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This study explores the influence of total quality management (TQM) on the sustainable growth performance of companies in the private healthcare sector. A quantitative research method and a purposive sampling method were used. A questionnaire comprising 25 items was spread among 282 administrative employees in private hospitals and healthcare centers in Negeri Sembilan, Malaysia. Structural equation modeling (SEM) via Smart PLS revealed that, except for leadership, all TQM variables exhibit positive and direct interrelationships within the sector. Key findings indicate that customer focus, continuous improvement, and employee involvement positively correlate with company performance, while leadership has a negative direct impact. Collectively, these exploratory TQM factors explain 73% of the variance in healthcare company performance (R² Adj = 0.732, P < 0.01), with employee involvement identified as the most critical component for enhancing performance. These results highlight the importance of prioritizing employee engagement in hospital management to achieve optimal performance outcomes. Additionally, the study suggests a need to reevaluate traditional leadership approaches, as they may hinder performance. This investigation advances the understanding of TQM in healthcare, advocating for a strategic emphasis on employee involvement and a reassessment of leadership practices to drive organizational success. Acknowledgment This study received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors. The questionnaire was validated based on studies involving human participants that were reviewed and approved by the social sciences, arts, and humanities ECDA University of Hertfordshire (UK).

This article explores the innovative business models and strategies that Thai companies are embracing to enhance their competitiveness, foster sustainability, and adapt to the evolving market conditions. By drawing on the work of prominent scholars, the article provides a comprehensive understanding of the transformative processes shaping the future of Thai businesses. Key findings include the adoption of platform-based models, circular economy models, servitization models, collaborative and sharing-based models, and localized and resilient supply chain models. The article also highlights the synergistic framework that integrates digital transformation, sustainability, entrepreneurship, and supply chain resilience, driving sustainable and innovative growth for Thai businesses.

Abstract University–Industry Collaborations (UIC) are increasingly recognized as crucial drivers of economic growth and development. While numerous studies have been conducted on this topic, this paper specifically focuses on UIC in the Arab World. The aim of this study is to explore the establishment of successful UIC by conducting a review of existing literature to identify and synthesize key factors that enable collaborative innovation between industry and universities. The findings are summarized into six main themes: the importance of UIC, barriers to UIC, gaps between universities and industry in the Arab World, partnerships and sustainable growth, current trends and perspectives, and future agenda for Arab countries. These themes are elaborated on and used to summarize results from the reviewed studies regarding facilitators of collaborative innovation. The contribution of this work lies in enhancing the existing body of literature and knowledge regarding collaboration between higher education and industry in the Arab World. This research presents specific measures that can be implemented to ensure successful UIC in the future. Its outcomes are significant for policymakers, academics, and industry experts in the Arab region, who aspire to form productive UIC partnerships that encourage economic development and innovation.

Purpose This study aims to explore the interplay between organizational culture, available resources, change management competency, and employee attitudes towards digital transformation readiness in Malaysia’s manufacturing sector. It seeks to address a research gap by providing empirical evidence and theoretical insights into the specific readiness for digital transformation within this context.Design/methodology/approach A mixed-methods design was employed to collect and analyze data, offering a comprehensive view of digital transformation readiness. The quantitative phase involved a structured survey distributed to 357 participants from the manufacturing sector, while the qualitative phase consisted of semi-structured interviews with 20 key informants from selected manufacturing companies. This approach facilitated the exploration of dynamic capabilities, resource availability, change management competencies, and the influence of organizational culture and employee attitudes on digital transformation readiness.Findings The findings indicate that organizational culture, resource availability, change management capabilities, and employee attitudes towards innovation and change significantly impact an organization’s readiness for digital transformation. The study underscores the critical role of effective change management and the positive influence of a supportive organizational culture and employee attitudes in enhancing digital transformation efforts which will aid sustainable growth in organizations.Originality/value This research contributes significantly to the digital transformation literature by analyzing factors affecting digital readiness within the Malaysian manufacturing sector, an area previously underexplored. Integrating Dynamic Capabilities Theory, the Resource-Based View, and Change Management Theories, and using a mixed-methods approach, the study offers valuable insights for industry leaders, managers, and policymakers on effectively driving digital transformation. It highlights the importance of resource allocation, supportive organizational culture, and effective change management practices, addressing a critical gap in existing research.

Background: This research focusses on the significance of institutional quality (INSQ) and governance in shaping the relationship between foreign direct investments (FDI) and growth. It specifically examines the BRICS nations (Brazil, Russia, India, China and South Africa) because of their economic significance in the global economy. Aim: This study aims to analyse the impact of INSQ and governance on sustainable growth, with a particular focus on its effects through the channels of FDI in the BRICS countries. Setting: Annual panel data from the Organisation for Economic Cooperation and Development (OECD) statistics, the United Nations Conference on Trade and Development (UNCTAD) statistics and the World Bank indicators spanning two decades (2000–2022) are used to analyse BRICS nations. Methods: The research study employed the Bayesian time-varying coefficient vector autoregression (BTVC-VAR) model to achieve the objective of the study. Results: The findings indicate that there is no long-term relationship between FDI, INSQ and economic growth in the BRICS countries. However, there is a noticeable co-movement among these variables in the short run. Conclusion: Given the obtained results, the policymakers should prioritise efforts to strengthen institutional capacity in the short term while focussing on the Sustainable Development Goals (SDG-8 and SDG-16). Contribution: The existing studies have assumed static economic, social and political conditions, potentially failing to accurately depict the complexities of an actual economy. This study offers methodological innovation by employing Bayesian time-varying coefficient vector autoregression (BTVC-VAR), enabling coefficients to adapt to evolving economic conditions over time. This effectively captures the dynamic nature of variables and provides reliable estimates.

Corporate attributes has been identified as one of the main factors that influence company’s growth. In line with this statement, this research work investigated the effect of corporate attributes on sustainable growth of listed conglomerate companies in Nigeria for the period of twenty-three years, 2000 to 2022. Secondary data acquired from annual report and accounts of sampled firms were used. Data obtained were subjected to analysis using descriptive, correlation and fixed effect regression technique. Results of fixed effect technique revealed that corporate attributes of profitability, assets efficiency, firm size and innovation of conglomerate companies in Nigeria have positive and substantial impact on their sustainable growth. Firm age and managerial ownership have favourable but frivolous effect on sustainable growth. Furthermore, the results also indicated that together as a whole all the corporate attributes examined by this research work has strong and important influence on sustainable growth of quoted conglomerate companies in Nigeria. It was recommends that management of quoted conglomerate companies in Nigeria should continue to sustain and further improve their corporate attributes that have positive and significant influence on their sustainable growth.

Progress towards sustainable development is the priority for countries all over the globe. Understanding the essence of sustainable development is a basis for conducting research and practical actions. The aim of the article is to find out the global determinants of sustainable development in the context of digital transformation. The era of digital technologies creates new approaches to solving available issues and challenges. New normality requires defining global determinants of sustainable development and creating new tools for achieving its goals. The study has provided empirical evidence and proved that ICT is one of the important drivers of sustainable development. The conducted analysis shows that there is a direct impact of ICT development and digitisation on achieving SDG 9 "Industry, Innovations and Infrastructure”. The indirect impact of digitalisation on the SDGs is analysed. It is proved that the implementation of digital technologies in business processes and digitalisation of non-IT sectors of the economy will contribute to the comprehensive implementation of a number of SDGs, such as SDGs 3, 4, 8, 9, 11, 12, and will give impetus to the achievement of other goals, which will generally have a synergistic effect. Benchmarking of practices used by well-developed countries enabled the identification of a number of priority areas related to the digitisation of the economy, namely, the development of digital skills among the population for entrepreneurial activities, state support for the digitalisation of business, especially SMEs, promotion of e-commerce, electronic payments. This study makes multiple contributions namely to academic debate on the influence of digitisation on sustainable development, demonstrates the interrelations between SDGs and highlights evidence on the global determinants of sustainable development. Conducted research outlines 4 groups of factors to enhance achieving SDGs in terms of digital transformation: 1) network coverage; 2) the number of Internet users; 3) affordability of access to the Internet; 4) digital literacy.

Green economic growth ensures the country’s wealth and population well-being with decreasing ecological damages. This strategy requires effective government policy to push economic agents to environmentally friendly behavior and significant financial resources to invest in technological modernization. The study aims to assess whether promotion of green economic growth in post-Soviet countries depends on direct and portfolio investment. The paper develops the index of green economic growth performance considering traditional economic growth, social, and environmental indicators. To determine the contribution of direct and portfolio investments in the promotion of green economic growth performance, regression equations (for the panel of countries as a whole and each country in particular) are developed. All models are supplemented with traditional economic growth control variables (GDP growth, inflation, gross fixed capital formation, trade). The information base is public data from the World Bank for the sample of 13 post-Soviet countries for 2000–2021. It was revealed that Estonia and Latvia have the highest level of green economic growth performance, while Ukraine, Uzbekistan, and Kazakhstan have the lowest. The most effective country (Latvia) uses its green economic growth potential only for 62.33%. Modeling results do not confirm the significance of foreign and portfolio investment contributions in promoting green economic growth in most post-Soviet countries (portfolio investments boost green economic growth in Estonia and Moldova, while foreign direct investments contribute to green economic growth in Ukraine). These results might be explained by a lack of institutional capacity and government efficiency to ensure effective absorption of investments.

The research explores the impact of environmental technologies and renewable energy on carbon dioxide (CO2) emissions from the EU transportation sector (2007–2020). Utilizing panel corrected standard error and feasible generalized least squares methods, the study uncovers key drivers influencing declining CO2 emissions. The results reveal a significant and variable effect of environmental technologies and renewable energy on CO2 emissions in the EU transport sector, emphasizing the positive correlation between increased renewable energy adoption and emission reduction. This underscores the necessity for heightened EU investment in sustainable transport infrastructure and clean energy solutions, encompassing initiatives like electric vehicles, hydrogen fuel cells, and biofuels. The study further recommends promoting renewable energy sources for transport systems, aligning with the broader goals of the European Green Deal and the EU Climate Law. Additionally, the research provides essential insights into policy implications, emphasizing a multifaceted approach including comprehensive strategies for cleaner transportation, innovation, and education to accelerate the transition towards sustainable practices in the EU.

Creative human resources are becoming urgent amidst development in recent decades. The television industry has been one that faces the challenge with the emergence of new platforms offering variety and ease of information. Hence this study aims to test the direct effect of perceived organizational support on employee creativity and the mediation role of the meaning of work. This study was conducted on Net Mediatama Television, a private television company, specifically among employees working in the content department, since this division constantly needs creativity to develop concepts and create a broadcast program. Data from 70 respondents were collected through online questionnaires and analyzed with the PLS technique. The results confirmed that perceived organizational support and meaning of work are relevant factors that directly stimulate and enhance employee creativity. The mediating role of work meaning for perceived organizational support and creativity was also proven significant. This indicates that employees who get organizational support have a strong meaning towards work so that their level of creativity increases. Based on these findings, organizations can formulate strategic steps to increase employee creativity by focusing on organizational support and meaningfulness in work.

The study examines theoretical and methodological approaches to the study of the concept of «level and quality of life of the population», the main legal acts regulating the activities of authorities in this area in the Russian Federation. Effective methods of improving the standard of living and quality of life of the population of any state, ensuring their sustainable growth in a complex dynamic and unstable environment are the core of the modern economy. Process management, aimed at improving the standard of living and quality of life of the country’s population, first of all, the need to solve problems of high complexity and importance, for example, the dilemma of economic growth and living standards, in connection with the adoption of important informed management decisions on this problem, because this is a key and a difficult question. The relevance of the research topic is determined by the fact that in order to achieve a high standard of living and improve the quality of life of the population of our country, it is necessary to: implement the main goals of socio[economic development at the municipal, federal and state levels; getting rid of the differentiation of the socio[economic growth of regions, leading to the stratification of society; improving the quality of labor, production efficiency, the level of quality of products. Improving the quality of life makes it possible to provide additional jobs, develop all spheres of human life, change its infrastructure, change the demographic situation, determine the need to create a decent standard of living for the population, reduce the ranking of society in terms of income as a system of legal and socio[economic guarantees that provide decent and socially acceptable the quality of life of society.

This study investigates the relationship between working capital management and sustainable growth, taking into account the mediating role of profitability. The study uses a sample of non-financial companies that were listed on the Thai Stock Exchange between 2010 and 2020. This study documents the absence of direct relationship between working capital management and sustainable growth using fixed effects regression models. Nonetheless, it is found that profitability appears to be a mediating factor in this relationship. Companies can attempt to minimize their cash conversion cycle to enhance their profitability, which will further help them raise their sustainable growth. Furthermore, companies with higher operating cash flows and those with lower financial debt are able to achieve higher profitability and sustainable growth. Remarkably, this study shows that large companies are more profitable and have higher sustainable growth than smaller ones.

Integration of eco-friendly practices with Human Resource practices in organization is gaining worldwide attention to capture sustainable growth. The goal of this study is to examine the impact of green HR practices on environmental performance adopted by the food and beverage industry of Lahore to gain long-term growth. Quantitative study is conducted and data is collected through a questionnaire (153) from HR employees working in the food and beverage industry of Lahore through random sampling. A structural equation model (SEM) is used. The Ability Motivation Opportunity theory provides theoretical support to this study. This study elucidates that green job description (β= 0.22), green training (β= 0.39), and green performance management and appraisal (β= 0.26) have a positive and significant effect on environmental performance. Environmental concern partially mediates the relationship between green HR practices and EP. The findings of this research are helpful for the stakeholders of the food and beverage industry in particular and human resource divisions in general in guiding them on how they can get a competitive advantage and can fulfill their urge to gain green certification by adopting green HR practices that will ultimately enhance company environmental performance. The limitation of this study is that data is collected only from food and beverage firms based in Lahore, Pakistan. Therefore, researchers are suggested to further investigating these variables with some other factors in same sectors.

The purpose of the article is to study the peculiarities of the functioning of entrepreneurship institutes with fundamentally new tasks in the conditions of European integration of Ukraine and to develop conceptual proposals for supporting and improving the development of entrepreneurship in Ukraine in the conditions of European integration. Methodology. In the process of solving the tasks of scientific research, general scientific and special research methods were applied: descriptive-analytical method, systematic approach, method of analysis and synthesis, method of systematization, graphic method, method of dynamic series and structural analysis, method of cost analysis, method of comparison, method of average points evaluations, the method of scientific generalization. The results. Today, the development of entrepreneurship is one of the most important factors in the socio-economic growth of Ukraine. The effective development of entrepreneurship creates a competitive environment for business entities of various types of economic activity for the development of which there are favorable conditions and a sufficient scale of resource potential, the interest of foreign and domestic investors. At the same time, the successful activity of entrepreneurship solves a number of important tasks, in particular, contributes to the replenishment of the budget, saturation of the consumer market with goods and services, creates new jobs, increases the employment of the population, while reducing the unemployment rate. Practical implications. The process from the beginning of entrepreneurial activity to its termination is related to decision-making. The desire to open one's own business, as a rule, is accompanied by the hope of the future entrepreneur to succeed, while the factors of the external environment play a key role, influencing the future entrepreneur's decision. Over time, the result of the action of these factors, combined with the results of the action of the factors of the internal environment, may lead to the entrepreneur's decision to stop entrepreneurial activity due to the fact that his expectations were not met. In addition, one of the most important problems of managing a small enterprise is the lack of specialists in certain specialties, for example, marketers, financiers, programmers, etc. This is due to the fact that small businesses often cannot afford to keep such specialists. Outsourcing can be a rational way out of this situation. At the same time, the choice of the country's economic development strategy significantly affects the development of enterprises. Based on the global practice of the production sphere, a smart strategy makes it possible to create a "flexible" high-tech industrial production, where business can easily adapt, in addition, this approach will lead to sustainable economic growth, which is able to provide and promptly respond to any challenges of the globalized world economy. Today, European integration opens up great opportunities for domestic enterprises to expand foreign economic activity. When determining one or another vector of foreign policy, domestic enterprises need to assess the prospects of other global competitors. Value/originality. Stimulating the development of entrepreneurship reduces the problems of their functioning and ensures rapid integration into the European Community and highly developed economies of the EU countries. A reduction in the tax burden on small business entities is possible due to the reduction of total payroll charges, the introduction of lower income tax rates, and the exemption of small business entities from paying income tax during the first years of existence. Also, an important element of the state support system for small businesses is information and consulting services, within the framework of which assistance should be provided with problems of the formation and functioning of small enterprises.

The strategy for the development of the tourism industry is considered, focused both on overcoming the crisis situation that has arisen as a result of the pandemic and on achieving the goals of sustainable, inclusive development in the post–crisis period. The strategy includes such stages as crisis management, financial recovery and post–crisis development, implemented through special regulatory instruments based on the interaction of the state, private sector and society. Practical recommendations have been developed to improve the efficiency of this strategy in the modern Russian economy.

In modern conditions of instability of the external business environment, the growth of companies includes the identification of factors that affect the development of the company and its stability. In scientific decision sources, there are different approaches to assessing the growth of companies, key indicators and management decisions. The article contains some aspects of the study of this problem.

Corporate Social Responsibility (CSR) for businesses has been mainly associated with large corporations, Small and Medium Enterprises (SMEs) were insignificant as they regarded CSR a costly unsustainable business initiative. This scenario undermines the importance and critical role that SMEs play in the economy. Therefore, the study aimed at exploring the impact of CSR on the sustainable growth of Wholesale and Retail SMEs in the eThekwini Municipal region. Results were attained through assessing attitude levels of SMEs towards CSR; investigating the practice of CSR by SMEs; exploring barriers undermining the practice of CSR and exploring SME owners’ values key to the sustainable growth of their businesses. Stakeholder Theoretical framework guided the study; the philosophical paradigm that guided the research was post-positivist, which subsequently recommends a mixed-method approach, i.e. qualitative and quantitative. Data was obtained using self-administered questionnaires and semi-structured interviews. It emerged that majority of the respondents had a negative attitude towards CSR. CSR stakeholders were not valued the same as required by Stakeholder Theory. SMEs believe CSR is meant for large corporations regarding it as a costly extra-curricular from their core business. As new knowledge, a model based on the Stakeholder Theory titled, “Corporate Social Responsibility: A simplified practical approach” was proposed meant to assist wholesale and retail SMEs to positively embrace CSR in their businesses. The study recommended that local authorities must be proactive in supporting SMEs to practise CSR through revisiting the phrase Corporate Social Responsibility as it is psychologically intimidating to SMEs, hence resistance to the practice of CSR.

This paper assesses the relationship between carbon emissions, economic growth and, energy consumption, in USA and China from the perspective of Granger causality, in a multivariate framework controlling for financial development, urbanization, and trade openness. Econometric techniques employed include unit root tests, Toda and Yamamoto Granger causality, and generalized impulse response and variance decomposition analysis for the time horizon 1980–2017. Test results indicate that governments of the USA and China cannot implement sturdier strategic energy policies in the long run without inhibiting the growth of the economy because of the bidirectional causative linkage between economic growth and energy use. A causal link does not exist between carbon emissions and financial development for both countries. Nevertheless, in the USA, there exists a unidirectional Granger causality controlling from energy consumption to financial development. In both economies, urbanization Granger causes CO2 emissions and energy use but the reverse does not hold. An upsurge in energy consumption and carbon emissions will lead to a surge in trade openness but not vice versa for China. A noteworthy result is that there is a substantiation of unidirectional causality from energy consumption to carbon emissions in both countries. In the USA, impulse response and variance decomposition analysis disclosed the effect of financial development is projected to have diminutive magnitude whiles in the future, energy use, economic growth, trade openness, and urbanization would influence carbon emissions significantly. The impacts of trade openness and financial development are expected to be of little importance in China. The general findings implied that urbanization, economic growth, and energy consumption influenced CO2 emissions significantly in the USA and China. Understanding these similar and contrasting situations is essential to reaching a global agreement on climate change affecting IMF’s top 2 biggest economies. First published online 07 November 2019

Indigenous construction firms in Nigeria operate in one of the harshest economic climates while competing with their foreign counterparts. ICFs require strategic and innovative marketing skills in selling their products and services to current and prospective clients. The paper examined the use of social media marketing strategies by indigenous construction firms in Nigeria; a tool for sustainable growth. The study used quantitative data through a questionnaire survey instrument at company-level. A total of seventy-nine (79) questionnaires at firm level were utilised. The data collected were presented using stacked bars, radar charts and matrix correlation. The study identified the social media platforms mostly utilised by ICFs and the major barriers resisting the adoption of the innovative marketing strategy in Nigeria. The perceived benefits accrued to ICFs in the use of social media as a marketing tool differs across the type of social media platforms in use by the ICFs. ICFs need to be concerned about image and trust building through a concerted effort in client engagement on social media platforms to improve their brand and reputation. Social media marketing strategies should be integrated with the traditional marketing plans of construction firm.

The purpose of the present study is to evidences the overview of urbanisation and inequalities that arise from urbanisation in India and China. Design/Methodology/approach. The study uses linear regression model and graphical tools for deriving study conclusions. Findings. The study finds that both the countries are at different level of urbanisation and both the countries are yet to achieve fully positive synchronisation advantages from urbanisation. The study further finds that both the countries yet to achieve the social and environmental sustainability completely from urbanisation. Government of both of these countries are effective and efficient in providing advanced water resources to its citizens but in terms of providing advanced hygiene to its citizens both of these countries are par below as compared to other nations and need serious attention. Population and pollution are the other major reasons that challenged sustainable development for both of these countries. Empirically study finds HDI significant at 5% level and at 10% levels ES becomes significant for urban population growth percentage. Research Implications. The findings of the study would have high social implication for the policy makers and other decision makers in emerging nations. Originality/Value. The study is Unique in several senses: The present study discuss about the operational efficiency of government of both the countries in providing basic facilities like water resources and sanitation. The study set up a benchmark for the other BRIC nations or other emerging nations to learn about the success and failure of urbanisation.

Turning a brick-and-mortar family business into an E-business, would greatly pay off, and bring every manager’s dream come true, since it has the potential of creating a sustainable growth (Baltzan & Phillips, 2015). This paper will introduce the step by step guidelines for managers.

Rating of major factors affecting the financial stability of an enterprise; discussion of a model of sustainable growth of an enterprise with a focus on growth optimising. The core problem of this paper is the financial stability of an enterprise considered as an entity conducting business activity. The paper uses in a research the analysis and assessment of an optimum model of a sustainable growth of an enterprise. Research hypothesis: risk is a essential building block of the sustainable growth idea. The reasoning unwinds around the following five fundamental themes: (i) Description of a sustainable growth of an enterprise; (ii) The essence of an enterprise’s stability; (iii) Comparison of an enterprise’s sustainable growth and its stability; (iv) An enterprise’s sustainable growth in a risk-based perspective; (v) Analysis and assessment of a model of an enterprise’s sustainable growth. One may use sustainable growth model to show how the steady growth rate for an enterprise changes in response to changes in the decisions made at the enterprise. This enables the management to track the effect of strategic decisions on the dynamics of the enterprise’s growth rate. This also supports the creation of the enterprise’s policy by promoting an aggressive and more risk-laden strategy, which would ensure a growth rate above the sustainable growth rate; or a highly conservative strategy, which, however, would not ensure even the sustainable growth rate, satisfactory to the shareholders and prospective investors. The implementation of sustainable growth principles requires the organisation to make a significant effort to present its product or services offering on the one hand, and to implement raw material procurement procedures, use best manufacturing practices and create modern distribution systems on the other. A material role in the process is played by risk as a essential building block of the sustainable growth idea.

The aim of this paper is to analyze the current national and international context regarding thepossibility for public institutions to bring to the foreground environmental elements in theacquisitions, orientated to a sustainable development, in the context of maximizing the quality /price ratio in the use of public funds. Performance measurement and quantification are importantchallenges in complying with national and international policies.

Background: Through the introduction of the South African real estate investment trust (SA REIT) structure, listed property investment firms are required to conform to international REIT standards, thereby making REITs more attractive to investors. Despite the exponential growth of the SA REIT industry over the past decade, SA REIT legislation – effective from 2013 – has imposed regulations with regard to financial leverage and profit retention, which may affect these firms’ sustainable growth rate and firm value. Aim: By deconstructing the sustainable growth rate, we investigated the potential impact of SA REIT legislation on growth rate components and considered the impact of each growth component on firm value. Setting: The introduction of SA REIT legislation provides an opportunity to investigate how regulation has affected REIT growth and value. Methods: We investigated changes in the respective sustainable growth rate components using a mixed model analysis of variance. Additionally, we employed a panel regression to assess the impact of each component on firm value (proxied by Tobin Q). Results: We found empirical evidence of decreased leverage and profit retention, as well as increased profit margins, in the REIT period, which may be indicative of firms’ reaction to regulation. In addition, we found that profit retention had a significant positive impact on firm value, while leverage showed a significant negative effect on firm value post-legislation. Conclusion: This study confirmed a significant change in growth components, with higher average profitability and sustainable growth in the REIT period, suggesting that the REIT industry responded positively to the REIT regime introduction.

This study aims to test the effect of working capital management on firms’ profitability and the effect of this relationship on sustainable growth. Our sample firms are 136 manufacturing firms listed in the Indonesian Stock Exchange from 2010 to 2017. We use data panel regression with fixed effect estimation model to analyze our data. The results demonstrate that working capital significantly affects firms’ profitability. However, working capital management does not exhibit a significant direct influence on sustainable growth but a significant indirect influence through firms’ profitability. Thus, this study suggests that firms need to manage their working capital to increase their profits and eventually to achieve sustainable growth. This study contributes by including sustainable growth in the analysis of the relationship between working capital and firm performance. In addition, this study will likely contribute to managers in efforts to increase sustainable growth for their enterprises through working capital management.

The article deals with the theoretical questions of sustainable development of the region. In order to eliminate discrepancies in the terminology, the author perfected the conceptual apparatus. It is impossible to solve the problem of the socio-economic system stability without creation of a sound methodological and methodical foundation, without a scientific substantiation of actions at all hierarchical levels. The critical analysis of existing definitions of sustainability of socio-economic systems showed that the generally accepted concept of modern science has not been produced. Four approaches to determine the sustainability of socio-economic systems are analyzed. The principles of process management of the sustainable development are justified, the directions to achieve it are studied. The modern regional policy is proved not to be focused on the formation and implementation of the sustainable development of the regions. But the definition in the proposed conceptual principles of the management of sustainable development principles, directions and objectives of the regional policy on the implementation of the project at the regional level with specifying the tools and mechanisms to achieve is the key attraction of regions of Ukraine to management in terms of sustainable development.

Fluctuations in financial markets have greatly influenced real economy around the world over the past two decades. The 2008–09 global crisis is the latest in a long list of economic events shaped by cycles in financial markets. Its severity has instantly made the study of financial cycles a central topic of research confirming that peaks in the financial cycle are closely associated with systemic banking crises. The paper discusses the causes of economic cycles and their impact on economy, but also the distinct characteristics of financial cycles by considering the close connection between the financial cycle and financial crises. Given the multidimensional interactions between financial and economic cycles, a close monitoring of cycles in financial markets should be an integral part of macroeconomic surveillance and policy design.

This article is aimed at the presentation of an opinion in the important discussion about the further development of corporate performance reporting standards, which go far beyond the standards of financial reporting. This text, which is the second part of a two-part analysis, refers to the problem of a new trend of corporate reporting primarily for two reasons: (1) to point to the legitimacy of the joint determination by economic sciences of the axis around which reporting on corporate (organisation) performance should revolve, (2) in view of the variety of perceptions of value, to make everybody aware that different elements of corporate reporting should be compatible and that its usefulness for a wide range of stakeholders is predetermined by the explicitness of perception of the categories which are present in these elements. The present article is also aimed at the presentation of a qualitative surge of corporate performance reporting which is being made as a result of the focus on these corporate aspects thanks to which – with the simultaneous imperative of sustainable growth – value is created. This is the reason for the emergence of the fourth era.

This article is aimed at the presentation of an opinion in the important discussion about the further development of corporate performance reporting standards, which go far beyond the standards of financial reporting. The current guidelines on social responsibility reporting and the conceptual frameworks of the so-called integrated reporting may give rise to questions on the costs and benefits with regard to corporate reporting within the trend of sustainable growth. The present article, which is the first part of a two-part analysis, discusses synthetically three eras in the corporate development reporting. Their context should determine the perception of the current trend of development corporate reporting made in compliance with the imperative of sustainable growth. The review indicates the premises which appeared to be the driving force of a quality surge in the area corporate performance reporting. There is a conviction expressed in the text that the presently emerging fourth era in the development of corporate reporting will significantly change the conceptual model of this kind of reporting.

The vital role of entrepreneurship for economic growth and its impact for job creation in mature and developing economies is widely recognized and quantified (OECD, Entrepreneurship and Business Statistics, 2015). According to Get2growth data (How Many Startups Are There?, 2015), 100 million start-ups are created each year of which 1.35% are technology-based companies, and according to the Kauffman Index of Entrepreneurial Activity (Fairlie, 2013), almost a quarter of new businesses in the USA were started by entrepreneurs aged 55 and older. Survival following failure data for start-ups are numerous and complex in the interpretation, and data presented by the Statistic Brain (Startup business failure rate by industry, 2015) show a 55% failure rate within the fifth year. Entrepreneurship is important for growth but sustainable entrepreneurship is hard to achieve. This paper, by means of a case study of a German private art museum 'Kunstmuseum Gehrke-Remund', analyzes the disruptive methods, both atypical and contrary to the mainstream art industry, developed to ensure the sustainable success of such an innovative endeavor. Our analyses and results contribute to the understanding of the building blocks and roadmap designed by the Kunstmuseum to successfully enter the elitist contemporary art industry, as an outsider, and provide an early indication that such methods can be theoretically replicated in other industries by other entrepreneurs. [ABSTRACT FROM AUTHOR]

Sustainable growth is not only the ultimate goal of business corporations but also the primary target of local governments as well as regional and global economies. One of the cornerstones of sustainable growth is ethics. An ethical organizational culture provides support to achieve sustain- able growth. Ethical leaders and employees have great potential for positive influence on decisions and behaviors that lead to sustainability. Ethical behavior, therefore, is expected of everyone in the modern workplace. As a result, companies devote many resources and training programs to make sure their employees live according to the high ethical standards. This study provides an analysis of Vietnamese business students’ level of ethical maturity based on gender, education, work ex- perience, and ethics training. The results of data from 260 business students compared with 704 working adults in Vietnam demonstrate that students have a significantly higher level of ethical maturity. Furthermore, gender and work experience are significant factors in ethical maturity. While more educated respondents and those who had completed an ethics course did have a higher level of ethical maturity, the results were not statistically significant. Analysis of the results along with suggestions and implications are provided.

Sustainable development concept approaches quality of life in complexity, as economic, social and environmental issues, promoting the idea of balance between economic development, social equity, efficient utilization and environment conservation. An essential condition for achieving sustainable development is the right mix of macroeconomic policies coherent, consistent with resources to ensure sustainability of materials and energy used for growth.

The paper addresses the effects of economic crisis fromthe perspective of theoretical developments and how they were reflectedin the economy, both nationally and among the actors of the internationalsystem. Basic economic paradigms such as the role of price as amechanism regulating the operation of free markets and the ability todetermine prices to reflect economic developments have been tested invarious markets. In the context of limited resources available, due toeconomic contraction it is necessary to redefine accepted socialbalances.The example analyzed in the paper is that of social policies. Intimes of economic expansion, modification of such arrangements, even ifsuboptimal, proves to be difficult because it involves implicit costs, lessvisible. Economic crisis brings out such costs. Changing these socialarrangements requires first the solution and coherent regulatorymechanisms and implementation. They depend on the quality ofinstitutions and social coordination system as a whole. If thesemechanisms are complex national, at supranational level we can addadditional layers of decision, which explains the difficulty of coordination. The degree of consistency in decision-making mechanismsand their quality determine the cost of adapting to new conditionsimposed by the balance.Coordination mechanisms, either national or supranationalcontext, are relevant for redefining of a new balance to streamlineexisting policies (eg social) that reflects the crisis and the creation of newarrangements to accommodate new engines economic growth.

Our paper starts from the relationship, apparently contradictory, between the better informed economic agents (managers, bankers) and the agents less informed than the first to be mentioned (the investors: shareholders and creditors). The asymmetric information concerns the company’s performance (or of its investment projects) and the company’s ability to put up with different manifestations of the risk associated with this kind of performance. Based on this asymmetric information, the better informed agents can profit, to their own advantage, from the others’ lack of information. Consequently, the signals should be sent so as to allow a clear distinction of profitable companies from unprofitable ones, signals which cannot be copied by the managers with an underperforming management: a. The sustainable growth based on retained earnings financing and also co-financed by managers; b. The degree of operational leverage to be proportional with the increase of modernizing managerial and technological expenses; c. The degree of financial leverage to be proportional with the volume of debts.

This paper seeks to study the existing HRM practices in the Microfinance Industry in India and see whether this will help in understanding the problems faced Industry as a whole. The roles and activities of human resource management (HRM) have changed a lot in the past years .driven by a changing environment and therefore new business requirements, the scope of human resource (HR) activities has widened. The role of MFIs is to provide financial services through Institutions to low income clients and thus have to also focus on HR practices within the institution in order to serve the needs of the clients. This leads to the question of better understanding the underlying competencies of employees as well as Business which are necessary to support MFIs. The challenges faced by these companies with regards to HR practices are studied closely and the gaps are identified. Researchers intended to look in to various HR practices which are actually being followed in the Industry, and observed that MFIs need to focus more on Training evaluation, Compensation Structure, Multi skilling and having more women friendly policies for induction in to the workforce. These above points are some of the few points mentioned in the paper which are important and required for sustainable growth in MFIs. [ABSTRACT FROM AUTHOR]