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The examination of decision-making styles (DMS) is crucial for understanding how individuals approach choices and form preferences. Two influential frameworks in the DMS discourse, proposed by Scott & Bruce, and Rowe, provide insightful lenses for correlating dominant styles with an array of personal characteristics. This comprehensive study delves into questionnaire results obtained in 2020 and 2022, employing methodologies aligned with Scott & Bruce, and Rowe. The survey targeted cohorts of business and military students, capturing nuanced aspects of decision-making. Introducing innovative concepts, namely submissive DMS and intensity of influence, expanded the analytical framework and facilitated a deeper understanding of decision-making dynamics. The analysis revealed substantial variations in decision-making styles within student populations, elucidating correlations with distinct personal characteristics. The incorporation of the intensity of dominance concept allowed for nuanced interpretations, particularly during the challenging COVID-19 period and the subsequent return to normalcy. The integration of proposed concepts represents a significant enrichment for future research in the field of DMS. This study underscores the critical role of evolving methodologies in elucidating the intricacies of decision-making processes. The ongoing refinement of these methodologies promises a more nuanced understanding of how individuals navigate complex decision-making scenarios. [ABSTRACT FROM AUTHOR]

Entrepreneurship occupies an important place in the current dynamics of business and education. This research investigates the evolution of entrepreneurship research through a comprehensive bibliometric analysis. In an evolving global economic context, increased interest in entrepreneurship research has led to the use of Harzing Publish or Perish software to collect data from major research platforms such as Google Scholar, Scopus and Web of Science. A total of 920 relevant articles on entrepreneurship published between 2012 and 2022 were identified via Google Scholar. At the same time, entrepreneurship directions that need attention and can contribute to the entrepreneurial knowledge base were identified. In a landscape marked by rapid changes in information and communication technology, coupled with the significant influence of the digital economy, assessing the impact of these factors on entrepreneurship becomes essential. Using VOSviewer, we highlighted collaborations between authors, the impact of articles and key elements such as keywords in research. This research not only provides an overview of current entrepreneurship research, but also identifies unexplored areas and opportunities for future research directions. In conclusion, this review highlights emerging challenges and perspectives that can guide both academic research and entrepreneurship practice in the coming period. [ABSTRACT FROM AUTHOR]

The scope of the paper is to describe and interpret the steps and activities that led to the development and implementation of a community-based participatory research program that involved an university, local businesses and community organizations, local autorithies and an external funder. Specifically, the paper addresses the following two questions: first, how was this program designed and implemented, and second, what lessons can be learned from this experience that might be extended to the field of community-based research generally? The instrumental case study methodology was applied and the CBPR Program considered is UniverCity Romania.

The tourism country’s competitiveness is important especially when countries strive for bigger market shares as European countries are. The COVID-19 pandemic has had devastating effects on tourism and the entire tourism industry must be rethinking and reshaping given some opportunities and challenges to the entrepreneurs, local communities, local administrations, governments of competitiveness destinations. In this paper we measured if the Google and Apple mobility indices cand predict (or not) the movement of TTCI during pandemic compared with pre-pandemic TTCI ranks by using grey system theory and statistical methods. The aim of the paper is to validate the Grey Relational Analysis (GRA) as identifier of the good predictor (statistically significant for p-value< 0.05) for European tourism competitiveness (measured by TTCI) in particular conditions, especially before and during COVID-19 pandemic time by take into consideration the Google Mobility and Apple Mobility data and their relationship with overnight stays for 11 European countries. To validate the GRA as method for good and accurate predictor for tourism competitiveness for TTCI 2021 (during COVID-19 pandemic time) a GLM – General Linear Model ANOVA with interaction effects and Tukey HSD Post Hoc Multiple Comparisons was applied. Our results validated the powerful of GRA for tourism competitiveness, statistically significant according to GLM with interaction effects, and emphasis (especially for entrepreneurs) that the overnight stays will give the right rank on top of tourism competitiveness, prior to other ITC support as Google and Apple Mobility indices proved by reflection of overnights on TTCI 2021 – during pandemic.

There are conflicting theories about whether individuals like or dislike inequality, or in other words, whether living in an unequal country increases or decreases their subjective well-being. Empirical literature has so far focused on income inequality and has not yet reached a consensus. In the present paper, we focus on wealth inequality, an aspect that has so far been overlooked in the happiness literature. The aim of the present paper is to systematically investigate the wealth inequality–happiness relationship and compare the results to the income inequality–happiness association. Furthermore, we focus on different parts of income or wealth distribution, rather than using a single inequality measure. We use data from the integrated World Values Surveys and European Values Surveys for over 50 countries, matched with the World Inequality Database data over the years 1981–2020. Following our analyses, we find some evidence supporting the “tunnel effect” theory: individuals are happier with increases in the top 10% and top 1% shares of wealth and less happy with increases in the middle 40% share of wealth, especially in low- and middle-income countries. In high-income countries, increasing the bottom 50% share of wealth increases individuals’ life satisfaction, suggesting that they favor redistribution.

This paper aims to examine the changes in global value chains (GVCs) in the years 2020–2022 (times of the COVID-19 pandemic) compared to 2019 (last year before the pandemic). GVCs are illustrated by diagrams based on the statistics on international trade measured by value-added exports and imports. In this paper, the final demand approach is applied to measure international trade by value-added exports and imports and they were computed based on inter-country input-output tables delivered by the Asian Development Bank (ADB). The catchphrase “Made in the World” makes an impression, but in reality, value chains are rarely global. They are rather regional with three centers. “Factory Europe”, “Factory Asia”, and “Factory America” can easily be identified in the years 2019–2022 as there were three large regional supply hubs in GVCs: Germany, China, and the United States. When the years 2020–2022 were compared to 2019, “Factory Asia” with center in China elevated their position in GVCs at the expense of “Factory Europe” with center in Germany and “Factory America with center in the USA.”

Data and debates about the role of women in the digital world are gaining increasing importance in the study of gender and the digital economy. This paper explores the complex relationship of the role of women in the digital economy over the last two decades. The analysis used a review of the literature of scientific works and documents of official international institutions. All available sources indicate progress in recent years, but challenges remain. Several samples were created, and quantitative analysis assessed trends over time. The general conclusions suggest that the role of women in the digital economy is increasingly pronounced and significant. The results of the study confirm global expectations that promote the role of women in the digital economy (glass ceilings), where women work in key positions (women on boards) and participate in decision-making (glass cliffs). The regression econometric model shows that the role of women in the digital economy is increasingly important to recognize women who use Internet networks to a greater extent (business, social), those with above basic overall digital skills, as well as ICT experts. The paper ends with a list of potential recommendations for the modern framework of the digital economy.

The purpose of the current paper is to study how customer loyalty varies in time according to customer segments and external factors. In the first part of the paper, the authors have reviewed in a funnel-like manner the relevant literature, starting with relationship marketing and customer relationship management theories, and ending with customer loyalty. To achieve the paper’s research purpose, buying behavior data (recency of last transaction, buying frequency and monetary value spent) from a company’s internal information system was analyzed for 2019 and 2020, respectively. RFM model was applied on the 2019 data and resulted in three segments: heavy, medium, and low users - segments which varied in their loyalty for the year 2020. Based on the obtained findings, the authors concluded that the more intense a customer’s buying behavior is, the higher their probability is of being loyal in the future. A second conclusion assumes that customers characterized by intense buying behavior are less vulnerable to external threats, the Covid-19 pandemic in our case.

The foreign reserves sufficiency is important to maintain macroeconomic stability. The main objective of this paper is to model the behaviour of the central bank in accumulating the foreign reserves in the case of Indonesia. Unlike the previous empirical studies, this paper disaggregates the components of foreign reserves into foreign currency, securities, gold, and special drawing rights. This paper relies on the Almost Ideal Demand System combined with the Error Correction Model. The estimation result for monthly data over the period 2010(1)-2020(12) reveals that the own-price coefficients are negative and statistically significant which is consistent with the standard theory of demand. While the foreign currency-securities pairwise is substitutive, the foreign currency-gold and the foreign currency-special drawing rights pairwise are complementary or even independent. However, the wealth effect is inelastic except for securities reserves. These results imply that the central bank of Indonesia can re-balance its reserves. The securities holding which have the highest proportion of foreign reserve scan be switched to foreign currency, gold, and/or special drawing rights. The rebalancing measures would remain having an optimal level of foreign reserves holding in terms of its opportunity cost. Therefore, the monetary authority can conduct a further macroeconomic stabilisation without substantially losing the returns.

This paper investigates the dynamics of market synchronicity and International Financial Reporting Standards (IFRS) adoption in Africa. It seeks to determine whether or not IFRS is an augmentor or inhibitor of market synchronicity in Africa. This study is not only a foundational study that unfolds the dynamics of market synchronicity and IFRS adoption in Africa but also extends the scope of synchronicity from firm-level assessment to country-level market synchronicity. It is one of the few studies which have shifted the literature on synchronicity from one largely limited to firm-level synchronicity to country-level synchronicity through analyses of cross-border market synchronisation. It employs Dynamic Ordinary Least Square (DOLS) and Generalised Method of Moments (GMM) to investigate the market synchronicity-IFRS nexus. The study uses monthly data from March 2005 to November 2021 in five African markets: Botswana, Ghana, Namibia, Nigeria, and South Africa generating 1005 observations in an 18-year data span. The paper reveals a significant negative consequence of IFRS on market synchronicity. Thus, IFRS exhibits an inhibition role in market synchronicity (reduces synchronicity) and improves price informativeness. A decreasing pattern was also observed immediately after IFRS was adopted by the stock markets and persisted for about five years. It implies that the price informativeness of stock markets through IFRS makes them good candidates for intra-Africa portfolio diversification due to reduced investors’ risk exposure to market synchronicity.

To fill a gap in current literature, this paper analyses the impact of human factors on the operational performance of innovation hubs in the SAARC Nations and the European Union. Upon conducting an extensive examination of academic literature, four primary classifications of human factors were determined: organizational factors, individual attributes, the nature of a task and working environment. This research offers a cross-sectional analysis of these factors and their implications on innovation centres in the culturally and economically diverse domain of SAARC Nations and the European Union. The findings suggest that organizations functioning in the context of Innovation hubs in SAARC Nations, where centralized authority and value correctness is mostly emphasised on, face challenges in order to foster employee engagement and creativity. However, the innovation hubs of the European Union receive treatment from a more flexible and tolerant approach which is backed by progressive technology and is incredibly sensitive to concerns touching on ergonomics and safety of the working environment. This research highlights High performing, High committing, and High involvement management, management techniques to manage human factors to enhance operation performance. Adaptive and individual approach to the management of human variables, based on the differences in cultural and economic conditions of each region, is essential for effective development of the innovative substance and competitive advantage, the paper states. The results obtained from this study offer important guidance for the policymakers, managers and practitioners who are involved in managing and creating innovation hubs. It has provided a framework of how the organisation’s operation performance may be improved through effective management of human resources.

The Greek economic crisis produced severe economic and social outcomes. A massive rescue package was conditional on implementing a Memorandum of Economic and Financial Policies agreed upon between the Greek government and the EU, European Central Bank, and the International Monetary Fund. The extremely austere fiscal consolidation and the structural reforms accompanying the Greek Economic Adjustment Programmes reduced the country’s GDP. Implementing the austerity policies on the Greek National Health System, which was already facing structural problems, reduced the quality and availability of public health care services. This paper investigates the impact of the GDP change on public healthcare expenditures (HCE) from 2000 to 2018. The empirical analysis reveals a statistically significant positive correlation between the GDP per capita and public healthcare expenditure (HCE) from 2000 to 2014 while the effect of GDP on HCE after the 2015 remains unchanged. This paper contributes to the field’s literature since it determines the impact of GDP on public HCE, specifically matched with empirical results to derive conclusive answers.

This special issue of Business Systems Research (SI of the BSR) is being co-published by the Slovenian Society INFORMATIKA – Section for Operational Research (SSI -SOR). It focuses on recent advances in Operations Research and Management Science (OR / MS), with a particular emphasis on linking OR / MS with other areas of quantitative and qualitative methods in the context of a multidisciplinary framework. The ten papers that were chosen for this Special Issue of the BSR present advancements and new techniques (methodology) in the field of Operations Research (OR), as well as their application in a variety of fields, including risk management, mathematical programming, game theory, gravity, spatial analysis, logistics, circular economy, continuous improvement, sustainability, e-commerce, forecasting, Gaussian processes, linear regression, multi-layer perceptron, and machine learning.

Achieving economic and social sustainability is the goal of any policy when defining measures. We focus on the beef sector, where many challenges have arisen due to its structural characteristics, such as an unfavourable scale structure, high costs, low efficiency, and a low environmental footprint. This paper presents an example of the support provided by a mathematical programming model in the development of a Common Agricultural Policy Strategic Plan for the period 2023-2027.

The effectiveness of organizations and the satisfaction of customers are both significantly improved by providing outstanding quality. To better meet the needs of their consumers, an increasing number of firms are implementing quality improvement programs such as total quality management (TQM). The major objective of this research paper is to examine the effects of TQM components on the efficiency and effectiveness of UAE higher education institutions (HEIs). The association between TQM components and organization performance was investigated using a quantitative research technique based on a survey study design. The partial least square structural equation model (PLS-SEM) was used to quantify the reflectiveness of 99 data. The study found that TQM has a positive impact on employee satisfaction and service quality in HEIs. It was revealed that TQM has a significant impact on organizational performance, with service quality serving as a mediator. Furthermore, the results revealed that service quality and students’ satisfaction are fully mediating the relationship between TQM and organizational performance. The current study concludes that HEIs are implementing TQM to enhance market performance and comprehend the evolving business trends. The study has added to the body of information about the relationship between TQM elements and organization performance.

The growing importance of sustainable energy sources, driven by environmental concerns and energy security, has led to increased interest in the biomass sector's impact on economic growth. This study employs multiple linear regression analysis to examine how the biomass sector influences Romania's economic landscape. The aim of this research is to unravel the sector's dynamics, understanding its contribution to the national economy, and exploring its potential in advancing sustainable development objectives. A comprehensive literature review delves into past studies probing the relationship between the biomass sector and economic growth, with an emphasis on the Romanian context. Key economic indicators and variables are identified and included in the regression model. The empirical analysis is based on data obtained from various sources, allowing for a robust examination, and the results of the multiple linear regression analysis reveal significant insights into the dynamics of the biomass sector's impact on economic growth in Romania. Furthermore, potential confounding factors are considered, and their influence on the findings is discussed. The paper also includes a stakeholder analysis for using black pellets as the biomass option of choice in the energy sector. Contributing to existing knowledge, the research sheds light on Romania’s biomass sector specific context, while discussing practical and policy implications, and offering guidance to stakeholders and policymakers in sustainable energy and economic development. Emphasising the pivotal role of biomass in economic growth, the study underscores the need for informed decision making and policy development to nurture this sector in Romania.

Labour costs are a fundamental component of production expenses, significantly impacting both the quantity and quality of output. This study explores the determinants of labour costs within EU member states that have implemented minimum wage policies over the past two decades. The research technique includes a comprehensive panel analysis of EU member states to identify significant variables influencing labour costs, as well as cluster analysis to discover underlying patterns across the nations under examination. Our findings reveal that higher minimum wage levels, higher employment rates, increased labour productivity, and greater trade openness are positively correlated with higher labour costs. Specifically, increases in these variables lead to higher wages and a broader tax base, while greater trade openness results in elevated labour costs due to expanded market opportunities. Conversely, gross fixed capital formation negatively affects labour costs, as investments in production assets tend to reduce labour requirements or hours worked. The cluster analysis led to the identification of three distinct groups. The first cluster consists of well-developed economies with modest labour cost increases and average minimum wages. The second cluster includes countries with substantial labour cost increases, low minimum wages, and significant productivity gains. The third cluster features nations with high minimum wages and high employment rates. This paper contributes to the field by highlighting the complex interplay between labour costs and economic factors, offering insights for decision-makers to tailor macroeconomic and company-level strategies to specific local conditions. The findings emphasise the importance of balancing wage policies with sustainable economic development to enhance competitiveness while ensuring fair labour conditions.

The transformation of business and the economy is a key business problem, and its importance was further heightened during the COVID-19 pandemic, with the increased pressure on enterprises. Hence, the digital readiness of their business will likely determine its future competitiveness in the field. Objectives: The paper addresses the issue of digital readiness for business, with the aim of examining similarities and differences in the digital readiness of European Union countries. The main focus is on identifying the changes during the first two years of the pandemic. Methods/Approach: We conducted a factor analysis and hierarchical cluster analysis based on selected indicators. The results revealed some significant differences. Results: While the countries that lead in digital readiness remained the same, there were relatively large differences in the classification of other EU countries. Some countries, such as Latvia or Slovenia, significantly improved in many aspects of digital readiness during the pandemic. On the other hand, Bulgaria and Romania are still included in the same cluster, representing an overall low digital readiness. Conclusion: Enterprises in more developed countries also have a higher level of digital readiness. Although COVID-19 had a positive impact on digital readiness in some less developed countries, the impact is only partial, indicating a need for stronger actions to bridge the digital divide at the EU level. These findings provide a hopeful outlook, suggesting that with the right actions, the digital divide in the EU can be effectively bridged.

Integrated Communications Management (ICM) has emerged as a critical strategy in the evolving economy of organisational dynamics. This paper delves into its evolution, challenges, and thematic axes, addressing theoretical controversies and practical applications.

In this article, we propose a new approach to estimating health-care demand. The aim of this paper is to determine the production costs of health care from the demand function of care. To do this, we used an approach based on structural equations where consumption and demand are estimated to capture the dynamics of health costs within a self-managed public hospital. Following this approach, based on the equilibrium between supply and demand of health care, we used the social and professional characteristics of beneficiary to estimate the demand function, which will approximate the cost of health care. The results showed that the demand for care is largely dependent on economic, demographic, and perception factors. Also, the back testing and corroboration tests of the predictions affirm that the functions developed will allow a better cost forecast for the hospital unit, able to propose a budgetary and partial cost approach in the future. Some limitations can be mentioned in connection with the accessibility to accounting data and also the ignorance of time dimension or dynamic evolution of cost demand.

The purpose of this paper is to establish the possible influence of personal and reactive anxiety on personality characteristics, cognitive abilities and performance of basketball actions of basketball players. An empirical study is conducted with basketball players (which are also students at University of Economics – Varna - UEV) in 2016, playing basketball at the Sports Club at the UEV. To establish the level of effectiveness of the students’ game actions, their performances in 9 meetings (10 units of observation) are recorded. ANOVA is used to determine differences in basketball performance measures for individuals with relatively high levels of anxiety and for individuals with relatively low levels of anxiety. One of the indicators is “personal anxiety” (Q6). Another indicator is available. It is “reactive anxiety” (Q7). PSPP is used to analyze the dataset. The ANOVA test shows that there is a statistically significant difference (p

SMEs are significantly affected by the COVID-19 pandemic. This study examines how these variables interact to help SMEs recover and develop sustainably. The quantitative method is adopted in this paper. The research data was acquired from 450 SMEs in several industries in Vietnam. Research results show that learning capability improves intellectual capital and SMEs’ performance. Next, technological innovation moderated the link between learning capability, intellectual capital, and SMEs performance, suggesting that integration can improve SMEs’ recovery and resilience. Driven by research findings, SMEs should develop a learning culture and technological innovation to leverage performance during the turbulent circumstances of COVID-19. Furthermore, managers should invest in intellectual capital to support innovation during recovery and growth. Policymakers may help SMEs by encouraging learning organization, information sharing, and technology adoption. These measures can help SMEs thrive post-pandemic and revitalize local and global economies.

This paper analyzes the relationship between GDP and the stock market over the long term, intending to understand the implications for Index Fund investments. A quantitative research method, using US (United States) GDP as an independent variable, and the S&P 500 index as a dependent variable, is employed. A population of 29 years, from 1990 to 2019, of data on US GDP and the S&P 500 from official US sources was used. Linear regression analysis with SPSS calculating techniques is performed to determine whether there is a relationship between GDP growth and the stock market (S&P 500). The results show a significant positive relationship between GDP growth and S&P 500 performance. β coefficient of the regression analysis of 0.911 shows a strong correlation between the GDP and the S&P 500. Our findings are also scientifically validated by the sig (P value) coefficient of 0.0000000000012. In addition, an R Square of 0.830 shows that our model explains all the variability of the response data around the mean at a level of 83%. The positive results of GDP and the stock market relationship, indicate considerable implications for Index Funds investments. Therefore, adding academic value to the practical financial implication aspects.

The aim of the study is to get a comprehensive understanding of the research landscape at the nexus between business model innovation, sustainability and/or digitalization, in order to determine key research patterns and trends. Accordingly, the following objectives have guided the development of the paper: (a) to examine the dynamics and structure of the research output (articles and citations) on the topic; (b) to explore the network of the most impactful articles; (c) to trace the origins of the research on the topic; (d) to decipher current developments in the research on the topic; and (e) to search for emerging trends in the research on the topic. An advanced search of the SCOPUS database was conducted to identify the relevant literature available; 1195 articles (published between 2014 and 2023) were selected and exported in VOSviewer for bibliometric analysis. The results suggest the emergence of a niche research area in the broad strategic management field, bringing together four related (sub)topics: (1) circular economy and sustainable business models; (2) tools, frameworks and processes for sustainable business model innovation; (3) digitalization and business model transformation; (4) business models for societal and sustainability transitions. For this research area to crystallize, the identified emerging research trends – on digital innovation and technology; strategic management and analytical methods; supply chain and manufacturing; policy, governance and sustainability – need to be further explored, both individually (in search of refinement and clarity) and collectively (in search of consistency and synergy).

In recent years, in order to stimulate economic growth, the importance of innovation and entrepreneurship has been increasingly recognized by practitioners and teaching staff. Universities must contribute to this growth, as a center of knowledge creation and a center of research. However, transforming academic research into marketable products and services faces significant challenges. Addressing these challenges has necessitated the emergence of academic incubators as an essential mechanism for providing resources, support, and an environment suitable for the development of startups. Thus, academic incubators are becoming an essential component of a university in order to recruit and retain students, instructors, and researchers with an entrepreneurial mindset, as well as to stay exposed to students who are becoming more and more interested in starting enterprises or social projects. In these conditions, the present paper aims to provide an overview of the role of academic incubators in stimulating innovation and entrepreneurship in universities, emphasizing their role, functions and impact in the socio-economic environment.

Research on digital competence has been one of the most important policy goals in the area of education in the European Union for almost two decades. In 2017, two essential documents were published: DigComp 2.1 - The Digital Competence Framework for Citizens with eight proficiency levels (Carretero et al., 2017) and examples of use and the European Framework for the Digital Competence of Educators – DigCompEdu (Redecker, 2017). Despite these documents and all the research in the field of digital competencies, there is still no unified instrument for measuring the digital competencies of citizens. The problem is that digital competencies encompass a wide range of skills, from basic digital literacy to advanced technical proficiency, and they evolve with technological advancements. Researchers and policymakers face several obstacles in creating a one-size-fits-all tool for assessing these competencies. This paper expands existing research in the field of digital competence in formal education in Slovenia. Our research aimed to explore curricular aspects of acquiring digital competencies within the three levels of formal education and the level of achieving digital competencies among citizens (students) in Slovenia. The purpose of our study was to gain a broader understanding of how participants in formal education obtain digital competencies to obtain a publicly recognized qualification within the education system in Slovenia.

The aim of this paper is to examine the use of project management practices in Slovenian micro and small firms (MSFs) and to identify project success factors (SF) and project success criteria (SC).

This paper introduces an innovative framework for the management of virtual companies in smart urban environments, with an emphasis on socio-economic resilience facilitated by Sustainable Information Systems. The system aims to equip virtual enterprises in smart cities with tools for robust operations amid socio-economic challenges. Its effectiveness is evidenced by improvements in investment risk assessment, business process simulation, and HR project management, enhancing efficiency and foresight. A key feature is predictive analytics for crisis demand forecasting, enabling swift market adjustments and strategic inventory management. It also helps identify alternative clients and suppliers, ensuring business continuity. Integrating machine learning and augmented reality, the system supports automation and strategic decision-making, significantly benefiting the e-commerce sector by addressing fluctuating demand, supply chain issues, and market adaptations during crises. The Sustainable Information System for Virtual Company Management in Smart Cities offers crucial support for e-businesses facing these socio-economic challenges, facilitating their navigation through turbulent times. Its meticulously designed architecture and functionalities make it a powerful instrument for assisting virtual companies in crisis conditions, fostering their sustainable growth within the socio-economic framework of smart urban settings. Comparative studies with existing models underscore this system’s superior efficiency and holistic approach, highlighting its contribution to enhancing the operational efficiency of virtual companies by 95%, reducing the time needed for critical activities like investment risk analysis and business process simulation, and bolstering the socio-economic resilience of smart cities against crises

The present research paper is focused the widely debated topic related to de-dollarization. It examines the trend of de-dollarization to check if the statements that the dollar is losing its weight and is about to lose its leading position in international trade payments are substantiated. Firstly, the theoretical framework behind the dollarization is explored. Secondly, the factors believed to be the basis of the de-dollarization process have been identified and analyzed, which are related to: geopolitical processes, changes in international payments policy in some BRICS countries, changes in international trade, etc. A performed analysis of the currency turnover in international trade, based on data from official sources, was made through forecast regression, which predicts the development of the share of the dollar in international payments. A correlation matrix was also calculated, showing the correlation links between the dollar and the other leadng currencies. The hypothesis, which is confirmed by the practical research, is that the de-dollarization process is proceeding slowly and uncertainly, and will continue to develop at a low pace leading to insignificant changes in the structure of the currency composition of international payments in the short and medium term. Further research could further explore each of the factors that could lead to a real dedollarisation trend in international payments.

Privacy/anonymity of digital transactions is an issue that potentially may affect demand for central bank digital currency. Does discussions about privacy paradox related to CBDC? In this paper, basing on the respondent’s survey, we construct indexes of privacy preferences (in general, in digital and financial environment) to identify relations between stated preferences in different contexts and between choice toward anonymity vs functionality of CBDC, trust to central bank as CBDC issuer and its independence as a precondition to guaranty anonymity of transactions. We find that generally respondents demonstrate consequence of preferences in terms of, what we call, general privacy, privacy in digital and financial environment. Distribution of obtained 3 indexes demonstrates some differences. Probit model also demonstrates that relation between choice toward anonymity over functionality of CBDC and level of 3 indexes is modest. Where is no correspondence between choice toward anonymity over functionality and trust in central bank and its independence. However, respondents demonstrate high level of trust in central bank ability to guaranty anonymity of transactions and view independence as supporting it even opting functionality over anonymity. We reach a conclusion that some weak form of privacy paradox is exist, central banks, promoting CBDC, should stress on functionality of it. However, privacy should not be ignored. It is better to have it as “nice bonus” to functionality of CBDC.

The informal economy, often characterized by unregulated and untaxed economic activities, has significant yet understudied implications for sustainable development and inclusivity. This paper explores the influence of the size of the shadow economy and undeclared work patterns (envelope wage, without a formal contract and bogus self-employed) on the Leave No One Behind Index and the Sustainable Development Index developed by the United Nations across European countries from 2000 to 2021. Employing panel data regression models, the research investigates the differential impacts of informality on these indices, revealing a negative correlation with the informal economy and a positive association with various forms of undeclared work. The analysis, comprising 18 models segmented by region – Central and Eastern Europe, Western Europe, and Europe – demonstrates that the adverse effects of the informal economy are more pronounced, whereas the positive contributions of undeclared work patterns are subtler, yet significant. The study’s findings suggest a complex interaction between informal economic activities and sustainable development goals, challenging the conventional perspective on informality and its role in inclusive development. The results indicate that while the shadow economy may hinder broad development efforts, informal labor arrangements support vulnerable populations, underscoring the need for nuanced policy interventions that recognize the multifaceted nature of work and its impacts on development.

The research purpose of this paper was to explore the evaluation of skills by academic staff to improve the quality of the administration process in higher education institutions (HEIs) from two perspectives. Firstly, the authors investigated whether there are statistically significant differences between the genders of academic staff in higher education institutions regarding the evaluation of their skills and competencies. Secondly, the study aimed to determine if there are statistically significant differences in competencies perceived between academic staff of STEM sciences and those with academic experience in other sciences in terms of assessing their professional competencies. The purpose was determined by the impact of self-assessment of professional competencies on the improvement of administrative processes.

Succeeding in a changing business world means being familiar with emerging business trends, including issues and challenges related to human resources (HR). The paper investigates HR issues and challenges addressed by HR professionals and line managers of businesses in the Czech Republic. The investigation aims to uncover which HR issues are faced most often and which HR challenges are expected in the coming years to identify existing and potential HR issues and challenges that businesses should deal with to meet their needs.

Local communities play a crucial role in the entrepreneurship ecosystem. The role and massive influence of the local environment raise several questions. This paper aims to answer the following questions: (1) how and why the local communities affect SMEs’ sustainability, (2) which pillar of sustainability plays a stronger role in this matter, (3) which internal and external motivators drive a firm’s sustainability actions, and (4) whether company and personal characteristics have a significant effect on local patronage.

The processes involved in the sustainable development goals (SDGs) localization, sustainable rural development (SRD), and the use of public participation to support the achievement of the SDGs have gained importance in recent years. The aim of this article is to analyze the solution created by regional governments in Poland to combine these issues. This paper utilizes a qualitative case study-based approach. Firstly, the analysis of the development strategies of 11 Polish regions was carried out. Further, the analyses of the grant process allowed one to determine the SDG targets, which are associated with individual thematic areas of financing and with specific tasks proposed for implementation by the residents. It may be concluded that the analyzed program targets largely corresponded to the selected SDG targets. Such programs may be used as a tool for supporting the bottom-up diagnosis procedure, in the scope of desired activities supporting the achievement of the SDGs.

The present paper aims to determine what factors affect the success of participatory budgets in Polish cities and what factors affect the size of these budgets. The study covered all 66 cities with powiat rights from 2016 to 2021. A panel data model was used. The first research hypothesis states that the success of participatory budgeting depends on the economic condition of the cities implementing it. The second one states that the success of participatory budgeting depends on the characteristics of the LGUs’ residents. The first hypothesis was confirmed, while the second was partially confirmed. Analyzing four different models with different explanatory variables, it was found that the statistically significant explanatory variables were population, material situation, demographic structure measures, and residents’ economic situation.

Owing to the COVID-19 pandemic, the importance of virtual teams has increased during this period. There is a gap in current literature about the transformation of cultural diversity, how it appears in face-to-face interactions, and how it does in virtual teamwork. Global, virtual coworking requires different skills in order to communicate efficiently and understand the team members. This paper analyzes the importance of intercultural communicative competence in virtual and face-to-face teamwork.

The aim of this paper is to verify the applicability and accuracy of the Altman model in the case of Slovenian companies. The use of the Altman model is hugely popular and widespread among financiers, analysts and other stakeholders who want to determine the creditworthiness of a company’s operations and the likelihood of it running into financial difficulties in the coming years.

The present study aims to verify the autumn effect in the gold market, first presented 10 years ago by Dirk Baur in the paper “The autumn effect of gold” and to investigate the calendar effects occurring for other precious metals. This empirical research is presented in a way to place the results obtained in the context of the Efficient Market Hypothesis (EMH) and the more current Adaptive Market Hypothesis (AMH). The study was conducted as an extended reproduction of the Baur study. The main conclusion is that, the autumn effect on the gold market has been reversed and replaced by the winter effect, which is linked to the AMH. An equally interesting calendar effect was observed for silver. Platinum and palladium saw an increase in prices in January, but given the patterns in the gold market, it is very likely that this phenomenon will also change over time.

Global challenges such as climate change, the Covid-19 pandemic, and geopolitical instability have driven organizations to embed sustainability into their strategies and operations, moving away from the profit-driven mindset to a broader emphasis on societal value. Sustainability, today a widespread concept in academia and business, requires balancing social, environmental, and economic responsibilities to achieve long-term success. Embracing the Triple Bottom Line (TBL) model, organizations aim for profit while also positively impacting society and the environment. However, there is a prevailing tendency to emphasize rights over responsibilities, a pattern that needs to shift in order to promote sustainability. This paper contributes to the body of knowledge on corporate sustainability by exploring its relationship with social responsibility. A bibliometric analysis was conducted on a sample of 9,378 documents processed using VOSviewer. The study examines the interplay between sustainability, social responsibility, and corporate sustainability, mapping out key concepts and visualizing their networks. Furthermore, the links to other key themes such as performance, management, innovation, strategy, governance, supply chain management, leadership, stakeholders, and others were also explored. Social-responsibility disclosure was also found to be an emergent topic in terms of organizational accountability and transparency.

Currently, the emphasis is placed on sustainability, requiring economies to continuously innovate, demonstrating their competence for eco-innovation. This form of innovation is a key concept in today’s world, providing innovative and sustainable solutions to environmental challenges, expecting a high level of education. Thus, this paper aims to explore the relationship between eco-innovation and higher education within the member states of the European Union, concentraiting on the quantitative analysis of the impact of higher education on eco-innovation development in these countries. Applying regression analysis, the eco-innovation index and the level of education in EU countries will be inspected to establish any significant correlation between these two variables. Following the analysis, the collected data involved in the regression method will reveal possible interrelationships and significant influences between the level of education and the degree of eco-innovation development in the member countries of the EU. Conclusively, the research proposes to highlight the influence of higher education in the development of eco-innovation within the European Union. The suggested quantitative analysis could lead to a better understanding of the association between higher education and eco-innovation, revealing the potential that the education sector has in promoting sustainability and a green future for European Union.

This paper investigates the sensitivities of Singapore’s sectoral industrial production to local and global business cycle variations using the auto-regressive distributed lag (ARDL) model in the nonlinear and asymmetric cointegration framework. By employing monthly time series data from Jan 1983 to Dec 2022 the study corroborates the commonly held view that durable industries are pro-cyclic to thelocal business cycle. However, the nature of cyclic sensitivity is different if viewed from a global perspective. Industries including pharmaceutical, computer, and motor vehicles industries flourish in both the local and global business cycle booms. Almost all industries having long-run linkages with global industrial production are also affected by global production growth in the short run. However, consistent with earlier studies for Southeast Asian countries, very few industries exhibit short-run asymmetries in their relationship with local and global business cycles. We found that incorporating long-run information also improves the forecasting ability of sectoral industrial production growth in Singapore.

With the expansion and omnipresence of digital technologies in most aspects of human life, organizations have felt the need to implement changes. Thus, digital transformation has become imperative, with organizations having to adapt to the new standards imposed by a digitalized world. This paper analyses the digital transformation in Romanian SMEs using a methodology based on quantitative analysis of data collected through a questionnaire. The aim is to understand how these companies’ approach and implement digital transformation, as well as the impact of this process on management strategies and business models. The analysis of the quantitative research results will focus on the demographic profile of the companies, the stage of the digital transformation process, the impact on business performance, investments in digital transformation and predictive models. This work makes a significant contribution to understanding and promoting digital transformation among SMEs, providing a specific and relevant insight into the Romanian SME context.

Recently, researchers worldwide have shown a significant interest in bibliometric analysis, and it has proved to be a useful and valuable tool for aggregating data on our research. Our paper aims to explore bibliometric analysis in the framework of two critical aspects of organizational management and decision-making: corporate governance and leadership. To achieve this objective, 930 articles from Elsevier’s Scopus were analyzed, utilizing VOSviewer as a bibliometric tool. Furthermore, our research not only sheds light on the current state of scholarship in these fields, but also serves as a basis for future studies aiming to deepen our understanding of how corporate governance and leadership intersect and influence organizational success and sustainability.

Exogenous shocks like the COVID-19 pandemic or the Russian conflict affected the global economy, but mostly emerging economies. Even though the critical moments have passed, the negative effects on the economy are still present in the current economic environment, characterized by high levels of uncertainty. Exogenous events, which have an uncertain likelihood of occurring, harm economies regardless of their development. In fact, a framework for unanticipated events is vital, as are steps to achieve low levels of national debt and increased authority stability. In this context, the objective of this paper is to examine the dynamic relationships between energy prices and certain macroeconomic variables, which were affected by the fact that the energy crisis triggered by the Russian-Ukrainian conflict overlapped with the accelerated transition to a green economy and the decarbonization process. The CEE countries are more vulnerable to the energy crisis, and their proximity to the front lines of military conflict can be an important fact to take into account. The research focuses on the Czech Republic, Hungary, Poland, and Romania. The empirical analysis was conducted on monthly frequency data and in order to present an effective method of modeling interactions between macroeconomic variables, the Bayesian technique was employed.

This paper presents a framework for designing external financial intervention mechanisms in the form of partnership agreements between financial institutions and different economic participants involved in the farm machinery supply chain. The scope of these partnership agreements is to facilitate small farmers’ access to loans when purchasing agricultural equipment. The research methodology and research results are drawn from desk and field research conducted on the emerging agricultural market. Several inclusive conceptual models of financing mechanisms based on business relationships between financial institutions, small farmers and either the suppliers of agricultural equipment or buyers of agricultural outputs are presented.

Bitcoin and Ethereum are the two largest cryptocurrencies in the world by market capitalization and trading volume and the most popular despite high price fluctuations. This paper analyzes the relationship between Bitcoin and Ethereum metrics and the internet search interest on cryptocurrencies. As the literature shows, Google searches signal investor attention and Google Trends has proven useful for nowcasting economic and financial indicators. We aim to find the impact of Google Trends on Bitcoin and Ethereum prices, trading volumes and market capitalization since 2015 and discuss the potential correlations and patterns that may exist between these metrics and Google search interest. Through correlation and time-series analysis, we provide insights into the dynamics of this relationship and its implications for understanding cryptocurrency market behavior. The interest in cryptocurrencies tracked by Google Trends is a good indicator of measuring the social interest in the cryptocurrency market that drives a price movement. On the other hand, the price fluctuations of Bitcoin and Ethereum generate media and social attention and increase the interest in these cryptocurrencies. We also observe a positive effect of Google Trends values on trading volumes. The findings could help investors to understand the cryptocurrencies dynamics and build their trading strategies and could be of special interest to policymakers.

The paper delves into the concept of Society 5.0, which envisions a future society integrating advanced technologies with human-centred values to address current social challenges. It emphasizes the importance of aligning advanced technologies with human-centred values and social preferences to ensure the success and sustainability of Society 5.0. We offer comprehensive insights into the complex interplay between social welfare preferences and societal progress, emphasizing the significance of understanding and addressing societal preferences to foster inclusive, sustainable, and efficient societies aligned with the objectives of Society 5.0. The findings provide valuable guidance for policymakers and stakeholders in developing targeted interventions and policies that address critical societal challenges and foster progress across various well-being dimensions. The study emphasizes the importance of considering social preferences in the development of Society 5.0 and highlights the need for a holistic approach that integrates social preferences into the development framework. The study unveils that economic success does not guarantee societal advancement, as the array of social preferences reflecting the diversity of SWP impacts a country’s trajectory towards Society 5.0. By combining theoretical and empirical methodologies, we offer robust qualitative and quantitative insights for crafting optimal policies across different scenarios of individual SWPs and their effects on achieving social progress

Starting from competitiveness as the ability of an entity (company, sector, state) to successfully increase sales on the domestic and/or international market, and through a balance surplus to create growing revenues for its company and/or residents, i.e. the entire country, the concept of competitiveness should be transformed according to today’s business conditions. Competitiveness was initially related to cost, and sales grew due to lower product prices, and later due to productivity and better product quality. Today’s consumer is not only interested in price and quality, but also in environmental sustainability and social responsibility, and customers are looking for sustainable products. This paper investigates the relationship between the Global Competitiveness Index (GCI) and the Sustainable Development Goals (SDG) index on a sample of 27 member states of the European Union in the period 2007-2017, with the main goal and purpose of determining the direction and strength of the relationship and creating a platform for the necessity of redesigning the GCI. The impact of climate change on the GCI was examined by the Sustainable Development Index. For this purpose, Difference GMM was used. The results show that SDG12 (waste generation) hurts competitiveness, while SDG14 (maritime, ocean conservation) has a positive impact on competitiveness. This study contributes to the ongoing discourse on the intersection of competitiveness and sustainability, providing a foundation for future discussions and potential reconstructions of indices that reflect the changing global environment.

Econometrics is a branch of economics that uses mathematical and statistical methods to study quantitative and qualitative relationships within economic phenomena. The purpose of this article is to study the impact of the capital market (financial instruments) on economic growth in Kazakhstan and the CIS countries through an understanding of the concept of “econometrics”. The task of the study is to determine the dependence of gross domestic product as a resultant factor over the past 20 years. Methods. The article determines the assessment of the impact of financial factors on economic growth in the short term. An econometric model was used for this purpose. The resulting factor was the gross domestic product over the past 20 years. Results. The results indicate that the capital market influences economic growth in Kazakhstan and the CIS countries. This paper presents a model of the GDP function for the economy of Kazakhstan. In the course of the study, coefficients and variables of the model were estimated to predict the level and future changes in the country’s GDP. Thus, the size of the capital market (Y1) depends on the following variables tested in the model: the number of securities issuance transactions; the volume of securities issuance transactions; the number of transactions of non-residents with shares at the secondary auction of KASE; the rate of change of shares of leading issuers on KASE