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ESG Drivers of Financial Development: A Multimethod Analysis of Domestic Credit to the Private Sector
No full textThis paper investigates the influence of environmental, social, and governance (ESG) factors on financial development, using Domestic Credit to the Private Sector by Banks (DCB) as the core indicator of credit market development. To effectively market the research within the broader literature on finance and ESG issues, the authors employ an approach combining econometric analysis, K-Nearest Neighbors (KNN), cluster analysis, and network analysis. By analyzing the impact through the estimation of the model parameters through the impact of instrumental variable estimation on the model parameters (using Two-Stage Least Squares (IV), Random Effects (IV), and First-Differenced (IV) methods), the study confirms that access to clean fuels and natural resource depletion impact the model margins significantly. However, across all the models used in the analysis, the impact of access to clean energy is positive. By analyzing the significance of the issue using the KNN model throughout the research process on the impact of ESG on credit market dynamics across countries, the research demonstrates that the issue is significant. By performing hierarchical cluster analysis on the significance of the research by considering the significance of the issue in its contribution to the impact on credit market dynamics in countries, in terms of climate stress issues being core in influencing the dynamics of credit in countries, through network analysis mapping performed by carrying out research on the topic
The role and importance of EU Institutions in advancing the circular economy
No full textThe European Union (EU) needs to embrace more circular economy (CE) principles in order to achieve a complete transition from the Fordic (linear economy) archetype to a sustainable paradigm. The central challenge is to deploy sustainable waste management (SWM) as the policy lever for the achievement of sustainable development goals (SDGs), especially SDG11 and SDG12. This report aims to: (i) map the EU’s institutional architecture alongside global waste conventions (Basel, Rotterdam, Stockholm, OECD); (ii) promote a coherent common waste framework (e.g., Waste Framework Directive); and (iii) address hazardous and special streams (e.g., ELVs, etc.). The report concludes that there are rising material footprints, hazardous-waste burdens, health externalities, and financing and cultural barriers; therefore, there is a need to further extend the waste hierarchy. The report presents relevant policy implications and guidance for CE implementation toward the Agendas 2030 and 2050, the European Green Deal and other related frameworks such as the Circular Economy Action Plan
Mises' Regression Theorem and Bitcoin - From a Problem to a Full Program and Methodology for Researching the Non-Monetary Utility of Cryptographic Money
No full textThis essay argues that Ludwig von Mises’ regression theorem, when interpreted with full attention to its original logical structure and later Austrian developments, can be elevated from a narrow solution to the monetary circularity problem into a comprehensive methodological framework for analysing the non-monetary utility of cryptographic money. The authors reconstruct the classical Mises–Rothbard formulation and apply it to early Bitcoin history and to Monero’s genesis—especially the first non-coinbase transaction at block 110—to show that these systems exhibited technological, epistemic, and ideological utilities at “zero-day,” prior to any established exchange value. The article also critiques recent misapplications of the regression theorem that dilute its rigor by treating virtually any collectible or idiosyncratically valued object as sufficient to satisfy its requirements, thereby trivializing the theorem. In contrast, the authors propose a disciplined regression-based research programme capable of distinguishing genuine cryptographic innovations from speculative tokens, tracing how early non-monetary utilities bootstrap intersubjective demand, marketability, and eventual monetary roles. The essay concludes that a rigorously applied regression framework provides a powerful tool for evaluating digital assets, advancing cryptographic research, and understanding the emergence of new monetary and institutional forms
Understanding Borrowing Behaviour in the EU: The Role of Mobile Payments, Financial Literacy, and Financial Access
No full textThis paper examines the impact of mobile payments, financial literacy, and access to formal financial systems on borrowing practices among individuals residing in the European Union. It utilises data from the 2023 Flash Eurobarometer 525 and predicts the probability of consumer loan ownership through a logistic regression model. The analysis shows that borrowers generally possess higher financial literacy, suggesting an empowered approach to managing debt. Surprisingly, users of digital financial services tend to borrow less, potentially indicating that they prefer alternative tools or manage their finances more prudently. Moreover, possessing financial products such as savings accounts, mortgages, and insurance increases the likelihood of borrowing, whereas access to long-term investment products like pensions is linked with lower borrowing levels. These results suggest that borrowing decisions are partially influenced by access to financial instruments, individual financial knowledge, attitudes towards digital finance, and targeted policies emphasising education alongside comprehensive financial strategies
Evaluating Remote and Office-Based Work: A Multidimensional Analysis of Employee Outcomes in the Evolving Workplace
No full textThe purpose of this study is to evaluate how the implementation of working from home, as opposed to traditional office-based work, has influenced employee productivity, work-life balance, job satisfaction, communication effectiveness, and emotional wellbeing. A mixed-methods approach was employed, using data collected through structured surveys of two hundred professionals across various industry sectors, along with semi-structured interviews with the same participants. Quantitative analysis involved the application of descriptive statistics, independent sample t-tests, and the construction of a productivity and wellbeing index. Qualitative responses were examined through directed content analysis. The findings indicate that remote work generally enhances productivity, autonomy, and work-life balance, particularly among younger, digitally proficient employees in sectors such as information technology and finance. However, remote work also presents disadvantages, including communication gaps, social isolation, and reduced visibility within teams. In contrast, traditional office work fosters stronger team cohesion, real-time feedback, and integration into organizational culture, though it may lack flexibility and contribute to stress due to structured schedules and commuting demands. The study underscores the increasing relevance of hybrid work models as a strategic approach that integrates the strengths of both work modalities. Grounded in stakeholder theory, legitimacy theory, and systems theory, the research offers a multidimensional perspective on how work environments influence organizational outcomes and employee experiences. The study concludes that future-oriented organizations must design work systems that are flexible, inclusive, and adaptive, aligning operational efficiency with ethical and strategic considerations
Making intelligence public: Thresholds of policy, demand, and AI-readiness
No full textAI is emerging as a general-purpose infrastructure whose technical capabilities and governance institutions co-evolve. Societies are increasingly embedding algorithmic decision support across public administration, resource allocation, and production. This produces divergence in outcomes: effective integration yields compounding improvements in efficiency and productivity; ineffective integration risks persistent capability gaps.
This paper develops the Societal Intelligence Thresholds (SINT) framework, a diagnostic model that explains when AI systems—and the AI-intensive digital infrastructures surrounding them—become functionally non-optional under sustained human governance.
Building on companion studies of Cultural–Technological Synergy (CTS), which conceptualizes culture as adaptive coordination infrastructure, and AI as Public Infrastructure (AIPI), which defines measurable infrastructural maturity through the Infrastructure Status Index (ISI), this paper isolates the missing transitional layer: the Policy–Demand equilibrium, modulated by AI-readiness, that governs AI threshold dynamics.
SINT formalizes how policy intent, societal demand, and AI-readiness interact to determine the pace of threshold crossing and the persistence of infrastructural dependence. Societies oscillate across four characteristic quadrants—Dormant Drift, Mandate Compliance, Grassroots Pull, and Convergent Momentum—each associated with distinct fragility patterns. Cultural architectures (heritage adaptability, cross-civilizational competence, innovation ethos, strategic determination) modulate these trajectories by influencing legitimacy, trust, and learning capacity.
An interpretive application to Azerbaijan (2012–2025) illustrates pre-threshold alignment and AI-readiness asymmetries typical of transitional economies. The paper concludes with a typology of AI thresholds, a sequencing model for policy interventions, and a research agenda for comparative validation.
Recognizing threshold mechanics clarifies that sustainable AI integration depends less on technology supply than on governing how societies build, coordinate, and institutionalize AI capacity—the collective ability to turn technological possibility into stable, legitimate infrastructure
Les facteurs explicatifs de l’achat de vêtements et d’accessoires de seconde main sur les plateformes en ligne
No full textThis study analyzes the determinants of purchasing second-hand clothing and accessories on online platforms. A qualitative analysis was conducted with 33 participants through semi-structured interviews to understand their behaviors and shopping experiences. The data were processed using a triangulation method, combining a manual thematic analysis of the interviews and a lexical analysis assisted by the Sphinx iQ3 software, in order to strengthen the reliability of the results. The findings show that these purchases are associated with economic, ecological, hedonic, and uniqueness values, and highlight the role of informative and descriptive visual content on the platforms, which facilitates the evaluation of items and enhances the shopping experience through detailed content that allows consumers to better understand the condition and specific features of the products. This practice promotes resource reuse and fits fully within a circular economy and responsible consumption approach
Determinantes del cierre de proyectos de inversión pública en Perú: Un enfoque jerárquico ponderado
No full textThis study analyzes the determinants of public investment project completion in Peru, using a weighted hierarchical logit model to control for heterogeneity at the macro-regional and institutional function levels. The dependent variable is project completion, while the explanatory variables include selection in the Transitory Complementary Provision (DCT), financial progress, project typology, level of government, use of Form 12B, and the Multiannual Investment Programming (PMI).
The results show that financial progress and the use of Form 12B significantly increase the probability of project completion, with marginal effects of 0.32 and 0.18, respectively. In contrast, selection under the DCT and the existence of the PMI are associated with lower probabilities of completion, indicating that planning or resource allocation alone does not guarantee effective execution. Additionally, projects under the National and Regional governments have a higher likelihood of completion compared to local government projects, while smaller projects, such as PIP Minor and Investment Projects, face greater challenges in successfully reaching completion. IOARR projects, on the other hand, show completion outcomes comparable to PIP Major projects, without statistically significant differences.
These findings highlight the importance of financial execution, management tools, and institutional capacity for the success of public investment projects, providing relevant empirical evidence for improving project management and investment prioritization within the framework of Peru’s public investment system
Assessing the Impact of Sustainability Initiatives on Greenhouse Gas Emissions in Sweden and Finland
No full textClimate change has become a central concern in global policy discourse over the past two decades, motivating nations to adopt a wide range of sustainability initiatives. Analyzing the specific measures implemented and their effectiveness in promoting environmental sustainability is therefore critical. This study aims to evaluate the contribution of various sustainability actions to environmental preservation by focusing on Sweden and Finland, recognized for their leadership in sustainable development. Employing panel least squares and generalized method of moments methodologies using 2010-2020 data, the research rigorously assesses the impact of sustainability initiatives on environmental performance, with a particular focus on greenhouse gas emissions as the primary indicator. The empirical findings reveal that the expansion of renewable energy sources delivers the most prompt and significant reductions in greenhouse gas emissions among the interventions examined. Additionally, investments in green technologies and the issuance of green bonds are shown to enhance environmental quality, with their benefits projected to increase over time. These results highlight the necessity of prioritizing renewable energy development in national climate strategies. Building on these insights, the study presents targeted policy recommendations for Sweden and Finland. It advocates for a strategic shift from compliance-oriented environmental reporting towards the adoption of actionable policies that produce measurable emission reductions. Recommended policy measures include the promotion of sector-specific emission abatement, accelerated development of renewable energy infrastructure, and the encouragement of clean technology innovation through public investment and fiscal incentives. By comparing two Nordic sustainability leaders, Sweden and Finland, this study clarifies which targeted environmental measures are most effective within advanced institutional contexts
The Impact of Financial Stability on Environmental Degradation: Mediating Role of Green Investment and Moderating Role of Environmental Awareness
No full textThis research investigates the influence of financial development on environmental outcomes, with green investment as a mediating variable and environmental awareness as a moderating factor. To achieve this, the authors employ a mixed-methods approach, analyzing long-term panel data from thirty countries and supplementing quantitative findings with stakeholder interviews conducted in Germany and India, thereby enriching the analysis with diverse perspectives. Financial development is measured by indicators such as gross domestic product growth and banking sector strength, while environmental degradation is proxied by per capita carbon dioxide emissions. Green investment is assessed by comparing renewable energy financing to gross domestic product, and the level of environmental awareness is gauged by the extent to which populations prioritize ecological concerns. The findings reveal that financial stability contributes to reduced environmental harm, with green investment serving as a significant channel for this effect. Moreover, heightened environmental awareness amplifies the positive impact of financial stability on green investment. The analysis indicates that regions characterized by both financial stability and a well-informed public are more successful in transitioning to clean energy, whereas emerging economies encounter greater obstacles due to insufficient support systems and the inherent challenges of simultaneous development. The study concludes that robust financial systems alone are insufficient to deliver ecological benefits; meaningful progress requires a combination of green investment and active public engagement. Policymakers are advised to formulate climate-responsive financial regulations, invest in public awareness campaigns, and devise context-specific strategies tailored to cultural differences to advance both environmental protection and economic development. By elucidating the role of awareness in fostering sustainable transformation, this research contributes to the literature on the Environmental Kuznets Curve and stakeholder theory, offering practical recommendations for aligning global economic activity with ecological boundaries