Entrepreneurial Business and Economics Review
˜Entrepreneurial Business and Economics Review' (EBER), as multi-disciplinary and multi-contextual journal, is dedicated to serving as a broad and unified platform for revealing and spreading economics and management research focused on entrepreneurship, individual entrepreneurs as well as particular entrepreneurial aspects of business. It attempts to link theory and practice in different sections of economics and management by publishing various types of articles, but mainly research papers. Our geographical scope of interests includes Central and Eastern Europe, however, we also welcome articles beyond this scope (the global marketplace and the global economy in general). This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge. No article submission or article processing fees are charged if the article does NOT exceed 50 000 characters incl. spaces. SCOPUS Coverage List (content since 2013) ESCI Web of Science Core Collection (content since 2013) SCImago Journal Ranking SJR (since 2017) EconLit Coverage (since 2013) List of economics journals of CNU Section 05 - V3 - category C (France) (since November 2025)
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Green buys more than gold: Pollution, pay, and attractiveness of small and medium-sized enterprise employer brand
Objective: The objective is to examine how signals about the environmental pollution of a Small and Medium-sized Enterprise affect its perceived attractiveness as an employer, and whether higher pay can offset the negative effect of such signals. Research Design & Methods: To test our hypotheses, which required investigation of causal relationships, we used an experimental research design. The participants were Gen Z business students (N = 125). We operationalised employer attractiveness as the intention to recommend the firm as an employer. To analyse data, we used one-way ANOVA with Tukey HSD post-hoc tests after verifying normality and homogeneity of variance. Findings: As expected, pollution information significantly lowered the intention to recommend (ANOVA: F(3, 121) = 11.433, p < 0.001). All three ‘polluting’ conditions scored significantly below the non-polluting control. Even a +50% wage premium did not restore attractiveness to control levels, and pay differences among polluting conditions were not statistically significant. Implications & Recommendations: Environmental harm is a strong negative labour-market signal that compensation alone cannot neutralise. Managers should prioritise real, measurable pollution reductions in employer branding, align HR policies with sustainability and operations to avoid ‘mixed signals’, and account for a hidden ‘recruitment tax’ when environmental performance is poor. Contribution & Value Added: The study extends signalling theory and employer branding research by documenting the ‘dark side’ of environmental signals: negative environmental impact depresses employer attractiveness, and higher pay, even substantial premiums, cannot compensate for this impact. The article offers causal, experimental evidence that clarifies the magnitude of these effects among young job seekers’.
Copyright (c) 2025 Xia Chen, Michal K. Lemanski, Michał Staszków, Casey Watters https://creativecommons.org/licenses/by/4.0
Assessing the influence of digitalisation on systemic risk in the insurance sectors of European Union countries
Objective: The article aims to study how much digitalisation influences the systemic risk (SR) in the insurance sector of European Union (EU) countries. Research Design & Methods: In this research, we introduce an innovative, quantitative method for exploring the impact of digitalisation and assessing the similarities and interconnections among all European Union countries’ insurance sectors from 2004 to 2018 within the framework of Industry 4.0. The study integrates statistical and econometric tools with network modelling techniques, focusing on the topological indicators of minimum spanning trees (MST) derived from multidimensional dynamic time warping (DTW) distances. We analysed two datasets. The first one comprises exclusively data describing insurance sectors, while the second incorporates data detailing both insurance sectors and the digitalisation processes of individual EU countries. We assessed the similarity of the sectors’ dynamics over the analysed period, examining network behaviour during subprime crises, periods of excessive public debt, and immigration-related crises in Europe. Findings: The proposed tools made it possible to determine how digitalisation contributes to the increase in systemic risk in the EU insurance sector over the periods examined and effectively measure similarity levels, and outline indirect connections between insurance sectors. Implications & Recommendations: Because similarity can be a potential indirect channel for systemic risk contagion, countries with comparable insurance sectors and shared digitalisation-related behaviours may undergo similar repercussions during global financial downturns. Research endeavours in the insurance sector must consider digitalisation indicators that encompass technological advancements and consumer behaviour. Contribution & Value Added: We developed a new method to examine the similarity of the insurance sectors of the European Union countries and to assess the dynamics of changes in this similarity in the era of Insurance 4.0. Such an analysis allows for a long-term assessment of the possibility of spreading threats in the insurance sector throughout the European Union.
Copyright (c) 2025 Anna Denkowska, Stanisław Wanat, Joao Paulo Vieito https://creativecommons.org/licenses/by/4.0
Generation Y entrepreneurial competitiveness: An empirical analysis of determining factors
Objective: The research aimed to identify the determining factors that influence Generation Y entrepreneurial competitiveness. The study was motivated by this Generation’s significant impact on the global economy, as they comprise a quarter of the global population, and the fact that they grew up in a period of technological advancement. Research Design & Methods: We used a quantitative survey research design to empirically collect primary data from Gen Y entrepreneurs, using a sample size of 384 respondents. The model had six independent variables, i.e., personal traits, entrepreneurial self-efficacy, networking skills, digital capabilities, fear of failure, and growth mindset. The mediating variable was entrepreneurial orientation, while the dependent variable was entrepreneurial competitiveness. We evaluated the model using confirmatory factor analysis (CFA), and we tested the hypotheses using structural equation modelling (SEM). Findings: We found that entrepreneurial self-efficacy, digital capabilities, networking skills, and growth mindset significantly enhance Gen Y competitiveness, while personal traits showed no significant effect. Fear of failure had an unexpected positive impact. Entrepreneurial orientation did not mediate these relationships. Innovation and adaptability were key drivers, but digital transformation emerged as the strongest predictor of Gen Y entrepreneurial success in competitive markets. Implications & Recommendations: The study recommended Gen Y entrepreneurs and policymakers entrepreneurial training and education to enhance their entrepreneurial capabilities; networking strategies and skills, which are vital in nurturing a diverse workforce; and digital transformation for small businesses as a strategy to achieve entrepreneurial competitiveness. Contribution & Value Added: Our research advances entrepreneurial research by identifying key drivers of Gen Y competitiveness: digital capabilities, self-efficacy, and networking, while challenging conventional assumptions about personal traits and fear of failure. It bridges gaps in generational entrepreneurship literature by empirically validating technology’s pivotal role. The findings offer a refined framework for policymakers and educators to cultivate adaptive, digitally fluent entrepreneurs, enhancing competitiveness in evolving markets. This work enriches theoretical discourse and provides actionable strategies for fostering Gen Y entrepreneurial success by integrating psychological and technological perspectives.
Copyright (c) 2025 Bilal Khalid, Singha Chaveesuk, Wornchanok Chaiyasoonthorn https://creativecommons.org/licenses/by/4.0
Is digitalization necessary for e-commerce adoption at small and medium-sized enterprises? The pandemic effects
Objective: The study aimed to conduct a comparative analysis of e-commerce adoption in small and medium-sized enterprises (SMEs) of Pakistan and Bangladesh in the period following the COVID-19 pandemic. This study aims to observe in detail the significance of e-commerce adoption for small and medium sized enterprises, their abilities to evolve consumer preferences and to dissect the challenges that hinder in the way of e-commerce adoption in Bangladesh and Pakistan. The key focus of this study was to find out how digitisation acts as a moderator to overcome challenges. Research Design & Methods: We based the study on a quantitative design using a structured questionnaire to collect data from 500 SMEs with 250 respondents from each country, Bangladesh and Pakistan. We collected the study sample through a stratified random sampling from key industrial cities in both countries. We analysed the data of the study with SmartPLS version 4.0 to explore the relationship between external factors, need-bead factors, organisational factors, technological factors and e-commerce adoption with digitisation as a moderator. Findings: This study has also examined that market related demands and the access to the technology has significant positive impact on digitisation in both countries. However, company’s resources and cultural factors that are related to the organisational factors have negative impact on digitisation in Bangladesh and Pakistan. The multi-group analysis composed to find the distinguishing factors among two countries, found the impact of all the factors on digitisation. Implications & Recommendations: We observed a crucial role of digitisation in different fields to adopt e-Commerce in SMEs of Pakistan and Bangladesh. This study has been conducted in the time of COVID-19 pandemic, suggests that it should be the top priority of the policymakers to focus more on digitisation to enrich the country’s economic and digital infrastructure. The partnership programs can help both countries improve digitisation on modern standards. Findings suggests combined strategies to boost economic stability of both countries. However, this study has some limitations and future suggestions to entertain the role of artificial intelligence (AI) to examine the adoption of e-Commerce in both countries. Contribution & Value Added: This study has provided a qualified analysis of the drivers of e-commerce adoption in SMEs of Pakistan and Bangladesh in the specific context of the post-COVID-19 pandemic, with digitisation as a moderator. It offers novel insight into the different types of challenges faced by SMEs in both countries and in the transformation of digitisation in the South Asian region.
Copyright (c) 2025 Muhammad Usman Khan, Samia Nassar, Mohammad Fakhrul Islam, Md Billal Hossain, Laszlo Vasa https://creativecommons.org/licenses/by/4.0
Barriers and enablers: Review research on women entrepreneurship and its impact on sustainable tourism development
Objective: People often glorify the tourism industry as a gateway for entrepreneurial opportunities, particularly for women. However, its structural inequalities remain largely unaddressed. While women play a significant role in tourism entrepreneurship, systemic barriers constrain their participation, including limited access to capital, restrictive social norms, and gendered labour segmentation. Existing research primarily frames empowerment in financial terms, neglecting broader socio-cultural and structural constraints. Feminist critiques of tourism entrepreneurship remain marginal, creating gaps in academic inquiry, and policy interventions. Research Design & Methods: We conducted an integrative literature review, systematically examining research on gender, tourism, and entrepreneurship through a dual analytic approach incorporating inductive and deductive coding (Donthu et al., 2021). Using the PRISMA framework, we synthesised high-impact literature to identify thematic patterns, research gaps, and structural constraints affecting women entrepreneurs in tourism. Findings: Findings reveal persistent gender disparities, particularly in financial accessibility, decision-making power, and policy design. The thematic analysis highlights key dimensions such as gender inclusivity, sustainable tourism, and feminist entrepreneurship, advocating for an intersectional approach that incorporates gender-sensitive frameworks into tourism research (Cobo et al., 2015). Implications & Recommendations: Policy recommendations emerging from this study include targeted funding mechanisms, comprehensive training and mentorship programs, and regulatory reforms designed to support women-led enterprises in sustainable tourism. By integrating feminist perspectives into tourism entrepreneurship discourse, this research advances theoretical understanding while offering actionable recommendations for policymakers. Addressing gendered barriers in tourism entrepreneurship is critical for achieving sustainable development goals and fostering inclusive economic growth. Contribution & Value Added: This study’s originality lies in its integrative application of feminist perspectives to critically analyse gendered barriers in tourism entrepreneurship. By employing a dual analytic approach and emphasising intersectional insights, it offers a nuanced understanding of structural inequalities and actionable policy recommendations for sustainable and inclusive tourism development.
Copyright (c) 2025 Jaya Singh Parihar, Dariusz Cichon, Aeshna Kharbanda, Dariusz Sala, Gagan Deep Sharma https://creativecommons.org/licenses/by/4.0
Lecturers’ pathways to integrating artificial intelligence in business and economics curricula
Objective: This article aims to identify the factors affecting business and economics lecturers’ inclusion of artificial intelligence (AI) in the curricula. Research Design & Methods: We applied a quantitative approach to test a research model based on the theory of planned behaviour. We used partial least squares structural equation modelling to verify hypotheses using a sample of 133 university lecturers from business and economics. Findings: The study reveals that key background factors, including prior AI education and prior AI use, indirectly contribute to the inclusion of AI in the curricula. AI education contributed by enhancing lecturers’ cognitive attitudes and self-efficacy and AI use only contributed through self-efficacy. Contrary to expectations, previous instances of AI integration in teaching have had an insignificant influence on the inclusion of AI into the curriculum. Implications & Recommendations: The inclusion of AI in business and economics university teaching is a precondition for equipping graduates with skills expected in the job market. Based on the findings of this study, two paths seem to be particularly helpful in achieving this objective: improving lecturers’ attitudes via AI education and improving their self-efficacy through personal AI use. Contribution & Value Added: The contribution of this study consists of identifying the factors that influence lecturers’ intentions to incorporate AI into their curricula. Shedding light on these determinants can guide higher education policies and support the development of strategies to promote the effective incorporation of AI into current teaching programmes.
Copyright (c) 2025 Witold Nowiński, Mohamed Yacine Haddoud, Julien Issa https://creativecommons.org/licenses/by/4.0
Entrepreneurial strategies for national large language models: A comparative study of Bielik and PLLuM in advancing Poland’s digital sovereignty
Objective: In the framework of digital sovereignty, the article aims to investigate and assess the entrepreneurial models supporting the evolution of Poland’s two national large language models (LLM), i.e., Bielik (community-driven Polish LLM) and PLLuM (Polish Large Universal Model, a consortium-based initiative). Research Design & Methods: Using a qualitative research methodology, this work focuses on two national LLMs in a case study. Contextual data were obtained through in-depth, semi-structured interviews, document analysis, and scenario-based model testing. These data were subsequently thematically analysed with the support of NVivo systematic coding software. Findings: The results show that both institutional and agile approaches to entrepreneurship are necessary for national digital sovereignty to be ensured. A comparative analysisproves the agility ofcommunity-driven LLMs differ from institutional models with great scale found in PLLUM. Through government-supported development, grassroots innovation, and flexible deployment features Bielik contrast PLLum’s strategic scalability. By means of localised artificial intelligence innovation, both models show different but complementary approaches to forward Poland’s digital sovereignty. By means of localised artificial intelligence innovation, both models show different but complementary approaches to advancing Poland’s digital sovereignty. Implications & Recommendations: Poland’s technological resilience and capacity for innovation at once benefit from complementary models such as Bielik and PLLuM. Policymakers should support pluralistic innovation ecosystems to guarantee strong, flexible and sovereign artificial intelligence (AI) development matched with changing national needs including digital security and technological independence. Artificial intelligence’s innovation is based on strategic public, commercial, and academic sector cooperation. Contribution & Value Added: Examining modern and changing phenomena, this creative study of national language models (LLMs) is especially crucial. Thus conducted research focuses mostly on global, commercial models produced by multinational corporations. Therefore, it seems especially crucial to examine local, strategic, and institutional conditions for LLM development as well as their consequences on national technological autonomy and innovation.
Copyright (c) 2025 Łukasz Sułkowski, Roksana Ulatowska https://creativecommons.org/licenses/by/4.0
The impact of digitalisation on employment and productivity in the financial sector:A comparative analysis of information and communication technology usage of Central European and Baltic businesses
Objective: The article aims to examine the impact of digitisation on employment and productivity in the financial sector and provide a comparative analysis between the Central European and the Baltic countries as no study has yet compared these two regions in terms of digitalisation and information and communication technology (ICT) usage despite similar economic backgrounds. Research Design & Methods: To address this, we applied a two-pronged approach that combines a literature review with an empirical analysis of secondary data. We used multivariate analysis of variance (MANOVA) to estimate the simultaneous total effect of ICT use on employment and productivity and ordinary least squares (OLS) regression to examine the specific relationships identified by MANOVA. Findings: Central European countries generally exhibit higher levels of employment and productivity than their Baltic counterparts, highlighting regional differences in economic conditions and labour market dynamics. ICT has a major impact on productivity but is also associated with declining employment levels, which raises concerns about potential job displacement. Investments in the financial sector have a positive effect on employment, which highlights its crucial role in supporting employment growth. Implications & Recommendations: By implementing best practices and encouraging a culture of ongoing learning and innovation, the digital transformation of Central Europe and the Baltic countries can become smooth and successful. Regional comparative analysis further provides valuable contextual insights, highlighting the need for tailored policy interventions. Contribution & Value Added: The analysis shows that investments do not have a significant direct effect on productivity. Capital investment does not guarantee an increase in output, just emphasises the need for a strategic investment approach.
Copyright (c) 2025 Arnold Tóth, Ramin Astanli, Erika Varga https://creativecommons.org/licenses/by/4.0
The impact of economic sentiment on European stock markets
Objective: This article aims to analyse the impact of sentiment indicators reflecting the condition of major economies on the returns and volatility of European developed, emerging, and frontier stock markets. Research Design & Methods: We employed survey-based economic sentiment indicators, classified into forward-looking measures reflecting economic expectations and measures of current economic sentiment. We used survey-based economic sentiment indicators, namely the ZEW Economic Sentiment Index for Germany, the ZEW Economic Sentiment Index for the Eurozone, the ZEW Current Condition Index for the Eurozone and the Michigan Consumer Sentiment Index from the US. We modelled the daily stock returns for 27 markets over the period 2008-2022 using a GJR-GARCH model and a time-varying transition probability Markov switching model (TVPMS), where transition probabilities depend on lagged economic sentiment indicators. Findings: The results from the GJR-GARCH model show that economic sentiment generally affects returns and their volatility. We observed the causal relationship between sentiment and returns for different types of markets. These results confirm that sentiment indicators in major economies have a global impact, affecting not only developed markets but also emerging and frontier markets. In addition to the GJR-GARCH methodology, the use of the TVPMS approach confirms the results and provides new insights. We found two market states: high and low volatility, and documented the impact of sentiment on market returns as a function of these states. The Michigan consumer sentiment index had the most substantial and persistent effect on European markets, with significant effects on volatility in both high- and low-volatility states; the ZEW economic sentiment indices affect volatility in high-volatility states, while the ZEW current situation index has a significant effect on volatility only in low-volatility states. Implications & Recommendations: These findings provide investors and financial managers with valuable insights into the influence of different sentiment indicators on decision-making in various market conditions. During periods of high volatility, sentiment based on economic expectations can help to mitigate market fluctuations. In contrast, during stable periods, sentiment reflecting the current economic state is more informative. The U.S. Michigan Consumer Sentiment Index (MCSI) is particularly relevant in this regard, offering meaningful guidance about investment decisions in both stable and volatile environments. The influence of the same sentiment indicators on various European stock markets highlights the region’s strong interconnections and suggests the presence of sentiment contagion. Contribution & Value Added: This study makes an original contribution by combining two well-established models in a novel way. The GJR-GARCH model enables us to analyse the impact of economic sentiment on expected returns and conditional volatility, while the TVP-MS model identifies periods when sentiment exerts its greatest influence. Our research demonstrates that market behaviour responds differently to sentiment indicators, depending on their nature and the volatility regime.
Copyright (c) 2025 Anna Czapkiewicz, Agnieszka Choczyńska, Artur Machno https://creativecommons.org/licenses/by/4.0
Technological investments and green energy production in Central and Eastern Europe
Objective: The article aims to examine the impact of technological investments on the development of wind energy and photovoltaics in Central and Eastern European countries (CEE) belonging to the EU. Research Design & Methods: In the analysis of the impact of expenditure on technical investments, I used panel threshold analysis and bootstrap simulation tests. I built the models based on the basis of annual data on the renewable energy market from 2013-2023 from the ‘Our World in Data’ databases and Eurostat. Findings: Research and development (R&D) expenditure stimulates the production of electricity from wind turbines to a greater extent than from PV panels. The strongest stimulation of electricity production simultaneously by a wind turbine and PV panels will occur when R&D expenditure ranges from 0.96% to 1.39% of GDP. If these expenses are in the range of 0.78% to 0.96% of GDP, solar energy will be stimulated the most, while if R&D expenditures are in the range of 1.39% to 1.61%, wind energy will be stimulated the most by these expenses. A simultaneous weakening of the development of wind and solar energy will occur when R&D expenditure is below 0.78% of GDP. Exceeding subsequent R&D expenditure thresholds weakens the effects of increasing energy production from renewable energy sources, which is caused by the intensification of the impact of various barriers inhibiting the development of renewable energy sources. Implications & Recommendations: The obtained results may be helpful for decision-makers responsible for shaping energy policy in individual countries of Central and Eastern Europe. Stimulation of the renewable energy sector through R&D expenditure is limited due to the existing barriers to the development of renewable energy sources specific to various countries. Fully exploiting the potential of renewable energy requires a gradual overcoming of these limitations. Energy policy aimed at eliminating barriers to the development of renewable energy should consider the local conditions of individual countries in terms of their natural conditions, available resources, energy infrastructure, diversification of energy sources, etc. Contribution & Value Added: The article presents an original analysis of the impact of expenditure on technological investments using panel threshold analysis and bootstrap simulation tests. The presented results bring added value to economic and policy research in the renewable energy sector.
Copyright (c) 2025 Marcin Salamaga https://creativecommons.org/licenses/by/4.0
Determinants of the perception of FinTech companies as environmentally friendly: European consumers’ perspective
Objective: The aim is to identify the determinants of the perception of FinTech companies as environmentally friendly institutions. Research Design & Methods: The empirical base used in the work comprises data obtained in a survey conducted using computer-assisted web interviews of 2 000 respondents from the United Kingdom, Germany, Poland, and Ukraine. We used the ordinary logit models in the data analysis. Findings: We identified the perceived benefits of using artificial intelligence (AI) technology in the financial sector and personal values and beliefs regarding sustainable development as the key factors determining whether FinTech companies are perceived as environmentally friendly institutions. Moreover, we found that education and financial knowledge are significant determinants. Implications & Recommendations: For FinTech companies to be perceived as environmentally friendly, decision-makers must take actions supporting environmental sustainability and implement an appropriate communication policy. Building a green institutional image is supported by educating consumers about finance, promoting ecological responsibility, and encouraging more frequent use of financial applications. It is also important to highlight environmental initiatives while avoiding greenwashing, as individuals engaged in environmental protection are particularly sensitive to manipulation in this area. The findings of the study can also serve to increase the effectiveness of communication between FinTech companies and market participants in the area of environmental protection. Considering the importance of the variable related to the AI use in finance, the messaging should emphasise the positive environmental impact of digital technologies employed by FinTech companies. Contribution & Value Added: The study significantly contributes to the development of green FinTech research, as it is the first to address how FinTech companies come to be regarded as environmentally friendly. Identifying the determinants of the relevant perceptions is particularly important since the literature shows that most consumers are not convinced of the beneficial impact of banks and FinTech companies on the environment. The study’s particular contribution is the identification of universal determinants independent of the respondents’ country of origin, which FinTech company managers should consider when designing services and communicating with consumers. Empirical evidence also indicates that the value-belief-norm theory contributes to explaining the perception of FinTech companies as green. We should associate the uniqueness of the work with the use of data obtained in a survey of respondents from several European countries with different levels of financial market development and different degrees of implementation of the UN Sustainable Development Goals.
Copyright (c) 2025 Dariusz Piotrowski, Anna Iwona Piotrowska https://creativecommons.org/licenses/by/4.0
Towards a cleaner environment: Determinants of willingness to pay for clean air and renewable energy in Poland
Objective: The article aims to compare the willingness to pay for energy from renewable sources with the willingness to pay for clean air in Poland and to establish factors that influence these phenomena. These topics are usually addressed in separate studies, making a credible comparison difficult. Research Design & Methods: We survey a representative group of single-family residents and apply advanced machine learning techniques based on Bayesian model selection (averaging) to construct a credible list of factors that determine willingness to pay for clean energy. Findings: We find that people are willing to pay more for clean air than for energy from renewable sources. Both aspects of willingness to pay are affected by the size of the electricity bills, the importance of the environment and the knowledge about renewable energy supplies. Willingness to pay for energy from renewable sources is also influenced by educational level and awareness of the need to increase the share of renewable energy in the domestic energy mix. Furthermore, we find that young people are more willing to pay for energy from renewable sources, whereas older people are more likely to pay for clean air. Implications & Recommendations: Arguably, a higher willingness to pay requires, first and foremost, greater environmental awareness and the promotion of its benefits among the population at large. Since willingness to pay studies are based on respondents’ declarations, their actual willingness to bear the costs of energy transition may be lower. A variety of initiatives should be taken to foster closer bonds between people and their environment to make them feel more responsible for the shared objective. Contribution & Value Added: The study bridges a significant gap by examining the willingness to pay for renewable energy and clean air in the same sample of respondents. We focus on single-family home residents. Using quantitative methods, we identify factors that are common to willingness to pay for clean air and renewable energy sources, as well as those that are specific to each type.
Copyright (c) 2025 Michał Król, Kamil Makieła, Łukasz Mamica https://creativecommons.org/licenses/by/4.0
Changes in enterprise potential in a circular economy: A comparative analysis of EU countries in 2013 and 2020
Objective: The article aims to identify and assess the spatial disparity of entrepreneurship and its links to the circular economy (CE) at the EU country level and to identify the practical implications of these phenomena for economic and regional policies that support sustainable development. Research Design & Methods: We employed literature analysis and statistical analysis. We used the TOPSIS method to create synthetic measures. We collected the empirical data by the spatial distribution of EU countries (including Eastern Bloc countries). The results of the analysis were presented in 2013 and 2020 (this is linked to the two programming periods of EU funds). It allowed for capturing the dynamic aspects of the studied phenomena and controlling the phenomenon of deviations related to the cyclical changes occurring in the economy. Findings: Entrepreneurship is an important element of economic growth that impacts the social sphere, improves the quality of life, and creates new jobs. The interaction between entrepreneurship and the circular economy is multidimensional, highlighting the importance of both entrepreneurship and the circular economy. The research shows a positive change in both areas, both in terms of entrepreneurship, compared to earlier years. Depending on the country, the situation regarding entrepreneurship and the circular economy varied. Malta, the Czech Republic, and the Netherlands were in a better situation in the entrepreneurship aspect, while Italy, Spain, and Greece were in a weaker situation. In the case of the circular economy, countries with better performance included the Netherlands, Slovenia, and Italy, while Denmark, Portugal, and Greece were worse off. Poland experienced growth in the area of entrepreneurship, while the situation remained more stable in the area of the closed economy, which affected the country’s position in the international ranking. Implications & Recommendations: The obtained measures depend on the number and type of variables adopted for the study. Authorities can use this knowledge to assess the effectiveness of the development instruments and policy tools used so far. The results of the clustering can be the beginning of further in-depth research to determine which variables have had a decisive impact on the process of transformation and changes in the entrepreneurship area. Further empirical research is needed on the implementation of the CE, the relationship with the variables of demography, the financial situation, and environmental changes, as well as their impact on changes in the area of entrepreneurship. Actions taken in this aspect must be based on analyses that facilitate comparisons and on current information necessary for effective action. Contribution & Value Added: The study makes international comparisons between the studied areas, i.e., entrepreneurship and CE. The value of the article is the set of variables and the results of the analysis presenting the indicated relationship in the EU countries, with an indication of the Eastern Bloc countries in 2013 and 2020. It is an important stimulus in the discussion on strengthening the effectiveness of CE implementation in the conditions of a country and its impact on entrepreneurship changes.
Copyright (c) 2025 Paweł Dziekański, Łukasz Popławski, Martin Straka https://creativecommons.org/licenses/by/4.0
Development and validation of the Customer Engagement Orientation scale: Assessing firms’ customer engagement orientation and its impact on performance
Objective: The article aims to develop and validate a new scale – Customer Engagement Orientation (CENOR) – to measure a firm’s customer engagement orientation and to provide evidence of its impact on firm performance. Although customer engagement marketing has received growing scholarly attention, the concept of a firm’s customer engagement orientation – particularly in capturing value from non-transactional customer behaviour – remains underexplored. Its precise definition, measurement, and firm-level effects are still unclear. Research Design & Methods: We followed Churchill’s procedure (1979) to create and validate the CENOR scale and analyse its impact on firm performance. Firstly, we proposed the scale items based on insights gathered from the literature review and qualitative research of six company managers. Subsequently, the scale underwent assessment and validation through a quantitative study of 100 firms in the household appliances industry and 101 firms in the financial services industry. Finally, we tested nomological validity through a separate quantitative study of 201 firms in the food, beverage, and fashion industries, using structural equation modelling to examine the relationships between the firm’s CENOR and overall performance. Findings: We developed and validated a comprehensive measurement tool for assessing the customer engagement orientation of marketing managers. Our findings demonstrate that the CENOR scale is reliable and valid across three distinct samples of companies operating in a developed economy of Poland. It remains invariant across consumer goods and services industries. Our findings support the external validity of the CENOR as a predictor of initiatives aimed at developing customer engagement behaviour. Furthermore, we confirmed a firm’s customer engagement orientation as a critical factor in driving business performance. Implications & Recommendations: The prepared measurement tool provides a robust basis for future investigations into the implementation of customer engagement orientation within firms stemming from different industries operating in developed markets. It offers practical guidance for implementing a customer engagement-oriented approach within an organisation and equips practitioners with tools to systematically assess and improve their customer engagement orientation, ultimately driving improved performance. Contribution & Value Added: The unique contribution of this study to the theory of customer engagement marketing lies in combining the development of a new scale for measuring a firm’s customer engagement orientation with an analysis of its impact on performance. It contributes to the knowledge of strategic marketing by identifying a firm’s engagement orientation as an organisational culture focused on encouraging customers to interact and build relationships beyond transactions. It provides evidence of the positive impact of this orientation on firm performance enhancing our understanding of how a company’s management system can successfully capture value from customer resources involved in their non-transactional activities.
Copyright (c) 2025 Katarzyna Żyminkowska, Izabela Kowalik, Agnieszka Pleśniak https://creativecommons.org/licenses/by/4.0
Digital competence and digital entrepreneurial intention: A social cognitive approach
Objective: This article aims to investigate how digital competence moderates the relationship between entrepreneurial education and digital entrepreneurship intention among university students within the framework of social cognitive career theory. Research Design & Methods: We employed a quantitative approach, utilising a structured questionnaire to collect data from 327 university students over two months. We analysed the data gathered from a diverse sample of students across different academic years using partial least squares structural equation modelling (PLS-SEM) to test the proposed hypotheses and examine the moderating effect of digital competence on the relationships between entrepreneurial education, self-efficacy, outcome expectations, and digital entrepreneurship intention. Findings: Digital competence has a dual moderating effect on digital entrepreneurship intention. It positively moderates the relationship between outcome expectations and entrepreneurial intention, enhancing students’ confidence in achieving entrepreneurial success. However, it negatively moderates the link between self-efficacy and intention, suggesting that high digital competence may reduce reliance on educationally developed self-efficacy. These findings underscore the nuanced role of digital competence in shaping entrepreneurial intention, challenging the conventional assumption that higher competence unilaterally strengthens entrepreneurial drive. Implications & Recommendations: The study’s limitations include a relatively small sample size and a focus on the role of entrepreneurial education without exploring the mediating effects of cognitive structures like self-efficacy and outcome expectations. Future research should consider larger samples and examine other contextual factors, such as cultural and environmental influences on digital entrepreneurship intention. Educational programs should integrate real-world experiences, adapt content to students’ digital competence, and focus on the entrepreneurship intention process while allowing students to self-develop. Contribution & Value Added: This study is the first to explore the moderating role of digital competence within the social cognitive career theory framework on forming digital entrepreneurship intention among university students. This study advances theoretical understanding and offers practical insights for enhancing digital entrepreneurship education by revealing how digital competence interacts with self-efficacy and outcome expectations. These findings have broader implications for academia and policymakers, emphasising the need for adaptive educational approaches that align with the evolving digital landscape.
Copyright (c) 2025 Bao Quoc Lam, Hao Yen Tran, Kiet Anh Nguyen, Kiet Tuan Nguyen, Minh Pham https://creativecommons.org/licenses/by/4.0
Exploring entrepreneurial capabilities and firm innovativeness to leverage financial technology start-up business performance
Objective: This article examines the role of entrepreneurial capabilities and firm innovativeness in driving the business performance of financial technology (fintech) start-ups. By cultivating entrepreneurial orientation, innovation capacity, and knowledge creation, firms can enhance their competitive edge, adapt to market shifts, and achieve sustainable performance. Research Design & Methods: We conducted a quantitative study using a self-administered questionnaire and partial least squares structural equation modelling (PLS-SEM) to test our hypotheses. The sample included the management teams of 144 Indonesian fintech start-ups, each in operation for at least three years. Findings: Our analysis reveals that both entrepreneurial capabilities and firm innovativeness significantly and positively impact the business performance of fintech start-ups. Furthermore, firm innovativeness mediates the relationship between entrepreneurial capabilities and business performance. Specifically, entrepreneurial capabilities and firm innovativeness collectively explain 58.3% of the variance in business performance, while entrepreneurial capabilities account for 48% of the variation in firm innovativeness. Implications & Recommendations: This study demonstrates that firms with robust entrepreneurial capabilities are better equipped to identify and seize opportunities, leading to higher innovation and, consequently, stronger business performance. These findings suggest that fintech firms can enhance performance through increased market share, greater profitability from new products, and more efficient operations. We recommend that managers and entrepreneurs in the fintech sector use these insights to make informed decisions regarding resource allocation, strategic planning, and organisational design. Policymakers can also leverage these insights to develop programs that promote entrepreneurial capabilities and innovation, foster economic growth and boost competitiveness within the sector. Contribution & Value Added: Our study adds valuable insights to the dynamic and competitive fintech sector by demonstrating that cultivating entrepreneurial capabilities and fostering innovation within fintech firms can significantly enhance their performance outcomes. This research provides actionable guidance for both industry practitioners and policymakers seeking to drive growth and competitiveness in the fintech ecosystem.
Copyright (c) 2025 Anna Sardiana, Sudaporn Sawmong https://creativecommons.org/licenses/by/4.0
Personality alchemy: The influence of personality traits on the circular entrepreneurial intentions of higher education students
Objective: The study explores the influence of Portuguese higher education students’ personality traits on their intentions to become circular entrepreneurs using their perceived circular behavioural control as a mediator. We considered internal locus control, proactive personality, perceived creativity and propensity to take risks as personality traits. Research Design & Methods: We used an online questionnaire to collect data from 510 Portuguese university students. We performed the quantitative analysis through the partial least square method. Findings: We found that the propensity to assume risk, creativity, internal locus of control, and proactivity were (by these order) personality traits with a positive influence on either respondents’ circular behavioural control and, using this, their circular entrepreneurs’ intention. Implications & Recommendations: The results of this study allowed us to infer implications for higher education students, universities, and policymakers. Students demonstrated intentions to promote circular entrepreneurial activities, and these intentions can be worked on and learned at universities by encouraging creativity, innovation, and proactivity and inciting greater levels of confidence in students. These skills allow you to accelerate the implementation of circularity in new businesses. To achieve this, greater coordination with the business community is essential by proposing challenges and problems that universities can help resolve. Political decision-makers must formulate circular entrepreneurship policies and include them in the national development plan, encouraging the formulation of new sustainable businesses. Contribution & Value Added: This study highlights the relationship between personality traits and the intention to become a circular entrepreneur, providing novel evidence in this field. Moreover, it introduces perceived circular behavioural control as a mediator between personality traits and entrepreneurial intentions, an innovative approach in empirical research models. These insights can contribute to the development of policies and strategies aimed at fostering circular entrepreneurship, helping to create environments more conducive to sustainable innovation and economic development based on resource reuse and regeneration.
Copyright (c) 2025 Sofia Gomes, Micaela Pinho, João M. Lopes https://creativecommons.org/licenses/by/4.0
Exploring entrepreneurial phases with machine learning models: Evidence from Hungary
Objective: The article aims to explore the potential differences between the two phases of entrepreneurship, i.e., total early-stage entrepreneurial activity and established business, as defined by the Global Entrepreneurship Monitor (GEM). The study aimed to classify entrepreneurs using various machine learning models and to evaluate their classification performance comparatively. Research Design & Methods: Using the Hungarian GEM datasets from 2021 to 2023, we analysed a subsample of 964 entrepreneurs. Due to inconsistent results from traditional analyses (e.g., correlations, regressions, principal component analyses), we employed machine learning approaches (supervised learning classification methods) to uncover latent relationships between variables. Findings: The study utilized seven machine learning classification methods to examine the feasibility of grouping companies within the sample using Hungarian GEM data. Findings indicate that machine learning techniques are particularly effective for classifying businesses, although the performance of each method varies significantly. Implications & Recommendations: These results provide valuable insights for researchers in selecting methodologies to identify various business phases. Moreover, they offer practical benefits for market research professionals, suggesting that machine learning techniques can enhance the classification and understanding of entrepreneurial phases. Contribution & Value Added: The study adds to the existing body of knowledge by demonstrating the effectiveness of machine learning methods in classifying business phases. It highlights the variability in performance across different machine learning techniques, thereby guiding future research and practical applications in market research and entrepreneurship studies.
Copyright (c) 2025 Áron Szennay, Judit Csákné Filep, Melinda Krankovits https://creativecommons.org/licenses/by/4.0
Long-run effects of fiscal policies on environmental pollution
Objective: This study aims to investigate the long-run effects of fiscal policy instruments, including environmental taxes, environmental protection expenditures and renewable energy incentives on environmental pollution, measured as ecological footprint, in a sample of European Union countries and Turkey using annual data for the period 1996-2018. Research Design & Methods: The conventional literature generally suggests that fiscal policy instruments can affect environmental pollution in the long run. To examine whether fiscal policy instruments will be effective on pollution in the long run, we employed both fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods. Findings: The estimation results showed that renewable energy incentives are the most effective policy instrument to mitigate pollution. We also found that environmental taxes have negative and statistically significant effects on pollution. However, the relationship between environmental protection expenditures and pollution is not robust and changes with respect to the estimation method. Implications & Recommendations: The findings of this study indicate that fiscal policy instruments can reduce environmental pollution. In this vein, renewable energy incentives and environmental tax tools appear to be the most effective fiscal policy instruments. Therefore, policymakers can use fiscal policy instruments to deal with environmental pollution problems. Contribution & Value Added: Given the limited research on the combined effects of fiscal policy instruments, we aimed to contribute to the literature by employing FMOLS and DOLS estimation procedures. These methods allowed us to examine the long-run relationship between fiscal policy instruments and the ecological footprint. To examine the long-run relationship between fiscal policy instruments and ecological footprint, we prefer to employ FMOLS and DOLS methods which consider potential autocorrelation and some degree of heterogeneity. Therefore, we aimed to contribute to the literature by investigating the effectiveness of fiscal policy instruments on environmental pollution in our sample of countries.
Copyright (c) 2025 Derya Tabiloğlu, Temel Gürdal https://creativecommons.org/licenses/by/4.0
Entrepreneurial resilience in times of crisis: A bibliometric analysis
Objective: The study aims to map out and explore the body of knowledge related to the topic of entrepreneurial resilience in times of crisis. Research Design & Methods: We conducted a bibliometric analysis of publications selected from Scopus. In all, we identified 291 articles concerning entrepreneurial resilience were identified, appearing in 156 journals and authored by 782 contributors affiliated with 160 institutions in 67 countries. The documents were analysed using VOSviewer software. Findings: This study reveals an increasing trend in publications, with a notable surge from 2020 onward, likely driven by the COVID-19 pandemic’s impact. Implications & Recommendations: This study contributes to the understanding of entrepreneurial resilience during times of crisis, providing essential guidance to both researchers and practitioners. On the academic level, it highlights the distribution and current trends in research, providing a solid framework for exploring new future directions. From a practical standpoint, it offers valuable recommendations to managers and practitioners, enabling them to make informed decisions to strengthen the resilience of their businesses in a constantly evolving environment. Contribution & Value Added: The study significantly contributes by offering a complete overview of the existing studies concerning entrepreneurial resilience, providing valuable insights and a clearer understanding of the current landscape and emerging trends.
Copyright (c) 2025 Brahim Aaouid, Abdellah Elboussadi, Omar Boubker https://creativecommons.org/licenses/by/4.0
Exploring the macro conditions for national entrepreneurship: A panel data-based analysis in developing countries
Objective: The article aims to analyse the impacts of macro factors on national entrepreneurship, providing insights for policymakers to promote entrepreneurial activities in developing countries. Research Design & Methods: We employed the panel data analysis method and identified the robust fixed-effects model as the most appropriate for our research sample, which we obtained from the open databases of Global Entrepreneurship Monitor (GEM) and the World Bank. Given the unbalanced panel structure, the dataset comprised 37 developing countries, with 173 year-observations over the period 2003 to 2019. Findings: Our findings indicate that economic growth, consumer price index (CPI), government expenditure on education, and Research and Development (R&D) investment positively impact national entrepreneurship of developing countries, whereas unemployment exhibits a negative impact. However, other macro factors such as Gross Domestic Product (GDP) per capita, Foreign Direct Investment (FDI) inflows, import, export, gross national expenditure, labour force quality and entrepreneurial institutions do not show a significant impact on national entrepreneurship of developing countries. Implications & Recommendations: Governments of developing countries should prioritise national entrepreneurship by investing in education, R&D, and controlling inflation at an appropriate level. It is also crucial for these countries to enhance economic growth and address unemployment through entrepreneurship programs and labour market reforms. Contribution & Value Added: This study contributes to the literature by enriching the resource-based view (RBV) and institutional theory on national entrepreneurship and its macro conditions, which governments in developing countries can influence to promote entrepreneurial activities at the macro level. Methodologically, our empirical study strengthens the field by employing panel data analysis on a sample of developing countries. The findings provide policymakers with a clearer perspective for planning strategies and policies to enhance positive factors and mitigate negative ones, fostering an environment conducive to entrepreneurship and sustainable economic development in developing countries.
Copyright (c) 2025 Kieu Trang Tran, Van Kiem Pham, Minh Huan Luong, Thu Trang Pham, Thanh Tu Phan https://creativecommons.org/licenses/by/4.0
Identification and direction of changes in work-life balance dimensions in Visegrad Group countries
Objective: The article aimed to identify the dimensions and trajectories of work-life balance (WLB) across the Visegrad Group (V4) countries (Poland, the Czech Republic, Slovakia, and Hungary) during the period 2008-2022. We posed two research questions: which factors are most responsible for WLB and how do the dimensions of WLB evolve over time among the V4 countries? Research Design & Methods: We employed a quantitative and interpretative approach. Based on statistical data, we identified WLB dimensions in the multiple factor analysis (MFA). The estimated factor values formed the basis for analysing the trajectories of changes in three indices (WORK, TIME, FAMILY) for each of the V4 countries over the 2009-2022 period. Findings: Among the three WLB dimensions, WORK was the most explanatory for WLB. The eigenvalue of the first dimension explained 32% of the total variance, the second dimension eigenvalue contributed 26% of the variance, and the third extracted dimension explained 15% of the total variance. We demonstrated the status of three WLB dimensions over a period of 14 years across the V4 countries. We found the greatest stabilization of WLB in the FAMILY dimension, while the WORK dimension distinctly differentiated the V4 countries. Although all V4 countries showed an increasing trend in the WORK index alongside a decrease in the TIME index, they clearly followed different paths in the development of WLB, including the pursuit of diversification (WORK), similarity (FAMILY), and the maintenance of stationarity (TIME). Implications & Recommendations: The findings may be valuable for planning future strategies aimed at enhancing the employees’ WLB. Further research should focus, among other aspects, on the observation of WLB dimensions and the assessment of the trajectories identified in the article, including the impact of the V4 countries’ decisions on the development of work-life balance policies. Contribution & Value Added: The number of studies on WLB has increased significantly over the past ten years, revealing the complexity of the phenomena and presenting diverse research perspectives. The proposed study approach based on multiple-factor analysis allowed us to capture the state of WLB in terms of its dimensions (WORK, TIME, FAMILY) and its dynamics over a longer time frame (14 years) in countries originating from the same political-economic system. The differences identified at this level have led to the conclusion that the state of WLB of employees from the V4 countries is only partly determined by systemic-historical conditions. WLB in the V4 countries reveals national-level differences and prompts further comparative research.
Copyright (c) 2025 Marta Domagalska Grędys, Adam Sagan, Katarzyna Piecuch https://creativecommons.org/licenses/by/4.0
Factors influencing the development of entrepreneurs’ businesses after the age of 50: The case of Poland
Objective: The article aims to identify and assess factors influencing the development of entrepreneurs’ businesses after the age of 50, with particular emphasis on firm age, entrepreneurial motivations, and support from the environment. Research Design & Methods: We gathered data through a survey of over 1 000 Polish micro and small enterprise founders over 50, including those who started their businesses early and have managed them long-term, as well as those who launched their ventures after turning 50 and have operated them for a shorter period. We used logistic regression to analyse the data. Findings: The results revealed that firm age serves as a moderator in the influence of entrepreneurial motivation factors on further business development, particularly in relation to family support and the desire to remain active. Internal entrepreneurial factors, such as seeking new challenges and remaining active, positively impacted growth intentions. However, dissatisfaction with previous jobs and job loss reduced growth prospects. External factors, such as family and state support, significantly influenced growth tendencies. Implications & Recommendations: Entrepreneurs over 50 should not face discrimination, and policymakers should ensure their inclusion in grants, mentorship, and training programs available to all entrepreneurs. Moreover, entrepreneurship support organisations should develop programs that involve family members in the business planning process to enhance emotional support and foster shared understanding. Contribution & Value Added: This study fills a research gap by explicitly linking entrepreneurial motivations with further business development. Moreover, it expands the existing knowledge on mature entrepreneurs in Central and Eastern Europe. The study’s originality lies in its integration of multiple dimensions – internal motivations, firm age, and external support – into a comprehensive model that explains business development among entrepreneurs over 50. It contributes to the broader discourse on prolonging entrepreneurial activity in ageing societies.
Copyright (c) 2025 Daria Ilczuk, Łukasz Dopierała, Joanna Bednarz https://creativecommons.org/licenses/by/4.0
Sustainable industrial transformation through entrepreneurial ecosystem governance: The case of Polish energy clusters
Objective: The article aims to expand the concept of regional industrial transformation to sustainable industrial transformation (SIT) and explain the role of ecosystemic governance in SIT on conceptual and empirical grounds based on Polish local energy clusters. Research Design & Methods: We surveyed energy cluster initiatives in Poland, which we supplemented with a secondary data analysis and semi-structured interviews with the clusters’ administration. The survey raised a final sample of 43 observations of active energy cluster initiatives in Poland. The analytical technique was qualitative comparative analysis, an approach between qualitative and quantitative data treatment. Findings: We identified governance characteristics associated with the different levels of sustainable energy industrial transformation (SEIT). We revealed two governance patterns conducive to high-transformative energy clusters and two patterns of low-transformative cluster initiatives. Implications & Recommendations: We provide empirical evidence of SEIT on an under-researched local level and identify the ecosystemic governance types favourable for and impeding this industrial transformation, with conclusions and recommendations relevant to economic policy and future research. Contribution & Value Added: This research contributes by expanding the conceptual framework of regional industrial transformation to SIT based on socioeconomic governance, with the adoption of co-evolutionary and entrepreneurial ecosystem approaches. Moreover, it corroborates and advances the concept of SIT on the empirical ground of Polish local energy clusters.
Copyright (c) 2025 Marta Gancarczyk, Damian Tomczyk, Jacek Gancarczyk https://creativecommons.org/licenses/by/4.0
Linking digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the Vietnamese food industry
Objective: This study aims to assess the role of the relationship between organizational strategic intuition, which serves as a mediator, and entrepreneurial orientation, which serves as a moderator. This will help us better understand how digital transformation leads to sustainable operation performance. Moreover, business seniority, business size, and degree of level of digitalization all contribute to variance analysis. Research Design & Methods: The development of an empirical investigation utilized a quantitative methodological technique. I gathered data for the survey of 368 managers or owners who worked for various food processing businesses in Vietnam. I evaluated the acquired data using partial least squares structural equation modelling (PLS-SEM) and multigroup analysis. Findings: The results showed that digital transformation positively affected sustainable operation performance, organizational strategic intuition mediated the interaction between digital transformation and sustainable operation performance, and entrepreneurial orientation modified the association between digital transformation and sustainable operation performance of enterprises. Implications & Recommendations: Strategic intuition is an organizational competency appropriate for the organization with the resources, assets, and capabilities that are suitable for the organization in terms of the theory of sustainable competitive advantage, thanks to the study’s contribution of new knowledge about expanding concepts of digital transformation, organizational strategic intuition, and entrepreneurial orientation. Based on the research’s conclusions, I want to improve Vietnamese food enterprises’ standard operating procedures (SOPs) in the context of globalization, free trade, the state of science and technology, etc., under pressure in the current competitive environment. The necessary steps to this aim are giving governance implications and aiding the business in creating a connection between digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the future. Contribution & Value Added: This study examines the relationship between digital transformation, organizational strategic intuition, and sustainable operation performance as well as the moderator function of entrepreneurial orientation and the degree of digitization in the food business in Vietnam, a developing market. Research shows that Vietnamese food companies need to improve sustainable operations to keep up with globalization, scientific and technological advances, and market trends. I made some conclusions to assist institution administrators in realizing the importance of strengthening the connections between digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the upcoming stage.
entrepreneurial orientation and food industry
Copyright (c) 2025 It Nguyen Van https://creativecommons.org/licenses/by/4.0
Do companies walk the talk: The case of foreign companies in Russia after aggression on Ukraine
Objective: The article examines the influence of prior corporate social responsibility (CSR) initiatives and the reputation accrued from these efforts on the response of foreign companies operating in Russia during the country’s invasion of Ukraine. Research Design & Methods: Our study includes all publicly traded corporations listed in the Yale Chief Executive Leadership Institute list of companies leaving and staying in Russia (CELI Yale list). We acquired corporate data for these companies from the LSEG Eikon database (formerly Refinitiv Eikon). To evaluate the impact of the explanatory variables on the type of the firm’s reaction to the adverse event, we used multinomial logistic regression. Findings: Our study revealed that firms with a history of extensive social engagement and resulting superior CSR reputation tend to display a reduced inclination toward opportunistic behaviour and reluctance to maintain business as usual during adverse events. While analysing the relationship between prior CSR activities and the reaction to adverse events, we concluded that more socially responsible firms favour symbolic reactions. Moreover, our study shows the existence of a relationship between the form of the crisis reaction and a firm’s CSR strategy profile. We found that an adverse event occurring in the same domain as the firm’s CSR strategy profile triggers reactions aligned with that strategy. Implications & Recommendations: Our study provides evidence that supports the existence of the relationship between prior record of CSR activities and the reputation built upon those activities, and the firm’s behaviour during the crisis. Contribution & Value Added: Our study enhances the understanding of the nature of the firm’s reactions to adverse events. We concentrated in particular on the crisis caused by factors external to the firm. We contribute to the discussion of the permanency and cohesion of CSR actions, and the role of prior CSR activities and reputation, building upon these actions in the nature of the firm’s reaction to negative events. Our results indicate that firms with better CSR reputation react to such events in a more socially responsible way. This finding suggests the existence of other motives for such actions beyond reputation protection, as has been suggested by the earlier studies. We demonstrate that a firm’s reactions to a crisis are path dependent and dictated by its prior CSR strategy. Moreover, our study broadens the view on the relationship between the antecedents and consequences of CSR and shows that such a relationship is mutually enhancing.
Copyright (c) 2025 Agata Adamska, Tomasz J. Dąbrowski, Jacek Gad, Jacek Tomaszewski https://creativecommons.org/licenses/by/4.0
Application of technology to empower women in social entrepreneurship: A review
Objective: As digital innovation and adoption grow, women entrepreneurs have more chances than ever to launch their companies and support them in realizing their full potential. Technology makes it easier for women to access resources and their market and thus enables them to expand inclusively in the business sector. This research, which is based on the transformational learning theory, shows how technology adoption helps women entrepreneurs develop and run their companies more successfully than they have in the past. Research Design & Methods: To provide an overview of the influence of digital technology adoption and the expansion of women’s social entrepreneurship on the socio-economic stability of business operations, this study offers a comprehensive assessment of the literature with the help of qualitative study, encompassing 159 research papers published between 1993 and 2023. The purpose of the study is to explain how digital adoption affects female entrepreneurs. Using PRISMA, we implemented a comprehensive key search technique in the SCOPUS database. Findings: Technology significantly boosts women’s participation in social entrepreneurship, as it allows them easier access to digital resources, funding platforms, or networks than men. It also helps in developing skills and fosters cooperation. Moreover, it easily removes long-standing obstacles. These transformations allow women not only to be more innovative and to scale their ventures up in size but also to have an area-wide social and economic benefit. Implications & Recommendations: Technology can bridge gender gaps in entrepreneurship. It gives women greater access to resources, training and networks. Suggestions include creating digital literacy programs, increasing the flow of capital through technological platforms and nurturing online communities that welcome women social entrepreneurs. This is not just a matter of promoting women-led businesses. It applies equally to the practice of sustainable development. Contribution & Value Added: In social entrepreneurship, technology makes it easier for women to access resources, networks, and education. Theories like empowerment, social capital, and human capital illustrate how new media drives empowerment, and promotes cooperation among women and improved skills. Businesses grow faster as a result of diffusion of innovation, a process that means more women can engage in production and consumption activities which change the nature of economic society.
Copyright (c) 2025 Saikat Gochhait, Renuka Lenka, Aidin Salamzadeh https://creativecommons.org/licenses/by/4.0
Predicting South African consumers’ intention to continue using their preferred retail bank’s services: A model validation
Objective: The objective of the article is to validate a model of the factors, namely ethical responsibility, social responsibility, bank trust, attitude, and brand loyalty, that influence the behavioural intentions of consumers to continue using banking services. Research Design & Methods: This study focuses on predicting South African consumers’ intention to continue using their preferred retail bank’s services through a validated measurement model. Using confirmatory factor analysis, reliability and validity analyses, correlation assessments and collinearity diagnostics, the study examines a dataset of 500 participants sourced from a reputable global market research database. The measurement model comprises six latent factors, namely ethical responsibility, social responsibility, bank trust, attitude, brand loyalty and behavioural intention. Findings: Results indicate strong internal consistency (Cronbach’s alpha and CR > 0.85) and convergent validity (AVE > 0.50) across all factors. The model also exhibits good fit indices (PCMIN/DF = 2.610, IFI = 0.943, TLI = 0.937, CFI = 0.943, SRMR = 0.042, RMSEA = 0.057), confirming its psychometric properties. Implications & Recommendations: This research highlights the interactions among the studied factors and their implications for customer retention strategies, providing actionable insights for banking professionals and policymakers. Future research should explore the relationships between these latent factors to enhance customer retention and satisfaction strategies in the banking industry. Contribution & Value Added: Brand loyalty remains one of the biggest challenges facing banks today. As such, there is a need to investigate the factors that influence consumers’ intention to continue using their preferred retail bank’s services to build brand loyalty. This study fills a gap in existing literature regarding banking behaviours in a unique socio-economic South African context.
Copyright (c) 2024 Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot https://creativecommons.org/licenses/by/4.0
The impact of FinTech literacy on digital entrepreneurial intentions: Exploring crowdfunding, blockchain, and AI through a social cognitive career theory lens
Objective: The objective of the article is to investigate the association between FinTech literacy and the intention to become digital entrepreneurs utilizing the social cognitive career theory (SCCT). Specifically, it sheds light on how three aspects of FinTech literacy (crowdfunding, blockchain, and artificial intelligence) influence individuals’ digital entrepreneurial self-efficacy and outcome expectations. Additionally, it examines the separate and sequential mediation roles of digital entrepreneurial self-efficacy and outcome expectations in the connection between literacy in crowdfunding, blockchain, and AI and digital entrepreneurial intention. Research Design & Methods: The conceptual model was analysed using structural equation modelling with the bootstrapping method based on data from a sample of 978 university students in Vietnam. Findings: Our results revealed significant direct impacts of FinTech literacy dimensions on individuals’ self-efficacy and outcome expectations regarding digital entrepreneurship. Moreover, the mediation analysis uncovered distinct and sequential mediation roles of self-efficacy and outcome expectations in the correlation between the three components of FinTech literacy and the intention to establish digital start-ups, offering new insights into how crowdfunding, blockchain, and AI literacy drive the intention to launch digital ventures. Implications & Recommendations: This study emphasizes the importance of FinTech literacy for digital entrepreneurship. Academic programs should provide practical FinTech training, and policymakers must support FinTech literacy through policies and resources. Incubators and accelerators can integrate FinTech training to prepare entrepreneurs for the digital economy better. Contribution & Value Added: In this study, we explore the SCCT framework, offering novel theoretical insights into the psychological drivers of digital entrepreneurship. The study significantly advances the field by highlighting the importance of FinTech literacy and sets a new agenda for future research. These findings expand our theoretical understanding and provide actionable recommendations for educational institutions, policymakers, and the entrepreneurial ecosystem.
Copyright (c) 2025 Sy Long Pham, Anh Duc Do, Dieu Linh Ha, Mai Van Trinh, Anh Duc Le, Thi Phuong Hien Tran https://creativecommons.org/licenses/by/4.0
Development and validation of digital leadership skills scale
Objective: The main aim of this study is to construct a digital leadership skills scale (DLS scale) to measure digital leadership skills. Moreover, by integrating the constructed scale into the existing model in the literature, we aimed to investigate the influence of the DLS scale on organisational factors, digital transformation, and enterprises’ financial performance. Research Design & Methods: We used the quantitative research method to construct the DLS scale and to test the proposed model based on a sample of 701 active employees in enterprises. In the first stage of the study, we conducted the comprehensive validity and reliability analysis including content validity, construct validity based on explanatory factor analysis, reliability analysis via Cronbach’s alpha, Spearman-Brown coefficient, and retest reliability with Intraclass correlation and Pearson correlation coefficients, confirmatory factor analysis, and item analysis during the development process of the DLS scale. In the second stage, we integrated the digital leadership skills scale into the existing model as a factor and examined the overall compatibility and harmony of the integrated DLS scale items with the existing model. In the third stage of the study, we tested the proposed model with a linear regression analysis model. Findings: The comprehensive validity and reliability analysis results showed that the constructed DLS scale is valid and reliable. Moreover, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), reliability, item analysis, convergent, and discriminant validity analysis results indicated that the constructed DLS scale was harmoniously integrated with the existing model in the literature. Moreover, simple linear regression analysis results indicated that the constructed digital leadership skills scale influences organisational factors, digital transformation (DT), and enterprises’ financial performance. Implications & Recommendations: With the constructed scale, it will be possible for enterprises undergoing digital transformation to measure their digital leadership skills. Moreover, by integrating this constructed DLS scale into the model that enterprises will use during their digital transformation process, they can enhance the effect of digital transformation on financial performance as well. In other words, using this proposed model, enterprises can gain useful insights into the process of digital transformation and make well-informed choices about the integration of DLS into their digital transformation plans. Contribution & Value Added: In this study, we constructed a novel scale to determine the digital leadership skills of the leaders who will lead the digital transformation process in enterprises. Moreover, we introduced to the literature a different model that can evaluate the effects of digital leadership skills on organisational factors, DT, and financial performance of enterprises in the digitalization process in enterprises by proposing a model that includes the constructed scale.
Copyright (c) 2025 Nadire Cavus, Seyedali Aghamiri, Nuriye Sancar https://creativecommons.org/licenses/by/4.0