Vol. 14, No. 3 (2026): Regular Issue

Despite growing interest in ecological economics, no unified framework currently bridges normative critiques with operational fiscal reform. Existing macroeconomic systems frequently exclude ecological dynamics from accounting, limiting their capacity to reflect interdependence and regenerative processes. While sustainability paradigms aim to maintain ecological thresholds, their institutional integration often remains partial. In contrast, regenerative approaches embed restoration obligations, ecological productivity, and feedback loops as productive functions within macroeconomic systems. This study reviews 388 peer-reviewed articles to develop a regenerative macroeconomic model that embeds ecological values into national accounting. Using PRISMA-SLR, entropy-based coding, and PLS-SEM, the model formalises ecosystem contributions, restoration obligations, and fiscal redistribution. Results demonstrate that implementation actors exert more substantial influence on outcomes than institutional structures, with limited support for theory-driven pathways. The proposed framework provides a reproducible and policy-relevant tool that advances ecological macroeconomics by aligning fiscal systems with regenerative thresholds and positioning nature as a co-producing institutional actor.

As the role and importance of financial support for the development of the real economy have significantly increased, whether digital finance can enhance corporate green innovation efficiency has become a hot topic of social concern. This paper uses data from A-share listed companies between 2011 and 2022, supported by the Digital Inclusive Finance Index developed by Peking University. A two-way fixed effects model, mediation effects model, and threshold effects model are employed to systematically examine the impact of digital finance on corporate green innovation efficiency. The results indicate that: (1) Digital finance can significantly improve corporate green innovation efficiency. This conclusion remains valid after a series of robustness checks; (2) Mechanism analysis reveals that digital platforms and transaction cost reduction are the primary channels of influence; Moreover, we identify a threshold effect: the positive impact diminishes with higher levels of digital finance coverage. (3) Heterogeneity tests indicate stronger effects among state-owned enterprises, high-tech firms, and low-pollution industries. These findings highlight the need for differentiated digital finance policies and green-oriented platform construction to support innovation efficiency under varying economic conditions.

The increase in local consumption and the opening of formal business units called coffee bars in the city of Tijuana, Mexico, reveals significant business opportunities that could benefit, as stated by the Mexican Coffee Association (2017) [1], from the implementation of a business model based on the circular economy theory, with the aim of maximizing the positive impact in the region. These establishments, which represent one of the most dynamic commerce and gastronomy sectors, have not been sufficiently considered by current public policies or by the regulatory framework in terms of promoting sustainable development. In summary, there is a lack of greater impetus for activities such as recycling and the promotion of a culture of sustainability that has a positive impact on economic benefit. Using a quantitative approach and the application of adjustment measures supported by circular economy theory, primary information was obtained from the business units under study, which led to an analysis of the structural equation model (SEM), whose findings allow proposing a sustainable business model for coffee shops in the city of Tijuana, B.C. With this, the opportunity arises to offer a roadmap that details mechanisms and characteristics so that the business units involved adopt strategies aimed at maximizing their positive environmental impact and fostering a culture of cooperation. This initiative could also increase business opportunities for the local business community, thus contributing to increasing economic complexity and economically benefiting both the local community and the entire related value chain in the region.

Sustainable Development Goal 14 (SDG 14; life below water) is one of the most important SDGs, given its focus on global research convergence and attention. Despite the extensive research convergence and outputs, it is surprising that accounting journals have not been part of the publication outlets of these extensive research convergence and outputs (acknowledging that accounting scholars have contributed to ocean/marine accounting research in other journals). In this context, we conceptualized a research agenda for ocean accounting in accounting journals by evaluating the current accounting and assurance measures for underground waste injection. In particular, we revisit the call to focus on the underground injection of waste as not only a financial accountability issue but also a social and environmental accountability issue. Thus, focusing on how accounting scholars and journals may contribute to accounting for and assuring underground waste injection as part of ocean accounting. The researchers describe the current accounting system for underground waste injection in the United States, exploring issues and potential improvements. Although the financial accounting and assurance measures make sense, they do not consider qualitative socioenvironmental management elements of safety and biodiversity protection. We detail how these may be incorporated into the current accounting methods, outline the implications of this study for policy, practice, and research, and conclude by providing avenues for further research.

In this paper, we examine how environmental, social, and governance (ESG) strategy affects company's financial performance. Businesses have increasingly prioritized ESG factors as public concern about social inequality and climate change has grown. However, the extent of this impact on financial performance remains disputed. While some studies suggest a positive relationship, others argue for potential adverse effects, or no significant effects at all. Using French listed companies as data points, this research explores the joint and independent effects of the three ESG pillars on corporate financial performance, integrating rational choice theory to provide a fresh perspective in this academic debate. We found a statistically significant negative relationship between governance scores and financial performance, while the environmental and social scores have no significant effect. Overall, this study offers empirical evidence on ESG strategies to guide decision-making in sustainable business practices and policy formulation.

This study assesses the dynamics and opportunities of solar energy development in the three South Caucasus countries---Armenia, Azerbaijan, and Georgia---during 2018--2024. The region shows a clear upward trend in solar deployment, albeit at different speeds. Armenia expanded installed PV capacity from 17.3 MW to 485.4 MW (CAGR $\approx$ 74%/yr), Azerbaijan from 34.9 MW to 292.9 MW (CAGR $\approx$ 43%/yr; acceleration after 2022), and Georgia from 0.9 MW to 132.6 MW (CAGR $\approx$ 130%/yr, small-base effect). Growth is shaped by policy clarity, investment risk allocation, grid-integration readiness, and access to technology. The mixed-methods approach combines quantitative indicators (installed capacity, compound annual growth rates) with a structured qualitative review of policies and market rules. We complement country analysis with comparative views across former Soviet states and neighboring systems (Türkiye, Iran). Case notes (e.g., Masrik-1 in Armenia; Jabrayil/Shafag in Azerbaijan) illustrate utility-scale deployment and bring performance considerations (capacity factors, PPA/auction frameworks) into focus. Findings motivate a sequenced policy roadmap: regulatory stability, bankable PPAs, targeted grid upgrades, skills and supplier development, and pragmatic localization of components and services. Solar energy thus emerges not only as a clean electricity source but as an economic, environmental, and strategic lever for sustainable growth, energy security, and progress toward climate goals in the South Caucasus.

This study investigates links among ESG scores, controversies, greenwashing, and profitability using panel data from 80 Fortune Global 500 firms (2014--2022). A Greenwashing Index---defined as the gap between ESG and controversies scores---captures deceptive practices using available ratings. Regression, Hausman, and Granger causality tests show ESG scores and the Greenwashing Index positively affect ROA and EQ, while controversies have negative effects; ESG becomes insignificant in combined models, with causality running from ESG factors to profitability. Paradoxical findings reflect low-cost greenwashing boosting ESG scores, freeing resources for profit-enhancing activities that may trigger controversies yet increase efficiency. This framework reconciles stakeholder and shareholder theories by showing firms pursue profit while maintaining ESG appearances. Policy implications include mandatory third-party ESG audits, subsidies for genuine practices, and incorporating controversies and greenwashing into investment decisions. Limitations involve geographic concentration (U.S./China), small sample size, reliance on a single data provider (Refinitiv), relative cost measures, omission of leverage/market metrics, and theoretical rather than empirical cost assessments. Future studies should expand samples, data sources, variables, and collect primary ESG expenditure data.

Indonesia faces significant environmental challenges, particularly evident in the disparity between expressed green consumption intentions and actual behaviors. Gen Z, known for their environmental awareness, is a key demographic to consider in addressing this gap. This study aims to comprehend the factors influencing green consumption behavior among Indonesian Gen Z. By examining the relationships between Green Marketing, Green Awareness, Media Exposure, and Green Product Accessibility towards Green Consumption, the research identify the key drivers for promoting sustainable consumption practices. A partial least squares-structural equation modelling (PLS-SEM) was employed to analyze the 388 data collected through survey distributed to Indonesian Gen Z. The finding of this research reveals that Green Marketing has the most significant influence on Green Consumption among Indonesian Gen Z, followed by Media Exposure and Green Awareness. Green Product Accessibility, despite its influence, exhibits the least significant impact on green consumption behavior within this demographic. Reliability measures confirm validity for all constructs. These findings support the Theory of Planned Behavior (TPB) and highlight Green Marketing as a critical driver of sustainable consumption, offering insights for achieving the SDGs 2030.

As global supply chain networks become increasingly complex, the stability of these supply chains faces significant challenges. Research on the impact of Environmental, Social, and Governance (ESG) per-formance on customer relationship stability is of practical importance. This paper examines publicly listed companies from 2009 to 2022 to explore the effect of corporate ESG performance on customer relation-ship stability. Using a bidirectional fixed-effects model, the results demonstrate that strong ESG performance significantly promotes cus-tomer relationship stability and exhibits a dynamic effect. Compared to companies with declining ESG scores, those with stable ESG scores show a more pronounced improvement in customer relationship stabil-ity. Discrepancies in ESG ratings across different institutions weaken the impact on customer relationship stability. Mechanism analysis suggests that corporate ESG performance primarily enhances customer relationship stability through reputation and information effects. Heterogeneity tests reveal that the promotion effect of ESG performance on customer relationship stability is more significant among smaller companies, those with lower innovation levels, and those in non-heavy-pollution industries. Corporate ESG performance can improve overall factor productivity by enhancing customer relationship stability. The findings provide both theoretical support and empirical insights for the stable operation and security of China's supply chains.

Alkali metals (K, Na) in alkali-containing fuels will be released through gasification and combustion during the combustion process. The alkali metals react with oxygen and water vapor in the air to generate oxides or hydroxides, increasing the concentration of particulate matter in the atmosphere. The condensing and depositing alkali metals compounds cause corrosion problems, and affect the normal operation and safety of thermal equipment. Therefore, it is particularly important to study the detection technology for alkali metals. Laser-induced breakdown spectroscopy (LIBS) is widely used in the field of solid fuel detection. In this study, the influence of sample pretreatment methods, laser energy and delay time on the spectral characteristics of alkali metals in mixed samples was studied by LIBS. The experimental results show that as sample is powder, the element distribution is uniform, which is helpful for rapid on-line detection. When the sample is a tablet, the ablation amount of sample is reduced, which reduces the influence of the self-absorption effect of the spectral line. Based on the experimental results of the mixed samples, the solid propellant containing potassium salt was detected. When the laser energy is 60 mJ and the delay time is 1000 ns, the K element in five propellant samples is quantitatively analyzed, and the model shows high analysis accuracy.

Given the projected rise in food requirements for the growing world population, urea fertilizer remains essential for sustaining large-scale food production, despite its significant environmental impacts, including greenhouse gas emissions and water contamination. We develop an updated value chain-based Input-Output Analysis (IOA) and use the FAO and Eora data to quantify the local utilization and global trade of urea fertilizer within the supply chain, assessing fractions for environmental impacts and market trends to inform agricultural practices. The IOA framework explores global urea trade, embodied intensities, value-added, production, and supply chain dynamics, identifying sustainable practices and policy opportunities. Our findings indicate significant discrepancies in embodied intensities and the consumption of chemical fractions across world economies, which lead to environmental issues such as soil depletion and greenhouse gas emissions. Total embodied urea fertilizer consumption is estimated at 142.38 million tons per year, substantially exceeding actual usage, indicating inefficiencies and potential areas for implementing sustainable practices. Key agricultural countries, including India, exhibit trade dependencies that render their agricultural sectors susceptible to geopolitical risks. This work supports future efforts to mitigate environmental impacts and improve sustainability in agriculture.

I resolve the confusion surrounding emissions and footprints. Footprints impute industry emissions to end users (households). Product footprints are shown to be equal to emission intensities inflated by the Leontief inverse. However, unlike the prevailing practice of employing industry-by-industry dimensions, the input-output coefficients must have product-by-product dimensions and be constructed according to the product technology model. The analysis shows that an emission tax increases the product prices proportionally to the product footprints.