Sustainability disclosure increasingly influences investment decisions and market valuation in global capital markets. Traditional valuation frameworks primarily rely on accounting fundamentals such as earnings and book value, while the growing importance of environmental, social, and governance (ESG) information has expanded the role of non-financial indicators in strategic investment analysis. Empirical evidence regarding the value relevance of ESG disclosure in emerging markets, particularly within the Nigerian capital market, remains limited. This study investigates the relationship between ESG disclosure and firm market value using an extended Ohlson valuation framework. Annual firm-level data obtained from companies listed on the Nigerian Exchange Group were analyzed using panel regression techniques, including fixed-effects estimation and dynamic generalized method of moments (GMM) analysis. The study further examined the individual effects of ESG disclosures and evaluated the moderating role of governance quality in strengthening the value relevance of environmental and social disclosure. The results showed that ESG disclosure positively affected share prices, indicating that sustainability information contributed to investors’ valuation decisions. Governance disclosure exhibited the strongest and most consistent positive effect on market value, while social disclosure remained positively significant and environmental disclosure demonstrated a weaker but positive influence. The interaction analysis further revealed that governance quality strengthened the positive effects of environmental and social disclosure on share prices. These findings indicate that governance mechanisms improve the credibility and valuation relevance of sustainability information in emerging capital markets. This study extends the Ohlson valuation framework by integrating ESG dimensions and governance interaction effects within a data-driven market valuation model. The findings provide practical insights for corporate managers, investors, regulators, and policymakers seeking to enhance strategic sustainability reporting and improve long-term market confidence in emerging economies.
Environmental sustainability remains a major challenge in the era of digital transformation and global financial integration. The increasing adoption of artificial intelligence (AI) technologies and the expansion of financial globalization continue to reshape economic systems and influence ecological outcomes. This study investigates the dynamic relationships among private AI investment, financial globalization, and environmental sustainability in the United States within the Load Capacity Curve (LCC) framework and from a strategic analytics perspective. Annual time-series data from 1990–2019 were employed. Economic growth, technological innovation, and urbanization were incorporated as additional determinants of environmental sustainability measured by the load capacity factor (LCF). Unit root procedures were conducted, and the Autoregressive Distributed Lag (ARDL) bounds testing framework was applied to estimate both long-run equilibrium relationships and short-run dynamics. Robustness analysis was further performed using alternative cointegration estimators. The results showed that a long-run equilibrium relationship existed among the variables. A U-shaped relationship between income and environmental sustainability was identified, supporting the LCC hypothesis. Private investment in AI positively affected ecological capacity, suggesting that AI-related investment contributed to environmental improvement through resource optimization and efficiency gains. Financial globalization and technological innovation negatively affected environmental sustainability, implying that uncontrolled financial expansion and non-green technological activities intensified ecological pressure. Urbanization demonstrated a positive long-run contribution to ecological sustainability. The robustness analysis produced consistent findings. The results indicate that AI-related investment can serve as a strategic instrument for balancing technological development and ecological objectives. This study provides evidence that integrating strategic analytics with sustainability assessment improves understanding of the environmental implications of digital transformation. The findings offer practical decision support for policymakers seeking to align technological investment and global financial integration with long-term sustainability goals.
Against the backdrop of economic globalization and rapid technological advancement, supply chain digitalization increasingly reshapes organizational collaboration and innovation patterns and has become an important driver of integrated development across supply chain networks. This study investigates whether and through what mechanisms supply chain digitalization influences corporate integrated collaborative innovation. Using panel data from Chinese A-share listed companies during 2014–2023, an empirical analysis was conducted to evaluate the effect of supply chain digitalization on integrated collaborative innovation. Fixed-effect regression models, mechanism analysis, robustness tests, and heterogeneity analysis were employed to identify both direct and indirect transmission paths. The results showed that supply chain digitalization significantly promoted corporate integrated collaborative innovation. The positive effect was transmitted through three major channels: improvements in labor productivity, increases in cost markup, and enhancement of factor allocation efficiency. The results further showed substantial heterogeneity across firms and regions. Stronger effects were observed among firms with higher levels of supply chain digitalization and those located in eastern China. The promoting effect was also more evident in producer service industries, younger firms, large-scale enterprises, and state-owned enterprises. The findings indicate that supply chain digitalization serves as an important operational mechanism for strengthening collaborative innovation capability. This study demonstrates that the coordinated development of supply chains and innovation systems contributes to more effective resource integration and sustained innovation performance. The findings provide empirical evidence for strategic decision-making related to digital transformation and offer analytical insights into the design of innovation-oriented supply chain ecosystems.
Customer retention in the telecommunications industry poses a critical challenge in data-driven business operations, while high predictive accuracy does not necessarily translate into superior commercial outcomes under asymmetric misclassification costs. This study investigated a profit-oriented decision analytics framework for customer churn management by integrating predictive performance with business value optimization. A cost-sensitive Cost-Sensitive Improved Sparrow Search Strategy Algorithm Stacking (CS-ISSA-Stacking) framework was developed by incorporating customer lifetime value (CLV) and marketing intervention costs into an Expected Total Profit (ETP) objective function. An Improved Sparrow Search Algorithm (ISSA) was constructed using Tent chaotic mapping and Cauchy mutation mechanisms to enhance global optimization capability. EXtreme Gradient Boosting (XGBoost), Light Gradient Boosting Machine (LightGBM), and Categorical Boosting (CatBoost) were employed as heterogeneous base learners, and ISSA was used to optimize ensemble fusion weights and decision thresholds for profit-driven prediction. The proposed framework could effectively improve ETP while maintaining competitive predictive performance. Compared with conventional prediction models optimized solely for classification accuracy, the proposed approach achieved a substantial improvement in customer retention profitability. The findings demonstrated that the optimized decision threshold significantly reduced the false negative rate in high-value customer identification. Furthermore, SHapley Additive exPlanations (SHAP)-based interpretation revealed that monthly charges, contract type, and tenure were the most influential factors affecting customer churn behavior. Profit-sensitive decision mechanisms provided a more effective strategy than traditional accuracy-oriented prediction approaches in customer churn management. The proposed framework provides a practical decision-support tool for intelligent customer retention and offers new insights into integrating business analytics with strategically operational decision making in the competitive telecommunications environments.
The increasing integration of environmental, social, and governance (ESG) considerations into financial markets has raised fundamental questions regarding their roles in investment decision making. In particular, it remains unclear whether ESG-oriented investment strategies mirror substantive changes in portfolio construction or primarily follow prevailing market trends. This study examined the decision relevance of ESG signals by analyzing the behavior and performance of ESG-oriented mutual funds. Using a sample of 41 funds, a data-driven analytical framework was employed to evaluate portfolio composition, risk–return performance, and the determinants of ESG ratings. The analysis first considered whether ESG funds systematically allocated capital toward firms with stronger ESG profiles. Although a modest tilt toward higher-rated companies was observed, the differences relative to conventional funds remained limited and, in most cases, statistically insignificant, thus indicating that ESG considerations were not the dominant driver of portfolio selection. The second part evaluated fund performance within a risk–return framework using benchmark-adjusted measures and information ratios
(IR)
. While all funds generated positive returns over the sample period, the majority failed to outperform their benchmarks. Only a small subset exhibited consistently favorable risk-adjusted performance. These findings suggested that ESG-oriented strategies did not provide a reliable basis for achieving superior financial outcomes and might involve trade-offs in portfolio allocation. Finally, cross-sectional regression analysis demonstrated that ESG ratings were strongly associated with firm-specific characteristics, especially size and profitability. This result indicated that ESG scores might reflect underlying financial capacity rather than deliberate sustainability-oriented decisions. Taken together, this study implied that ESG signals offered limited standalone values for guiding decisions of investment. Effective portfolio design therefore requires a broader analytical approach that integrates ESG metrics with conventional financial indicators.
With the rapid expansion of e-commerce, last-mile delivery in express logistics faces significant challenges, including low efficiency and high operational costs. Taking the Xiqing District of Tianjin as a case study, this research proposes a three-stage framework integrating complex network theory and machine learning. First, the Louvain algorithm is employed to achieve intelligent partitioning of delivery areas, resulting in a modularity increase to 0.789. Second, an eXtreme Gradient Boosting (XGBoost) model is utilized to predict terminal service modes, achieving an accuracy of 87.8%. Finally, a route planning model is constructed using Particle Swarm Optimization (PSO). To validate these methods, a three-day logistics system simulation was conducted via AnyLogic to evaluate the effectiveness of different delivery policies. The results demonstrate that, compared to traditional independent delivery, the joint delivery approach reduces total costs by 25.32%. Furthermore, by introducing a carbon emission accounting model, leading to an estimated 25% reduction in daily carbon emissions, achieving a win-win situation for both economic and environmental benefits.
Rapid expansion of e-commerce live streaming has introduced new strategic choices regarding the use of human or virtual agents within the platform-based ecosystem. However, the decision dynamics underlying such choices remain insufficiently understood, particularly in the presence of multiple interacting stakeholders. This study developed an evolutionary game model to analyze the strategic interactions among brands, streaming platforms, and consumers. The framework incorporated agent heterogeneity in terms of consumer attraction, information transmission, and trust formation, while explicitly modeling cost structures and revenue-sharing mechanisms. Replicator dynamics were derived to characterize strategy evolution, and system stability was examined through Jacobian analysis. The results demonstrated that the revenue-sharing coefficient critically determined system trajectories. Higher sharing ratios led to convergence toward human agents and customized services, whereas lower ratios promoted virtual agents and standardized solutions. The findings further revealed that equilibrium outcomes were jointly shaped by cost–benefit configurations, consumers’ responses, and platform incentives. This study provided an analytical foundation for comprehending strategy formation in digital commerce systems and contribute to the design of incentive mechanisms in a platform-mediated environment.
The vehicle routing problem with time windows (VRPTW) remains a central challenge in urban logistics due to the interplay between spatial dispersion, operational constraints, and service reliability requirements. To address the scalability limitations and premature convergence issues commonly observed in conventional metaheuristics, a two-stage optimization framework is developed that integrates clustering-based spatial decomposition with an adaptive evolutionary search mechanism. In the first stage, $k$-means clustering is employed to partition large-scale customer nodes into geographically coherent subregions, with the number of clusters determined using the silhouette coefficient to ensure structural consistency. This decomposition reduces problem dimensionality and enables localized route optimization. In the second stage, an adaptive genetic algorithm is designed in which crossover and mutation probabilities are dynamically adjusted according to population fitness distribution, thereby improving global exploration in early iterations and enhancing solution refinement in later stages. A mathematical model is formulated to minimize total operational cost, incorporating vehicle activation, transportation distance, and time window penalties under capacity and service constraints. The proposed framework is evaluated using a real-world logistics dataset involving 60 customer nodes. To assess operational robustness, the optimized routing schemes are further validated within an agent-based simulation environment. Comparative results show that the proposed method achieves consistent improvements over baseline strategies, with cost reductions of 28.12% and 20.62% across two service regions, while significantly increasing vehicle utilization and reducing fleet size. The findings indicate that the integration of spatial decomposition and adaptive evolutionary control provides a practical and scalable solution for complex VRPTW instances in dynamic urban logistics settings.
Energy supply selection has become a crucial component of organizational strategy, as firms strive to balance sustainability, reliability, and cost efficiency under uncertain market and policy conditions. This study develops a strategic decision-support framework that integrates type-2 fuzzy logic with the Combined Compromise Solution (CoCoSo) method to evaluate alternative energy supply options. The hybrid model addresses the ambiguity inherent in expert judgments by employing type-2 fuzzy sets and prioritizes competing alternatives through the CoCoSo ranking process. Six evaluation criteria—cost, reliability, maintenance, environmental impact, supply stability, and policy support—were defined based on expert consultation. The proposed framework was applied to an industrial case study, demonstrating its capacity to manage conflicting objectives and deliver a transparent, rational ranking of energy alternatives. Sensitivity analysis confirmed the robustness of the results. The findings provide actionable insights for decision-makers and policymakers seeking data-driven strategies to enhance sustainable energy planning and operational efficiency.
As geopolitical competition intensifies and risks of global technological decoupling rise, the Digital Silk Road (DSR) is undergoing a strategic transition from the hard connectivity of physical infrastructure toward the soft connectivity of software ecological collaboration. Utilizing quarterly high-frequency indicators from the GitHub Innovation Graph (2020Q1–2025Q3), this study empirically examines the evolution of software collaboration networks between China and Belt and Road Initiative participating countries. We introduce the concept of digital gravity shift—a structural reorientation of innovation based on collaboration density and network resilience—to extend traditional innovation gravity theories. The findings reveal that: First, a significant digital gravity shift has occurred; unlike the stagnating Group of Seven (G7)-centric pathways, internal collaboration within the DSR exhibits a unique U-shaped resilience, where geopolitical shocks have paradoxically catalyzed the reorganization of innovation paths. Second, the collaboration model is transforming from unidirectional technology spillover toward bidirectional reciprocal symbiosis, signaling the maturation of digital social capital and mutual dependency within the Global South. Third, the substance of collaboration has achieved a qualitative leap from surface-level tasks to core system engineering, uncovering a leapfrog catch-up mechanism driven by the lower entry barriers of open-source modularity. This research provides granular empirical evidence for an emerging multipolar innovation landscape and offers strategic insights for mitigating technological fragmentation and enhancing national innovation resilience in the post-decoupling era.
Enhancing logistics performance has been widely recognized as a critical pathway for accelerating economic development in emerging economies. In this context, a rigorous and objective assessment of national logistics performance remains essential. Accordingly, an integrated multi-criteria decision-making (MCDM) framework based on the Skewness Impact Through Distributional Evaluation (SITDE) method and the Multi-Attributive Border Approximation Area Comparison (MABAC) method was proposed for the systematic evaluation of logistics performance across the Emerging Seven (E7) economies. Within this framework, criterion weights were objectively derived using the SITDE method by capturing the distributional characteristics and skewness effects inherent in logistics performance indicators, thereby minimizing subjectivity in the weighting process. Subsequently, the MABAC method was employed to rank countries by quantifying their distances from criterion-specific boundary approximation areas. The empirical analysis focused on the E7 countries—China, India, Brazil, Russia, Indonesia, Mexico, and Türkiye—using the Logistics Performance Index (LPI) indicators obtained from the World Bank database. The results demonstrated that timeliness emerged as the most influential determinant of overall logistics performance. Among the E7 countries, China was identified as exhibiting the highest logistics performance, whereas Russia recorded the lowest performance level. Notably, Türkiye was ranked second, despite its comparatively lower level of economic development relative to several other E7 economies. The robustness and stability of the proposed SITDE–MABAC framework were further confirmed through comprehensive sensitivity and comparative analyses. Beyond methodological advancement, the findings offer important managerial, policy-oriented, and region-specific insights, providing evidence-based guidance for policymakers and logistics practitioners seeking to enhance logistics efficiency, resilience, and international competitiveness in developing economies.
Fuzzy data envelopment analysis (FDEA) plays an essential role in the current socio-economic scenario to analyze the performance of decision-making units (DMUs) within a fuzzy environment. This paper introduced a novel Bipolar Fuzzy Data Envelopment Analysis (BFDEA) model using bipolar triangular fuzzy numbers to accommodate both uncertainty and ambiguity in evaluating the performance of a finite number of DMUs. The BFDEA model utilizes a value function for bipolar fuzzy numbers and translates BFDEA models into equivalent crisp models, thus providing thorough and precise evaluations of efficiency. The BFDEA model embraces a super-efficiency framework to offer a full ranking of efficient DMUs, while establishing a benchmarking framework for a meaningful discussion of improvements in performance. A numerical example showed that the BFDEA method could provide a reliable nuanced evaluation even in the presence of conflicting information. This work contributes to the DEA literature, where uncertainty has been inadequately addressed up till the present, by providing breakthroughs in a convincing way for decision makers to analyze performance amidst complicated and indeterminate situations.