Shu-Yen Hsu

The European Union Carbon Border Adjustment Mechanism (CBAM) and volatile electricity markets create linked operating and investment risks for energy-intensive multinational firms. This study develops a six-dimensional stochastic dynamic programming model with dual real options for plant entry, green transformation, production allocation, and abandonment. Electricity prices follow a mean-reverting jump process, carbon prices follow Geometric Brownian Motion, exchange rates follow a mean-reverting diffusion, and financing costs are represented by a carbon-adjusted Cox–Ingersoll–Ross process. The numerical analysis combines 2026 public market benchmarks with scenario inputs identified as model assumptions and solves the allocation problem using Monte Carlo paths and Sequential Least Squares Programming. Under the stated calibration, higher energy and financing uncertainty widens the entry abandonment region, while green capital investment and looser capital constraints narrow it. Production also shifts across plants when relative marginal costs change. These results are model-based and apply to the representative Texas–EU setting rather than to observed firm behavior.

This paper examines multi-stage cross-border investment and capital allocation under macroeconomic and political uncertainty. We extend Dunning’s eclectic paradigm into a dynamic Ownership, Location, and Internalization (OLI) lifecycle and formulate the multinational enterprise (MNE) expansion path as a stochastic optimal-control problem. The model uses a five-dimensional affine jump-diffusion system that incorporates organizational learning, discontinuous geopolitical shocks, and stochastic interest rates. To address the computational burden of high-dimensional partial differential equations, we develop a numerical solver that combines a bivariate Fourier-cosine series expansion with temporally chained Riccati ordinary differential equations to compute compound-option values and analytical gradients. The numerical results indicate that faster organizational learning lowers internalization thresholds, whereas greater geopolitical jump intensity increases the value of waiting and reduces the modeled compound-option value by up to 56.35% in the reported simulations. These findings are summarized in a two-by-two strategic matrix, suggesting that transitional joint ventures and externalized platforms can serve as information-gathering options before irreversible capital commitment.

This paper examines multi-stage cross-border investment and capital allocation under macroeconomic and political uncertainty. We extend Dunning’s eclectic paradigm into a dynamic Ownership, Location, and Internalization (OLI) lifecycle and formulate the multinational enterprise (MNE) expansion path as a stochastic optimal-control problem. The model uses a five-dimensional affine jump-diffusion system that incorporates organizational learning, discontinuous geopolitical shocks, and stochastic interest rates. To address the computational burden of high-dimensional partial differential equations, we develop a numerical solver that combines a bivariate Fourier-cosine series expansion with temporally chained Riccati ordinary differential equations to compute compound-option values and analytical gradients. The numerical results indicate that faster organizational learning lowers internalization thresholds, whereas greater geopolitical jump intensity increases the value of waiting and reduces the modeled compound-option value by up to 56.35% in the reported simulations. These findings are summarized in a two-by-two strategic matrix, suggesting that transitional joint ventures and externalized platforms can serve as information-gathering options before irreversible capital commitment.

This paper develops a novel high-order asymptotic framework to value the option to wait within a five-dimensional (5D) real options manifold, focusing primarily on the intrinsic correlation and joint topological distortions of market entry and abandonment thresholds. While multi-factor real options systems are heavily constrained by the curse of dimensionality, the methodology incorporates a regular perturbation scheme coupled with the method of variation of parameters to bypass traditional grid-based latency. This paper derives explicit, second-order closed-form solutions that reveal the non-linear coupling and cross-factor sensitivities between the dual operational thresholds as they co-move with underlying revenue, stochastic trends, CIR volatility, macro interest rates, and microoperational time lags. The numerical illustrations prioritize mapping the intricate correlation matrix of these entry-exit boundaries. The quantitative results demonstrate that the confluence of macroeconomic volatility and micro frictions triggers an asymmetric stretching of the thresholds, significantly altering the width and sensitivity of the economic hysteresis zone. By tracking boundary correlations under varying leverage and convexity effects. This paper shows that traditional zero-order deterministic models systematically misestimate threshold co-dependencies, causing severe distortions in real option premium evaluations. Calibrations verify that the algebraic framework achieves 99.5% accuracy against 5D Finite Difference Methods (FDM) while reducing computational latency from over 3,400 seconds to less than 5 milliseconds. This scalable paradigm provides an analytical framework for deciphering threshold correlations and optimizing dynamic capital allocation under hyper-dimensional uncertainty.

This research employs a questionnaire survey to examine the influence of the late phase of the pandemic on the sustainability performance of the banking industry in Taiwan. This research focuses on the perceptions of bank employees and explores the mediating role of fintech adoption (FTA) and green finance (GF). A total of 325 valid responses were collected, and structural equation modeling (CB-SEM) AMOS.21 software was applied to analyze the overall model, while the SPSS.21 PROCESS (2017) was applied to analyze the mediating effects. The empirical findings reveal that green process innovation (GI) significantly affects both green finance and banking sector sustainability performance (BSP), perceived environmental responsibility (PER) positively influence GF and FTA, and both FTA and GF positively impact BSP; however, GI had no direct impact on FTA, and FTA had no direct impact on GF. In terms of the mediating effects, PER has a complete mediating effect on BSP through FTA or GF, while GF partially mediates the relationship between GI, PER, and BSP.

This study explored the effects of perceived value, price sensitivity, word-of-mouth, and customer satisfaction on the repurchase intentions of consumers who had purchased safety shoes. The survey was conducted from 15 December 2021 to 15 February 2022. A total of 621 valid questionnaires were analyzed by structural equation modeling. The empirical results show that perceived value significantly positively affected customer satisfaction, word-of-mouth, and repurchase intention. Customer satisfaction had a significant positive effect on word-of-mouth and repurchase intention. Price sensitivity and word-of-mouth had a significant positive effect on repurchase intention. Customer satisfaction and word-of-mouth partially mediated between perceived value and repurchase intention. However, there was no mediation effect between price sensitivity and repurchase intention. Thus, price sensitivity directly affected consumers’ repurchase intentions. Based on the results, this study proposed suggestions to practitioners, such as emphasizing the eco-design of safety shoes and promoting environmental sustainability to enhance consumers’ perceived value, as well as understanding the consumers’ price sensitivity to the product. The findings can provide practitioners with references regarding operational strategies to promote sustainable business operations globally amid the present environment, social, and governance wave.

This study aims to construct a mathematical model to determine the dimensions of an economic, social, and environmental project with the goal of sustainable management. By identifying the optimal weights, the synergy values for sustainable management can be maximized. Taking aesthetic medicine companies as examples, this study attempts to construct the index projects of the economic, social, and environmental dimensions of sustainable management in an uncertain environment. Linear relationships (a combination of fixed synergistic values and varying synergistic values) are used to calculate the import optimal weight under optimistic, normal, and pessimistic circumstances. This study helped companies to introduce triple bottom line (TBL) indices to plan their issues under sustainable management and development, thus, enabling the parent company to achieve the optimal weight for the project costs to put in its subsidiaries. Additionally, this study prioritizes the weight of the influence on the management of the aesthetic medicine industry according to the risk probabilities, to minimize the uncertainties of risk management in corporate management and reduce the possibility of direct and indirect cost losses caused by financial distress, functional fluctuations, and negative impact on the medical equipment market, thereby maximizing the estimated total project value under sustainable management. This study constructs an aesthetic medicine-specific mathematical model concept using the triple bottom line model as the basis for sustainable corporate management and proposes an approach to obtain sustainable weight in uncertain conditions. By doing so, companies can add various managerial methods for the same industry, and new ideas are provided to the academic community to discuss the development of decision-making assessment criteria for risk assessments in sustainable management.

Digital transformation is essential to financial sustainable development. Since the beginning of 2020, the whole world has been under the influence of the COVID-19 pandemic, which has accelerated the pace of financial digitization. According to the perceived usefulness of the technology acceptance model (TAM) and the perceived seriousness of the health belief model (HBM), this study developed and explored the theoretical framework of consumers’ continuance usage intention toward e-payment. A questionnaire survey was conducted to explore this continuance usage intention among consumers who have used e-payment in Taiwan during the COVID-19 pandemic, with a total of 387 valid samples. The overall model was analyzed by structural equation modeling (SEM). The empirical results showed that the security, perceived seriousness, and perceived usefulness of e-payment significantly affect electronic word of mouth (eWOM), while the security and perceived seriousness of e-payment have a significant effect on continuance usage intention through perceived usefulness and eWOM. During the COVID-19 pandemic, e-payment providers should encourage consumers to use e-payment via eWOM, perceived usefulness, and consumers’ perceived health seriousness and should improve the use efficiency of e-payment through e-payment financial services, thus encouraging consumers’ continuance usage intention toward e-payment.

This paper discusses whether the project investment can develop the decision-making for the concept of sustainability options. The conventional net present value (NPV) approach assesses whether the project investment should be implemented, and develops the evaluation criteria of implementing sustainability costs from the modified binomial options pricing model (BOPM) and the revised replicating portfolio approach. It treats options premium value and the replicating portfolio approach (RPA) value as the objective functions, and the options premium of the BOPM and the initial values of the RPA as the decision variables.

This study seeks the best economic returns of a company’s sustainable business process, employs the Triple Bottom Line Model using the Global 100 Index as the decision variable, and follows the Geometric Brownian Motion, so as to determine the optimal timing for the input of environmental and social costs. The results of the sensitivity analysis show that when the average growth rate of the Global 100 Index is low, the optimal timing for the company’s input of environmental costs and social costs can be obtained. Analysis of the numerical example shows that, based on the financial value of the economic factor, companies should invest in environmental costs as soon as possible. This study replaces the conventional net present value model with the options evaluation model, uses the Global 100 Index as the threshold for decision-making evaluation to provide a more complete decision-making evaluation reference for enterprises, and makes up for the gap in recent research regarding investment time and decision variables. The study results introduce potential strategic value evaluations into the evaluation model of long-term uncertain sustainable operation value, which is more appropriate for the evaluation of the real sustainable operation value. It also provides implementation strategies for decision-makers to mitigate risks under uncertain environments and is the major difference and value of the Real Options Approach (ROA) to supplement Net Present Value (NPV) principles. The results of this study provide a reference for the sustainable development decision-making of corporate sustainability and feasibility and offer an important link in the value chain of food industry operations and management.