocation model is achieved through the utilization of a genetic algorithm. Genetic algorithms emulate the processes of natural selection and genetic variation to identify the optimal portfolio of assets that will yield the greatest returns at a pre-established level of risk. Subsequently, the Deep Q-Learning algorithm is introduced to facilitate dynamic adjustments and optimization of the asset allocation, based on the initial construction. Deep Q-learning employs deep neural networks to forecast the prospective returns of disparate investment strategies, thereby optimizing the decision-making process through continuous learning and updating. The combination of genetic algorithms and deep Q-learning enables the system to identify the optimal investment strategy under a diverse range of initial conditions and to adapt it in real-time to respond to market fluctuations and uncertainties. The experimental analysis demonstrates that the proposed method exhibits an exemplary capacity for risk control and a robust ability to generate stable income growth across diverse market environments. In simulation experiments, portfolios constructed using this method demonstrate lower volatility and higher average returns than those generated through traditional methods.

The growing concern about climate change and global warming has driven greater involvement of international organizations, countries, companies, and society in general in acting and ensur-ing the life of our planet and the sustainability of future generations. Sustainability and finance are two concepts that are intertwined through sustainable finance, serving as an instrument that guides financial resources towards achieving sustainable development. Sustainability allows companies to identify risks and opportunities, being responsible for measuring their social, envi-ronmental, and economic impact under a multi-stakeholder approach. One of the three main cri-teria of sustainability is corporate governance, and the main corporate governance body is the board of directors, where the composition of the board and its supervision and monitoring func-tions improve the ESG performance. A relevant aspect within the board of directors is the ade-quate balance of gender diversity on the board, becoming an aspect regulated by laws and cor-porate governance code. This article develops the main concepts related to sustainability, sus-tainable finance and corporate governance describing the current situation of these topics and their relationship, creating a conceptual framework that allows identifying topics necessary for further empirical research and the implication of regulation in the scope of ESG issues.

This research was carried out with the objective of analyzing the principles of social and solidarity economy in the community funds of the rural sector of Pichincha, Ecuador. Small organizations promote microcredits for local, social and economic development, representing an alternative to those managed by traditional banks. The research was descriptive, non-experimental field research. The population analyzed consisted of 220 community funds, and the size of the representative sample was 49 community organizations that practice solidarity finance. The data were collected through online questionnaires using a Likert scale, and the validity of this approach was judged by experts; the reliability of the instrument obtained was 0.95 using the Cronbach’s alpha method. The results highlight that in these organizations, the following traits prevail: associativity, self-management and organization. However, autonomy and solidarity have a negative valuation, which shows that strategies must be rethought to achieve the empowerment of the financial service. This will allow them to be sustainable and to expand with more benefits that promulgate financial activity and promote structures in rural community networks that promote local development and strengthen deficient principles as a basis for generating a greater benefit to the partners.

The questions on who is entitled to benefit from REDD+ transactions remains one of the most controversially debated issues around cooperative efforts to reduce deforestation in developing countries. REDD+ has been conceived as international framework for voluntary efforts of developing countries to reduce greenhouse gas emissions and enhance carbon removals from forest activities. Designed as international framework under the UNFCCC that calculates emission reductions and removals (ERRs) at the national -and as an interim step on the subnational level – REDD+ is primarily a creature of international law. However, in defining forest-carbon ERRs the international framework competes with national emission trading systems and domestic REDD+ legislation as well as private standards that define units traded on the voluntary carbon market. The definition of various carbon units is closely linked to the question on who is entitled to participate in REDD+ and benefit from the sale of ERRs under results-based payment schemes or carbon market transactions. This paper applies a legal lens to the various claims to participate in REDD+ transactions. It tries to disentangle the various rights to ERRs, various carbon credits, and payments that come with REDD+ and that almost always create confusion and not seldom conflict around REDD+ implementation. The definition of carbon rights and the legal nature of carbon credits depends on local law and differs between countries. However, there are a number of legal considerations that apply and certain underlying concepts are relevant for the understanding of REDD+ transactions and the allocation of benefits and burdens of conservation activities.

The present study provided a comprehensive overview of the current state of research on the Urban Metaverse, focusing on its integration into urban planning and design, as well as the ethical, social, and economic implications in urban settings. This study aims to evaluate the present standing and scope of the metaverse in the context of urban planning and city design; investigate the obstacles and remedies in integrating metaverse components into urban spaces; and explore the ethical, social, and economic ramifications of the metaverse in urban settings. The methodology involved a qualitative investigation of the relevant literature using academic databases and a review of thirty-two selected studies published between 2022 and 2024. The findings emphasise the changing nature of interpersonal relationships, potential alienation from physical spaces, and ethical implications of technology-driven urban changes. The study also highlights the potential opportunities and challenges associated with incorporating the metaverse into urban environments and offers strategies to address these challenges, including the formulation of data protection regulations, expansion of infrastructure, and ensuring equal access for all residents. The implications of the findings underscore the necessity of regulatory frameworks, technological investments, ethical considerations, and inclusive governance structures to ensure inclusive and sustainable urban development in the emerging era of the metaverse.

Small and medium-sized enterprises (SMEs) help and support the country in financial and business aspects and employs in the country, overcomes unemployment, and creates job opportunities in different sectors of the country. The study aims to know the entrepreneurial-specific factors like age, gender, education, experience, and skills used as predictors for access to financing of small firms in Khyber Pakhtunkhwa. The questionnaire is used for data collection, and about 204 questionnaires were distributed, of which 192 returned and analyzed through binary logistic regression. The study results reveal that age and level of education have been found significant while gender, experience and skills have insignificant with the access to finance in Khyber Pakhtunkhwa, Pakistan.

The emergence of decentralized finance (DeFi) signifies a fundamental change in the financial sector, utilizing blockchain technology to revolutionize conventional financial structures. This study aims to investigate the development, underlying principles, and practical applications of DeFi while analyzing the regulatory factors, upcoming patterns, and policy consequences. This study employs a thorough research methodology encompassing a literature review and case studies to examine the fundamental elements, uses, and instances of success in DeFi. It emphasizes the potential for transformation and the obstacles it faces. The study identified legal ambiguity, difficulties in achieving scale, and constraints related to compliance as primary concerns for policymakers. The fundamental discoveries encompass the pivotal function of blockchain technology in facilitating DeFi platforms, the tangible implementations of DeFi in lending, borrowing, and trading, and the necessity for clear regulations and global cooperation. The policy implications encompass the significance of maintaining a balance between innovation and compliance, promoting international collaboration, and prioritizing consumer protection measures. In summary, this study enhances our comprehension of the emergence of DeFi and its consequences for conventional finance. It offers valuable insights for policymakers, industry participants, and scholars in effectively navigating the changing realm of decentralized finance.

Decentralized Finance (DeFi) takes the promise of blockchain a step further and aims to transform traditional financial products into trustless and transparent protocols that run without involving intermediaries. Similar to how 2017 was the year of ICOs, 2020 was the year of DeFI with more than $15 billion of total investments. The decentralized platforms utilize oracles to retrieve asset data from the external world, but their choice and management criteria are often unknown to the end-users. If oracles are poorly selected or managed, the funds of a rising number of investors are inevitably in danger. The issue known as “the oracle problem,” which makes real-world applications controversial and debated due to the loss of decentralization, had recently drawn attention to DeFi given the crescent number of related hacks that caused the loss of millions of dollars held in DeFi projects. With a multivocal approach, this paper aims to shed light on the pattern that identifies the oracle problem in DeFi and outline the most promising ways to overcome the related weaknesses. This research supports the view that the oracle problem in decentralized finance bears specific characteristics which require standardization and appropriate economic incentives to be addressed.

Despite the proliferation of Blockchain Metaverse projects, the inclusion of physically disabled individuals in the Metaverse remains distant, with limited standards and regulations in place. However, the article proposes a concept of the Metaverse that leverages emerging technologies, such as Virtual and Augmented Reality, and the Internet of Things, to enable greater engagement of disabled creatives. This approach aims to enhance inclusiveness in the Metaverse landscape. Based on the findings, the paper concludes that the active involvement of physically disabled individuals in the design and development of Metaverse platforms is crucial for promoting inclusivity. The proposed framework for accessibility and inclusiveness in Virtual, Augmented, and Mixed realities of decentralised Metaverses provides a basis for the meaningful participation of disabled creatives. The article emphasises the importance of addressing the mechanisms for art production by individuals with disabilities in the emerging Metaverse landscape. Additionally, it highlights the need for further research and collaboration to establish standards and regulations that facilitate the inclusion of physically disabled individuals in Metaverse projects.

The main purpose of study is to identify the impact of COVID-19 pandemic on the green financing of banks and non-bank financial institutions (NBFIs) in an emerging economy such as Bangladesh. Also, this study shows the green banking activities of the banks and NBFIs during the pandemic. To analyze the impact of the pandemic on green financing, secondary data were obtained from the quarterly and annual reports of Bangladesh Bank (BB) on green financing as well as the annual reports and websites of 61 banks and 34 NBFIs in Bangladesh for the period 2021–2019. Subsequently, the study deployed dependent t-test statistics, growth rate (year-on-year), descriptive statistics, relative percentage changes, and varying tables and graphs to analyze the obtained secondary data. The empirical findings revealed that during the COVID-19 pandemic, there was an increase in green finance for all banks and NBFIs compared to before the epidemic, indicating that the pandemic had no negative impact on the total green finance growth of all banks and NBFIs. On the other hand, compared to the pre-pandemic period, bank-wise growth in green financing was higher for state-owned commercial banks (SOCBs), specialized banks (SDBs), and private commercial banks (PCBs) but lower for foreign-owned commercial banks (FCBs) during the COVID-19 epidemic. This suggests that the pandemic does not affect the expansion of green finance by SOCBs, SDBs and PCBs but significantly impacted the growth of green financing by FCBs. Furthermore, the research findings showed that the total outstanding and classified loans within the green finance investment decrease for both banks and NBFIs during the COVID-19 pandemic. The results indicated that the Bangladeshi banks’ level of automation towards green banking were satisfactory during the pandemic. Therefore, major policy implications for the green economic recovery by the government, BB, and managers of the banks and financial institutions in emerging economies like Bangladesh were discussed.

The paper explores using generative artificial intelligence (AI) in financial market data management and forecasting. By integrating multiple data sources and feature extraction techniques, such as fundamental analysis, technical indicators, global economic data, and sentiment analysis, generative AI constructs a comprehensive deep learning framework that significantly enhances financial data management efficiency and market forecasts' accuracy. Specifically, technologies like generative adversarial networks (Gans) and variational autoencoders (VAE) demonstrate substantial data augmentation and model optimisation potential. The application value of the model in real-time market prediction and trading strategy optimization is further amplified through reinforcement learning methods.

In the trend of transforming existing systems and services into non-face-to-face models, the concert industry is also showing movements toward transitioning to virtual formats. Physical concerts in the real world require venues that can accommodate hundreds to tens of thousands of spectators, but non-face-to-face methods that can accommodate large audiences face various limitations. Moreover, to elevate the satisfaction level of virtual concert attendees to that of real-world concerts, it's important to implement interaction between performers and audiences. Modern metaverse platforms apply cutting-edge network technologies to accommodate numerous users within a single channel. Many researchers are adopting network technologies such as SDN (Software Defined Networking) and CDN (Content Delivery Network) to set up a virtual concert that can accommodate large audiences. In this paper, we propose a network framework to be designed for the composition of virtual concerts. In particular, we separate a channel dedicated to interaction in order to provide an immersive experience of exchanging interactions between performers and audiences. As massive audiences transmitting interaction data to the performer in a 1:N format can lead to problems with acceptance and latency, this study introduces a concept of a channel form called 'Zone' and proposes an interaction data channel network framework that does not compromise immersion. The proposed framework supports tasks for effectively transmitting interaction data using network technologies for metaverse platforms like XDN and clustering algorithms like fuzzy c-means. We also suggest a CDN-based architecture that can ensure low latency for performers to transmit interaction data to the audience.

At present, farmland abandonment（FA）is a severe phenomenon in China, imposing a serious restriction on agricultural production. In this context, it is of great significance to explore the logical relationship between high-standard farmland construction (HSFC) and FA to optimize land resource allocation and guarantee national food security. Based on 838 samples of farmers in the main rice production area of the Yangtze River Basin in China, this paper employs the Tobit model, the mediating effect model, and the moderated mediating effect model to analyze the impact of HSFC on FA at the micro level. The results show that (1) HSFC inhibits FA, and FA proportion decreases by 1.14% for every 1% increase in HSFC proportion, and the robustness test and endogeneity treatment also yield consistent conclusions. (2) Agricultural socialization services (ASS) play a positive mediating role in the influence path. HSFC promotes farmers' purchase of ASS, which in turn inhibits FA. (3) The agricultural labor transfer distance (ALTD) plays a positive moderating role in the relationship between HSFC and FA. The farther the distance, the more likely HSFC can promote farmers' purchase of ASS and inhibit FA. The results provide enlightenment on how to precisely implement HSFC policy, that is, to inhibit FA by improving the construction of high-standard farmland and the post-construction management as well as protection system. Moreover, this study helps guiding the development of ASS and optimizing the institutional environment for agricultural labor transfer, creating conditions for agricultural scale management.

Biodiversity loss and nature degradation are pressing issues with huge impacts on our society and economy. Businesses, investors, and regulators focus on corporate efforts to support biodiversity and nature positive actions. This review provides a comprehensive overview about the importance of biodiversity in businesses, the materiality of biodiversity and the role of mandatory and non-mandatory regulations on corporate environmental reporting and sustainability disclosure frameworks. The review also discusses descriptive information on the evolution of sustainability frameworks with a comparison of most prominent sustainability frameworks with a key focus on the materiality approach and biodiversity-related disclosure recommendations. Further, we provide suggestions for more holistic approaches to improve the future sustainability frameworks focusing on the biodiversity impact while showing the necessity of more focus on the decision-making paradigm. Further research on measuring biodiversity impact and innovative trends in sustainability reporting are required to better reflect nature-positive outcomes in corporate sector businesses.

The limited understanding of how digital platforms, especially the Metaverse, influence public perception and attitude towards sustainable fashion in large scaled markets such as China highlights a critical gap. This study aims to examine the perspectives and perception of the Chinese public regarding sustainable fashion in the Metaverse. Through content analysis, this study evaluated 3,889 Weibo posts from Shanghai Fashion Week 2024 to identify key sentiments and discussions on sustainable and digital fashion. Results indicate that 76.08% of the conversations centered on sustainable fashion, reflecting strong public commitment to environmental issues. The findings highlight characteristics of public perception towards the utilization of immersive technologies and underscore the Metaverse's potential as a platform for fostering environmental consciousness in the fashion industry. This research provides crucial insights for fashion brands looking to integrate sustainability into their digital strategies, addressing a significant gap in current literature and offering practical guidance for leveraging digital platforms to promote sustainable consumption.

Through the development of the metaverse concept from the Sumerian myth (5500 - 1800 BC) and mind-altering novel, “Snow Crash” in 1992, to today’s information age, human- and society-centred urban metaverse worlds, an extension of residents and urban society where the virtual and the physically real blend and are more organically integrated, are meant to mirror the fabric of urban life with no harm to their residents. The success of urban metaverse cybercommunities depends on the quality of data-driven Smart City (SC) Digital Twins (DTs), the seamless exchange of data between cyber and physical worlds (e.g. between residents and their counterpart “Avatars’’) and the processing of the data effectively and efficiently with no vicious interventions. The potential risks in this ecosystem that incorporates Web3 can be extremer than the ones in Web2 since users are immersed with multiple tightly coupled wearable sensor-rich devices perceiving the blend of the real and the virtual with possible imminent negative experiences. This study, by analysing potential cyberthreats in the urban metaverse cyberspaces, proposes a blockchain-based Decentralised Privacy-Preserving Machine Learning (DPPML) authentication and verification technique, which uses the metaverse immersive devices and can be instrumented effectively against identity impersonation and theft of credentials, identity, or avatars.

Global financial investments in energy production and consumption are significant since all aspects of a country's economic activity, and development require energy resources. In this paper, we assess the investment trends in the global energy sector during, before and after financial crises of 2008 using two data sources: (1) Dealogic database providing cross‐border mergers and acquisitions (M&As), and (2) fDi Intelligence fDi Markets database providing greenfield (GF) foreign direct investments (FDIs). We highlight the changing role of China and compare its M&A and GF FDI activities to those of the United States, Germany, UK, Japan and others during this period. We analyze the investments along each segment of the energy supply chain of these countries to highlight the geographical origin and destination, sectoral distribution, and cross‐border M&As and GF FDI activities. Our paper shows that while energy accounts for nearly 25% of all GF FDI, it only accounts for 4.82% of total M&A FDI activity in the period 1996-2016. China's outbound FDI in the energy sector started its ascent around the time of the global recession and had accelerated in the post-recession phase. In the energy sector, the development of China's outbound cross‐border M&As is similar to USA or UK, located mostly in the developed countries in the west, while their outbound GF investments are spread across many countries around the world. Also, China's outbound energy M&As are concentrated in certain segments (extraction, and electricity generation) while their GF covers all segments of the energy supply chain.

Cyber diplomacy is critical in dealing with evolving cybersecurity dangers and possibilities in the digital era. This article investigates the impact of Artificial Intelligence (AI), the Internet of Things (IoT), Blockchains, and Quantum Computing on cyber diplomacy. AI holds the potential for proactive threat identification and response, while IoT enables international information sharing. Blockchains enable secure data sharing and document verification, but they also pose new threats, such as AI-driven cyber-attacks, IoT privacy breaches, blockchain vulnerabilities, and the potential for quantum computing to break encryption. This article conducts case study reviews, in combination with secondary data analysis, and emphasises the value of international cooperation in developing global norms and frameworks to control responsible technology adoption. Cyber diplomacy can promote cybersecurity, protect national interests, and foster mutual trust among nations in the digital sphere by capitalising on possibilities and reducing threats.

Previous studies have suggested that digitization of finance leads to growth in the economy in several middle- and high-income countries, but research in low- and lower-middle-income countries (LLMICs) remains limited. This research aimed to examine the trends, barriers, relationships, and prospects of finance digitization in LLMICs. This study used analytical and descriptive cross-sectional study designs. Sixty-six countries were purposively selected based on the available data on the Global Findex and the World Development Indicators databases. Descriptive analysis was used to identify the trends in the finance digitization indicators, correlation analysis was used to assess the nature of the association between finance digitization and the economy, and exponential smoothing was used to predict future outcomes in digital finance. The results indicated that the adoption and utilization of finance digitization increased in these countries, but the growth rates varied by region and income group. Low-income countries reported the highest rates of subscriptions to digital finance accounts and storing money in digital accounts, while lower-middle-income countries (LMICs) reported higher rates of inbound/outbound digital transactions, borrowings, and savings using digital channels. Sub-Saharan Africa reported the highest rates of digital finance account subscriptions, digital savings, and digital borrowings, while Europe and Central Asia reported the highest rates of in/out digital transactions. Barriers to digitization in these countries included poor access to the internet, high cost of digital finance products, and lack of a mobile phone, with low-income countries facing more challenges. The analysis revealed a negative significant relationship between finance digitization and Gross National Income growth and a positive significant correlation between finance digitization and other economic growth indicators (gross savings and Gross Domestic Product). Finance digitization was predicted to continue to rise in these countries for the next decade. The study recommended that policymakers should promote the adoption of digital finance and address the barriers and risks of finance digitization in LLMICs, as it had positive effects on economic growth.

In this paper, we study a generalised CIR process with externally-exciting and self-exciting jumps, and focus on the distributional properties and applications of this process and its aggregated process. The first and second moments of this jump-diffusion process are used to calculate the insurance premium based on mean-variance principle. The Laplace transform of the aggregated process is derived, and this leads to an application for pricing default-free bonds which could capture the impacts of both exogenous and endogenous shocks. Illustrative numerical examples and comparisons with other models are also provided.

As prominent oil producers, the Gulf Cooperation Council (GCC) countries have played a significant role in the global energy market. However, as the world's attention increasingly shifts towards environmental sustainability, understanding the implications of the GCC's economic activities on CO2 emissions becomes indispensable. This research paper investigates the relationship between specific economic indicators and their impact on CO2 emissions in the GCC from 2001 to 2021. The study employs quantile regression, a powerful statistical method that estimates the conditional quantiles of a response variable given a set of predictor variables. The findings reveal several important insights: Financial institution efficiency is significant and negative at a 1% level at the lower (10th) -83537.3 and the higher quantile (90th) -549002.3. The relationship between GDP per capita and CO2 emissions varies across quantiles, highlighting the complexity of the growth-environment nexus. Total patents exhibit a positive and significant relationship with emissions, underscoring the importance of directing innovation towards environmentally sustainable solutions. Renewable energy consumption displays a nuanced relationship with CO2 emissions, with a stronger negative impact observed at higher consumption levels. This underscores the potential of renewable energy to mitigate emissions when integrated at scale. The study's outcomes hold crucial policy implications for the GCC countries as they seek to align economic growth with environmental sustainability. The findings emphasize the importance of fostering financial institution efficiency, promoting green innovation, and expanding renewable energy sources to reduce emissions

The primary objective of this study is to examine the extent of financial integration between Latin American and US financial markets, particularly in light of recent efforts to foster integration through trade agreements. Spanning from January 1, 1990, to December 31, 2019, the sample focuses on major market indices and key sectors. Financial integration is quantified using a DCC multivariate GARCH model, incorporating a smooth transition model, structural breaks, and regression-based approaches. Results indicate increased comovement with the US for main market indices in Argentina, Chile, Colombia, Mexico, and Peru, while Brazil shows a decrease. Similar trends are observed in sectoral analyses. The study also reveals heightened correlation post-trade agreements. Structural break analysis highlights significant shifts in dynamic correlations for countries with US free trade agreements. These findings support the argument of increased financial integration, bearing significance for portfolio diversification and international policy formulation.

Induction motors are the most numerous and significant dynamic loads in power systems. In transient voltage stability analysis, dynamic equivalent models are commonly used to simplify the representation of a group of induction motors. This paper presents an method for the grouping and aggregation of induction motors at a common bus. Firstly, grouping rules were provided for clustering induction motors into several subgroups based on the mechanical principles of rotor force and motion, and Aggregation Rules were provided for aggregating a motor subgroup into a single-unit model based on the relationship between voltage drop and power transmission in distribution networks. Secondly, guided by the grouping rules, high-speed remaining electromagnetic torque and low-speed remaining electromagnetic torque were defined as new clustering indicators, and an adaptive K-means clustering method using silhouette coefficient verification was provided to obtain the optimal motor subgroups. Thirdly, guided by the Aggregation Rules, a dynamic equivalent method was further provided to obtain the equivalent single-unit model from a motor subgroup. Lastly, a transient voltage stability simulation in a typical distribution network was presented to illustrate that the proposed clustering and equivalent methods are more reasonable, accurate, and effective than traditional methods, as the obtained model has better dynamic characteristics and can more accurately reproduce the process of voltage collapse.

Sustainability experienced significant global momentum in recent decades. The emergence of the sustainability movement in the Financial Sector was prompted by the increasing global climate change resulting from environmental deterioration. Primarily associated with the Financial Sector, it has increasingly been recognised that Financial Institutions are significant contributors to global climate change, both via direct and indirect means. This has resulted in a heightened emphasis and demand from stakeholders for the implementation of Sustainability Principles on a worldwide scale. This study presents a methodology that utilises the various dimensions of Sustainable Finance through the concept of Triple Bottom Line to determine the factors influencing the Sustainability Performance of Financial Institutions. The suggested approach is grounded and supported by the current body of literature. The study presents a hypothesis to investigate the correlation between factors of Green Finance Practices and Sustainability Performance of Banking Sector. The suggested framework can be utilised by regulatory bodies and individual financial institution of a country to identify the elements that influence the Sustainability Performance of Banking Sector.