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Abstract: In the context of the growing prominence of socially responsible investment, the debate over whether sustainable corporate practices translate into sustained shareholder value has intensified. As a key tool for aligning their investment portfolios with responsible/sustainable corporate practices, investors rely on listed companies’ Environmental, Social, and Governance (ESG) ratings. This study aims to investigate the long-term impact of ESG practices on the stock performance of listed companies. We perform a Q1 2000–Q1 2025 backtest to analyse the comparative performance of a Best-in-Class ESG portfolio, constructed by the top 30 listed companies with market capitalisations above USD 2 billion ranked by Morningstar Sustainalytics’ ESG Risk Ratings as of 31 March 2025 against the S&P 500 Total Return index. We found that ESG leaders exhibited superior risk-adjusted performance, outperforming the S&P 500 Total Return Index. The BiC portfolios achieved a substantially higher CAGR and Sharpe ratio, while maintaining maximum drawdowns that remained comparable to the benchmark S&P 500 Total Return index. We also found that ESG advantages were more pronounced in market downturns, with the Best-in-Class ESG portfolio showing better CAGR and Sortino ratios. The findings of this study demonstrate that responsible governance and management create benefits for all stakeholders, including investors, society and nature, in the broadest sense of these terms.
Keywords: Environmental Social and Governance (ESG) principles, ESG ratings, stock market, corporate financial performance, portfolio management, sustainable investment, socially responsible investment, corporate governance, sustainability
Published in DKUM: 06.01.2026; Views: 0; Downloads: 2
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Abstract: The widespread use of plastics has resulted in significant environmental challenges, including pollution, landfill accumulation, and harm to ecosystems and human health. As concerns over plastic waste intensify, biodegradable plastics have emerged as promising alternatives that can decompose under specific conditions and contribute to a circular economy. This review examines how biodegradable plastics can help address these issues, beginning with the distinction between biodegradable polymers, which are long-chain molecules, and biodegradable plastics, which are end-use materials created by blending these polymers with additives and fillers. It explores common biodegradable polymers, their origins, production processes, and key physical and chemical properties. Further, the review covers both the compounding stage, in which polymers and additives are combined, and the subsequent product development and processing steps involved in manufacturing of biodegradable plastics. A criterion is proposed to assess and rank biodegradable plastics based on their biodegradability. The review also discusses applications and the sustainability of their value chains. Key challenges to widespread adoption, such as technological limitations, economic concerns, and environmental or health risks, are highlighted. Finally, the review stresses the importance of advancing biomass cultivation, polymer development, processing techniques, and degradation methods to unlock the full potential of biodegradable plastics. Overall, it emphasizes the need for continued innovation to promote sustainable materials and improve plastic waste management.
Keywords: biodegradable polymers, biodegradable plastics, circular economy, plastics production and consumption, plastic value chains sustainability, environmental impact reduction
Published in DKUM: 19.12.2025; Views: 0; Downloads: 1
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Abstract: With the increased complexity of applications and systems, threat modelling struggles to keep pace with the evolution of risks. This article addresses this challenge by exploring how large language models (LLMs) can be leveraged to create comprehensive threat models across different risk assessment methodologies. We examine whether a single generic prompt can support frameworks such as LINDDUN, PASTA, and STRIDE, despite their different requirements. Through this comparative analysis, we identify components that enable AI-based assessments, while acknowledging that privacy, regulatory, and dynamic risks require adaptation of the frameworks. Our findings show that a universal guideline is feasible for broad applications, but adaptation is necessary for effective use. Overall, LLM-based threat modelling improves the accessibility, repeatability, and effectiveness of risk analysis and supports stronger and more sustainable practices.
Keywords: cybersecurity, large language models, threat modelling, sustainability, resilient infrastructure, SDG 9
Published in DKUM: 02.12.2025; Views: 0; Downloads: 7
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Abstract: The Stage-Gate® model has historically provided a systematic framework for New Product Development (NPD). However, the evolving landscape of innovation necessitates continuous enhancement. This paper redefines the model's foundational structure by advocating for the recognition of the Discovery Phase as Stage 1, emphasizing its essential role in aligning initial ideation with strategic goals, streamlining processes, and enhancing NPD efforts. Using a mixed-methods approach, including a systematic literature review, synthesis of illustrative examples and secondary data and case study analysis, the research demonstrates that formalizing the Discovery Phase improves earlystage decision-making, enhances alignment between front-end exploration and downstream execution and mitigates risks by supporting more informed project development. Synthesised sectoral examples show that incorporating the Discovery Phase improves feasibility, reduces risk, and boosts efficiency. For example, simulation planning early in innovation process increased manufacturing throughput by 52 %, while early IP checks lowered infringement risk. The proposed revision boosts the Stage-Gate® model's adaptability and integration with modern methodologies such as AI, Agile, Lean Startup, Design Thinking and TRIZ. The findings highlight how this change promotes a comprehensive approach to NPD. The implications extend to practical applications and future research, offering organizations a flexible framework that meets modern market and technological demands.
Keywords: Stage-Gate® model, fuzzy front end of innovation (FFEI), new product development (NPD), innovation management, discovery phase, agile, TRIZ, design thinking, large language model (LLM), sustainability
Published in DKUM: 03.11.2025; Views: 0; Downloads: 7
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Abstract: Semi-natural grasslands are some of the most species-rich habitats in Europe and provide important ecosystem services such as biodiversity conservation, carbon sequestration and soil fertility maintenance. This study investigates how different intensities of grassland management affect the composition of functional groups and soil chemical properties. Five grassland management systems were analyzed: Cut3—three cuts per year; LGI—low grazing intensity; CG—combined cutting and grazing; Cut4—four cuts per year; and HGI—high grazing intensity. The functional groups assessed were grasses, legumes and forbs, while soil samples from three depths (0–10, 10–20 and 20–30 cm) were analyzed for their chemical properties (soil organic carbon—SOC; soil total nitrogen—STN; inorganic soil carbon—SIC; soil organic matter—SOM; potassium oxide—K2O; phosphorus pentoxide—P2O5; C/N ratio; and pH) and physical properties (volumetric soil water content—VWC; bulk density—BD; and porosity—POR). The results showed that less intensive systems had a higher proportion of legumes, while species diversity, as measured via the Shannon index, was the highest in the Cut4 system. The CG system tended to have the highest SOC and STN at a 0–10 cm depth, with a similar trend observed for SOCstock at a 0–30 cm depth. The Cut4, HGI and CG systems also had an increased STNstock. Both grazing systems had the highest P2O5 content. A tendency towards a higher BD was observed in the top 10 cm of soil in the more intensive systems. Choosing a management strategy that is tailored to local climate and site conditions is crucial for maintaining grassland stability, enhancing carbon sequestration and promoting long-term sustainability in the context of climate change.
Keywords: grassland biodiversity, management intensity, composition of functional groups, soil chemical and physical properties, carbon and nitrogen storage, soil C:N ratio, sustainability
Published in DKUM: 13.10.2025; Views: 0; Downloads: 11
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