This study investigates the impact of blockchain technology on the gig economy at the macro level, addressing the limited empirical evidence on this relationship in existing literature. Using a panel dataset of nine countries from 2014 to 2023, the study employs least squares, fixed effects, and instrumental variable regression techniques. Blockchain technology is measured through blockchain patents, with alternative measures (blockchain start-ups and cryptocurrency volume) used for robustness checks. The gig economy is evaluated via its contribution to GDP, market size, and the number of gig platforms. The results reveal a positive and statistically significant impact of blockchain technology on the gig economy across all measures, and the findings remain robust to alternative proxies. Rather than emphasizing general technological benefits, the study provides macro-level empirical evidence that blockchain innovation is systematically linked to gig economy expansion. These findings offer policy-relevant insights into how emerging technologies can support the structural development of decentralized labor markets.
This study empirically analyzes the risk-adjusted performance, volatility, and interdependencies of the Magnificent 7, the S&P 500 (SPY), the Nasdaq-100 (QQQ), and gold (GLD) across distinct economic regimes from 2008 to 2025. Using daily adjusted closing prices, the analysis calculates total and annualized returns, Sharpe ratios, volatility, value at risk (VaR), and asset correlations to assess how these instruments perform under changing macroeconomic conditions. The results show that the Magnificent 7 deliver superior long-term returns, but their risk-adjusted performance deteriorates sharply during downturns, reflecting their cyclical nature. SPY and QQQ exhibit strong correlations with the Magnificent 7, limiting equity-only diversification. Gold offers partial hedging benefits during crises but performs inconsistently in stable markets. These findings underscore the limitations of passive equity strategies in concentrated markets and highlight the importance of dynamic, regime-aware asset allocation.
In an era defined by rapid technological advancements and the ceaseless evolution of financial markets, the nexus between financial development and corporate innovation emerges as a pivotal enigma, driving corporate competitiveness and technological development. This paper explores the nexus between financial development and corporate innovation among developing economies. We used firm-level and country-level data to study financial development and business innovation. Our analysis used almost 24,000 observations from developing economies. We used two levels of econometric approaches to quantify the nexus between financial development and corporate innovation. First, we used probit regression models. Second, to address the endogeneity issue, we implemented ordered probit regressions using instrumental variables and Sargan statistics to verify the validity of instrumental variables. The findings highlighted that well-structured financial institutions boost corporate innovation. Moreover, the ease of access to finance and strong financial market development also stimulate corporate innovation. These results suggested that the development of financial markets is essential in providing funds and other related services and fostering innovation. Financial development and corporate innovation can create and implement sustainable technology, processes, and business models in developing economies.
Although cities are now home to more than half of the world's population, these concentrations of people, assets, and economic activities are subject to increasing risks as the consequences of climate change begin to take effect. As a result, the concept of urban vulnerability has gained renewed prominence in academic discourse and policy discussion, as it is a crucial means of understanding and addressing the impacts of climate change on cities. Within this context, the paper focuses on urban vulnerability and examines how it can be measured and evaluated in a comprehensive and systematic manner. The research focuses on a climate-related hazard which is particularly salient in urban environments - heatwaves. We present a composite index that incorporates climate, land-cover, socio-economic and governance indicators to provide a comprehensive assessment of the vulnerability of various Slovak cities to extreme heat conditions. The study applies robust quantitative methods and integrates three different methodological approaches to develop a final database outlining 15 partial indicators for 141 Slovak cities. The contribution of the paper lies in the methodological framework that proposes assessing urban vulnerability to heatwaves, but the research also has a practical application; the results identify the Slovak cities which are most vulnerable to extreme heat conditions, providing evidence-based data which can be used by decision-makers to formulate informed and targeted risk-assessment policies and climate adaptation measures.
European university alliances are evolving into instruments of internationalisation, as well as vehicles for reducing regional disparities and strengthening innovation capacity across Europe. The present study examines the manner in which joint study programmes developed within European university alliances contribute to both the academic integration of higher education institutions (HEIs) and the innovation performance of the regions in which they operate. Utilising a comprehensive set of data sourced from the EQAR (External Quality Assurance Results), ETER (European Tertiary Education Register) and the European Innovation Scoreboard databases, together with an illustrative contextual example from the Ulysseus European University alliance (with the Technical University of Ko & scaron;ice as a member), this study employs analytical techniques encompassing spatial visualisation, clustering methods and statistical analysis. The primary objective of this integrated approach is to discern and identify patterns of collaboration and innovation across diverse geographical regions and countries. The findings of this study demonstrate that universities participating in alliances have a significantly higher number of joint study programmes, and that the innovation performance of a country is positively associated with the prevalence of such programmes. Concurrently, the findings suggest that alliances are not confined to high-innovation regions, but also extend to institutions in less innovative areas, thereby fostering cross-regional partnerships. The integration of human capital development with regional innovation ecosystems is facilitated by joint study programmes, which function as a strategic tool for balanced European integration. The study provides a foundation for further research on how European joint programmes can enhance the sustainability and competitiveness of both universities and regions. The study also offers policy-relevant insights on how university alliances can be leveraged not only as a mechanism for academic excellence but also as an instrument of cohesion policy, helping to spread knowledge, good practices and innovation capacity to less-developed regions. The study aligns with the journal's focus on regional innovation through European university alliances and joint programmes.
