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The Socio-Cultural and Spiritual Dimensions on Non-marketed Environmental Valuation
Get PDFThe present review aims to strengthen both the theoretical foundation and real-world relevance of environmental valuation methods, especially in regions marked by cultural diversity or spiritual significance. Its goal is to explore how embracing sociocultural pluralism can support more inclusive, meaningful, and accepted environmental decisions, encouraging deeper public engagement, emotional connection, and long-term care for nature. The novelty lies in integrating these qualitative dimensions into environmental valuation by monitoring 103 studies from Scopus and Web of Science databases in the period 2010-2025. The paper follows a structured path, it surveys key literature, outlines the chosen methodology, presents context-specific findings with the comparison of two distinct frameworks (sociocultural and economic), and reflects on implications for both policy and academic frameworks. It offers three main contributions: (i) it highlights the importance of integrating psychological and sociocultural elements into sustainable development framework; (ii) advocates the spiritual capital as a valuable assets through which ecosystems can be understood and supported based on services to ecosystems; and (iii) it demonstrates how values, norms, and perceptions can shape pro-environmental behaviours (PEBs) and policy pathways for sustainable development
Fiscal Stimulus and Human Capital in Nigeria: A Bayesian VAR Analysis
Get PDFThis study investigates the relationship between fiscal stimulus and human capital in Nigeria between 1981-2015 using Bayesian estimation (BVAR model) with a KoKo Minnesota/Litterman prior distribution. Fiscal stimulus is proxied by education expenditure and human capital by school enrolment rates. The findings show that higher fiscal stimulus is associated with higher levels of human capital in Nigeria. It is, however, interesting to note that fiscal stimulus is having an insignificant positive impact on human capital. Education expenditure in the country is not robust enough to support the necessary quanta of human capital with its puny investment in education. It is, therefore, imperative for Nigeria to adopt a strategy which promotes provision of adequate funds for human capital development
Territorial sustainability and roots tourism
Get PDFThis paper first highlights the important role of tourism in economic development, emphasizing the increasing need for tourism to adhere to principles of sustainability. Specifically, the contribution examines the topics of territorial sustainability and roots tourism. Regarding the former, this study emphasizes the unique characteristics of each territory—whether natural or economic—so that these distinct features can be leveraged, allowing citizens to fully benefit from their local environment. Regarding the latter, the study argues that roots tourism is a form of sustainable tourism. It is an act of discovery, allowing travelers to reconnect with something deeply personal—an integral part of their history, culture, and ancestral memory. The study also discusses policies for territorial sustainability and the development of roots tourism. To implement this form of tourism effectively, a clear strategy and a medium-to-long-term vision are essential. In addition, the paper highlights the importance of modern infrastructure, efficient logistics, digitalization, appropriate legislation, and collaboration with institutional partners at various levels to meet the demands of the business world. Furthermore, digitalization and the related digital transformation necessitate greater focus on adopting digital technologies, optimizing processes, and enhancing communication. It also demands that entrepreneurs and workers in the tourism sector acquire the necessary digital skills
Strategic financial insights : assessing the pandemic impact on greece's top aviation companies.
Get PDFPurpose
This study delves into the transformative effect of the COVID-19 pandemic on Greece's aviation industry, specifically focusing on its major players: Aegean Airlines S.A., Sky Express S.A., and Olympic Air S.A. The purpose is to dissect the unique challenges brought about by the pandemic, evaluating their financial implications and strategic adaptations. This research is paramount due to its relevance, offering nuanced insights into the industry's resilience amidst unparalleled adversity.
Method
Employing a rigorous approach, this study utilized financial ratios spanning 2018 to 2021, meticulously analyzing data sourced from annual reports and financial statements. Established financial metrics were applied to measure profitability.
Findings
Our analysis reveals significant setbacks faced by these companies during the pandemic. However, amidst challenges, strategic adaptations and resilience emerged as guiding principles. Notably, Aegean Airlines demonstrated exceptional resilience, evidenced by a Return on Capital Employed (ROCE) of 32.93% and an impressive Net Profit Margin (NPM) surge of 58.57% during the in-COVID period.
Novelty
This study's uniqueness lies in its precise analysis of the pandemic's impact, highlighting the strategic initiatives that empowered these companies not only to endure but to emerge stronger. These insights offer valuable perspectives for industry stakeholders and researchers, illuminating the nuances of strategic financial management amid unprecedented crises
External demand developments and the minerals industry
Get PDFThis paper analyses the reaction of the minerals industry to external demand developments in South Africa. This is achieved by augmenting a Taylor1993 rule type central bank monetary policy reaction function with an indicator of external demand. The empirical results provide evidence of a statistically significant effect of an increase in external demand on output of the minerals industry, which increases slightly and peaks out after 2 months following which it decreases and bottoms out after 5 months. The effect of the surprise increase in external demand on mining and quarrying output is statistically significant between 7 and 10 months. Output of the minerals industry, thus, does not conform to the classical theories of international trade, at least at business cycle frequencies, such as the Heckscher-Ohlin, or factor endowment, theory which emphasises specialisation in production of the most abundant factors. External demand is important for economic activity, hence policymakers should monitor the developments in external demand conditions to support economic growth and the minerals industry
How do financialization trends differ between parent companies and corporate groups : Evidence from Japanese manufacturing corporations
Get PDFThis study aims to examine financialization in non-financial corporations (NFCs) by a new analytical method. Using both parent-only and consolidated financial statements, we
reveal the complete picture of financialization in Japanese manufacturing corporations from the perspectives of both parent companies and corporate groups. We show that
financialization trends differ significantly between parent companies and corporate groups. In particular, the content of financial assets held by corporations and the trend of
financial revenues are quite different between them. After demonstrating the financialization trends, this study further investigates the determinants of financial revenues in Japanese manufacturing corporations, focusing on the difference in the level of financial revenues between parent companies and corporate groups. By panel data analysis, we clarify that financial revenues in parent companies have been much larger
than those in corporate groups because only parent companies need to increase their financial revenues to cover dividend payments. Our analysis shows that as globalization progresses, Japanese manufacturing parent companies absorb a large amount of financial revenues from overseas subsidiaries and affiliates to pay dividends to shareholders. This behavior of the parent companies is a typical example of how financialization interacts with globalization
From beaches to Fintech: exploring the connectedness of tourism, Fintech, and cryptocurrency
Get PDFThis paper investigates the spillover dynamics, hedging and portfolio optimisation strategies among tourism, cryptocurrency, and Fintech markets within a time-varying connectedness framework, accounting for spillovers from traditional financial markets. Using daily return indices, we document significant heterogeneity in spillovers over time, with the COVID-19 period exhibiting the highest levels of interconnectedness. Traditional financial markets emerge as the dominant net transmitters of spillovers, followed
by the Fintech sector, while the tourism market is predominantly a net receiver. Cryptocurrency assets, despite offering the least expensive hedge, are ineffective hedging instruments, whereas tourism assets offer the most cost-effective and efficient hedge for cryptocurrencies, albeit at elevated risk levels. While sectoral hedges are generally costlier and less effective due to strong co-movements, cross-sectoral hedges between Fintech and traditional financial markets were also expensive and ineffective. Our analysis further reveals that dynamic bilateral portfolio weight strategies consistently outperform dynamic hedge ratio strategies, with cryptocurrency assets driving superior portfolio returns. The minimum connectedness portfolio strategy, grounded in our framework, outperforms traditional minimum variance and correlation portfolio strategies, underscoring its relevance for optimizing risk-adjusted returns in dynamic markets
Breath and Brain Function with Algorithm Technology
Get PDFThis study introduces an innovative interdisciplinary framework linking neuroscience,psychiatry, and health economics to analyze how nasal breathing, particularly left nostril breathing (LNB), influences brain activity and psychiatric disorders, including attention deficit hyperactivity disorder (ADHD), autism spectrum disorder (ASD), bipolar disorder, and epilepsy. Traditional pharmacological treatments, while effective, often pose substantial side effects and economic burdens. In contrast, emerging evidence from neuroscientific studies using functional magnetic resonance imaging (fMRI) reveals that LNB selectively improves critical regions of the right hemisphere of the brain, specifically the prefrontal cortex, amygdala, hippocampus and insular cortex, thus improving emotional stability, cognitive performance, and autonomic regulation without adverse effects. Integrating advanced artificial intelligence (AI) algorithms and personalized medical data (e.g., EEG, MRI, blood tests) optimizes therapeutic strategies, precisely aligning patient needs with targeted interventions. By modeling healthcare interactions through endogenous growth theory and R&D-driven market dynamics, this research highlights how AI-driven personalized medical solutions can improve productivity, reduce healthcare expenditures and significantly increase societal welfare and economic growth. This paper thus presents a pioneering contribution to medical economics, proposing a sustainable and effective healthcare model optimized by neuroscience and AI technologies
Cost overruns of infrastructure projects – distributions, causes and remedies
Get PDFThis paper analyses the accuracy of cost estimates for Swedish transport infrastructure projects 2004-2022, discusses causes of cost overruns, and suggests remedies. Cost estimates for all projects in the national investment plans 2010-2022 are tracked from early planning to completion. Final costs for all projects finished 2004-2022 are compared to decision-to-build cost estimates. Results show considerable cost escalation during the planning stages, on average, while cost estimates at the decision-to-build are close to final costs, on average. Cost escalations during the planning stage are not uniform, however: the distribution of cost changes is highly skewed with a long right tail. The reason that final costs tend to exceed early cost estimates is that project decisions are effectively locked in before projects’ costs and benefits have been thoroughly assessed. Lock-in of premature decisions does not only cause cost overruns; even worse, it distorts project selection and design, reduces incentives to search for more cost-efficient designs, and increases opportunities and incentives for project beneficiaries to underestimate costs and overestimate benefits. Several ways to tackle these problems are suggested
Tourism-Dependent Small States: Innovation, Adaptation and the Search for Balance
Get PDFTourism-dependent small states offer valuable insights into sustainability, resilience, cultural identity and crisis management. With limited resources, fragile ecosystems and undiversified economies, these states face challenges that amplify global tourism debates. This essay synthesises small state theory, tourism development theories, the sustainability framework, the cultural preservation and identity framework and crisis management strategies to highlight how small states provide scalable solutions for global tourism challenges, offering lessons in adaptive governance, sustainable tourism development and cultural resilience. Case studies from Bhutan, Barbados, Dominica, Fiji, Seychelles, Palau and Samoa illustrate innovative policies in high-value tourism, environmental conservation, cultural protection and disaster resilience. Their experiences challenge conventional tourism growth models, emphasising sustainability over mass expansion