This study addresses a gap in the literature by conducting a comparative analysis of statistical and artificial intelligence techniques for predicting bankruptcy in small and medium-sized enterprises (SMEs). Using a comprehensive database of 7,104 Belgian SMEs, our findings demonstrate that intelligent techniques offer superior predictive accuracy for bankruptcy. Notably, our results indicate that a firm's position in the global value chain significantly affects prediction accuracy, with lower performance for firms operating upstream in the production process. This suggests that bankruptcy risk may spread upward along the value chain. This insight is particularly valuable for practitioners, as it highlights the importance of focusing on specific performance factors based on the type of firms they manage, advise, or collaborate with.

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.

This paper systematically discusses the application and development of federated learning in data privacy protection and data value sharing. With the rapid development of global information technology, especially the explosive growth of data from Internet of Things devices, data security and privacy protection are facing unprecedented challenges. This paper first analyzes the growth trend of global data volume and its importance to next generation technologies such as artificial intelligence technologies such as deep learning. Second, the paper provides an in-depth look at the impact of current data privacy regulations on data flows and value creation, particularly the EU's GDPR and China's Data Security and Personal Information Protection Law. Then, this paper introduces in detail federated learning, as a new distributed machine learning paradigm, which effectively solves the contradiction between existing data sharing and privacy protection by protecting individual data privacy and realizing global model collaborative construction. Finally, this paper discusses the combination of blockchain technology and federated learning, and proposes BeFL architecture as a new secure, decentralized and trusted federated learning system, which is expected to provide a comprehensive solution for large-scale data processing and value creation in multi-party scenarios. The research in this paper not only deepens the understanding of federation learning in theory, but also provides important reference and enlightenment for future research and application in related fields.

(1) Background: Second Victims are health care workers negatively affected by adverse events and are prone to developing dysfunctional coping strategies compromising not only their own, but also patient safety. An effective way to address this issue is the implementation of peer support programs. This paper reports on the effectiveness of a peer support program at the Austrian Hietzing Clinic (KHI). (2) Methods: Telephone interviews were carried out after peer support sessions using a questionnaire. Descriptive analysis was carried out reporting frequencies and proportions for nominal variables, means with standard deviations for ordinal and interval-scaled variables. (3) Results: So far, 45 peer supporters have completed telephone interviews after a peer support session. The main reasons for the session were bad news from the private sphere and death of a patient. The peer supporters rated the helpfulness of the sessions for their colleagues as very high while not feeling very burdened themselves afterwards. (4) Conclusions: Underutilization of the program is probable. However, the high rating of helpfulness of the carried-out sessions by the peer supporters in combination with them not feeling very burdened, shows that the program is safe for the peer supporters and an upscaling is warranted.

We propose a pricing formula for a defaultable zero-coupon bond with imperfect information under a regime-switching model using a structural form of credit risk modelling. While the value of the firm’s equity is observed continuously, we assume that the total value of the firm is only observed at discrete times, such as the dates of the release of the firm’s annual reports, or quarterly reports. This uncertainty about the true value of the firm results in credit spreads that do not approach zero as the debt approaches maturity, which is a problem with many structural models. The firm’s value is typically defined as its equity and debt; however, we consider the asset-to-equity ratio, an accounting ratio used to examine a firm’s financial well-being. A dependent regime-switching process models the components of this ratio, and the Markov chain represents the states of the economy. The main contribution is to study this problem when the dynamics of a firm’s assets have different parameters with regime changes.

In recent years, the digital economy has played an increasingly important role in enhancing productivity, fostering growth, and facilitating the emergence of digital banking. With the widespread adoption of digital financial services for financial inclusion, the banking sector is experiencing a demand for digital transformation. It is important to note that despite the many advantages of this change, it also disrupts the familiar banking experience that customers have grown to expect, as well as introducing potential risks to maintaining customer protection at previous levels. Many critics have raised concerns regarding customer protection and potential exposure to various risks that may arise from digital financial services, which may result in both financial and non-financial losses. These risks can impact customer retention as dissatisfied customers may switch to alternative service providers. Additionally, reputation can be affected since merely offering digital financial services may not sufficiently safeguard customers. To remain competitive, financial institutions must deliver a secure experience that aligns with customer expectations while considering economic factors and societal needs. This is why it is essential to comprehend the severity of the risk factors that influence the protection of customers in the realm of digitalized banking services and products. In this study, five factors have been identified that influence customer protection when using digital financial services in Pakistan. Based on the analysis conducted using SmartPLS, it appears that all the factors proposed in this study have a significant and positive impact on the protection of customers. In particular, the information provided remains of paramount importance when it comes to determining the level of protection that a customer is entitled to within digital financial services, followed by responsiveness, privacy, authentication, and encryption mechanisms. Due to these findings, the implementation of enhanced information security management principles becomes imperative for the development and progress of the Pakistani digital banking industry.

Baijiu is popular with its long history and balanced flavor, and flavor type was the most widely used classification mode for Baijiu. However, the evolution relationship of Baijiu flavor types and the differential markers between flavor types are still unclear, which has greatly affected the development of Baijiu industry. In this study, a total of 319 trace components were identified by gas chromatography-olfactometry-mass spectrometry and gas chromatography-mass spectrometry. Among them, 91 trace components with high odor active values or taste active values were recognized as flavor components. Then random forests were conducted to screen differential markers between derived and basic flavor types, and principal component analysis was carried out to evaluate their effectiveness in distinguishing the flavor types of Baijiu. Finally, 19 differential markers were screened and proved to effectively reveal the evolution Baijiu flavor types, and were further verified as key differential markers by addition test and correlation analysis.

One of the major concerns in structural health management (SHM) is the early detection of a growing crack. Using this, future damage due to crack propagation can be mitigated or eliminated by implementing proper repair and maintenance. Acoustic Emission (AE) is a non-destructive testing (NDT) method with potential applications for locating and monitoring fatigue cracks. The research presented in this paper focuses on SHM using AE. A novel AE signal analysis approach was proposed in order to detect crack initiation and assess small crack lengths. Experimental investigation indicated that initiation of a crack could be identified through the statistical analysis of the resulting features of the AE signals. A probabilistic AE-based model for small fatigue crack sizing was developed and the uncertainties of the model were estimated. In addition, a probabilistic model validation approach was implemented to confirm accurate estimation of the results. The outcome of this research can be used to evaluate the integrity of structures under fatigue loading. The proposed approach can also be applied as an approach to manage health and assess prognosis of structures.

The wellness economy has developed rapidly recently, particularly in wellness tourism. Wellness tourism transforms sustainable strategy through the availability of extended multi-actor engagement in service innovation to further the tourism experience. Therefore, when operating a wellness tourism destination, it is necessary to encourage multi-actor engagement in service innovation to achieve sustainable development. This paper introduces a mixed research method with the SWOT-AHP-QSPM, as it qualitatively analyzes the advantages, disadvantages, opportunities, and threats, constructs an evaluation index system, conducts quantitative analysis using the analytic hierarchy process, determines the index weight and weighted score, and calculate the sustainable development strategy, which is appropriate for wellness development of Chongqing Tea Mountain and Bamboo Forest National Forest Park. Purposive field surveys and personal interviews were conducted in Chongqing forest tourism destinations, involving 356 effective respondents. The research reveals that multi-actor engagement significantly enhances sustainable development. These findings bridge service innovation knowledge gaps and provide valuable insights for forest tourism destination management and sustainable policy strategies to elevate multi-actor engagement in forest sites.

This study aims to evaluate the financial performance of SOEs in Indonesia and compare it with private companies using financial ratio analysis and efficiency analysis approaches. Four construction sector SOEs were evaluated, and five private companies were compared using financial data from 2015 to 2022. The financial ratio analysis used the Peterson (2013) approach, while the efficiency analysis employed the data envelopment analysis (DEA) approach and the paired t-test. The study results show that the financial ratio performance of state-owned companies is relatively poor, with low profitability, critical liquidity, and a high debt ratio. Debt, as a source of capital in financing construction projects, makes companies face a greater debt risk. This study validates that SOEs have lower efficiency compared to private companies.

This study introduces an integrated method for managing process risks in a Business Process Reengineering (BPR) project, using Robust Data Envelopment Analysis (RDEA) and machine learning (ML). The goal is to prioritize risks based on three standard factors of PFMEA: Severity, Occurrence, and Detection (S-O-D), and incorporating two additional factors (Breakdown Cost and Breakdown Duration) seen as undesirable outputs. The model also accounts for the effect of uncertainty on expert-estimated values by applying disturbance percentages in the linear PFMEA-RDEA model. A machine learning model is proposed to predict new values if partial or total modifications have been made to the processes. The approach was implemented in an au-tomotive sector company, and the results showed the impact of uncertainty on values by com-paring different approaches such as RPN, PFMEA-DEA, and PFMEA-RDEA. A new reduced risk categorization was achieved, who allowed for decision-makers to focus on necessary actions for reengineering.

Background: Despite its global eradication in 1977, smallpox remains a concern owing to its potential as a biological agent, thereby prompting the ongoing development and utilization of its vaccine. Vaccination with the Vaccinia virus induces immunity against variola virus, the causative agent of smallpox; however, this immunity does not extend to viruses of different genera within the Poxviridae family. In this study, we aimed to assess the efficacy of an enzyme-linked immunosorbent assay (ELISA) method utilizing Vaccinia virus and recombinant A27L antigen for detecting antibodies against smallpox. Methods. Analysis of serum from 20 individuals pre- and post-vaccination with the CJ strain (CJ50300) revealed neutralizing antibodies, which were confirmed using the plaque reduction neutralization test (PRNT). The ELISA method, validated with a PRNT50 cut-off value of >4, exhibited a sensitivity and specificity of >95% and was particularly reactive with the inactivated virus. Furthermore, adherence to the smallpox vaccination policy revealed significant differences in Orthopoxvirus antibody levels among 300 individuals of different age groups. These findings highlight the reliability and efficacy of the ELISA method in detecting post-vaccination antibodies and contribute significantly to diagnostic methods to prepare for potential smallpox resurgence and bioterrorism threats.

Internet of thing (IoT) has been used in different aspect of life as industry, and daily life. Aligned with IoT, Quantum computers have been generated with high features that can accomplish complicated tasks with high speed. IoT and Quantum computers don’t match in resources and due to this collaboration between the two terms, it was found there are many challenges with quantum computers brought some security concerns. This paper will examine all challenges and future direction that face the use of IoT through using different quantum cryptograph methods. The first part on the paper discussed the vulnerabilities of existing cryptographic methods like RSA and ECC. these two methods were used as basic level for IoT security protocols. These cryptographic algorithms could be easily attacked by quantum computers so to ensure that IoT devices are secure must develop quantum resistant cryptographic algorithms. Next this paper will examine the challenges in implementing quantum resistant cryptographic algorithm in any IoT device through quantum resistant cryptographic algorithms such as lattice-based cryptography, code-based cryptography, multivariate cryptography, and hash-based signatures. Then, the paper discussed the future direction of securing IoT in quantum computing. In conclusion, securing IoT devices in quantum presents many challenges that require to be addressed where quantum resistant algorithms can be a solution that mitigate threats.

In today's highly digitized and globalized financial environment, the need to protect payment systems from risk is more urgent than ever. Artificial intelligence (AI) technology is rapidly becoming a key tool in this space, with machine learning algorithms, big data analytics, and real-time monitoring enabling AI to effectively detect and prevent fraudulent activity, optimize risk management processes, and deliver intelligent services. AI not only improves the security and efficiency of payment systems, but also significantly improves customer satisfaction and loyalty. With the continuous development of AI technology and financial payment technology, the financial payment industry will usher in more innovations and changes in the future, further optimizing the payment process, improving payment efficiency, and ensuring payment security.

In this paper, we extend the KdVSKR equations in (1+1)-dimension and (2+1)-dimension to fractional KdVSKR equations with modified Riemann-Liouville derivative. The (2+1)-dimensional KdVSKR equation, which is a recent extension of (1+1)-dimensional KdVSKR equation, can model the resonances of solitons in shallow water. By means of the Hirota bilinear method, finite symmetry group method and consistent Riccati expansion method, many new interaction solutions have been derived. Soliton-cnoidal interaction solution of the (1+1)-dimensional fractional KdVSKR equation has been derived for the first time. For the (2+1)-dimensional frac-tional KdVSKR equation, two-wave interaction solutions and three-wave interaction solutions, including dark-soliton-sine interaction solution, bright-soliton-elliptic interaction solution, and lump-hyperbolic-sine interaction solution, have been derived. Impact of the fractional order on the shapes of these solutions has been illustrated by figures. Three-wave interaction solutions of fractional systems have not been reported in the existing references. The research idea in this paper can be applied to other fractional differential equations.

The famous Capital Asset Pricing Model (CAPM) takes into account only business risk. In practice, companies use debt financing and operate at non–zero levels of leverage. This means that it is necessary to take into account the financial risk associated with the use of debt financing along with business one. The purpose of this paper is to simultaneously take into account the business and financial risk. A new approach to CAPM has been developed that takes into account both business and financial risk. We combine the theory of CAPM and the Modigliani–Miller (MM) theory. The first is based on portfolio analysis and accounting for business risks in relation to the market (or industry). The second one (the Modigliani–Miller (MM) theory) describes a specific company and takes into account the financial risks associated with the use of debt financing. The combination of these two different approaches makes it possible to take into account both types of risks: business and financial ones. We combine these two approaches analytically, while Hamada did it phenomenologically. Using the Modigliani–Miller (MM) theory, it is shown that the Hamada’s model, first model, used for this purpose half a century ago, is incorrect. In addition to the renormalization of the beta–coefficient, obtained in the Hamada model, two additional terms are found: the renormalized risk–free return and the term dependent on the cost of debt kd. A critical analysis of the Hamada model was carried out. The vast majority of listing companies use debt financing and are levered, and the Hamada model is not applicable to them in contrast to a new approach applicable to leveraged companies. Implemented a new approach to specific companies. A comparison of the results of the new approach with the results of the conventional CAPM is shown. Two versions of CAPM (market or industry) are considered.

The digital transformation of the global economy presents new challenges and opportunities for businesses and nations. With the growing role of digital technologies and the dynamic changes in the structure of the economy, there is a need for a better understanding of the processes shaping contemporary enterprises. This article analyzes the impact of digital transformation on businesses and the global economy, identifying key areas where these changes are most evident. As part of this discussion, a modification of the “9 Pillars of Industry 4.0” concept is proposed, incorporating solutions that have emerged since its inception. The resulting model, “11 Pillars of Industry 4.0,” enabled the analysis of the “born digital” and “born global” concepts, highlighting their numerous common features in the context of the digital transformation of economies. This became the basis for proposing a new concept: “born digibal” — enterprises that from the outset operate in multiple markets, with their main sphere of activity based on digital solutions.The conclusions of the article provide an assessment of the changes occurring in businesses and the global economy in the digital age. They suggest that the dynamics of globalization in the 21st century will be shaped by complex interactions between digital transformation and the actions of businesses and nations, requiring flexibility and innovation in adapting to new economic realities.

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.

The reviews usefulness has been the aim of several research studies. However, results regarding the significance of usefulness determinants are often contradicting, thus decreasing the accuracy of reviews’ helpfulness estimation. Also, bias in user reviews attributed to differences e.g. in gender, nationality, etc., may result into misleading judgments thus diminishing reviews’ usefulness. Research is needed for sentiment analysis algorithms that incorporate bias embedded in reviews, thus improving their usefulness, readability, credibility, etc. This study utilizes fuzzy relations and fuzzy synthetic evaluation (FSE) in order to calculate reviews’ usefulness by incorporating users’ biases as expressed in terms of reviews’ articulacy and sentiment polarity. It selected and analysed 95.678 hotel user reviews from Tripadvisor, for five nationalities. The findings indicate that there are differences among nationalities. The British are most consistent in their judgments expressed in titles and review documents. The British and the Greek review titles suffice to convey any negative sentiments. The Dutch use fewer words in their reviews than the other nationalities. This study suggests that fuzzy logic captures subjectivity which is often found in reviews, and it can be used to quantify users’ behavioral differences, calculate reviews usefulness, and provide the means for developing more accurate voting systems.

With opioid overdose rates on the rise, we aim to develop a county-level risk stratification, specifically focusing on access to Medications for Opioid Use Disorder (MOUD) and high overdose rates. We examined over 15 million records from the South Carolina Prescription Tracking System (SCRIPTS) across 46 counties. Additionally, we incorporated data from opioid treatment programs, healthcare professionals prescribing naltrexone, clinicians with buprenorphine waivers, and county-level overdose fatality statistics. To assess the risk of opioid misuse, we classified counties into high-risk and low-risk categories based on prescription rates, overdose fatalities, and treatment service availability. Utilizing statistical methods, we compared prescription patterns and outcomes between these groups. Our study shows that between 2017 and 2021, opioid prescriptions decreased from 64,223 to 41,214 per 100,000 residents, while fentanyl-related overdose deaths increased by 312%. High-risk counties have significantly higher rates of fentanyl prescriptions and rely more on out-of-state doctors. They also exhibit higher instances of doctor shopping and had fewer medical doctors per capita, with limited access to MOUD. To effectively combat the opioid crisis, we advocate for improved local healthcare infrastructure, broader treatment access, stricter management of out-of-state prescriptions, and vigilant tracking of prescription patterns. Tailored local strategies are essential for mitigating the opioid epidemic in these communities.

Wearable technology has been proposed as a potential tool to change the way of human life, such as the smart bracelet and the Google Glass. In the wearable technology, the inertial sensor has great significance in tracking the object movements. The paper focused on detecting the movements of user’s finger based on the inertial sensor to give the control signals. Firstly, the attitude matrix, which represented the transformation relation of carrier coordinate system and the navigation coordinate system, was obtained. Secondly, the attitude matrix was expressed based on the quaternions. Thirdly, the finger gesture was processed by the attitude matrix to get the attitude angle. Finally, the robot was controlled by attitude angle to make the moving action. The experimental results showed the detection of the finger movement is effective.

The COVID-19 pandemic over the past years has shown a great need for rapid, low-cost and on-site detection of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). In this paper, an aptamer-based colloidal gold nanoparticle lateral flow test strip was well developed to realize the visual detection of wild type SARS-CoV-2 spike protein (SP) and multiple variants. Under the optimal reaction conditions, a low detection limit of SARS-CoV-2 S protein of 0.68 nM was acquired, and the actual detection recovery was 83.3% to 108.8% for real world samples. This suggests a potential tool for the prompt detection of SARS-CoV-2 with good sensitivity and accuracy, and a new method for the development of alternative antibody test strips for the detection of other viral targets.

With the rapid developments that have been made in computer vision and computer technology, semantic segmentation of high-resolution images has emerged as a mainstream and challenging task. The, segmentation of water areas remains a complex task due to the similar features between water areas or between water areas and other land objects. Meanwhile, since coastlines and riverbanks are typically presented in irregular shapes, it is difficult to obtain the categories of pixels at boundaries. This paper proposed the use of a Water-Land Boundary Attention Network (WLBANet) to improve the accuracy of pixels at boundaries between water and land. This network also reinforced the performance of contextual information extraction into distinguishing between water areas and other land objects. To prove the validity of this proposed network, WLBANet was performed on the Water Land Dataset (WLD), which is also by this paper, and which contains water areas and other land objects categories. The results demonstrates that the proposed method has significant effectiveness.

The use of educational robotics has become increasingly popular in STEM education, offering motivating and hands-on learning experiences. This paper explores the potential of educational robotics for teaching plane curves at the university level. Specifically, it investigates the development and implementation of a LEGO SPIKE Prime robot designed to draw various central trochoids, including epicycloids and hypocycloids. The robot’s construction and programming are described, emphasizing the relationship between the robot’s physical movements and the mathematical equations of the curves it produces. The study also examines the integration of dynamic geometry software, which allows for visualization of the curves and verification of the robot’s accuracy. The paper concludes that educational robotics can serve as a valuable tool for enhancing both theoretical and practical understanding of mathematical and engineering concepts, offering a more engaging and interactive approach to learning.

Ecological city is currently a hot topic in urban planning research. How to balance urban development and ecological environment protection has become a focus and difficulty of research. Traditional urban planning is mainly based on experience, but its disadvantage is that it is easy to overlook key geographical factors such as terrain and vegetation, and cannot fully reflect the actual spatial characteristics of the city. Therefore, this article applied the combination of urban and rural planning and environmental remote sensing technology to urban planning and design, obtaining a massive amount of data. Through the actual analysis of Langfang, this paper monitored the vegetation, water, land and landscape data of Langfang through environmental remote sensing technology. By using these data to identify existing problems, this article proposed reasonable planning for the problems, in order to achieve the effective goal of ecological city planning and design. It provided a more accurate analysis of urban structure, including urban planning and urban ecological landscape planning. Among them, ecological landscape planning includes renovating ecological embankments, protecting ecological green belts around the city, and creating characteristic landscape areas, thereby providing more scientific basis for urban planning and design, making urban planning and design more reasonable and scientific. This paper investigated the planned Langfang City, and the average errors of vegetation, soil, water quality, and landscape data obtained from traditional field surveys were 0.35, 0.33, 0.34, and 0.31, respectively. The average errors of remote sensing technology in obtaining vegetation, soil, water quality, and landscape data were 0.16, 0.15, 0.17, and 0.15, respectively. The total suspended solids content of waterscape 1-10 before planning was 5.51mg/L and 7.41mg/L, respectively. After planning, the total suspended solids content of waterscape 1-10 was 3.60mg/L and 4.47mg/L, respectively. From this, it can be seen that the error in obtaining data after planning has decreased, and the total suspended solids content has also decreased.

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.

To proactively manage information security, enterprises often employ information security risk assessment techniques. Asset value - which is used to calculate the financial impact of possible threats - is one of the key parameters of information security risk. However, assets in a system are rarely independent, and their values are typically interdependent. Asset owners and IT teams may hold different views as regards these values, and there is thus the need to reduce subjectivity in a qualitative risk assessment. The research entails the development of a conceptual framework derived from the literature to minimize subjectivity, and the design of a system based on those concepts. The study uses the Unified Modeling Language as a design tool and puts forward an object-oriented model for defining asset values, in which the relationships between assets, vulnerabilities and related threats are identified. A “segregation of duties” approach is integrated into the risk management system to mitigate against subjectivity and better determine asset values. Survey responses from 16 practitioners working in the private and public sectors confirm the validity of the approach, but suggest it may be more workable in larger organisations where resources allow dedicated risk professionals to operate.

ESG (Environmental, Social, and Governance) responsibility fulfillment increasingly affects enterprise valuation. Although researchers debate about the precise effects, the prevailing view suggests a linear relationship between ESG performance and enterprise value. This study introduces a novel ESG responsibility performance metric through the Regulated Intermediary Model to delve into this relationship within the Chinese context. Our findings reveal an inverted U-shaped relationship between ESG performance and enterprise value, with financing constraints having a significant moderating effect. These findings remain robust after employing instrumental variables to mitigate potential endogeneity. Heterogeneity analysis demonstrates that this inverted U-shaped relationship is particularly pronounced in non-polluting and non-state-owned enterprises. Moreover, a comparison between equity and debt financing mechanisms underscores that improved ESG performance is associated with lower cost of equity financing, thereby enhancing enterprise value. Financial institutions are encouraged to leverage innovative financial instruments to diversify enterprise financing channels and alleviate financing constraints of enterprises that fulfill their ESG responsibilities.

This paper aims to develop a hierarchical risk assessment model using the newly-developed evidential reasoning (ER) rule, which constitutes a generic conjunctive probabilistic reasoning process. In this paper, we first provide a brief introduction to the basics of the ER rule and emphasize the strengths for representing and aggregating uncertain information from multiple experts and sources. Further, we discuss the key steps of developing the hierarchical risk assessment framework systematically, including (1) formulation of risk assessment hierarchy, (2) representation of both qualitative and quantitative information, (3) elicitation of attribute weights and information reliabilities, (4) aggregation of assessment information using the ER rule and (5) quantification and ranking of risks using utility-based transformation. The proposed hierarchical risk assessment framework can potentially be implemented to various complex and uncertain systems. A case study on the fire/explosion risk assessment of marine vessels demonstrates the applicability of the proposed risk assessment model.

Robotics offers innovative possibilities at all levels of education, which should be considered when planning the teaching process for certain topics of engineering mathematics in higher education. In this paper, we present a new teaching-learning technique using STEAM-based methods to explore the properties of cycloidal curves for Computer Science Engineering BSc students. Frontal teaching, which is part of the tradition of higher education, has been complemented with teaching methods that meet the generational needs of students: problem-based learning, integration of STEAM-based methods and project-based learning. We have developed a new methodological model that combines the advantages of the traditional teaching method with new forms of teaching that have proven to be effective in teaching Generation Z. The four-stage methodological model uses a variety of didactical approaches because each stage applies a different type of learning technique to make the learning process interesting, motivating and effective. One of the main pillars of the model is the use of Desmos dynamic geometry software to create animations, and the other is the use of educational robotics to support visualisation. The implementation of educational robotics and its potential for teaching cycloidal curves is discussed in detail. The effectiveness of the method was investigated with first-year undergraduate students in computer science engineering. Quantitative studies were carried out to test the effectiveness of the new teaching technique. The experimental results strongly indicate the value of using the four-stage methodological model to implement active learning in the field of cycloidal curves.

Innovation is an essential key factor in the technology development history. Past research on innovation focused more on the innovation behavior of technology, but seldom described knowledge assets which also influence innovation behavior greatly. The effect of knowledge assets attribute and result on disruptive innovation is therefore regarded as the research topic in this study, where disruptive innovation is divided into outbound and inbound to combine combination-embeddednessandmajor business specificityof knowledge assets as the research model. Manufacturing enterprises in China are proceeded the questionnaire survey, and 173 valid copies are collected. The empirical analysis shows that combination-embeddedness of knowledge assets presents significantly positive effects on major business specificity and outbound innovationof an enterprise but reveals remarkably negative effects on inbound innovation. Enterprises are suggested to constantly accumulate knowledge assets with low major business specificity before disruptive innovation in order to reduce ineffective inbound innovation.

Managing a portfolio whose value closely tracks an index by trading only in a subset of the index constituents involves an NP-hard optimisation problem. In the prior literature, it has been suggested to solve this problem using sequential Monte Carlo (SMC, a.k.a. particle filter) methods. However, this literature does not take transaction costs into account, although transaction costs are the primary motivation for attempting to replicate the index by trading in a subset, rather than the full set of index constituents. This paper extends the SMC approach to index tracking to allow for proportional transaction costs and implements this extended method on empirical data for a variety stock indices. In addition to providing a more practically useful tracking strategy by allowing for transaction costs, we find that including a penalty for transaction costs in the optimisation objective can actually lead to better tracking performance.

Amidst the escalating demands for efficient Intelligent Transportation Systems (ITS) management, the significance of accurate Origin-Destination (OD) data prediction has emerged as a paramount concern, given its indispensable role in the ITS domain. This paper introduces a groundbreaking integrated model, creatively fusing the unique strengths of Graph Convolutional Network (GCN), Residual Neural Network (ResNet), and Long Short-Term Memory Network (LSTM) into a single architecture, which we name GraphResLSTM, to exploit road segment average speed data for OD prediction. Compared with conventional road segment traffic volume data, average speed data is more readily available, significantly reducing the data accessibility barrier for OD prediction. We underscore the critical role of selection of key road segments and employs a combination of Entropy Weight Method and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) to identify 41 representative road segments from the experimental road network. In the experimental phase, we simulate 86400000 seconds of traffic conditions, generating a total of 1440000 data records. Utilizing these simulated data, we design and conduct comparative experiments between models as well as data types. The results demonstrate that both the GraphResLSTM model and road segment average speed data outperform other models and data types notably in OD prediction tasks.

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.

Abstract: Global ecological concern regarding the transfer of fouling organisms to ship hulls is increasing. This study investigated the species composition, dominant species, distribution patterns, community structure, and life-cycle differences of hull-fouling macroinvertebrates on five research vessels (R/Vs: Isabu, Onnuri, Eardo, Jangmok 1, and Jangmok 2) operated by the Korea Institute of Ocean Science and Technology (KIOST). Hull-fouling macroinvertebrates were collected three to five times on quadrats from the upper and middle sectors of the hull sides, bottom, and niche areas (the propellers and shafts and the thrusters). A total of 47 macroinvertebrate species were identified, represented by 8,519 individuals(ind.)/m2 and a biomass of 1,967 gWWt/m2 on the five vessels. The number of species, density, and biomass were greater on the coastal vessels the Eardo, Jangmok 1, and Jangmok 2 than on the ocean-going vessels the Isabu and Onnuri. Among the coastal vessels, barnacles were the most abundant and had the greatest density, while mollusks had the highest biomass. Differences between hull sectors showed that the highest species abundance and density appeared on all hulls in ports and bays where the Jangmok 1 operated, while the highest species abundance, density, and biomass were identified in the niche areas of the Eardo, which operated farther from the coast. The hull-fouling macroinvertebrates that exceeded 1% of all organisms were the barnacles Amphibalanus amphitrite, Balanus trigonus, and Amphibalanus improvisus; the polychaete Hydroides ezoensis; the bivalves Magallana gigas and Mytilus galloprovincialis; and the amphipod Jassa slatteryi. The dominant species were cosmopolitan and globally distributed, and many of them were cryptogenic. Six native species were identified: M. gigas, H. ezoensis, the amphipod Melita koreana, the isopod Cirolana ko-reana, and the barnacle B. trigonus and F. kondakovi. Eight non-indigenous species (NIS) were de-tected: barnacles A. amphitrite and A. improvisus, the bivalve M. galloprovincialis, the polychaete Perinereis nuntia, amphipods J. slatteryi and Caprella californica, and bryozoans Bugulina californica and Bugula neritina. Of the fouling macroinvertebrates found on the vessel hulls, 13% were native and 17% were NIS. The nMDS ordination analysis of the five vessels showed four clusters of fouling macroinvertebrate communities: two ocean clusters (the Isabu and Onnuri), one coastal cluster (the Eardo and Jangmok 2), and one local cluster (the Jangmok 1). More diverse communities developed on the hulls of vessels that operated locally rather than globally or in deep oceans. Spearman rank correlation showed that biological indices such as number of species, density, and biomass correlated highly and positively with the numbers of days on coastal operations and negatively with the number days on ocean operations. The species diversity index correlated positively with the total number of anchoring days and coastal operation days and negatively with the total number of operation days and ocean operation days. The macroinvertebrates differed by the area of operation, the port of anchorage, the number of days in operation and at anchor, and the hull sectors. There is no previous research data on hull-fouling macroinvertebrates in the Republic of Korea, and this study provides a basis for future studies to identify introduced species and their differences based on operation area.

Due to the significant price difference, expensive oils like olive oil are often blended with cheaper edible oils. This practice of adulteration in edible oils, aimed at increasing profits for producers, poses a major concern for consumers. Furthermore, adulteration in edible oils can lead to various health issues impacting consumer well-being. In order to meet the requirements of fast, non-destructive, universal, accurate and reliable quality testing for edible oil, the oblique-incidence reflectivity difference (OIRD) method combined with machine learning algorithms was introduced to detect a variety of edible oils. The prediction accuracy of Gradient Boosting, K-Nearest Neighbor, and Random Forest models exceeded 95%. Experimental results indicate that the OIRD method can serve as a powerful tool for detecting edible oils.

To improve carbon efficiency for urban logistics service system composed of a third-party logistics service provider (3PLs) and an e-business enterprise, low-carbon operation game between them was studied. Considering low carbon technology investment cost and sales expansion effect of low carbon level, profit functions for both players were constituted. Based on their different bargaining capabilities, totally 5 types of game scenarios were designed. Through analytical solution, Nash Equilibria under varied scenarios were obtained. By analyzing these equilibria, 4 major propositions were given, in which, some key variables and system performance index were compared. Results show that the best system yields could only be achieved under the fully cooperative situation; limited cooperation only for carbon emission reduction would not benefit the system performance improvement; E-business enterprise-leading game’s performance overtook 3PLs-leading ones.

The integration of deep learning models into financial risk prediction and analysis has significantly transformed traditional approaches. While conventional quantitative methods often rely on simplistic metrics like maximum drawdown, the advent of deep learning necessitates a more nuanced evaluation, emphasizing the model's generalization ability, especially during market crises such as stock market crashes. This paper explores the critical aspects of evaluating deep learning models' risk control capabilities in finance, underscoring the importance of understanding both statistical metrics and generalization abilities, particularly in adverse market conditions. By examining deep learning models' performance in scenarios like stock market crashes and highlighting the significance of cross-validation techniques, this study aims to offer practitioners insights into constructing robust risk management systems. It advocates for a comprehensive approach integrating quantitative analysis with macroeconomic factors to enhance financial risk prediction and analysis in volatile markets. The experimentation reveals that different deep generative models excel in various aspects of financial time series analysis, with generative adversarial networks (GANs) demonstrating superior performance in predicting Value at Risk (VaR) and variational autoencoders (VAEs) excelling in return rate prediction. Moreover, integrating multiple models further enhances predictive performance, leveraging the strengths of each model to compensate for individual weaknesses. Overall, this paper underscores the potential and significance of deep generative models in financial time series analysis, offering a roadmap for improved risk management and decision-making in financial markets.

Emission trading schemes (ETSs) have become vital tools in striving toward global emission reduction objectives and promoting a sustainable economy. This paper empirically investigates the impact of market conditions on interconnectedness within precious metals, clean energy, green bonds, and carbon markets, focusing on China and the EU ETSs as the study subjects. A TVP-VAR-based asymmetric connectedness approach is adopted to capture the evolving relationships between the variables of interest in the time–frequency domain. The empirical findings reveal that: First, time-varying asymmetric connectedness and spillover effects among clean energy, precious metals, green bonds, and carbon markets are identified in both time and frequency domains under diverse market conditions, with long-term connectedness asymmetry being particularly sensitive, although spillovers exhibit variations. Second, the role and intensity of net transmitters or receivers vary across market conditions and frequency domains, indicating the complex and nuanced nature of market interactions. The EU ETS demonstrates a higher level of connectivity with global markets for clean energy, precious metals, and green bonds when compared to the Chinese ETS. However, it also shows greater susceptibility to fluctuations in market conditions. These results have significant implications for both investors striving to build sustainable diversified portfolios and regulators endeavoring to craft effective policies for risk regulation and sustainable development.

This study challenges the prevailing belief in the necessity of complex models for accurate forecasting by demonstrating the effectiveness of parsimonious econometric models, namely ARCH(1) and GARCH(1,1), over deep learning robust approaches, such as LSTM and 1D-CNN neural networks, in modeling historical volatility within pre-emerging stock markets, specifically the Moroccan and Bahraini stock markets. The findings suggest reevaluating the balance between model complexity and predictive accuracy. Future research directions include investigating the potential existence of threshold effects in market capitalization for optimal model performance. This research contributes to a deeper understanding of volatility dynamics and enhances forecasting models’ effectiveness in diverse market conditions.

Over the last several decades there has been an arms race to acquire credentials as higher education has shifted from an elitist system to mass education. From an individual perspective, given the higher education system and labor market conditions, it is rational to pursue advanced qualifications. However, whether the education system delivers improvements in human capital or is principally a signaling mechanism is questionable. Estimates of the proportion of labor market rewards due to signaling range as high as 80%, suggesting that education is not only expensive but inefficient. In an increasingly transactional environment in which education providers are highly motivated by financial considerations, this situation is only likely to be exacerbated by the rapid developments in AI. The use of AI has the potential to make learning more effective but, given that many students see credential acquisition as transactional, it may reduce both human capital and the value of the signaling effect. If the credibility of the credentials offered is further damaged, the sustainability of the higher education sector in its present form and scale may well be unsustainable. We examine the evidence on credential inflation, returns to education and mismatch of graduates to jobs before analyzing how AI is likely to affect these trends. We then suggest possible responses of prospective students, education providers and employers to the growing adoption of AI in both education and the workplace. We conclude that the current offerings of generalist degrees, as opposed to vocational qualifications, are not sustainable and that to survive, even in a downsized form, the sector must respond to this disruptive technology by changing both the nature of its offerings and its methods of ensuring that the credentials they offer reflect genuine student learning.

Civic participation is of great significance to urban management decision-making. In order to facilitate citizens to participate in city management decision-making, this paper proposes a large-scale group decision-making (LSGDM) method based on multi-granular probabilistic linguistic preference relations (MG-PLPRs). First, each decision maker selects a language terms set from the multi-granularity language terms set to represent individual preference relations and the MG-PLPRs are obtained by statistical calculation to represent sub-group’s preferences information. Then, an optimization model based on the expected consistency of PLPR and consensus measure of groups is established to achieving consensus reaching processes, which can ensure satisfactory individual consistency and group consensus. Finally, the validity and applicability of the proposed method is verified by a case of a city "shared garden" site selection with the participation of citizens.

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.

Ethiopian Airlines is a leading airline in the world. Its supply chain management is one of the most critical aspects in achieving its sustainability objectives. The present study aims to assess the sustainability practices and strategies of Ethiopian Airways in its supply chain, identifying areas for improvement and recommending strategies for enhancing sustainability. The study concentrates on pertinent sustainability concerns within the aviation sector while examining antecedent research on the sustainability of Ethiopian Airlines’ supply chain management strategies. The findings of the study reveal that there are several areas in need of improvement, including the implementation of waste reduction measures, the establishment of a recycling program, and the reduction of single-use plastic usage. It is suggested that promoting responsible tourism embodying sustainable practices is imperative, particularly within the airline context.

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.

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.

The rise of fintech in the financial sector presents a transformative shift towards digitalization and sustainability, leveraging technologies like AI to minimize environmental footprint. Neobanks not only challenge traditional banking models but also offer innovative solutions that align with sustainable objectives. The purpose of this paper is to analyze the impact of neobanks on global sustainability, from economic, environmental, and social point of view. A comprehensive literature review of existing literature and current sustainable practices of neobanks was conducted. We have found that neobanks significantly positively contribute towards environmental sustainability with reduced paper use and logistics requirements of banking services. By offering more accessible and affordable banking services they importantly contribute towards higher financial inclusion, and with innovative products towards more competitive and innovative financial markets. AI-based tools they employ are increasing financial literacy and social inclusion. We also highlight concerns regarding electronic waste management, potential high energy consumption, required digital literacy and cybersecurity risks. We conclude that despite the mentioned risks, neobanks importantly contribute to global sustainability in many ways, and will even more in the future. Our findings can help neobanks shape sustainable practices and guide policymaking, as well as spread awareness of sustainable impact of banking services.

Nowadays, inquiries are one of the most important tasks to be executed in order to get valued information. When an inquiry is done to gather information about a human behavior there are some problems inherent to it. One of the main problems is how the information about many different persons can be processed to give good information about their environment. Most of the information gathered by these inquiries is used to analyze the behavior of the respondents. It can be used to estimate the success of a certain product on the market or just to validate the satisfaction of current costumers. The veracity of this information can be critical to model environments with some acceptable level of precision. Modelling environments through Artificial Neural Networks (ANN) is highly common because ANN’s are excellent to model predictable environments using a set of data. ANN’s are good in deal with sets of data with some noise, but they are fundamentally surjective mathematical functions and they aren’t able to give different results for the same input. So if an ANN is trained using data where the same input has different images which can be the case of survey data, this can be a problem for the success of modelling the environment. Therefore is necessary to process the data in order to adjust and eliminate invalid data.

Nowadays the dynamism induced by the constant change of strategic decisions on the markets produces an extra difficulty in the management of an organization. The strategic decisions made by managers can become obsolete in a short period of time. One of the major difficulties in managing a commercial organization is to predict, with some precision degree, the impact some strategic decisions have on the financial results. Business Intelligence (BI) is an area widely used to help managers to make strategic decisions. But the methods used, behind the scenes, to achieve the conclusions are kept secret by BI company-based services. Modelling the environment can be a good option to study the impact of an action, provided by a strategic decision, in a real environment. A good model should give an approximate result of an action applied to a previous state of the environment. Artificial Neural Networks (ANNs) are proven to be excellent in modeling environments with some level of data noise. The same strategic action can have different results in different organizations. A tool that allows an evaluation of a strategic action applied to an environment should have a major importance in the management scope. Modeling the environment should save time and money for the organization to improve the performance of the strategic plan. If one evaluates the state of the environment after a strategic action being applied, it can be possible to mitigate the risk of failure of the strategic plan. As we will be able to verify, it is possible to use ANNs to model strategic environments that should allow the prediction of sales and operating results by the used strategies with some precision, although the level of success will be directly related with the user’s necessity.

The Solvency II regulatory framework specifies procedures and parameters for determining solvency capital requirements (SCRs) for insurance companies. The proposed standard SCR calculations involve two steps. The Value–at–Risk (VaR) of each risk driver is measured and, in a second step, all components are aggregated to the company’s overall SCR, using the Standard Formula. This formula has two inputs: the VaRs of the individual risk drivers and their correlations. The appropriate calibration of these input parameters has been the purpose of various Quantitative Impact Studies that have been conducted during recent years. This paper demonstrates that the parameter calibration for the equity–risk module—overall, with about 25%, the most significant risk component—is seriously flawed, giving rise to spurious and highly erratic parameter values. As a consequence, an implementation of the Standard Formula with the currently proposed calibration settings for equity–risk is likely to produce inaccurate, biased and, over time, highly erratic capital requirements.

Recent algorithmic-based research in the stock market has predominantly focused on ultra-high-frequency trading and index estimation. We developed an improved algorithm to address the need for a low-frequency, real-world trading model to build on the existing high hit-ratio and low maximum drawdown. We utilized established price indicators, Stochastic and Williams %R, and introduced a volume factor to increase the model's safety to enhance the model's performance. This improved algorithm demonstrated superior returns while maintaining high hit-ratio and low maximum drawdown. Specifically, we leveraged the existing algorithm to trade using 2X and 3X signals, incorporating volume data, the 52-week average, standard deviation, and other factors. The data set comprised SPY ETF price and volume from 2010 to 2023, covering over 13 years. Our enhanced algorithmic trading model outperformed both the benchmark and previous results, achieving a hit rate of over 90%, a maximum drawdown of less than 1%, an average of 1.5 trades per year, a total return of +519.3%, and an annualized return (AnnR) of +15.1%. The analysis demonstrates that the model's simplicity, ease of application, and comprehensibility can assist investors in making informed investment decisions albeit the past performance does not guarantee future returns.

Promoting organic foods production and consumption contributes to accomplishing United Nations sustainable development goals. Social commerce provides a promising opportunity to develop the organic food industry. However, there is limited knowledge regarding customer behaviors in relation to purchasing organic foods via social commerce platforms. Therefore, this study expanded upon the unified theory of acceptance and use of technology (UTAUT-2) to develop a comprehensive model that explains how customers' social commerce trust and behavioral intentions to purchase organic foods using Instagram social commerce affect their purchasing behaviors. The research model was analyzed by employing partial least squares structural equation modeling (PLS-SEM) for the data collected from a quantitative survey of 410 customers who used Instagram to purchase organic foods in Iran. The results revealed that facilitated purchasing conditions, hedonic motivations, social influence, rating and reviews, and influencers’ endorsements increase customers' purchase intentions. Moreover, Instagram’s recommendations and referrals, influencers’ endorsements, as well as social influence boost customers' trust in the social commerce platform. Eventually, it was determined that influencers’ endorsements, social commerce trust, and purchase intention determine a customer’s organic foods purchasing behaviors. This research provides valuable insights for organic food marketers to optimize their social commerce strategies.

The textile sector is responsible for a number of environmental impacts. Due to the in-creasing quantities of textiles, their share is rising and a trend reversal from a linear to a circular textile chain is needed. This article presents the background, methodological approach and results of a participatory textile development model. In the commercial B2B sector, three textile prototypes were developed together with users and trialled over several months in three application areas. Textile development took into account the requirements of fibre regeneration in the product design and focused on innova-tive chemical recycling solutions. The three sustainably aligned textiles were subject-ed to spectroscopic and textile-technological tests. Screening life cycle assessments an-alysed their environmental profile and compared it with reference textiles that are used as standard. Overall, it is clear that the three textiles can match conventional ref-erence textiles in terms of quality and have considerable environmental benefits com-pared to the reference textiles. The user survey did identify concerns about a high arti-ficial fibre content, although a general rejection of recycled fibres was not observed. The results show that a transformation is possible, but must start with the fibre com-position; recycling, on the other hand, is of minor importance.

This study investigates the impact of circular economy (CE) strategies on organizational resilience (OR) within the metal industry, focusing on a case study of a forging department in a large man-ufacturing company. The idea of the paper is to link the macroeconomic topic of circular economy (CE) with microeconomic and practical activities in the organization, exploring how CE principles can improve resource efficiency, sustainability, and organizational resilience. A systematic literature review and case study methodology were used to assess the relationship between CE and OR. The findings reveal that companies with higher circularity demonstrate better resilience, both in normal operations and during crises. Specifically, in the case study, the closure of the forging department, following a detailed analysis using the Inputs-Mediators-Outputs (IMO) model, emerged as the most sustainable option, yielding financial, environmental, and operational benefits. This decision aligned with the company’s long-term goals of energy efficiency and carbon neutrality. The research highlights the significance of integrating CE strategies with business processes to not only achieve sustainability but also to build a more adaptable and resilient organization. Future research should explore broader applications of this framework across different industries to strengthen the links between circular economy practices and organizational resilience.

In the realm of digital transformation, effective leadership and motivation are pivotal for organisations navigating the complexities of today’s systems. This study explores the intersection of intrinsic motivation and mental well-being among mature students—an analogy that sheds light on strategies applicable to organisational contexts. In developed nations like the UK, mental health for mature students is increasingly recognised as a crucial component of their educational journey. Mature students, who typically enrol in higher education after an educational gap and upon turning 21, often face specific challenges that can impact their mental well-being while pursuing academic goals. The primary objective of our study was to assess the relationship between intrinsic motivation and the mental well-being of mature students. Our research revealed a significant positive correlation between these two variables. Confirmatory factor analysis (CFA) results supported a one-factor solution for the sample data from mature students. Additionally, we found that intrinsic motivation is a significant predictor of the mental well-being of mature students. Recognising and addressing the unique difficulties individuals encounter and providing appropriate support can enhance their well-being and contribute to the overall success of the higher education community.

To decrease oral pathogens and increase the number of beneficial bacteria, probiotics and bioactive compounds made via microbial bioconversion are recently used. In addition, the interest regarding probiotics-mediated bioconversion with popular medicinal plants is increasing. These compounds produced during the process exhibit synergistic effect and enhance a variety of biological activities including pathogen inhibition in host. Therefore, we developed bioconverted milk with high inhibitory activity against oral pathogens and α-glucosidase. Lactiplantibacillus plantarum SMFM2016-RK was chosen as the probiotic due to its beneficial characteristics such as high acid and bile tolerance, antioxidant activity, and α-glucosidase inhibition. Based on the minimal bactericidal concentration against three oral pathogens, the following appropriate concentrations of Artemisia herba-alba extract were added to milk: 5 mg/mL of A. herba-alba ethanol extract and 25 mg/mL of A. herba-alba hot-water extract. Four bioconverted milks (BM), BM1, BM2, BM3, and BM4, were produced by combining L. plantarum SMFM2016-RK alone, L. plantarum SMFM2016-RK and ethanol extract, L. plantarum SMFM2016-RK and hot-water extract, and L. plantarum SMFM2016-RK with both extracts. As a result of antimicrobial activity, BM3 inhibited the growth of Aggregatibacter actinomycetemcomitans and Porphyromonas gingivalis the most, and BM4 suppressed the growth of Fusobacterium nucleatum the most. In addition, bioconverted milk containing A. herba-alba (BM2, BM3, and BM4) inhibited α-glucosidase more effectively than BM1. In conclusion, A. herba-alba-added milk bioconverted by L. plantarum SMFM2016-RK displayed the growth inhibitory effect on oral pathogens and the α-glucosidase inhibitory activity, thus it necessitates to evaluate the effects on the alleviation of oral diseases and glycemic control through future animal experiments.

This paper addresses the conceptual exploration of various issues that form an integral part of the ethical dimensions surrounding the use of artificial intelligence (AI) in the field of marketing. We critically review some of the main ethical challenges AI poses to humanity: privacy, data security, bias, transparency, and accountability. Therefore, we will discuss the delicate balance between exploiting the transformation potential of AI for personally designed marketing strategies and ethical imperatives to safeguard the rights of consumers to retain trust. Then, the present regulatory landscape responding to these ethical challenges will be assessed by building on effective regulation, like the GDPR, existing proposed legislative frameworks, and industry guidelines. To underscore the role of an ongoing dialogue between marketers, technologists, ethicists, and regulators for developing a responsible AI ecosystem in marketing. Further, strategic recommendations for implementing company-based ethical AI marketing practices. The further strong guidelines provide enhancement transparency to consumers and investment in research to remove biases from algorithms. It also underscores principal scopes of further research and development, focusing on the need for new-age solutions to guide the ethical quagmires that AI-led marketing throws up. We suggest that integration should be done proactively and collaboratively. Thus, if attention is paid more to ethics and multidisciplinary dialogue, only such hyperbolic promises can be realized by AI-driven marketing. There are such promises through which AI-driven marketing will meet business goals and be huge at societies' values.

Attention to the work-related musculoskeletal disorders (WMSDs) involve also statistical surveys showing an increasing trend in the incidence of WMSDs. Technological development retrieves new tools and methods for the assessment of physical load at work. In addition to the conventional questionnaires and scaling assessment systems, these methods are mostly based on the direct sensing of appropriate parameters, which allows more precise quantification. The aim of this paper is to compare the assessment of ergonomic risk through current legislative regulations. A Captiv wireless sensor system was used at a car headlight quality control assembly workplace for sensing, data acquisition and data processing. During the evaluation of the postures and movements at work, we discovered differences in the applicable standards: Decree 542/2007 Coll. (Slovak legislation), STN EN 1005-4+A1, French standards default in the Captiv system. Standards define the thresholds for hazardous postures with significant differences in several evaluated body segments, which also affects the final evaluation of the measurements. Based on the results of our research, we found that respondents were in an acceptable position for approximately 63% of the total duration of the work activity in terms of the Legislative method, 44% with Captiv and 27% with Standards method.

This research aims to explore the complex interplay between supply chain resilience (SCR), digital supply chain (DSC), and sustainability, focusing on the moderating influence of supply chain dynamism. The goal is to understand how these elements interact within the framework of contemporary supply chain management and how they collectively contribute to enhancing sustainability outcomes. The sample size is 300 CEOs and managers. The study approach integrates quantitative research methods. Structural equation modeling (SEM) is utilized to quantitatively analyze the direct and indirect effects of SCR and DSC on sustainability. The numerous surveys we conduct among supply chain ecosystem stakeholders provide a rich picture of practical implications and contextual nuances. In sum, our early findings generally support a positive relationship between SCR and sustainability in and of itself decrying the need for more resilient supply networks for sustainability. We further find the beneficial impact of digital technologies in promoting sustainability via enhancing environmental control and controlling for efficiency in supply chains. We also offer evidence to show that supply chain dynamism compounds the positive logic between SCR and DSC and sustainability. As a final word, it must be noted that our work speaks to the burgeoning Supply Chain Dynamism as moderator literature by examining the direct and contingent effects of SCR and DSC on not only performance but sustainability. By shedding light on the moderating role of dynamism, the study provides fresh insights into the multifaceted nature of supply chain management and sustainability practices. The study's findings enhance theoretical understanding by elucidating the synergistic effects of SCR, DSC, and sustainability in dynamic supply chain settings. It augments existing theoretical frameworks by integrating concepts of resilience, digitalization, and sustainability into a comprehensive model. Practical and economical, the research offers actionable guidance for organizations aiming to improve sustainability performance through resilient and digitally advanced supply chains. By acknowledging the role of supply chain dynamism, managers can tailor strategies to manage disruptions effectively and leverage digital innovations. Economically, adopting sustainable practices can result in cost savings and competitive advantages. The research emphasizes the importance of aligning supply chain strategies with sustainability goals to drive long-term value and societal impact.

Brazil has ideal conditions for the large-scale use of cabotage cargo transportation: a vast coastline with almost 7,400 km, approximately 70% of the population resident in a coastal range of up to 200 km from the coast and a strong concentration of activities economic along the coast. However, there is an absolute domain of road modal for the transportation of goods, and cabotage is underused. The purpose of the study was to raise the main barriers that negatively impact the performance of Brazilian cabotage. To this end, it was used to bibliographic and documentary research, based on studies already published in journals, doctoral theses, master's dissertations, congress annals, technical reports and research on government-related government agencies sites, navigation companies and entities related to cabotage. The main barriers that contribute to the low use of cabotage in Brazil were identified and analyzed, as well as possible alternatives of solution for sustainable development of this mode of transport. Such a study will certainly serve as subsidies for the definition of public policies aimed at better use of Brazilian cabotage, as well as to encourage navigation companies to invest more in the transport of goods by cabotage, in order to contribute to the reduction of trucks on highways Brazilian and for environmental preservation.

BACKGROUND Detecting total cholesterol in dried blood spots could aid in identifying individuals with a high likelihood of familial hypercholesterolemia and could be used as a screening measure. This study aims to assess the diagnostic accuracy of dried blood spots on Whatman 903 paper cards using a manual enzymatic technique. METHODS A total of 394 samples collected as serum and dried blood spots were compared. Cholesterol was determined in serum using the automated reference method, while cholesterol on paper was measured using a manual enzymatic method. Within- and between-day diagnostic variability were analyzed. The correlation between both methods was assessed using Passing-Bablok regression and Bland-Altman plot. Internal validation of our correlation formula was performed on 149 samples, along with external validation of the formula proposed by Corso et al. RESULTS The within- and between-day coefficient of variation was found to be lower than 10.14% and 14.09%, respectively. Method comparison yielded an area under the curve of 0.976, with a standard error of 0.009. Passing-Bablok regression indicated a precision of 0.803 and an accuracy of 0.96. Internal validation precision was measured at 0.716. Regarding internal validation, calculated cholesterol with our regression line did not differ from serum cholesterol analysis, while significant differences were observed in calculated cholesterol levels using the external formula. CONCLUSIONS Total cholesterol analysis in dot blood spots demonstrates high precision and reproducibility. This method reliably enables the incorporation of this biological marker into neonatal screening for familial hypercholesterolemia detection.

The COVID-19 pandemic caused by the novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) virus has exposed the vulnerabilities and unpreparedness of the global healthcare system in dealing with emerging zoonoses. In the past two decades, coronaviruses (CoV) have been responsible for three major viral outbreaks, and the likelihood of future outbreaks caused by these viruses is high and nearly inevitable. Therefore, effective prophylactic universal vaccines targeting multiple circulating and emerging coronavirus strains are warranted. This study utilized an immunoinformatic approach to identify evolutionarily conserved CD4+ (HTL) and CD8+ (CTL) T cells, and B-cell epitopes in the coronaviral spike (S) glycoprotein. A total of 132 epitopes were identified, with the majority of them found conserved in the bat CoV, pangolins CoV, endemic coronaviruses, SARS-CoV-2, and Middle East respiratory syndrome coronavirus (MERS-CoV). Their peptide sequences were then aligned and assembled to identify the overlapping regions. Eventually, two major peptide assemblies were derived based on their promising immune-stimulating properties. In this light, they can serve as lead candidates for universal coronavirus vaccine development, particularly in the search for pan-coronavirus multi-epitope universal vaccines that can confer protection against current and novel coronaviruses.

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.

With the digital transformation of the logistics industry, smart logistics algorithms have become a core technology to improve efficiency and reduce costs. This paper reviews the development history of traditional logistics technology and discusses the key role of technologies such as the Internet of Things, big data analysis, artificial intelligence, and automation in logistics technology innovation. It focuses on the application of intelligent logistics algorithms in path optimization, intelligent scheduling, data mining and prediction, and intelligent warehousing. To solve the problem of inconsistency between training and testing objectives, this paper proposes DRL4Route, a deep reinforcement learning-based path optimization framework, and designs the DRL4Route-GAE model. Validated through extensive offline experiments and online deployments, the model significantly outperforms existing optimal benchmark methods on real datasets, improving the location deviation squared metrics and the top-three location prediction accuracy metrics. These research results provide important support to further promote the intelligent development of the logistics industry.

The EFQM Model, established in 1991, serves as a framework for organizational excellence, helping achieve sustainable success through an integrated management system. The model's evo-lution is driven by the need to adapt to global trends, threats, and technological innovations such as: digital transformation, employee engagement and well-being, remote work, agile performance management, diversity, equity and inclusion (DEI), sustainability, AI, and big data. The new EFQM Model 2025, presented in Istanbul in June 2024, introduces significant changes, emphasiz-ing sustainability, innovation, and technology. These changes are analyzed based on the logic of three questions: Why, How, and What. Why: There is a necessity for better alignment of organizations with contemporary challenges through flexibility, risk resilience, and innovation capabilities in a dynamic business environ-ment, including alignment with the UN Sustainable Development Goals (SDGs). How: The model introduces an integrated approach to performance management and transfor-mation, incorporating advanced technologies such as AI and data analytics. What: Implementing the EFQM Model 2025 enhances organizational adaptability, innovation, and flexibility, improving financial, operational, and strategic outcomes. Better alignment with sustainability goals leads to long-term value and social responsibility. Improved stakeholder engagement methods enhance understanding and satisfaction. The use of advanced technologies supports innovation and operational efficiency, while better strategic and operational performance and risk management ensures greater stability and the ability to anticipate future challenges.

Deploying search and rescue (SAR) dogs in disaster situations is crucial for effective rescue missions. This study delves into the challenges and obstacles encountered during the use of SAR dogs, particularly focusing on the earthquake that hit Turkey in February 2023. By employing a case study approach, the research explores various factors that impact the efficiency and safety of SAR dog operations, such as environmental conditions, equipment needs, cultural perceptions, and logistical hurdles. Environmental conditions such as extreme weather, hazardous materials, and unstable structures present significant risks to both the dogs and their handlers. The adequacy of equipment, including protective gear and medical supplies, is critical for ensuring the safety and efficiency of rescue operations. Logistical challenges, including the transportation and care of dogs in disaster zones, further complicate their deployment. Cultural barriers also play a crucial role, as perceptions of dogs vary widely across different communities, potentially affecting the acceptance and integration of canine units in rescue efforts. The case study of the earthquake in Turkey highlights these issues, showcasing the successes and setbacks experienced by international rescue teams. The findings indicate that although SAR dogs are invaluable in locating survivors, they face significant dangers, including hazardous materials, extreme weather, and physical injuries. Additionally, cultural differences and logistical issues complicate their deployment. This paper highlights the necessity for improved training, protective measures, and international standards to ensure SAR dogs' well-being and effectiveness in disaster response efforts. The study's implications suggest that addressing these challenges can markedly enhance the preparedness and resilience of SAR teams, leading to more efficient and safer rescue operations in future disaster scenarios.

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.

Currently, there has been a tendency for companies to direct the development of their businesses following circular economy trends associated with sustainability. European Community guidelines have established deadlines for the implementation of management strategies that allow creating and maintaining an effective and resource-efficient economic system, reducing the amount of en-ergy and materials used in production. In this scenario, this study makes sense, which aims to an-alyze academic studies on these topics with the aim of understanding future trends. In this sense, the objective of this study is to understand the potential impacts on business development of the inte-gration of sustainability and the circular economy. This article uses a systematic literature review, which has the objective of gather and analyze materials from different authors, carrying out an analysis to answer a specific question. The findings indicate that CE and sustainability are con-nected and businesses should implement sustainability and CE appropriate strategies to increase their competitiveness and improve resource efficiency. These strategies may integrate innovative technologies, the use of sharing platforms, product life extension, resource recovery to minimize waste and the integration of sustainability concepts in business as well as their communication with their stakeholders to change trends and behaviors.

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.

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.

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.

Automated Machine Learning (AutoML) is revolutionizing how businesses utilize data, making advanced analytics accessible to a broader range of organizations. By automating complex tasks like data preprocessing, model selection, and hyperparameter tuning, AutoML reduces the time and resources needed to develop and deploy machine learning models. This accelerates decision-making and enables quicker responses to market changes. AutoML empowers businesses to build accurate predictive models using sophisticated algorithms, optimizing model performance for reliable insights and better outcomes. A key advantage of AutoML is its accessibility; even organizations without a dedicated data science team can leverage machine learning, reducing technical barriers and democratizing innovation. As businesses grow, AutoML scales to handle larger datasets and more complex problems without extensive manual intervention. AutoML enhances efficiency, accuracy, and scalability, becoming a crucial driver of business innovation and success. The systematic review will examine the bibliometric literature on how AutoML can boost business, analyzing 74 academic and scientific documents from the Scopus database.

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.

The healthcare system is crucial to the development, standard of living, and sustainability of any country. Amid the pandemic, most developed countries are experiencing varying levels of difficulty managing their healthcare systems. Overloading of healthcare services is common, leading to prolonged waiting times for medical services; thus, the wastage of hospital resources must be addressed seriously. In this paper, we examine the problem of no-shows in outpatient clinics. Through a review of the literature and practical industrial experience, we identify the processes of these clinics. We then propose a robust optimisation approach for overbooking using a traditional overbooking model and a robust system. This model aims to mitigate the significant parameter uncertainties encountered during the pandemic. Considering risk aversion, the optimal policy for overbooking can be established while accounting for the costs associated with overbooking. The main contribution of this paper is the introduction of an alternative method to address the uncertainty of no-shows using an overbooking technique.

This study critically explores the legislative frameworks and national regulations of Serbia, Croatia, and Slovenia concerning the engagement, training, and responsibilities of search and rescue dogs and their handlers. The goal is to offer a thorough understanding of how these dogs and their handlers are engaged, trained, and managed in each country. By carefully analyzing the legal foundations, the study aims to clarify the rights, duties, and responsibilities of all parties involved, ensuring that search and rescue dog deployments are conducted within a structured and lawful framework. Such an understanding is crucial for improving disaster management and ensuring a coordinated response to various emergencies. The findings reveal that although each country has strong legal provisions for deploying search and rescue dogs, there are significant differences in the detail and scope of these regulations. Slovenia is notable for its detailed guidelines, regular evaluations, and licensing processes, setting a high standard. Croatia benefits from strong institutional support and active international collaboration, which greatly enhances its disaster response capabilities. On the other hand, Serbia, despite having a solid foundational framework, could improve by better coordinating with non-governmental organizations and aligning more closely with international standards. Key areas for improvement include harmonizing standards, enhancing training programs, increasing public awareness, better resource allocation, and adopting new technologies. By addressing these issues, Serbia, Croatia, and Slovenia can further strengthen their legal and institutional frameworks, ensuring their search and rescue teams are better prepared for disasters. This study emphasizes the need for continuous improvement through collaboration, standardization, and innovation to maximize the effectiveness of search and rescue operations involving dogs.

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 research project was funded by the Masterplan for Acceleration and Expansion of Indonesia's Economic Development (MP3EI). The objective of this study was to examine the role of indigenous people of Marind in the agricultural development of rice cultivation in Merauke. A survey was conducted in three villages in Merauke using stratified random sampling. The finding suggest that indigenous people of Marind have a crucial role in the agricultural development of rice cultivation in Papua.

In the decarbonization of the steel, cement, and chemical industry in Germany, green hydrogen is expected to play a crucial role. The utilization of green hydrogen in the production processes of said industries requires organizations to modify their business model, requiring sustainable business model innovation (SBMI). Numerous tools and frameworks that support organizations in the process of SBMI have been proposed in the literature in recent years. However, the applicability of these tools and frameworks for steel, cement, and chemical companies that intend to utilize green hydrogen to produce their goods remains unexplored. By conducting a systematic literature review on tools and frameworks for SBMI, a literature and practice review to identify and analyze existing green hydrogen projects of steel, cement, and chemical companies, and an evaluation of the identified tools and frameworks in an evaluation matrix, this paper aims to assess the suitability of SBMI tools and frameworks for steel, cement, and chemical companies that plan to use green hydrogen to produce their goods. Based on the evaluation, the Cambridge Business Model Innovation Process (CBMIP) was identified as the most suitable SBMI framework.

Plantation-based farmer cooperatives play an important role in promoting agricultural modernization and increasing farmer income, and the management of business risks of such cooperatives not only influences the development of the cooperatives themselves, but also concerns the interests of farmers. Based on the survey data of 226 sample cooperatives from Guizhou province, this article uses factor analysis to measure business risks of plantation-based farmer cooperatives and carries out empirical tests on influence factors of business risks through structural equation model. According to the research results, the ordering of business risks of plantation-based farmer cooperative based on their significance is as follows: market risk > policy risk > natural risk > technical risk > management risk. Influence factors including policy environment, economic environment, social service environment, technical environment, resource endowment of the cooperative and manager characteristics have significant positive influence on the cooperative, with economic environment and manager characteristics generating relatively stronger influence and social service environment generating relatively weaker influence. Through this research, several policy implications on driving high-quality development of plantation-based farmer cooperative are made, including specifying supportive policies of plantation-based farmer cooperative, improving economic environment of agricultural market, upgrading agricultural infrastructure, depending reform of land transfer system, and enhancing internal management of the cooperative.

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.

The North China Plain is among the regions most afflicted by ground fissure disasters in China. Recent urbanization has accelerated ground fissure activity in the three counties of the northern North China Plain, posing significant threats to both the natural environment and socioeconomic sustainability. Despite the increased attention, a lack of comprehensive understanding persists due to delayed recognition and limited research. This study conducted field visits and geological surveys across 43 villages and 80 sites to elucidate the spatial distribution patterns of ground fissures in the aforementioned counties. By integrating these findings with regional geological data, we formulated a causative model to explain ground fissure formation. Our analysis reveals a concentration of ground fissures near the Niuxi and Rongxi faults, with the former exhibiting the most extensive distribution. The primary manifestations of ground fissures include linear cracks and patch-shaped collapse pits, predominantly oriented in east-west and north-south directions, indicating tensile failure with minimal vertical displacement. Various factors contribute to ground fissure development, including fault activity, ancient river channel distribution, bedrock undulations, rainfall, and ground settlement. Fault activity establishes a concealed fracture system in shallow geotechnical layers, laying the groundwork for ground fissure formation. Additionally, the distribution of ancient river channels and bedrock undulations modifies regional stress fields, further facilitating ground fissure emergence. Rainfall and differential ground settlement serve as triggering mechanisms, exposing ground fissures at the surface. This research offers novel insights into the causative mechanisms of ground fissures in the northern North China Plain, providing valuable scientific evidence for mitigating ground fissure disasters during the urbanization process in the region.

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.

This research article investigates the application of artificial intelligence (AI) in human resource management (HRM) within the Australian commercial media sector, addressing a critical gap in scholarly knowledge. Despite increasing interest in AI’s potential, there is a lack of consensus among managers and HR professionals regarding its application. Through qualitative interviews with 22 industry professionals, this study examines perceptions, understanding, and the potential for leveraging AI across key HRM functions. Findings indicate significant potential for AI to enhance HRM processes, particularly in job/work design and staffing. This research contributes to a deeper understanding of AI’s role in HRM and offers insights to optimize organizational efficiency and effectiveness in the Australian commercial media sector.

Considering characteristics of high river density, special underlying surface in plain river network region, and municipal drainage system function, river network drainage unit model is proposed, which is defined as a region surrounded by main river or embankment. Flood storage variety and control projects regulation of small rivers in each unit is simulated. With drainage catchment as an object, according to its drainage capacity, simplified municipal drainage model was developed. Coupling river network drainage unit model, simplified municipal drainage model and 2D flood routing model, urban flood analysis model for plain tidal river network region was developed, which could be applied to analyzing flood from upstream river, storm surge and local rainfall. Demonstration research was carried out in Puxi flood protected area in Shanghai.

Telemedicine has become an interesting research topic in recent years, especially since the start of the COVID-19 pandemic. This article conducts research using a systematic literature review to identify paradoxes in telemedicine services. The research method follows the steps in a systematic literature review, by accessing the Scopus journal database to search for relevant articles between 2018 and 2024. The selected articles were selected based on certain inclusion and exclusion criteria, resulting in 28 relevant articles which were then analyzed to understand findings related to paradoxes in telemedicine services. The research results show four main clusters of paradoxes in telemedicine research, namely health services, health quality, the COVID-19 pandemic, and technology. Each cluster shows complex opportunities and challenges in efforts to improve health services through telemedicine. Understanding the clusters for each article can then be mapped to the organizational categories in the Dynamic Equilibrium Model. In conclusion, this study provides a comprehensive insight into the paradoxes in telemedicine services, highlighting the importance of understanding the various aspects involved in the adoption and implementation of this technology. With a better understanding of this paradox, it is hoped that society and health practitioners can overcome the challenges and exploit the opportunities offered by telemedicine to improve the accessibility and quality of health services in the future.

Citrus waste has been used as a source of bioplastic research in different ways. Because the juice industry produces significant amounts of residue each year, it would be advantageous to use the byproducts in the creation of new materials. For many years, researchers have been investigating an environmentally friendly way to take citrus and other organic waste and turn it into polymers that may be used, for instance, to produce bio-based and biodegradable films for food packaging. The goal of this study is to create biofilms from orange (OW) and ginger waste (GW) using an ultrafine grinder and study the films' properties. Since pectin has the ability to gel and because cellulosic fibres are strong, citrus waste has been studied for its potential to produce biofilms. After being washed, dried, and milled, orange and ginger waste were shaped into films using a casting process. Tensile testing was used to determine the mechanical properties of biofilms, while dynamic mechanical thermal analysis (DMTA), thermogravimetric analysis (TGA), and differential scanning calorimetry (DSC) were used to determine their thermal properties. As the number of grinding cycles increased, the suspension's viscosity increased from 29 to 57 mPa.s for OW and from 217 to 376 mPa.s for GW while the particle size in the suspension significantly decreased. For OW and GW films, the highest tensile strength was 17 MPa and 15 MPa, respectively. The maximum strain obtained among all films was 4.8%. All the tested films were stable up to 150°C, and maximum degradation occurs after 300°C.

This paper critically reviews the convergence between Business Ecosystem Theory and Social Network Theory in sustainability studies. While both frameworks view organizations as part of larger, interconnected systems, they can be differentiated by six key dimensions: unit of analysis, focus, decomposability, types of relationships, market segment, and worldview. To better reflect real-world phenomena, this paper argues for a new stream of theoretical convergence that is practical, reliable, generalizable, and reproducible. Specifically, it proposes shifting from interoganizational networks to interfunctional networks, which reduces complexity, enhances stability over time, and provides a clearer theoretical distinction. This is illustrated through a case study of Tesla Inc.’s ecosystem, built from data presented in the company’s 10K form, which also serves as an example of the emergence of a new strategic construct named the Business Ecosystem Footprint. This construct could assist managers in understanding where their organization stands within the network of functions, guiding them in making informed decisions about resource allocation and diversification, specifically aimed at supporting financial goals as well as sustainability and decarbonization objectives. The article concludes by suggesting potential research agendas, such as automating ecosystem mapping, exploring the constraints of the new construct, and testing new hypotheses related to firm performance.

Generative adversarial networks (GANs) have become a recent and rapidly developing research topic in Machine Learning. Since their inception in 2014, a significant number of variants have been proposed to address various topics across many fields, and has particularly excelled not only in image and language processing, but also in the medical and data science domains. In this paper, we aim to highlight the significance and advance that these GAN models can introduce in the field of Business Economics, where they have yet to be fully developed. To this end, a review of the literature of GANs is presented in general together with a more specific review in the field of Business Economics wherein only a few papers can be found. Furthermore, the most relevant papers are analysed in order to provide an approach the opportunity to research into GANs in the field of Business Economics.

This research introduces a pioneering solution to the challenges posed by gastrointestinal tract (GI) cancer in radiation therapy, focusing on the imperative task of precise organ segmentation for minimizing radiation-induced damage. GI imaging has historically used manual demarcation, which is laborious and uncomfortable for patients. We address this by introducing the ResECA-U-Net deep learning model, a novel combination of the UNet and ResNet34 architectures. Furthermore, we further augment its functionality by incorporating the Efficient Channel Attention (ECA-Net) methodology. By utilizing data from the UW-Madison Carbone Cancer Centre, we carefully investigate several image processing techniques designed to capture critical local characteristics. With its foundation in computer vision concepts, the ResECA-U-Net model is excellent at extracting fine details from GI images. Sophisticated metrics such as intersection over union (IoU) and the dice coefficient are used to evaluate performance. Our study's outcomes demonstrate the effectiveness of the suggested method, yielding an impressive 96.27% Dice coefficient and 91.48% IoU. These results highlight the significant contribution that our strategy has made to the advancement of cancer therapy. Beyond its scientific merits, this work has the potential to significantly enhance cancer patients' quality of life and provide better long-term outcomes. Our work is a significant step towards automating and optimizing the segmentation process, which can potentially change how GI cancer is treated completely.

Disasters, whether natural or human-induced, pose significant threats to human lives, property, and infrastructure. This study examines the effectiveness of search and rescue (SAR) dogs in locating survivors during disasters, with a focus on the experiences in Serbia, Croatia, and Slovenia. The primary goals are to evaluate training protocols, operational challenges, success rates, and the overall impact of SAR dogs in disaster scenarios. The findings indicate that SAR dogs greatly enhance the efficiency of disaster response operations. Their superior sense of smell, agility, and ability to manoeuvre through complex terrains make them crucial for quickly locating survivors. However, the performance of SAR dogs is affected by various factors, including the quality of their training, environmental conditions, and the coordination between handlers and dogs. The research highlights several challenges encountered by SAR dogs, such as extreme weather conditions, hazardous terrains, fatigue, and psychological stress. Additionally, limited resources and inconsistent training standards can hinder their effectiveness. The study underscores the importance of standardized training protocols, increased resource allocation, and better coordination among SAR teams. By addressing these challenges, the efficiency of SAR dogs can be further optimized, resulting in more effective disaster responses and higher survival rates. SAR dogs play an essential role in disaster management in Serbia, Croatia, and Slovenia. Ongoing investment in their training and welfare, along with improved operational protocols, will ensure their crucial contribution to saving lives during disasters. This study contributes to a broader understanding of the effectiveness of SAR dogs and provides practical recommendations for enhancing disaster response strategies.

The aim of this work was to classify the business incubators in Spain according to the four phases of the startup’s incubation process. Considering that the graduation rate implies greater survival and business success of the incubated companies, they have been identified at each stage of the incubation (spread of entrepreneurship, pre-incubation, advanced incubation, and graduation). The activities that present higher impacts on the success of the incubated companies and the activities carried out by the business incubator that have a greater relevance on the graduation of the companies have concretely been considered. Principal component (PC) cluster analysis has been applied. All the incubation variables were used simultaneously, reducing their number, and grouping them into factors. Finally, the cases were grouped according to these latent variables. Principal components analysis reduced dimensionality to 8 factors with a 74 % of explained variance. Factor 1 was positively related to pre-incubation variables, factor 2 was linked to training and collaboration variables within the entrepreneurship diffusion phase. Factor 3, named activity monitoring and control, was related to phase 3 or basic incubation variables. Cluster analysis facilitates the grouping of business incubators into three clusters: Group 1 (16 % of the total), incubators with strong deficits in incubation phases 1, 2 and 3. They are small sized business incubators, often located in rural areas or cities and low graduation rate. Group 2 (30 %), business incubators with very high graduation rate, and strongly positive values in factors 1 and 2. Factor 3, although positive, it is susceptible to improvement. They are the largest group of business incubators and usually located in industrial and technological parks. Group 3 (54 %) is the majority, with values close to cluster 2 and 3.

The aim of this work was to classify the business incubators in Spain according to the four phases of startups incubation. Taking into account that the graduation rate implies greater survival and business success of the incubated companies, they have been identified at each stage of the incubation (spread of entrepreneurship, pre-incubation, advanced incubation, and graduation). The activities that present higher impacts on the success of the incubated companies and the activities carried out by the incubator that have a greater relevance on the graduation of the companies have concretely been considered. Principal component (PC) cluster analysis have been applied. All the incubation variables were used simultaneously, reducing their number, and grouping them into factors, finally the cases were grouped according to these latent variables. Principal components analysis reduced dimensionality to 8 factors with a 74 % of explained variance. Factor 1 was positively related to pre-incubation variables, factor 2 was linked to training and collaboration variables within the entrepreneurship diffusion phase. Factor 3 called activity monitoring and control and was related to phase 3 or basic incubation variables. Clusters analysis facilitates the grouping of incubators into three clusters: Group 1 (16 % of the total), incubators with strong deficits in incubation phases 1, 2 and 3. They are small Business Incubators, often located in rural areas or cities and low graduation rate. Group 2 (30 %), business incubators with very high graduation rate, and strongly positive values in factor 1 and 2. Factor 3 although positive is susceptible to improvement. They are the largest incubators and usually located in industrial and technological parks. Group 3 (54 %) is the majority, with values close to cluster 2 and 3.

As companies increasingly undergo digital transformation, the role of talent management pro-cesses becomes pivotal in enhancing overall organizational performance. The research addresses the significance of talent management in corporate digital transformation, examining whether variations in the digitalization of these processes can be attributed to company size. A qualitative approach was employed, utilizing a questionnaire, collecting responses from 202 organizations across diverse sectors. Findings reveal disparities in digitalization throughout the talent man-agement process, with pronounced presence in the attracting, selecting, and rewarding phases, but diminishing in deployment and development, further declining in planning. A positive cor-relation between company size and adoption of specific digital platforms was observed. Larger enterprises exhibit greater utilization of digital platforms in talent deployment and development. Moreover, corporate communication tools are consistently utilized in the rewarding phase, irre-spective of company size. These findings offer practical insights for organizations to optimize their digitalization strategies based on their scale, thereby contributing to more effective and tailored digitalization endeavors. The uniqueness of this research lies in its exploration of the in-fluence of company size on the digitalization of talent management processes and its potential to explain variations across different stages of these processes.

ABSTRACT: This paper provides an overview of the complex relationship between culture, gender, and business. It highlights the importance of understanding how these factors intersect and influence various aspects of the business world, including organizational practices, leadership styles, workplace dynamics, and economic outcomes. It also explores how cultural factors shape gender roles, expectations, and opportunities within the business context. Additionally, it discusses the implications of cultural influences on women's participation, advancement, and overall experiences in the business world. Understanding the interplay between culture, gender, and business is essential for fostering inclusive and diverse workplaces. Organizations that embrace cultural diversity and gender equality tend to exhibit greater creativity, innovation, and adaptability. They also benefit from increased employee satisfaction, improved decision-making processes, and enhanced financial performance. The work also examined how the values, beliefs, socialization, and team spirit of some distinct ethnic groups such as Japanese, Chinese, Jews, Igbo, and Indians have helped in the economic growth of not the groups alone but the countries where they reside. By examining these dynamics and cultures, scholars, practitioners, and policymakers can gain insights to develop effective strategies that promote gender equality, cultural sensitivity, and inclusive practices in the business world, ultimately leading to more equitable and prosperous societies.

This paper explores in depth the mechanism of enterprise digital capability effects in supply chain digital development by reconstructing the supply chain cooperation capabilities (digital diffusion capability and digital collaborative capability). We use the questionnaire data covering 272 Chi-nese manufacturing enterprises and apply a structural equation model to test the hypothesis. The results show that enterprise digital capability does not directly have a significant impact on sup-ply chain digitalization, and the supply chain cooperation capabilities play mediation role be-tween enterprise digital capability and supply chain digitalization. The results are robust due to we thoroughly consider the action boundary of enterprise capabilities, and verify the systematic requirements of supply chain digitalization and the high-order of enterprise digital capability. These provide a theoretical basis for enterprises to promote the digital transformation of supply chain through digital technology.

The emergence of Distributed Ledger Technology (DLT) in the past decade has challenged our imagination to discover new, innovative and disruptive solutions to problems in domains ranging from finance and healthcare to supply chain and smart cities. However, the enormous energy consumption that has been observed in some of the most successful DLT applications raises the question of their long term sustainability. This article reviews the standardization efforts of the International Telecommunications Union (ITU) to provide guidelines to regulators and policy makers for making informed decisions on the applicability and sustainability of DLT architectures from the point of view of energy consumption.

Business school curriculums are designed to improve business skills and a student’s eventual workplace performance. In addition to these business skill sets the emerging business environment demands softer skills associated with ethical decision-making and sustainable business practices. Understanding the key influencers of ethical orientation and attitudes towards the environment is the first critical step for curriculum planning designed to develop both ethical decision-making and environmental sensibilities of students in business schools. Using a bivariate regression analysis (OLS) that compared the established New Ecological Paradigm (NEP) scale and the newly introduced Ethical Orientation Scale (EOS), this study assesses environmental eco-consciousness and ethical orientation over time and across varying socio-demographic variables. The study shows first, that in addition to socio-cultural variables, situational factors influence ethical decision-making. Secondly, it illuminates that ethical orientations as measured by the EOS predicts beliefs about the environment as measured by the NEP scale. It further provides evidence of the ethical underpinnings of the New Ecological Paradigm as well as provides initial validation for the new EOS. These outcomes provide additional levers to assist business educators in the creation of high impact teaching strategies to measure and encourage ethical decision-making and sustainable business practices that protect the environment.

The present study seeks to assess the Brand Equity in the network of new fashion designers in the Canary Islands. To this end, we have adapted the Brand Equity model to an online context and proposed a set of metrics for four dimensions: estimate, relevance, awareness, and differen-tiation. The multidimensional approach to online Brand Equity was employed to measure the online Brand Equity of 129 fashion designers from the Canary Islands. The study's findings re-vealed that the number of social media profiles significantly impacts brand awareness and dif-ferentiation. Moreover, the digital maturity level influences brand relevance and overall Brand Equity . Our study highlights the practical value of web data-driven metrics for measuring online Brand Equity , which can be utilised for diagnostic, evaluative, or predictive purposes. The study's outcomes have substantial implications for marketers in the fashion industry aimed at improving online Brand Equity

BACKGROUND: Qu-aroma is a critical quality indicator for medium-high temperature Daqu (MT-Daqu), significantly influencing the aroma profile of strong-aroma Baijiu (SAB). SAB is produced across various regions in China, each with unique environmental conditions and production techniques. These regional differences are likely to cause variations in the Qu-aroma of MT-Daqu. Despite this, comprehensive research on the variations in Qu-aroma across different regions has been lacking. This study aims to address this gap by utilizing Gas Chromatography-Olfactometry-Mass Spectrometry (GC-O-MS) and electronic nose (E-nose) technology, combined with sensory evaluation, to analyze the differences in Qu-aroma characteristics and volatile compound profiles of MT-Daqu from seven distinct production areas.RESULTS: Sensory analysis identified seven broad aroma categories and 25 specific aromas characterizing the Qu-aroma of MT-Daqu samples. Chen aroma and roasted aroma were notably more prevalent in MT-Daqu samples from Sichuan compared to those from other regions (P < 0.05), while the fermentation aroma was less prominent in Sichuan samples. In total, 123 volatile compounds were detected in MT-Daqu, with 46 classified as aroma-active compounds. Among these, 21 aroma-active compounds were identified as markers distinguishing Sichuan MT-Daqu from those produced in non-Sichuan regions, showing significant differences in their concentrations (P < 0.05). Additionally, six major aroma-active compounds-ethyl isovalerate, ethyl heptanoate, hexanal, 1-nonanal, (E)-2,4-decadienal, and 2,3-dimethyl-5-ethylpyrazine-were found to significantly contribute to the aroma differences between Sichuan and non-Sichuan MT-Daqu.CONCLUSION: This study delineates the distinct Qu-aroma characteristics of MT-Daqu from various SAB production areas and identifies the aroma-active compounds responsible for these differences. The insights gained from this research offer valuable guidance for optimizing flavor profiles in MT-Daqu production, potentially enhancing the overall quality and regional distinctiveness of the product.