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Rethinking ESG Compliance: Why IBM Should Prioritize Pro-Industrial Sustainability Over Carbon Neutrality
Get PDFThis paper critically evaluates IBM's pursuit of Environmental, Social, and Governance (ESG) compliance in light of its operational realities and economic constraints. While IBM has made ambitious sustainability commitments, including achieving net-zero emissions by 2030, this study highlights the financial and technological challenges posed by such initiatives. It argues that ESG mandates often prioritize optics over substance, forcing high-energy industries like IBM’s AI and cloud computing sectors to adopt costly and inefficient renewable energy strategies. The paper proposes a Pro-Industrial Sustainability Model, emphasizing economic growth, energy security, and AI-driven efficiency as alternatives to ESG conformity. Through comparative scenario modeling, the study demonstrates how this approach can enhance IBM's competitiveness while mitigating regulatory risks. The findings suggest that reframing sustainability as an industrial efficiency strategy offers a more pragmatic path forward for IBM
Metodología estándar de vectores autoregresivos (VAR) y de corrección del error (VEC)
Get PDFEnglish version
This document provides a practical introduction to the standard methodology for estimating Vector Autoregression (VAR) models and their Vector Error Correction (VEC) approach in the context of cointegration. It covers basic concepts such as stationarity and unit roots, unit root testing, cointegration analysis, and the general estimation framework using Stata. The text does not delve into the mathematical formalization of the models but rather aims to serve as an applied estimation guide for undergraduate students.
Spanish version
Este documento presenta una introducción practica a la metodología estándar de la estimación de vectores auto-regresivos (VAR) y su aproximación de vectores con corrección del error (VEC) en el contexto de la cointegración. El documento presenta unas nociones básicas sobre el concepto de estacionariedad y raíz unitaria, la estimación de pruebas de raíces unitarias, la revisión de cointegración y el esquema general de estimación bajo el programa Stata. El texto no ahonda con la profundización matemática de los modelos sino más que nada aspira a ser una guía aplicada de estimación para los estudiantes de pregrado
Solving Heterogeneous agent models in Continuous Time with Adaptive Sparse Grids
Get PDFThis paper proposes a new approach to numerically solving a wide class of heterogeneous agent models in continuous time using adaptive sparse grids. I combine the sparse finite difference method with the sparse finite volume method to solve the Hamilton-Jacobian-Bellman equation and Kolmogorov Forward equation, respectively. My algorithm automatically adapts grids and adds local resolutions in regions of the state space where both the value function and the distribution approximation errors remains large. I demonstrate the power of my approach in applications featuring high-dimensional state spaces, occasionally binding constraints, lifecycle and overlapping generations
Granularity Shock: A Small Perturbation Two-Factor Model
Get PDFThe paper presents a small perturbation two-factor model designed to capture granularity risk, extending the Vasicek Asymptotic Single Risk Factor (ASRF) portfolio loss model. By applying the Lyapunov Central Limit Theorem, we demonstrate that, for small values of the Herfindahl-Hirschman Index (HHI), granularity risk, conditional on market risk, is proportional to a standard normal random variable. Instead of studying the behavior of a heterogeneous portfolio, we examine the behavior of a homogeneous portfolio subjected to a small perturbation induced by granularity risk. We introduce the Vasicek-Herfindahl portfolio loss distribution, which extends the Vasicek portfolio loss distribution for heterogeneous portfolios with low HHI values. Utilizing the Vasicek-Herfindahl distribution, we derive closed-form granularity adjustments for the probability density function and cumulative distribution function of portfolio loss, as well as for Value at Risk (VaR) and Expected Shortfall (ES). We compare the primary results of our approach with established findings and validate them through Monte Carlo simulations
Foreign direct investment and development and the role of research and development
Get PDFUsing a sample of 130 countries over the period 2004-2019, we revisit the development impact of foreign direct investment (FDI), but novelly examine the role of research and development (R&D) within this framework. To allow us to make causality statement, we use bilateral investment treaties (BITs) as an innovative instrument for FDI in the development equations. We find that, compared to FDI, expenditure on R&D has a more pronounced impact on development outcomes - through increasing growth and human development while reducing poverty and inequality. We also find that countries that spend more on R&D are less dependent on FDI for development. This suggests that R&D and FDI are substitutes in the development process with the results showing varying FDI and R&D thresholds at which the substitution takes place. We however, find a diminishing effect of FDI on development. Further to this, we find that R&D complements FDI only when FDI reaches a threshold level, and then begins to hurt development - at this stage there is sufficient R&D expenditure which possibly suggest sufficient adaptive capacity
CSR in public administration during COVID-19: some evidences from Bulgaria
Get PDFThe concept of Corporate Social Responsibility (CSR) is continuously evolving to address dynamic environmental conditions and stakeholders' expectations. While traditionally associated with the private sector, this paper examines the role of public administration in adopting and implementing CSR practices. Through the lens of Bulgaria's public administration during the Covid-19 crisis, the paper highlights innovative CSR applications that enhanced societal resilience and addressed emergent challenges. Examples include centralized digital platforms for public communication and volunteer-driven community support networks. These initiatives demonstrate the potential of public administration to lead by example in responsible governance. The findings underscore CSR's strategic value in public sector operations, providing insights into how public organizations can integrate sustainable practices into their functions to achieve societal impact. In addition, this article contributes to the broader understanding of CSR as a versatile framework that transcends sectoral boundaries and positions public administration as a proactive agent in driving sustainable development and social welfare
Conditional Gains: When AI Investment Enhances Firm Efficiency
Get PDFThe rapid adoption of artificial intelligence (AI) in the corporate world has raised important questions about its impact on firm performance. This paper examines whether investments in AI—measured by the share of AI-skilled workers—are associated with improvements in firm efficiency. The analysis reveals that AI investment alone does not lead to higher efficiency. That is, firms employing more AI-skilled labor do not, on average, perform more efficiently than others. However, the results show that this relationship depends on firm context. Firms operating in more competitive markets appear to benefit more from AI investment. Additionally, firms that engage more heavily in tax avoidance also realize greater efficiency gains from AI, possibly due to their more aggressive or strategic resource allocation practices
Technology Innovation and the Transformation of Nigeria's Manufacturing Sector
Get PDFThis article critically examines the transformative potential of technological innovation in revitalizing Nigeria’s manufacturing sector, a cornerstone of the nation’s economic diversification agenda amid declining oil revenues and persistent macroeconomic instability. Through a mixed-methods approach—combining empirical data analysis, sectoral case studies, and policy reviews—the study explores how emerging technologies such as automation, artificial intelligence (AI), blockchain, and renewable energy systems are reshaping production processes, supply chains, and market competitiveness. Despite contributing only 9.2% to GDP and operating at 56.5% capacity utilization, the sector remains pivotal to employment, contributing 11.3% of formal jobs and serving as a conduit for import substitution. The analysis identifies infrastructural deficits, particularly erratic electricity supply and logistical inefficiencies, as primary barriers to technology adoption, costing manufacturers 40% of operational expenses. However, pioneering firms like Dangote Cement, Nestlé Nigeria, and SMEs such as ReelFruit demonstrate that strategic investments in robotics, IoT-enabled predictive maintenance, and digital supply chain platforms can reduce costs by 15–30%, enhance productivity, and unlock access to regional markets under the African Continental Free Trade Area (AfCFTA). The study further highlights the critical role of policy incoherence, skill gaps, and financing constraints—such as prohibitive loan rates (18–30%)—in slowing scalability, particularly for SMEs that constitute 85% of the sector. The article argues that Nigeria’s demographic dividend—a youth population projected to reach 400 million by 2050—presents a dual challenge and opportunity: without urgent upskilling in STEM and vocational training, unemployment will escalate, but a tech-savvy workforce could drive leapfrogging into Industry 4.0. Cross-case insights reveal that renewable energy integration (e.g., solar microgrids) and cybersecurity frameworks are essential to sustainable growth, while gender-inclusive policies could expand women’s participation beyond the current 22%. Policy recommendations include establishing a $500 million Tech Innovation Fund for SMEs, harmonizing regulatory approvals through a single-window portal, and aligning the National Digital Economy Strategy with AfCFTA’s objectives. The study concludes that Nigeria’s manufacturing future hinges on a coordinated ecosystem of public-private partnerships, targeted infrastructure investments, and agile policy reforms. Failure to act risks entrenching dependency on oil imports and informal markets, while decisive action could position Nigeria as Africa’s hub for green, tech-driven industrialization by 2030
Analyzing the effect of digital financial Technologies usage on Female-Owned Business Performance in Nigeria
Get PDFThe crux of this paper was to investigate the extent as well as whether digital finance technologies affect business performance of female owned businesses in Lagos State, Nigeria. This paper empirically examined the effect of digital finance technologies usage among female owned business performance in Lagos state, Nigeria. By looking at female owned enterprises that deal with agribusiness with special interest in aqua foods to build an econometric model to test the hypothesis. Descriptive statistics and Ordinary Least Square was used in the analysis of data collected through structured questionnaire. The study employed Multistage sampling in selecting the respondents from the study areas. Majority of the Female-Owned Business owners in the study area are still in their adulthood age and agile to work. The result showed that Majority (73.33%) of the respondents were High adopters while only 26.67% of the Female-Owned Business owners were Low adopters. POS users has the highest percentage of the high adopters followed by ATM. The implication is that mobile banking adoption level of the respondent was lower compared to all other technological innovations adopted by Female-Owned Business owners in the study area. The result of the OLS shows that only mobile banking and POS have significant effect on the performance of Female-Owned Business owners in the study area at P<0.05. The finding revealed that the contribution of POS to performance was higher than that of mobile banking. The result of the t-test revealed that there is significant difference in the performance of high Adopters and low Adopters due to technological innovations at P<0.05.
There has been limited research to date on the level as well as the adoption of digital finance technologies among female owned businesses owners as well as on their non-financial performance in Lagos state, Nigeria. The study therefore, recommends that Government should provide more empowerment programs that will benefit the Female-Owned Business owners to reduce constraints and improve their knowledge on technological innovation adoptio
Geopolitical risk developments and the minerals industry
Get PDFThis paper analyses the reaction of the minerals industry to geopolitical risk developments in South Africa. This is achieved by augmenting a Taylor1993 rule type central bank monetary policy reaction function with the indicator of geopolitical risk. The results provide evidence of a statistically significant effect of an increase in geopolitical risk on output of the minerals industry, which initially decreases and bottoms out after 5 months, followed by a slight recovery and another decrease, where output of the minerals industry bottoms out again after 13 months, the effect of which is statistically significant between 12 and 14 months. The results further show no statistically significant effect of output of the minerals industry on geopolitical risk implying a unidirectional nexus between these indicators. The results are consistent with the hypothesis that elevated geopolitical risk undermines cross national consumer, business and investor confidence, consequently culminating in depressed economic conditions. Geopolitical risk is important for economic activity, hence policymakers should monitor developments in geopolitical conditions to support economic growth as well as the minerals industry