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Global and European trends in the sustainable bond markets
No full textThe implementation of climate policy requires the mobilisation of a huge amount of capital to realise the investments envisaged in accordance with the Paris Agreement. Financing these investments requires both public funds at the supranational level, state governments, local and regional governments as well as private funds, from individual investors. It is essential to allocate capital in sustainable investments that will show positive effects of a long-term nature. These requirements are met by bond issuance and its wide range of types. The aim of this paper is to present the differences in the development of the bond markets for financing sustainable development from a global perspective, including the European and Polish markets. Analysis of differences in the types of bonds issued and their volume, the activity of issuers, regulatory conditions, challenges and good practices and recommendations are indicated. The methodology of the study refers to a review of legal regulations, subject reports, and Climate Bonds Initiative`s empirical data. The research results indicate that, by 31 December 2023, climate bonds had recorded aligned GSS+ instruments (green, social, and sustainability bonds + SLBs) with cumulative volume of USD4.4tn. Europe was the largest source of aligned GSS+ debt instruments, with USD405bn representing 46% of the 2023 total. Among green bond issuers, the leaders in the global economy are financial enterprises (57% of issues) and non-financial enterprises (29%). Energy, buildings, and transport remained the three largest use of proceeds categories, collectively contributing 75% of the green debt volume. In terms of currencies for the issuance of green instruments, the main currencies were EUR and USD (63% of issues)
Air transport safety in UAV operational conditions
No full textThe article presents the possibilities of using unmanned aerial vehicles in air transport. The use of UAVs in the airspace has become widespread, despite many implemented legal regulations, there are many incidents that threaten not only aircraft during the flight, but also the airport infrastructure. The potential threats and the chances of implementing remedial measures were analyzed. An attempt to evaluate the possibility of maintaining aviation safety at an appropriate level in the conditions of UAV operational conditions has been done. The main research problem was defined as follows: How would implementing unmanned aerial vehicles into the air transport system influence the acceptable level of safety? The article uses theoretical methods such as: system analysis, analysis and synthesis in the field of literature, analogy, comparative method. In terms of empirical methods, an original diagnostic survey was carried out, based on a selected group of people related to the explored topic. In addition, the observation method was used by the feedbacks and observations of the group of air traffic controllers from civil airports (located in Poland). The article describes the current transformation of air transport, taking into account the planned modernizations. It presents the PansaUTM system as one of the countermeasures, monitoring and securing the movement in the airspace. Furthermore, the transponder issue was raised in relation to the enhancement of the UAV identification system, with a detailed explanation of the importance of the TCAS (Traffic Collision Avoidance System). Referring to the prospects for the development of air transport, the latest design concepts for cargo drones were presented. The issue of full transport autonomy of UAVs was analyzed based on the requirements of legal regulations. The comparison of benefits and threats in conjunction with the conducted empirical methods allowed for the development of conclusions confirming the research hypothesis and indicating the possibility of using remedial measures in the process of UAV evolution
Determining the strategic position of car-sharing services in Poland based on the stakeholder analysis method
No full textThis article presents the use of the stakeholder analysis method to characterize the strategic position of car-sharing services in Poland. The theoretical part presents a detailed theory of stakeholders, as well as detailed methods and the course of the interest group analysis procedure. It covers the fundamentals of stakeholder theory which refers to the concept of strategic planning, system theory, organization theory, social responsibility and strategic management. The characteristics of stakeholder analysis are presented together with mostly used methodology. The focus is put on most common analysis tools including the matrix of M. Johanson and K. Scholes based on the earlier Mendelow matrix and the map of stakeholders. The legitimacy and benefits of using the discussed method to determine the strategic position of modern and developing services have been presented. The research part presents an example of the use of the stakeholder analysis method in the Polish sector of car sharing services. The car-sharing services company stakeholder analysis of 23 entities provided knowledge on building relationships with employees and their involvement in the company\u27s processes. The analysis made it possible to improve the strategic position of the company and determination of its position in negotiations with other organizations
Cointegration analysis and VECM of FDI, employment, export and GDP in Croatia (2002-2017) with particular reference to the global crisis and poor macroeconomic governance
No full textResearch background: The preconditions for attracting foreign investment are political stability and long-term capital investment, positively influencing the recipient country\u27s development. During the crisis as well as in the unstable political environment, economic agents engage in speculative and risky acts for faster earnings.
Purpose of the article: The paper aims to point out the importance of foreign direct investments (FDI) and other macroeconomic variables and their relationship with particular reference to the Croatian economy in 2002-2017.
Methods: We use ADF test, development of the VECM model, testing of the stability of the VECM model, decomposition of the variance of the predictive errors of the variables, analysis of responses to unit orthogonal pulses. The vector correction auto-regression model (VECM) explores the long-term relationship between (FDI) and macroeconomic indicators in crisis time.
Findings & Value-added: Applying the VECM model, we find that employment, export, and GDP variables are exogenous in the short term. The FDI variable is statistically significant and adjusts for the long-run equilibrium. Analyzing the responses to unit shocks, we conclude there is weak feedback of the observed variables and a weak effect of the observed variables in the Croatian economy. The FDI variable does not affect GDP, employment, and exports in Croatia due to poor macroeconomic management, corruption, regional development, inefficiency, and inefficient foreign direct investment structure
Equivalence scales for continuous distributions of expenditure
No full textResearch background: In the actual sizable populations of households, the standard microeconomic concept of equivalence scales is intractable since its necessary condition of equality of household welfare levels is unlikely to be fulfilled.
Purpose of the article: This paper aims to develop a concept of an equivalence scale, which can be suitable for continuous distributions of expenditures in the population.
Methods: Using household welfare intervals, we get the random equivalence scale (RES) as the ratio of expenditure distributions of the compared populations of households.
Findings & value added: We derive the parametric distribution of RES for the lognormal distributions of expenditures. The truncated distribution of RES is applied to account for possible economies of scale in the household size. A society?s inequality aversion can be helpful when selecting a single equivalence scale. We estimate RES for Poland using microdata on expenditures and subjective assessments of household welfare intervals. The estimated equivalence scales turned out to be very flat and dependent on welfare
Life cycle cost assessment and economic analysis of a decentralized wastewater treatment to achieve water sustainability within the framework of circular economy
No full textResearch background: The increasing water demand together with an unceasing production of wastewater worldwide has resulted in a situation where the scarcity and pollution of water resources are jeopardizing and depleting such a vital asset.
Purpose of the article: In this context, Nature Based Solutions (NBS) such as Vertical Flow Constructed Wetlands (VFCWs) are key because of their capacity of channelling a waste into a resource. However, and notwithstanding their essential role, their financial benefits too often go unnoticed because of missing research that study them from an economic perspective and this article has covered this existing gap. The objective of this research is to analyse the economic consequences of using VFCW against its traditional alternative through a comprehensive economic assessment.
Methods: After doing a Life Cycle Assessment (LCA), a combination of two approaches has been carried out. This research has developed a holistic approach where a Life Cycle Cost Assessment (LCCA) based on a Cost Benefit Analysis (CBA) along with an economic evaluation of cleaning environmental costs have been calculated for two different scenarios. For this monetary analysis, the environmental externalities derived from the use of cleaning the pollution caused by a public water supply and sewerage system and the VFCW have been quantified.
Findings & value added: Results conclude that VFCW apart of being a cost-effective and profitable alternative for an investor, it has also valuable benefits for the society in general because of its meaningful and positive externalities and the high removal cost of the environmental pollutants of the traditional water supply and sewage system both contributing directly to the achievement of Sustainable Development Goals (SDGs). Furthermore, 4/5 environmental impacts derived from the use of traditional alternative pollute more than twice as much as the VFCW does. Lastly, the cleaning costs difference between both alternatives is 1,984,335?
A moderated mediation model of perceived barriers, entrepreneurial self-efficacy, intentions, and behaviors: A social cognitive career theory perspective
No full textResearch background: Although perceived barriers are considered one of the central constructs in entrepreneurship research, most previous studies only examine the direct effect of perceived barriers on attitudes and/or intentions to become entrepreneurs. Little attention is paid to how perceived barriers can weaken individuals? translation from entrepreneurial intentions to actual behaviors.
Purpose of the article: This research aims to adopt the Social Cognitive Career Theory and a moderated mediation model to bridge the entrepreneurial intention-action link, investigate the moderation effects of perceived barriers on this link and the mediation path from entrepreneurial self-efficacy to entrepreneurial behavior via entrepreneurial intention.
Methods: A valid sample of 1,698 Vietnamese respondents with real working and business experiences through the stratified random sampling with three stages and PROCESS macro approach have been used to examine the moderated mediation effect of perceived barriers on the entrepreneurial self-efficacy-intention-behavior linkages.
Findings & value added: The findings of this study shed new light on entrepreneurial literature by applying the Social Cognitive Career Theory to illustrate the moderated mediation effects of perceived barriers and entrepreneurial intention in the relationship between entrepreneurial self-efficacy and entrepreneurial behavior. Particularly, the translation from entrepreneurial intentions into start-up actions was found to became weaker when perceived barriers was high. Moreover, perceived barriers were also found to negatively moderate the indirect effects of entrepreneurial self-efficacy on start-up behaviors through entrepreneurial intentions. The findings of our study also provide several essential recommendations for policymakers and practitioners to encourage individuals? business venture creations and enhance entrepreneurial ecosystem
Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management
No full textResearch background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions.
Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures.
Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA.
Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability
Going green with artificial intelligence: The path of technological change towards the renewable energy transition
No full textResearch background: The twin pressures of economic downturn and climate change faced by countries around the world have become more pronounced over the past decade. A renewable energy transition is believed to play a central role in mitigating the economic-climate paradox. While the architectural and computational power of artificial intelligence is particularly well suited to address the challenges of massive data processing and demand forecasting during a renewable energy transition, there is very scant empirical assessment that takes a social science perspective and explores the effects of AI development on the energy transition.
Purpose of the article: This paper aims to answer two key questions: One is, how does AI software development promote or inhibit the shift of energy consumption towards renewables? The other is, under what policy interventions does AI software development have a more positive effect on promoting renewable energy consumption?
Methods: We employ a dataset of 62 economies covering the period 2011–2020 to analyze the impact of AI software development on the energy transition, where possible confounders, including political and economic characteristics and time-invariant elements, are controlled using fixed-effects estimation along with specified covariates.
Findings & value added: AI software development can promote the energy transition towards renewables. There is suggestive evidence that the core mechanism linking such a positive relationship tends to lie in improving innovation performance in environmental monitoring rather than in green computing. Government support for R&D in renewable energy technologies is found to be significantly beneficial for harnessing the positive impact of AI software development on the energy transition. Compared to non-market-based environmental policies, market-based environmental policies have a more significant positive moderating effect on the relationship between AI software development and energy transition
Artificial intelligence-based predictive maintenance, time-sensitive networking, and big data-driven algorithmic decision-making in the economics of Industrial Internet of Things
No full textResearch background: The article explores the integration of Artificial Intelligence (AI) in predictive maintenance (PM) within Industrial Internet of Things (IIoT) context. It addresses the increasing importance of leveraging advanced technologies to enhance maintenance practices in industrial settings.
Purpose of the article: The primary objective of the article is to investigate and demonstrate the application of AI-driven PM in the IIoT. The authors aim to shed light on the potential benefits and implications of incorporating AI into maintenance strategies within industrial environments.
Methods: The article employs a research methodology focused on the practical implementation of AI algorithms for PM. It involves the analysis of data from sensors and other sources within the IIoT ecosystem to present predictive models. The methods used in the study contribute to understanding the feasibility and effectiveness of AI-driven PM solutions.
Findings & value added: The article presents significant findings regarding the impact of AI-driven PM on industrial operations. It discusses how the implementation of AI technologies contributes to increased efficiency. The added value of the research lies in providing insights into the transformative potential of AI within the IIoT for optimizing maintenance practices and improving overall industrial performance