Building energy performance is a key metric in the context of decarbonising the built environment sector. Improving the energy efficiency and energy performance of homes will entail major investment decisions for governments, housing bodies and individuals. Investigating the relationship between house prices and Energy Performance Certificate ratings can inform the decision-making process for those energy efficiency investments, as well as the design and evaluation of home retrofit programmes and supports. Utilising a hedonic pricing methodology, this paper examines the influence energy efficiency attributes have on property list prices in Dublin, Ireland. The analysis is applied to a data set of over 11,000 properties in which property list prices from 2019–2022 are linked to factors pertaining to the quality and location of the property as well as the Irish BER system. The model assesses the monetary value of an uplift in BER, while controlling for factors relating to the home’s size, quality and location as well as the time of sale. Results indicate that a 10% improvement in BER performance is associated with a 0.6% increase in list price. While our results do not establish a causal relationship, these findings demonstrate a price premium of 2.6% for A and B rated homes as compared to D rated homes. In the context of an average 3-bed semi-detached home in Dublin, this translates to €12,200 of added capital value with potential relevance for individual investment decisions and policy support strategies.
We examine how shocks to migration affect schooling in origin communities. Wefocus on the migration between Mexico and the United States, and explore how theexpansion of the Secure Communities program in the US —a federal data sharingprogram that substantially increased the risk of detainment and deportation for illegalmigrants— affected attendance, enrollment, and attainment in Mexico. Our resultssuggest that the Secure Communities program increased attendance, enrollment andeducational attainment in municipalities that had stronger migration ties with countiesin the US that adopted the program early-on relative to municipalities that has tieswith US counties that introduced the policy later. These results are consistent withthe interpretation that the Secure Communities program implicitly raised the returnsto education by making low-skill migration to the US less attractive.
As Asia faces the dual challenges of rapid economic expansion and mounting environmental pressures, the region's ability to balance growth with sustainability has become a focal point of global discourse. With increasing energy demands, escalating CO₂ emissions, and widening income inequality, an integrated approach to managing natural resources has never been more critical. This study responds to this urgent need by examining the complex interplay between energy consumption, living standards, and natural resource rents—factors that will determine whether Asia can sustain its growth without depleting its ecological assets. Our analysis incorporates key variables such as standard of living, income inequality, renewable and nonrenewable energy consumption, CO₂ emissions, gross fixed capital formation, and foreign direct investment, all of which play crucial roles in shaping natural resource rents across Asian economies. Using Moment Quantile Regression (MMQR), we uncover nuanced insights into how these factors interact across different economic contexts. The findings reveal a negative correlation between higher living standards and resource rents, indicating that countries like Japan and South Korea, which have transitioned to more diversified, technology-driven sectors, demonstrate a pathway for sustainable growth. Conversely, economies like Indonesia and Malaysia, with lower living standards and higher dependence on resource rents, face challenges related to income inequality and environmental degradation. Renewable energy consumption positively impacts resource rents, while reliance on fossil fuels has a detrimental effect, reinforcing the need for energy portfolio diversification. A strong link between CO₂ emissions and resource rents highlights the necessity of balancing economic growth with environmental preservation. This study provides policymakers with actionable insights, emphasizing the importance of adopting sustainable energy practices, addressing income inequality, and managing foreign investments responsibly to ensure long-term resilience and prosperity in Asian economies while safeguarding vital natural resources for future generations.
In November 2021, the President of Mexico (2018-2024) declared that the priority megaprojects of the National Development Plan (Maya Train, Isthmus of Tehuantepec Interoceanic Corridor, Dos Bocas Refinery) fall within the realm of national security. Public and private investments in these projects are directed towards southeastern Mexico, covering the states of Oaxaca, Chiapas, Quintana Roo, Campeche, Yucatán, and Tabasco. These regions are home to indigenous peoples and communities that hold 45% of Mexico’s total social property. In some cases, these communities are visibly linked to national political organizations that defend land and territory. The decree is considered a state of exception applied to land-territory use, with dual implications. On one hand, it represents the undivided social field monopolized by monetary metrics. On the other hand, it signifies the expansion of a neocolonial condition promoted by the Mexican federal government, which marginalizes the voice of resistance in favor of adopting the capital logic defined by the stratification of the global economy. The methodology involves participatory action research since 2019, collaborative research through the coordination of workshops, caravans, marches, and political-community meetings, promoted in conjunction with assemblies fighting for territorial defense. We anticipate the increased use of such state of exception in response to the intertwined rise of health, environmental, and economic contingencies that drive the economic cycle, coupled with ineffective governmental policies formulated for regular times. In other words, the state of exception is activated to ensure the continuity of capital accumulation driven by the concentration of private property.
The global energy sector is undergoing a transformative shift driven by the urgent need to transition to clean and digital energy solutions. Start-ups are at the forefront of this transformation, providing innovative technologies to tackle critical challenges in energy production, distribution, and consumption. This study explores the influence of market entry registration procedures and regulatory frameworks on the growth and success of start-ups in the clean and digital energy sectors, highlighting their role in driving global energy transitions. This research aims to understand how procedural complexity, regulatory quality, and associated costs impact entrepreneurial activity in clean and digital energy industries. Employing a comprehensive methodology based on panel data analysis, the study examines multi-country datasets from authoritative sources, such as the International Energy Agency and the World Bank, spanning two decades. Fixed and random effects models are utilized to reveal nuanced relationships between regulatory conditions and start-up proliferation. By identifying key barriers and enablers, the research provides actionable insights into fostering an environment conducive to innovation and entrepreneurship. The findings underscore several critical aspects of market entry dynamics. Streamlined registration procedures emerge as a pivotal factor in promoting start-up growth, reducing the administrative burden and enabling quicker market access. Conversely, high capital requirements and extended registration timelines act as significant deterrents, limiting the ability of new ventures to scale effectively. Regulatory quality is shown to play a crucial role in fostering an innovation-friendly environment, with higher-quality frameworks positively correlated with entrepreneurial success. Additionally, the study reveals the synergistic effects of entrepreneurial ecosystems, where broader business activity enhances opportunities for start-up development. These results highlight the dual nature of regulatory frameworks, which can either facilitate or hinder start-up activity. While effective regulations provide necessary oversight and ensure market stability, overly burdensome procedures can stifle innovation and deter market entry. Policymakers are urged to strike a balance by simplifying procedural requirements, reducing capital thresholds, and maintaining robust regulatory oversight to foster a thriving ecosystem for clean and digital energy start-ups. The study’s contribution is particularly timely, given the accelerating pace of global energy transitions and the increasing focus on achieving sustainability goals. The actionable insights offered here can guide policymakers and stakeholders in creating regulatory environments that catalyze innovation and entrepreneurship. By enabling start-ups to navigate market entry challenges effectively, governments can harness their potential to drive technological advancements and contribute meaningfully to a sustainable energy future. Future research directions include cross-country comparative analyses to identify best practices and longitudinal studies to examine the long-term impacts of regulatory optimization on entrepreneurial ecosystems. The findings of this study provide a foundation for ongoing efforts to align regulatory practices with the goals of a decarbonized and digitally integrated energy landscape, ensuring a resilient and inclusive energy transition.
This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the marginal impact of ICT capital is higher when it is complemented with intangible capital, and (b) non-R&D intangible capital has a higher estimated output elasticity than its conventionally-calculated factor share. These findings suggest investments in knowledge-based capital, i.e., intangible capital, produce productivity growth spillovers via mechanisms beyond those previously established for R&D.
This study examines the impact of state participation on the alleviation of financing constraints faced by private Chinese enterprises. The analysis is based on data collected from a sample of 2,256 private Chinese enterprises surveyed by the World Bank in 2011 and 2013, and a sample of 3,197 listed enterprises in China from 2009 to 2020. The empirical findings demonstrate that (1) State equity participation can effectively alleviate the financial constraints faced by enterprises, and its approach is to alleviate financing constraints by lessening the competitive pressure on mixed-equity enterprises. (2) Anxiety related to survival and development that arises from competitive pressures compels private enterprises to seek competitive advantages through new investments. Consequently, private enterprises' demand for external capital has increased. However, the conversion of capital requirements into external financing applications has become increasingly challenging due to deficiencies in enterprises' internal cognitive processes regarding financial information. (3) Heterogeneity analysis reveals that state equity participation has a more pronounced impact on alleviating the financing constraints faced by emerging, non-group, and non-listed enterprises.
我國公立大學實施校務基金目的係為提升自籌財源與吸收社會資源成效，其中又以公立頂尖大學的財務運作備受關注。基於各公立頂尖大學在學術領域、政府政策期待與經費挹注的差異，本研究區分為國立臺灣大學、綜合型頂尖大學I（國立成功大學、國立清華大學、國立交通大學）、綜合型頂尖大學II（國立中央大學、國立中興大學、國立中山大學）與文法商頂尖大學（國立政治大學、國立臺灣師範大學）等四類，透過次級資料研究法，以各公立頂尖大學「2016年至2019年」決算進行跨類型分析比較，有助於彼此尋求更佳的財務運作方式。研究發現：一、公立頂尖大學自籌收入逐年提升，政府專案補助仍持續增加；二、理工醫為重的公立頂尖大學更有利發展建教合作，惟主要來源是政府；三、文法商頂尖大學善於結合特長經營在職專班，提高學雜費收入；四、文法商頂尖大學善用軟、硬體資源增加場地設備
管理與推廣教育收入有成；五、國立臺灣大學與綜合型頂尖大學I更積極經營受贈收入與投資取得收益；六、自籌收入受學術領域、地理位置、經營策略影響，更與善用優勢特性有關。最後，並依據研究結果提出對我國政府與公立頂尖大學財務運作之建議。
1. Research Motivation and Purpose
Public universities in Taiwan have implemented endowment funds for more than 20 years. The main purpose of endowment funds is not only to relieve the government’s increasing financial burden but also to promote the universities’ ability to raise self-generated income and access social resources, which gradually facilitates the independent operations of university finances. As the top
public universities in Taiwan strive to become world-class universities, the government has invested funds to finance their development and enhance their competitiveness. In addition, these universities implemented the endowment fund system and practiced financial autonomy early on. Therefore,
whether the financial operations of these universities have fulfilled the expected policy objectives is of particular concern.
2. Literature Review
In the context of global higher education, the financial operations of countries have expanded, with rising costs in recent years. However, economic recession has caused the government to drastically cut funding for higher education universities. Consequently, to reduce internal operating costs, universities have been required to seek funding from the private sector and increase
self-generated income through various means. Based on the universities’ self-generated income, the private sector and the government jointly provide funds in a fixed ratio; earn revenue through the diversified operation of hospitals, dormitories, sports fields, restaurants, bookstores, and other affiliated institutions; increase revenue through publishing royalties, examinations, business consulting services, and provision of online courses and selling of textbooks; increase tuition and miscellaneous fees to balance university costs; effectively utilize the universities’ academic research resources to implement brand management strategies for obtaining external capital; reinvest
endowment funds; and other measures. Although public universities can undertake a wide range of projects for rains endowment funds, they are yet to attain financial independence because public universities still mainly rely on government subsidies, the standard of charging tuition and fees is strictly controlled, and donations or investments are not actively institutionalized, resulting in ineffective outcomes. Many such practices still need to be improved for universities to achieve financial independence.
3. Research Methods
Based on the differences in the development priorities of the top public universities in the academic field, the policy expectations, and the funding provided by the government, in this study, the top public universities were divided into four categories: National Taiwan University, comprehensive type I (National Cheng-Kung University, National Tsin-Hua University, and National
Chioa-Tung University), comprehensive type II (National Central University, National Chung-Hsing University, and National Sun-Yat-sen University), and social science and business type (National Cheng-chi University and National Normal University). Through secondary data analysis, the items covered by the National University Endowment Fund Establishment Act were analyzed, including
the government’s normal budget appropriations; universities’ self-generated income from tuition and other fees, continuing education, and academia-industry cooperation; government subsidies for scientific research or government commissions; site facility management income; and donation income and investment income. Cross-type analysis was conducted by reviewing the final accounts of top public universities from 2016 to 2019 and by comparing them with relevant government statistics and official reports. The results obtained are expected to assist top public universities in improving their financial operations.
4. Research Results
The purpose of the current study is to explore the effectiveness of the financial operations of top public universities through financial analysis. The following results are obtained: (1) The self-generated income of top public universities has increased every year, and the government subsidy also continues to increase; (2) top public universities with science, technology, and medicine as their main discipline cluster exhibit higher contributions to the development of academia-industry cooperation, but the government remains their main source of investment, with an extremely low rate of private sector investment; (3) top public universities of the social science and business type are more adept at increasing income from tuition and fees by using their in-service master’s program
operation; (4) universities of the social science and business type efficiently utilize the school’s assets and implement continuing education to increase revenue; (5) National Taiwan University and comprehensive type I universities exhibit more active ability for donations and investment management; and (6) academic fields, regional factors, and business strategies affect the quantity of
self-generated income, especially depending on whether universities can efficiently utilize their own resources. The results are expected to help top public universities improve their future financial operations as well as enhance the government’s research and development for formulating more effective higher education funding policies. Especially allow top public universities to directly correspond to reference operations.
5. Research Suggestions
According to the study results, the following policy recommendations for financial operations are proposed for the government and top public universities from a practical perspective: (1) Top public universities should efficiently increase student enrollment into academic courses to increase their income from tuition and miscellaneous fees. Moreover, the government should relax the
standards and conditions for tuition and miscellaneous fees to facilitate financial autonomy of the school fund. (2) Top public universities should increase the industrial applicability of the research results and aim to obtain a greater proportion of private sector funding. (3) Top public universities should more actively develop diversified business strategies based on school attributes. (4) Top public universities should prioritize fundraising and investments and obtain incentives; this financial independence should improve their resilience. For future research, the government should expand on the current “public platform for college affairs information” and comprehensively collect and release the relevant financial data of each university to facilitate analysis in combination with other
university affairs data and to elucidate the factors influencing university financial operations. In addition to data analysis, future research should qualitatively analyze business perspectives, organizational culture, decision-making processes, and other business strategies by examining actual cases.
Yuliya O. Nichkasova , Eduard Nezhinsky , Halina A. Shmarlouskaya
Kazakhstan’s financial market has always been the focus of the government attention as an important element of country development. Therefore, the main goal is to build a well-developed, competitive and trustworthy financial market that has a dominant influence on the economy and sustainable development. For countries with economies in transition, achievement of a significant level of economic growth is a prerequisite for the formation of a stable capital market and banking system, that will subsequently have a significant positive impact on economic growth. This study investigates the relationship between the local financial market and economic growth for Kazakhstan based on measures of economic growth and its components, as well as empirical indicators of banking development and stock market — size, liquidity and volatility — used as control variables that determine Kazakhstan’s economy. Time series regression analysis and Granger causality test was performed for data from 1994 to 2017 in order to design country-specific measures for financial development. The results showed that world oil prices and total investment are the most powerful factors influencing economic growth. The direction of causation for Kazakhstan comes from economic growth towards the development of the local financial market, contrary to the postulate that the development of a financial intermediary stimulates economic growth. Therefore, at this stage, the financial sector does not stimulate the economic development of Kazakhstan, but rather the economic growth based on oil production and export is a catalyst for the development of the financial sector. It should be recommended to Kazakhstan’s government to shift the focus from financial market to economic development in order to mobilise sufficient domestic and international investments to transform the economy and make a transition to sustainable growth.
We examine how shocks to migration affect schooling in origin communities. Wefocus on the migration between Mexico and the United States, and explore how theexpansion of the Secure Communities program in the US —a federal data sharingprogram that substantially increased the risk of detainment and deportation for illegalmigrants— affected attendance, enrollment, and attainment in Mexico. Our resultssuggest that the Secure Communities program increased attendance, enrollment andeducational attainment in municipalities that had stronger migration ties with countiesin the US that adopted the program early-on relative to municipalities that has tieswith US counties that introduced the policy later. These results are consistent withthe interpretation that the Secure Communities program implicitly raised the returnsto education by making low-skill migration to the US less attractive.
The purpose of this research is to determine the trends of investment activity and the peculiarities of the disparities’ formation in the territorial and sectoral structure of such activity in Ukraine. Methodology. The Pearson correlation coefficient to assess the relationship between GDP dynamics and the ratio of gross capital formation in the economy has been used in the article. Considering the peculiarities of the change in the methodology of calculating GDP in Ukraine, it should be noted that GDP has been calculated according to the methodology of the 1993 SNA in the period 1996-1999; according to the methodology of the SNA 2008 in the period 2000-2013, GDP data have not considered the annexed Crimea and the temporarily occupied territories of Donetsk and Luhansk regions in the period 2014-2020. It is advisable to use data from the World Bank to estimate the share of gross capital formation (in% of GDP), the set of which, in contrast to domestic statistics, fully covers the analyzed period. The choice for the beginning of the 1996 interval has been conditioned by the possibility of correct comparisons of data in a single currency. The source of GDP data is the State Statistics Service of Ukraine while the source of FDI data flows and stocks in Ukraine is the data of the National Bank of Ukraine (due to changes in the methodology of calculating FDI in 2018) Practical implications. The priorities of intensifying the investment support have been formulated (return of national capital to the jurisdiction of Ukraine, increase the uniformity of the territorial structure of capital investment, increase fixed capital formation to 20 +%, stimulate investment in military technology, NBIC convergence), including investments in science, education) based on the identified problems of investment support for the development of Ukraine's economy increasing the level of protection of property rights and guarantees of preferential treatment for investments. Value/originality. The main priorities of balanced development have been formulated (increasing the level of manufacturability of industry and services, import substitution in the production of investment and consumer goods, inclusion in global value chains, balancing the interests of large capital stakeholders, reducing dependence on external security shocks (military-political conflicts, pandemics), maintaining the level of social security, restoration of disturbed natural complexes, etc.)
Economics as a science, Management. Industrial management
Christian Reiner, Christopher Kronenberg, Helmut Gassler
Austria and other European countries are striving to increase the level of entrepreneurial activities to create jobs and income in the aftermath of the Great Recession. The aim of this contribution is to establish stylized empirical facts about regional entrepreneurial activities in Austria. The methodology rests upon a spatial data analysis, the main results of which demonstrate a decline in entrepreneurial activities in the last decade, with a stable pattern of spatial distribution of new ventures and high-growth firms. Overall, our empirical findings point to a number of stylized facts questioning whether entrepreneurship is able to deliver all the proposed miracles policy-makers hope for. In line with the literature in regional economics and entrepreneurship research, our findings suggest persistent interregional differences between the intensity of regional entrepreneurial activities, a higher prevalence of entrepreneurial activity among core regions and a higher concentration of venture capital investments, as compared to innovation and entrepreneurial activities in general.
Every company needs a plan, both in business strategies and financial strategies. Planning is very important in a company, its works to drive the business and measure its accomplishments. Empirical studies across different industrial countries have shown a positive correlation between planning intensity and the success of a business. Nevertheless, financial planning is typically regarded as a major obstacle in the process of new venture creation. Financial framework with five financial planning elements can be implements in a new venture or startup company. The framework will defines the process in to the five financial planning elements as planning of revenues, planning of related expenses, planning of investments, planning of capital requirements (all nonrecurring investments and recurring expenses), and planning of financing. Finally, the robustness of the financial plan can be tested by employing sensitivity analysis, scenario analysis, and simulation. Due to all cash flows have to be estimated in advance, appropriate forecasting methods must be employed.
Within an economic entity, regardless of its organizational form, public or private, different interests are manifested between managers and other stakeholders. Corporate governance deals with the way in which these interests can be harmonized to make work more efficient by using equitable distribution of rights and responsibilities between all stakeholders. All corporate governance requires trust-based relationships between all structures and various stakeholders. In the context of globalization and internationalization of economies, in order to effectively attract the financial and intellectual capital needed for the sustainability of a business, corporate governance mechanisms must be based on gaining the trust of all stakeholders. A healthy business environment focuses on providing information in a transparent and faithful way, and in the business environment the existence of good corporate governance is significant as importance in improving the capacity of an organization to create value. These goals require a climate based on accountability, fairness, transparency and efficiency, where ethical principles should govern behaviours spread throughout the entity. Starting from these goals, the empirical research aims to identify the effects generated by corporate governance in terms of the evolution of foreign direct investments in Romania. These goals requires the existence of entities in which management and control processes are adequate, giving them a high level of transparency and credibility in dealing with capital owners, investors and other stakeholders. The research has reconfirmed that the proper governance of an entity can only be achieved by knowing and applying corporate governance principles, rules and practices with responsibility. According to corporate governance theories, if they are well-known, understood and applied, they can increase the credibility of entities, better and faster access to capital markets, capital costs reduction, efficient use of resources, sustainable business development, and, also, a healthy economic environment. In order to achieve the public interest, new challenges and trends, it is important for management and control systems to reconfigure the objectives in which the achievement of global performance has implications for social responsibility and environmental protection.
Buy cheap and sell more expensive is one of the basic ideas of trading the capital markets for hundreds of years. To apply it in practice has become difficult nowadays due to the high price volatility. The uncertainty in the price movements often leads to high-risk allocation. One main question is when the price is low enough for a low-risk entry? Once established an entry point, the second question is how long to keep the open trades in order to optimize the investment efficiency? This article will answer these questions. A general trading algorithm based on the price cyclical behavior will be revealed. The mathematical model is developed using the Price Cyclicality Function combined with other computational techniques in order to establish low-risk intervals. The algorithm will use multiple entry points in order to catch the best price opportunities. A simple empirical exit algorithm will be optimized in order to maximize the profit for a certain capital exposure level. The presented model uses a low number of functional parameters which can be optimized with a reasonable computational effort for any financial market. Trading results obtained for several markets will also be included in this paper in order to reveal the efficiency of the presented methodology. It was found that the Low-Risk Trading Algorithm can be used with good results for algorithmic trading in any financial market. With the right parameters set, this methodology can be wide range applied in the stock markets, currency and cryptocurrency markets, commodities and raw materials markets and even for the real estate investments. The simplicity of the presented model and the good efficiency level obtained will recommend it. This methodology can be used by any investor in order to manage the investment plan with multiple capital markets.