Journals Published by Vilnius Tech
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How does FinTech development drive corporate innovation? Fresh evidence from the perspective of financial supply
Get PDFBy constructing a city-level financial-technology (FinTech) development dataset, this study examines the impact of FinTech on corporate-innovation behavior from a financial-supply perspective. The results reveal that FinTech promotes corporate innovation by reducing corporate-financing constraints and financing costs, alleviating information asymmetry, and expanding financing channels. This promotion effect is more pronounced for private, small, and young firms, firms with fewer fixed assets, and those located in low-regulation intensity areas. Moreover, credit-based FinTech companies have a greater impact on business innovation. In addition, bank deregulation and increased bank competition crowd out the financial supply of FinTech for innovation financing. Knowledge of these impacts can help corporate managers, governments, and financial regulators to formulate more effective development strategies to promote corporate innovation.
First published online 15 November 202
Is digital technology innovation a panacea for carbon reduction?
Get PDFThis paper analyses the impact of digital technological innovation on the carbon emission intensity of enterprises and conducts an empirical test based on the data of listed enterprises in China from 2009 to 2021. The study finds that (1) digital technological innovation can significantly reduce carbon emission intensity. (2) Enterprises’ digital attention and investment can significantly increase their operating income but not reduce carbon emissions. Digital technology patents can significantly reduce carbon emissions in the short term. In the long run, even new digital technologies will have a carbon rebound effect once they are deployed on a large scale. Therefore, digital technology innovation is still challenging in the long run to realize the synergy effect of “increasing production and reducing carbon.” (3) Mechanism tests show that digital technology innovation can reduce carbon intensity by improving operational efficiency, promoting cleaner production, and improving human capital. (4) If the government pays moderate attention to digital development, digital technological innovation by enterprises can significantly reduce carbon intensity. Meanwhile, this effect is more significant in regions with higher levels of intellectual property protection. Digital technology innovation can significantly reduce carbon intensity for mature, high-tech, and technology-intensive enterprises.
First published online 18 November 202
Sleep quality and trading behavior of individual investors on the stock market
Get PDFThere are various factors that influence the trading behavior of individual investors in the stock market. This study, based on data from 405 individual investors, is the first to investigate the relationship between sleep quality and investors’ trading behavior in the stock market. Sleep quality is assessed through factors such as sleep time, duration, number of awakenings during the night, and napping habits. By applying various regression methods (Logit, PCA, PLSR, GMM), the results show that increased sleep duration causes passive investors to hold fewer stocks in their portfolios during bull market years and to increase their holdings when the market declines. Conversely, for active investors, an increase of sleep duration prompts them to hold a greater number of stocks in their portfolios during bull market periods, and decrease their holdings during bear markets. Moreover, good sleep quality is correlated with improved investment performance for passive investors. Research also indicates that afternoon naps and nighttime sleep affect investors’ trading frequency. This study provides valuable insights into investors’ trading behavior in the stock market. We encourage investors to enhance the quality of their sleep and incorporate regular midday naps to remain mentally alert, ultimately leading to increased investment returns
Estimating spatiotemporal heterogeneous effects of haze pollution on housing rents in China
Get PDFSevere haze pollution significantly affects urban life quality and employment location choices, which in turn impact rental housing demand and housing rents. While numerous studies have delved into the effects of haze pollution on the real estate market, with a particular focus on housing prices, there is a notable scarcity of research on its impact within China’s rental housing market. This study employs spatial panel data encompassing 289 Chinese cities from 2015 to 2021 and applies a Geographically and temporally weighted regression (GTWR) model to investigate the spatiotemporal heterogeneous effects of haze pollution on housing rents in urban China. Our results indicate that the GTWR model’s goodness-of-fit surpasses that of the OLS, GWR, and TWR models. The results of the GTWR model reveal that haze pollution has a negative effect on housing rents in China, with the eastern region experiencing a notably stronger negative impact than the western region. Moreover, this negative impact becomes increasingly stronger over time. In addition, population, economic, and social factors significantly impact housing rents in Chinese cities. These findings offer valuable insights into the relationship between haze pollution and housing rents, assisting policymakers in assessing the economic value of air pollution control in urban China
The housing price dynamics and macroeconomic factors: Evidence of Taiwan housing market
Get PDFThe housing price in Taiwan has seen a sharp increase since 2020 after a long period of stability from 2011 to 2019. To provide a more granular analysis on this substantial rise of the housing prices since 2020 in Taiwan, we applied the hedonic pricing model to analyze the completed and presale residential housing across four types of houses: luxury, first-class, second-class and suite. By incorporating relevant macroeconomic variables from 2014 to 2022, we try to capture the demand of homebuyers across the three biggest cities in Taiwan. In the completed housing market, we find that the suite prices in Taipei and Taichung cities are more significantly affected by Taiwan’s continuing economic growth, whereas the suite prices in Kaohsiung city are hindered by its historically stagnant employment market. Notably, suite prices in Kaohsiung display greater sensitivity to construction cost changes and broader economic cycles compared to the suite prices in Taipei and Taichung. These findings highlight the unique dynamics of real estate markets in northern, central, and southern Taiwan, providing valuable insights for housing investors, prospective homebuyers in different regions and policymakers in their decision making
Tail risk diversification strategy with flight-from-loss approach: Evidence from U.S. REITs
Get PDFThis study introduces a novel portfolio allocation strategy, the flight-from-loss approach, designed to diversify tail risk in the REIT market. The strategy reallocates capital toward assets that have historically outperformed during periods of extreme REIT losses, aiming to reduce downside risk and improve portfolio efficiency. Using U.S. REIT data from 1993 to 2023, we demonstrate that our portfolio approach reduces tail risk significantly, while also enhancing Sharpe ratios compared to a REIT-only benchmark portfolio. These diversification benefits are particularly significant during market crises, such as the subprime mortgage crisis, when risk reduction exceeds 30%. Our analysis further reveals that the minimum-variance and tangency portfolio approaches consistently outperform the equal-weight method in both risk control and performance efficiency. To test the strategy’s generalizability, we applied it to the Fama-French 30 industry portfolios, where the results of some industries indicate even stronger risk reduction and Sharpe ratio gains than in the REIT market. These findings suggest that the flight-from-loss strategy offers a practical, cross-sector solution for managing concentrated portfolio risks
Do emotional strategies work? Evidence from rumor clarification announcement
Get PDFFinancial markets are filled with rumors because of information asymmetry. Although issuing clarification announcements is the most straightforward approach for organizations, previous research has mostly focused on analyzing the influence of rumors and the heterogeneity of their clarification statements on the efficacy of rumor management. This study investigates how mood elements influence the effectiveness of 335 rumor clarification statements in China\u27s A-share market from 2019 to 2023. By employing textual sentiment analysis, event study method, and fixed-effects regression models, the primary results indicate that rumors vary in their characteristics and have diverse effects on stock price volatility. Furthermore, we find that clarification announcements effectively restore stock values, though their influence on negative rumors is somewhat restricted. Announcements with a positive mood greatly improve the effectiveness of clarification, particularly when addressing favorable rumors. The level of transparency and the characteristics of the firm\u27s information influence the impact of sentiment. Furthermore, the positive impact of sentiment is more noticeable in firms that are extremely transparent or not owned by the state
Bibliometric mapping of MCDM methods in AEC industry: identifying trends for sustainable development
Get PDFThis study investigates integrating multi-criteria decision-making (MCDM) approaches to improve sustainability in the architecture, engineering, and construction (AEC) industry. Through a systemic literature analysis done through the Scopus database and the visualization of key elements through VOSViewer, the study examines the applications of MCDM in sustainable construction, with particular attention to material selection, contractor procurement, waste management, risk assessment, and technological integration, which are essential elements towards sustainable development of the AEC industry. The results highlight how common and successful hybrid MCDM and MADM methods are. These approaches provide all-encompassing answers to challenging problems, from project mitigation to material procurement. The evaluation emphasizes the value of MCDM methods in supporting sustainable practices across the construction lifecycle, streamlining supply chains, and enabling well-informed decision-making. In the end, this study emphasizes how critical it is to carry out further research and apply MCDM frameworks to promote sustainable development in the construction sector and balance development objectives with the protection of the environment and the welfare of society
The practices of public spaces in traditional neighborhoods: case of the Argoub district, city of M\u27sila-Algeria
Get PDFPublic space seems to have become one of the key elements of local development policies. As such, our study will focus on a traditional neighborhood called Argoub located in the center of the city of M’sila in Algeria, the public spaces of this neighborhood have long been the fundamental structure and the filter of reading of the neighborhood, they have deteriorated and to remedy this problem, the Observation shows that the public space in this district is distorted and its use for heterogeneous purposes than those previously planned, but this diversion of use continues to fragment the public space and reduce it to an obstructed space. The local authorities have carried out limited urban improvement of these spaces to perpetuate and improve their urban quality.
This study aims to measure the quality of these spaces, to clarify the notion of traditional public space, and to identify its different practices. For this research, we chose as a methodology recurring observation reinforced by situational observation, while taking into account the urban and historical context of this district. Without permanent control from local authorities, illegal interventions by residents in the spaces in question have completely changed the alleys into stifling spaces used only for transition and not for social interaction.
Despite the limited intervention of urban planning services to safeguard the urban fabric network and revive traditional public spaces, the ongoing change practices by residents have had a negative influence on the urban landscape of the neighborhood in general. As such, we will be faced with the following challenges: security, physical and visual quality, and economic attractiveness must, at the end of planning, require a real global reflection on these different urban forms so that their management is coherent and thoughtful. In this regard, the obvious question is: what practical measures should be taken to respond to the problems of landscape and spatial qualities of these spaces and contribute more generally to their sustainability
Experimental analysis of hydrogen sulfide removal from biogas using a biofilter containing cellular concrete waste and biochar
Get PDFThis study investigates the removal efficiency of hydrogen sulfide (H₂S) from biogas using a biofilter packed with cellular lightweight concrete (CLC) waste and biochar. A laboratory-scale biofilter was designed and tested under varying operational and environmental conditions, including inlet H₂S concentrations (100–2000 ppm), gas flow rates (0.2–1.0 L/min), temperature (25–35 °C), and humidity (70–90%). The results demonstrated that H₂S removal efficiency reached 95% at low air flow rates and 91% under low H₂S concentrations. In comparison, efficiency declined to 88% at high air flow rates and 87% at high H₂S concentrations. The combination of biochar’s adsorption properties and Fe₂CO₃-modified CLC waste’s catalytic oxidation contributed to the biofilter’s high efficiency and stability. These findings suggest that hybrid biofilters incorporating waste-derived materials provide an environmentally sustainable and cost-effective alternative for biogas purification compared to conventional chemical and physical methods.
Article in English.
Eksperimentinis biodujų valymo nuo sieros vandenilio tyrimas, taikant biofiltrą su akytojo betono atliekų ir bioanglies įkrovomis
Santrauka
Šiame tyrime nagrinėjamas sieros vandenilio (H₂S) šalinimo iš biodujų efektyvumas, naudojant biofiltrą, užpildytą akytojo lengvojo betono atliekomis ir bioanglimi. Laboratorinis biofiltras buvo suprojektuotas ir išbandytas esant skirtingoms eksploatacinėms sąlygoms: keičiant pradinę H₂S koncentraciją (100–2000 ppm), dujų srautų greitį (0,2–1,0 L/min), temperatūrą (25–35 °C) ir drėgmę (70–90 %). Tyrimo rezultatai parodė, kad H₂S šalinimo efektyvumas siekė 95 % esant mažiems oro srautams ir esant nedidelėms pradinėms H₂S koncentracijoms. Palyginimui, kai dideli oro srautai – efektyvumas sumažėjo iki 88 %, o padidėjus H₂S koncentracijoms – efektyvumas sumažėjo iki 87 %. Aukštą biofiltro efektyvumą ir stabilumą lėmė bioanglies adsorbcinės savybės bei Fe₂CO₃ modifikuotų akytojo lengvojo betono atliekų katalizinė oksidacija. Tyrimo išvados leidžia teigti, kad hibridiniai biofiltrai, kuriuose naudojamos atliekų pagrindu gautos medžiagos, yra aplinkai tvari ir ekonomiškai efektyvi biodujų valymo alternatyva, palyginti su įprastais cheminiais ir fizikiniais metodais.
Reikšminiai žodžiai: sieros vandenilio šalinimas, biofiltras, bioanglis, akytojo betono atliekos, mikrobiologinė desulfurizacija, biodujų valymas