Entrepreneurial Business and Economics Review
SCOPUS 7.8 CiteScore 2025 more SCOPUS 8.5 CiteScore Tracker 2026 more Clarivate Analytics 4.8 2024 Impact factor more Clarivate Analytics 3.3 5-year Impact Factor more 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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Managerial routines and internationalisation: Mediating role of digital capacity
Objective: The article aims is to verify whether the adoption of managerial routines, namely, monitoring performance and setting targets and incentives, affects the probability and intensity of firms’ export activity and whether digital capacities act as a mediating mechanism between managerial routines and firms’ internationalisation. Research Design & Methods: We used firm-level data from the World Bank Enterprise Surveys conducted in Poland in 2025. We applied a quantitative approach, combining logistic regression for internationalisation propensity, fractional logit regression for internationalisation intensity, and mediation analysis. We measured managerial routines with three dichotomous indicators: monitoring, target setting, and incentives. We operationalised digital capacity as firms’ online presence. Findings: All three managerial routines are positively and significantly associated with the likelihood and intensity of internationalisation. In addition, we observed that digital capacity partially mediates the relationship between managerial routines and the likelihood of internationalisation, suggesting that firms with more structured managerial routines are more likely to internationalise, partly because they are more likely to adopt basic digital tools. Implications & Recommendations: The findings suggest that relatively managerial routines, such as systematic monitoring, target setting, and incentives, may strengthen firms’ international competitiveness both directly and indirectly through digital capacity development. Therefore, managers should treat digitalisation not as a standalone technological investment, but as part of a broader system of managerial routines and governance mechanisms. Contribution & Value Added: The research contributes to the international business literature by integrating research on managerial routines and digital transformation within an empirical framework. It also extends the resource-based view and dynamic capabilities perspective by identifying digital capacity as a mediating mechanism between internal management systems and firms’ internationalisation.
Copyright (c) 2026 Krystian Bigos, Paweł Milka https://creativecommons.org/licenses/by/4.0
Employee resilience in the post-merger integration phase: Unveiling the role of employee cognitive uncertainty
Objective: The article aims to empirically examine how employee resilience (ER) during post-merger integration (PMI) develops through two complementary behavioural mechanisms: the reduction of cognitive uncertainty (CU) driven by visionary leadership (VL) and communication effectiveness (CE), and organisational identification (OI) as a source of adaptive capacity. Research Design & Methods: We applied structural equation modelling (covariance-based SEM and PLS Path Modelling methods) using data from a unique survey of 305 office workers across 295 mergers and acquisitions (M&A) in 2014-2023, evaluating their experiences during the PMI phase. Findings: Results confirmed the proposed dual-mechanism structure. Namely, CU negatively affects ER and serves as a central mediating mechanism linking organisational practices to adaptive behaviour and CE influences ER exclusively through the reduction of CU (full mediation). Meanwhile VL exerts both a direct positive effect and an indirect effect via reduced CU (partial mediation). In parallel, OI independently and positively predicts ER. The effects of control variables (gender, age, residence, and firm size) were not significant. Implications & Recommendations: The findings indicate that ER during PMI is not merely an individual trait but a behavioural capability shaped by organisational practices. Managers can strengthen ER by systematically reducing employees’ CU through CE and VL, while simultaneously fostering identification with the newly formed organisation. Contribution & Value Added: This study contributes to M&A integration research by introducing a dual-mechanism framework that integrates cognitive (uncertainty reduction) and identity-based (organisational identification) pathways to explain how resilience develops during PMI. It reconceptualises CU as a manageable cognitive state that directly conditions adaptive capacity. By uncovering the mechanisms underlying resilient behaviour, the study deepens theoretical understanding of employee adaptation in conditions of profound organisational change.
Copyright (c) 2026 Anna Blajer-Gołębiewska, Arkadiusz Kozłowski, Florian Jais, Magdalena Markiewicz https://creativecommons.org/licenses/by/4.0
Navigating the Global Innovation Landscape: The interplay of knowledge management, corporate diplomacy, and business performance in multinational corporations
Objective: The study aimed to explore how knowledge management practices influence innovative capacity and, subsequently, business performance, while also analysing the moderating influence of corporate diplomacy on this relationship. We investigated the complex interplay between knowledge management, innovative capacity, and business performance within the global business environment, examining the moderating role of corporate diplomacy. The research stemmed from the increasing pressure on organisations to innovate and adapt amidst globalisation, recognising knowledge management’s and corporate diplomacy’s crucial roles in achieving sustainable competitive advantage. Research Design & Methods: We utilised a quantitative research design employing partial least Squares structural equation modelling (PLS-SEM). We collected data from 208 multinational corporations (MNCs) operating in diverse Asian markets. Findings: The findings revealed that knowledge acquisition, utilisation, and dissemination positively influenced innovative capacity, which, in turn, positively affected business performance. Furthermore, corporate diplomacy demonstrated a positive direct effect on business performance. Crucially, we observed a negative moderating effect of corporate diplomacy on the relationship between innovative capacity and business performance. Implications & Recommendations: Research Implications: This study contributes to the theoretical understanding of how firms can leverage both technological and sociopolitical capabilities to achieve superior performance. It highlights the importance of integrating innovation and diplomacy strategies for MNEs seeking to compete effectively in the global arena. Practical Implications: The findings provide valuable insights for managers seeking to enhance their firms’ performance through a combination of knowledge management, innovation and diplomacy. The study suggests that investments in both areas and efforts to align and integrate these capabilities can yield significant returns. It also underscores the importance of adapting diplomatic strategies to leverage specific innovations and target key stakeholders. Contribution & Value Added: This study offers a novel perspective on the interplay between knowledge management, innovative capacity, business performance, and the moderating role of corporate diplomacy. It moves beyond examining these capabilities in isolation to explore their synergistic effects on business performance. By highlighting the importance of integrating these two strategic levers, the study provides valuable insights for both academics and practitioners.
Copyright (c) 2026 Anh Tuan Tran, Bui Thanh Khoa https://creativecommons.org/licenses/by/4.0
Artificial intelligence in e-commerce: The moderating roles of consumer habits and security issues on purchase intention
Objective: This study aims to analyse the influence of artificial intelligence (AI) technology use on perceived ease of use, perceived usefulness, and purchase intentions in e-commerce, considering the moderating roles of consumer habits and security issues. Research Design & Methods: We employed quantitative methods by collecting questionnaire data from 312 respondents who utilise AI technology in the e-commerce retail sector. We used the structural equation modelling (SEM) covariance-based approach to test the research model and hypotheses in two stages: the measurement model and the structural model. Findings: The research results indicate that AI capabilities can impact the perceived ease of use and usefulness. Of these two variables, only perceived usefulness increased consumer purchase intention. Customer habits moderate by strengthening the influence of perceived usefulness on purchase intention, while security issues have no moderating effect. Implications & Recommendations: The study’s results indicate that customer habits can strengthen the relationship between perceived usefulness and purchase intention. Security issues do not significantly moderate the relationship between perceived ease of use and purchase intention. These results suggest that companies can build positive consumption habits through loyalty programs and personalised user experiences, thereby increasing perceived usefulness and encouraging continued purchase intentions. While security factors still need managing to maintain consumer trust. Contribution & Value Added: This study complements existing research by explicitly addressing AI-shaping factors such as accuracy, insight, and interaction with consumer behaviour in e-commerce. Furthermore, it broadens our understanding of customer habits, which can strengthen AI’s influence on purchase intentions. The study’s originality lies in integrating technology and behaviour into a comprehensive model that explains AI’s role in shaping consumer decision-making in e-commerce.
Copyright (c) 2026 Angga Febrian, Joel Mero https://creativecommons.org/licenses/by/4.0
The determinants of economic integration among Ukrainian forced and economic migrants in Poland
Objective: The article aims to analyse the key determinants of multiple dimensions of economic integration among Ukrainians in Poland, including employment status, job quality, skill matching, job satisfaction, and perceived financial situation, with a comparison between forced and economic migrants. Research Design & Methods: The study draws on a large cross-sectional CAWI survey of Ukrainians living in Poland (1 082 observations), conducted between March and April 2025. We designed the survey to enable comparisons of the economic performance of individuals across economic/forced migration status and urban/central/rural/remote areas. We constructed post-stratification weights to enhance representativeness and reliability of the study results according to voivodship, sex, and age based on the Polish PESEL register. The econometric analysis employed logit models. Findings: In line with the expectations, the study demonstrates that the Ukrainian forced migrants exhibit lower levels of integration than economic migrants. Employment is particularly constrained for women with young children, despite overall high participation rates. Social networks exert positive effects: Polish contacts enhance employment prospects and job-skill matching. Implications & Recommendations: The evidence underscores that women with young children face particular barriers to entering the labour market. Therefore, expanding access to preschools and maintaining child benefits are essential policy measures for fostering economic mobility and supporting refugee employment. Contribution & Value Added: This study provides new insights into the economic integration of Ukrainians in Poland, an increasingly important destination country within the EU. It contributes to the literature by comparing economic migrants and forced migrants from the same ethnic group within a single national context, while explicitly incorporating the urban-rural settlement dimension.
Copyright (c) 2026 Jan Brzozowski, Konrad Pędziwiatr, Marcin Stonawski, Michał Wanke, Svitlana Luchik-Musiyezdova https://creativecommons.org/licenses/by/4.0
Financial well-being through digital financial literacy, financial behaviour, and financial confidence
Objective: The study aims to explore how digital financial literacy, financial confidence, and financial behaviour can enable private university students to manage their financial well-being. Research Design & Methods: In this study, we used a cross-sectional research design and a deductive approach. Besides, using the snowball sampling technique, the researchers collected data from 319 private university students in Bangladesh. We analysed the collected data using SPSS and Smart PLS software. Findings: We found that digital financial literacy has no significant effect on the financial well-being of the private university students in Bangladesh. However, financial confidence and financial behaviour have a significant positive impact on financial well-being. Regarding the mediating effect, financial confidence fully mediates the relationship between digital financial literacy and financial well-being. Finally, financial confidence partially mediates the relationship between financial behaviour and financial well-being. Implications & Recommendations: Institutions of higher learning can develop initiatives to equip the youth with basic financial skills and the ability to use digital platforms. The government can develop initiatives that will provide opportunities for the youth to access financial information through the development of financial programs within learning institutions. Contribution & Value Added: The research makes a unique contribution to theory by revealing financial confidence as a crucial mediator through the lens of the technology acceptance model (TAM) and the theory of planned behaviour (TPB).
Copyright (c) 2026 Md. Mizanur Rahman, Dhruba Sarker, Saif Hossain, Aidin Salamzadeh https://creativecommons.org/licenses/by/4.0
Building networks in the manufacturing sector: A qualitative study of women entrepreneurs in Türkiye
Objective: The aim of the article is to explore how Turkish women entrepreneurs who own medium and large-scale manufacturing firms construct and mobilise social networks and how these networks evolve over time. Research Design & Methods: A qualitative research design was employed. Semi-structured interviews were conducted with 17 women entrepreneurs in the manufacturing sector in Antalya, Türkiye. Due to the absence of a formal database, snowball sampling was used. The data were analysed using interpretative phenomenological analysis (IPA) to capture participants’ lived experiences in relation to the research questions. Findings: The findings show that women entrepreneurs actively engage in networking throughout the entrepreneurial process. While networks were relatively limited during the start-up phase, they expanded and diversified as ventures grew. Four main network types were identified: personal networks, influential mentors, non-governmental organisations (NGOs), and public institutions. These networks provided key benefits, including financial support, customer and personnel access, information sharing, and motivational support. Implications & Recommendations: The results emphasise the importance of cultivating networks beyond family ties, particularly with mentors, NGOs, and formal institutions, to support venture development and sustainability. Contribution & Value Added: By focusing on women entrepreneurs in the manufacturing sector in a developing country context, this study extends existing research on gender and social networks beyond service-sector and Western settings.
Copyright (c) 2026 Nuray Atsan, Melek Öz Okudan https://creativecommons.org/licenses/by/4.0
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
Young employees’ digital entrepreneurship intention: An application of the unified theory of acceptance and use of technology
Objective: This study investigated young working people’s intention to start up a digital business under the influence of their habit of using online platforms such as social media and e-commerce, from a new theoretical perspective and in the context of an emerging economy of Vietnam. Research Design & Methods: Utilising the unified theory of acceptance and use of technology (UTAUT2) on a research sample of 301 working people aged 18 to 35 in Vietnam, we investigated a moderated mediation model by structural equation modelling (SEM) analysis. Findings: The habit of using online platforms (for either social media or e-commerce) positively affects users’ performance and effort expectancy, but negatively impacts risk perception of the platforms for digital entrepreneurship. In turn, performance expectancy and effort expectancy have a positive effect on attitude toward platform startup, and the attitude has a positive relationship with the establishment of digital entrepreneurial intention. However, the risk perception does not affect attitude toward using platforms for startups, which we may attribute to fear-of-missing-out syndrome (FOMO). Implications & Recommendations: Young workers should examine risk concepts to avoid following trends, rather than ignoring potential risks to achieve sustainable entrepreneurship. Managers should be aware that the working environment cultivates employees’ intention to do their own job during working time. Meanwhile, startup facilitators should think about platforms as a productive source of new businesses. Contribution & Value Added: This study significantly extends the UTAUT2 application into a new domain, a new purpose rather than just the adoption of a technology for its designed objectives; that is, entrepreneurship among working people. This suggests significant potential for literature development if researchers find new applications for long-lasting theories.
Copyright (c) 2026 Tran Thi Hong Lien, Nguyen Nam Tien https://creativecommons.org/licenses/by/4.0
The impact of internationalisation through export growth on debt financing in construction firms: Evidence from the Americas
Objective: This study investigates the impact of internationalisation on the indebtedness of construction companies in the Americas. We measured internationalisation as the share of exports in total revenues, reflecting a firm’s engagement in cross-border sales. Research Design & Methods: The analysis utilised panel data from 132 construction firms across 13 American countries. We employed fixed and random effects models. Findings: International firms show distinct debt financing patterns, with firm size positively influencing debt levels, especially in long-term debt. Internationalisation moderates the impact of firm-specific factors on capital structure. For international firms, asset tangibility positively affects long-term debt, contrasting with domestic firms, where this relationship is negative. Country-specific factors have a stronger impact on the capital structure of international firms than on domestic firms. Implications & Recommendations: As both the country context and the degree of internationalisation influence financing decisions, firms pursuing international expansion must adapt their financing strategies accordingly. Contribution & Value Added: This research uniquely investigates how internationalisation moderates the relationship between firm- and country-specific factors and the indebtedness of construction companies in the Americas – a sector and regional context that previous studies largely overlooked.
Copyright (c) 2026 Justyna Bogołębska, Magdalena Gostkowska-Drzewicka, Julia Koralun-Bereźnicka, Ewa Majerowska, Anna Wojewnik-Filipkowska https://creativecommons.org/licenses/by/4.0
Stakeholder perspectives for business through future scenarios: The case of sustainable recovery in Peru
Objective: This article aims to provide an overview of the stakeholders’ perspectives towards the climate change-oriented recovery of businesses in Peru, contributing to moving forward the literature related to the Stakeholder Theory and Sustainable Development. Research Design & Methods: We used a qualitative approach and conducted four focus group sessions to collect data. Moreover, we used a future studies methodology to obtain structured feedback from the stakeholders regarding four plausible future scenarios for businesses in Peru. Findings: The government appears as the key actor regulating the business environment, facilitating, among others, essential policies and resources such as decentralisation, education, biodiversity, technology, alliances, and energy transition that stakeholders could build upon as well. Implications & Recommendations: Our theoretical contribution emphasises the uncertainty around the stakeholders’ purposes, according to the different perspectives that we found toward a common concern. Moreover, this contribution supports stakeholder salience under crisis periods, drawing attention to redefining stakeholder priorities. Moreover, we built upon sustainable development literature, analysing how Peruvian companies can adapt and achieve resilience toward future scenarios. Contribution & Value Added: Future Studies methodology allowed us to assess how stakeholders are salient in crises towards business recovery. Peru constitutes a relevant case due to its institutional context, climate vulnerability, and socio-economic crises.
Copyright (c) 2026 Miguel Cordova, Fátima Huamán https://creativecommons.org/licenses/by/4.0
How do Artificial Intelligence-facilitated enablers influence international entrepreneurship: Does the Trump 2.0 tariff policy matter?
Objective: Applying the integrated framework of the entrepreneurial event model (EEM) and theory of planned behaviour (TPB), this study examined how Artificial Intelligence self-efficacy, competency, and knowledge shape perceived desirability and feasibility of international entrepreneurship, which in turn influence attitudes and intentions. It also tested how global mindset and tariff policy uncertainty moderate the attitude-intention link. Research Design & Methods: This study surveyed 336 Vietnamese international business students and applied linear and polynomial regression with response surface analysis to test core effects and interactions with contextual moderators. Findings: The results indicate that AI capabilities significantly enhance perceived desirability and feasibility, which in turn positively influence attitudes and entrepreneurial intentions. Polynomial regression revealed that congruence between desirability and feasibility strengthens entrepreneurial outcomes, whereas incongruence weakens them. Moreover, global mindset positively moderates, and tariff uncertainty negatively moderates, the attitude-intention relationship. Implications & Recommendations: The findings offer actionable insights for educators, policymakers, and aspiring entrepreneurs, highlighting the importance of cultivating AI literacy, a global perspective, and clarity in trade policy communication to foster entrepreneurial engagement. Contribution & Value Added: This study extends the EEM-TPB model by incorporating digital (AI-related) and political (policy uncertainty) dimensions into entrepreneurial cognition. It provides empirical evidence for how psychological and contextual mechanisms jointly shape international entrepreneurial intentions in emerging economies.
Copyright (c) 2026 Duong Cong Doanh https://creativecommons.org/licenses/by/4.0
Do digital small and medium-sized enterprises drive greeneconomic growth in the European Union?
Objective: The article aims to investigate whether digitalisation among small and medium-sized enterprises (SMEs) contributes to green economic growth (GEG) across European Union countries, focusing on environmental performance outcomes. Research Design & Methods: Using panel data from 25 European Union countries for the period 2010-2023, we applied fixed-effects, moderation, and panel threshold regression models. Digitalisation was proxied by the share of enterprises with e-commerce turnover above 1%, while GEG was measured via adjusted net savings. The analysis controlled for energy intensity and globalisation, and tests interactions with trade openness and R&D investment. Findings: The results revealed a robust, positive, and statistically significant relationship between SME digitalisation and GEG. Higher trade openness (interaction coefficient = 0.148) and R&D intensity (interaction coefficient = 0.058) amplified the impact. Implications & Recommendations: Policymakers should treat SME digitalisation as both an innovation and an environmental strategy. Support should focus on scaling digital capabilities in traditional sectors, improving access to R&D resources, and fostering enabling conditions like trade integration and green startup support. Investments in digital infrastructure, skills training, ESG metrics, and regional innovation hubs are essential for realising the synergistic benefits of the green-digital transition. Contribution & Value Added: This study shows that SME digitalisation is an important driver of environmental performance, but its impact depends on wider institutional and structural conditions. By combining fixed-effects, moderation, and threshold models, the study offers original evidence of a nonlinear digitalization-sustainability relationship, demonstrating that environmental gains intensify once SMEs reach higher levels of digital maturity. The study further identifies trade openness and R&D intensity as mechanisms that amplify these effects, contributing theoretically by clarifying how structural contexts shape the translation of digital capabilities into green economic outcomes.
Copyright (c) 2026 Aleksy Kwilinski, Zbigniew Makieła, Oleksii Lyulyov, Tetyana Pimonenko, Rafal Rebilas 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
Young consumers in cultural context: A cross-national study of Hofstede’s value dimensions
Objective: The study aims to evaluate the internal validity of a scale measuring cultural traits in relation to Hofstede’s framework and to identify the individual cultural characteristics of young people across three countries: Poland, South Korea, and the United States. Research Design & Methods: We conducted the research using the computer-assisted web interview (CAWI) method. Young participants from three culturally diverse nations received a web-based questionnaire, designed in accordance with Hofstede’s model and enriched with elements from other cultural measurement studies. Findings: The results confirmed that one can measure Hofstede’s dimensions as distinct, multidimensional constructs, with MA and IVR demonstrating strong cross-cultural validity. However, the weaker performance of IDV and UAI highlights semantic and contextual differences across societies, underlining the need for cultural adaptation of tools. The study also revealed that young cohorts often deviate from national cultural averages, reflecting their faster adoption of global trends, technology, and new media. Implications & Recommendations: Theoretically, the study supports Hofstede’s framework while pointing to the need for flexible, culturally inclusive, and dynamically validated scales. Practically, it demonstrates that youth-specific and locally tested strategies are essential in international marketing and management. Future research should extend cross-cultural validation to more countries, refine weaker items, and explore hybrid etic-emic models. Contribution & Value Added: The article contributes to cultural research by empirically testing Hofstede’s framework at the individual level, addressing generational differences, and offering methodological insights into the cross-cultural validation of measurement tools. It also provides practical recommendations for tailoring strategies to younger consumer segments across markets.
Copyright (c) 2026 Małgorzata Bartosik-Purgat, Wiktoria Rakowska, Tomasz Grzegorczyk https://creativecommons.org/licenses/by/4.0
Entrepreneurial acquisitions and small-cap private equity overlaps: A resource-based view
Objective: This study examines the competitive and collaborative dynamics between entrepreneurship through acquisition (ETA) and small- and micro-cap private equity (PE) in acquiring small and medium-sized enterprises (SMEs). Focusing on the DACH region (Germany, Austria, Switzerland), it explores how both actors overlap in target firm size, compete in deals, and identify opportunities for co-investment – an area that has received limited academic attention. Research Design & Methods: To address this gap, we used an inductive mixed-methods approach rooted in entrepreneurship theory and the resource-based view (RBV). We drew on interviews with twelve PE firms in the DACH region, complemented by eight expert interviews, to develop a theoretical model grounded in both practice and strategic intent. Findings: The study revealed an intensifying level of competition between ETA entrepreneurs and PE firms for smaller businesses, which are frequently central to PE buy-and-build strategies. Despite this competition, there is evidence of collaboration between the two parties. Private equity firms show a willingness to co-invest with ETA entrepreneurs, provided that they retain majority ownership and that the entrepreneurs bring relevant, task-related human capital to the table. Implications & Recommendations: These findings have practical implications for aspiring ETA entrepreneurs, suggesting the importance of strategic career planning and the development of industry-specific expertise to align with PE firms’ partnership expectations. Additionally, the research encourages future studies to explore which types of SMEs are particularly attractive to both ETA entrepreneurs and PE firms. Contribution & Value Added: This study contributes to entrepreneurship theory by offering a nuanced perspective on the relationship between ETA and PE in SME acquisitions. It presents a novel theoretical model capturing both competitive and collaborative dynamics, while also enriching the empirical understanding of the often-overlooked small- and micro-cap PE segment.
Copyright (c) 2026 Alexander Pöschl, Jörg Freiling https://creativecommons.org/licenses/by/4.0
Developing a cross-cultural competence model for cross-border e-commerce practitioners: Empirical validation and implications for entrepreneurial education
Objective: This study proposes a cross-cultural competence (CCC) model for Chinese college students in the cross-border e-commerce (CBEC) sector, aiming to identify key dimensions and support talent development in digital global trade. Research Design & Methods: We conducted a cross-sectional questionnaire survey among 592 CBEC students from 10 universities in China. We applied a two-step structural equation modelling (SEM) approach to identify and validate key dimensions and test interrelationships. We performed the analysis using SPSS Statistics 26 and AMOS 24, ensuring statistical rigour. Findings: The results support a validated second-order model of cross-cultural competence in CBEC, comprising five core dimensions: English Skills, Workplace Aptitude, Cultural Knowledge, Cultural Sensitivity, and CBEC Expertise. Among them, CBEC Expertise and Cultural Knowledge demonstrated the strongest contributions. The model showed a strong positive effect on CBEC performance and achieved good overall fit, confirming both its structural soundness and practical relevance. Implications & Recommendations: This study provides practical implications for entrepreneurial education, offering a validated framework to guide the development of cross-cultural competence among CBEC practitioners, thereby enhancing their ability to operate effectively in global markets. Contribution & Value Added: This study advances the theoretical understanding of cross-cultural competence in CBEC by empirically validating a multi-dimensional, second-order model, integrating factor structures and their relative influences, which scholars have not systematically examined in this context before.
Copyright (c) 2026 Ziyun Song, Sheerad Sahid, Iszan Hana Kaharudin 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
Trade openness, regional economic growth, and crises in transition countries: The case of Ukraine
Objective: The article aims to explore the impact of trade openness on the economic development of Ukrainian regions in different conditions, with a particular focus on the global financial crisis (2007-2009) and the ‘hybrid’ stage of the war (2014-2021). Research Design & Methods: We analysed the influence of trade openness on economic development, considering exchange rate fluctuation and foreign direct investment (FDI). Based on 21 input variables, we created the composite index of economic development using principal component analysis. To verify the hypothesis about the impact of determinants on economic development, we employed this index as a dependent variable in autoregressive dynamic panel models with error correction terms. We used trade openness, exchange rate, and foreign investment as explanatory factors. The article presents the examination of the effects of the mentioned variables across several regional categories, including coastal vs. non-coastal regions, regions with different levels of urbanisation and trade openness, and regions affected by military occupation. Findings: The findings reveal that trade openness has a significant positive impact on regional development, with its highest influence in the pre-war period. Economic growth of coastal regions is more sensitive to trade openness and FDI, compared to non-coastal regions. Moreover, regions with a higher level of trade openness experience stronger positive effects of FDI. We identified the increased impact of trade openness and FDI on the economic development of coastal regions during the 2007-2009 crisis. On the other hand, their influence decreases in non-coastal regions, compared to pre-crisis years. Furthermore, FDI has a positive effect on economic performance, particularly in non-occupied regions. Implications & Recommendations: The article’s results are important to better understand the interaction between trade openness and the economic development of Ukrainian regions, especially during the crisis and war periods. The findings indicate that higher trade openness should be achieved to ensure the economic stability of the country’s regions. That is why it is necessary to develop a strategy for the expansion and diversification of Ukrainian exports. The received results could help improve target programs that aim to promote the economic development of the country’s regions. The findings could also serve trade-oriented businesses to understand regional processes in more detail and to enhance decision-making under war conditions. Contribution & Value Added: The novelty of the article is threefold: (i) practical analysis of Ukraine that can serve as a benchmark in future research for comparative analysis between this country and other economies; (ii) comparison of the impact of trade openness on economic development of regions under crisis and non-crisis conditions; and (iii) the use of several classifications of the country’s regions (i.e., the proximity to the war zone, the sea access, and the urbanisation level) to identify peculiarities of the above-mentioned impact during the ‘hybrid’ stage of the war.
Copyright (c) 2026 Elena Horská, Serhiy Moroz, Jozef Palkovič https://creativecommons.org/licenses/by/4.0
Motivating Generation Z: An intergenerational and gender-based evaluation using the 9M model
Objective: The article aims to identify and organise the key factors that motivate Generation Z (Gen Z) workers. Generation Z enters the labour market with new expectations and preferences. A key issue for companies is to understand and explore what motivates them, as the impact of motivation on performance also affects the company’s overall effectiveness. Research Design & Methods: The article looks at the situation after COVID-19. To provide a theoretical foundation and formulate the hypotheses, we conducted a systematic literature review based on the literature on Generation Z workers’ motivation post-2022, published in WoS and Scopus. Moreover, the article also presents the results of a primary study (n=747) based on the analysis of data collected from a questionnaire survey using the 9M motivation model. We identified the most important factors influencing the motivations of Generation Z workers in the workplace, while also presenting these factors in an intergenerational comparison. In addition to descriptive statistics, we analysed the data using inferential methods in the statistical software SPSS and AMOS. Findings: According to the results of the primary survey, Gen Z workers are most motivated by appreciation and incentives, followed by working conditions (including remuneration, security, support systems) and thirdly by work-life balance (WLB). Among the motivational factors of the 9M, GEN Z exhibit a positive difference compared to previous generations only in terms of WLB, with all other factors being less motivating for them. Kruskal-Wallis H test showed significant differences between generations in the perception of motivational factors, WLB measures p=0, working conditions p=0.024, and quality of work and development p=0.032. The survey also confirmed that the motivation of men and women in Gen Z differs. Women are more motivated by all 9M factors than men, except for organisational culture, which is the least relevant element for Gen Z workers overall. Implications & Recommendations: Properly motivating Generation Z workers is essential for improving their performance and retention. The study provides an overview of the current situation, and its findings highlight a significant issue. Contribution & Value Added: Synthesising the literature review and comparing it with the findings of the primary survey helps clarify the motivational factors of Generation Z. The results of the systematic literature review show that there is a limited amount of relevant empirical research on the topic. The study contributes to the existing body of literature on Generation Z motivation.
Copyright (c) 2026 Beáta Melinda Pózner, Anita Kozák 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
Impact of innovation and economic structure on CO₂ emissions in Poland and Spain: Evidence from Bayesian Fourier autoregressive distributed lag modelling
Objective: The article aims to determine the impact of innovation, the level of economic activity (measured as GDP per capita), and the added value of key economic sectors (agriculture, industry, and services) on CO₂ emissions in Poland and Spain, and to assess whether innovations could significantly reduce emissions considering economic structural differences and dynamics. Research Design & Methods: The study employed a quantitative research design. It used Fourier autoregressive distributed lag (FARDL) and Bayesian Fourier autoregressive distributed lag (Bayesian FARDL) econometric models to analyse data from 1995 to 2022. The sample encompassed macroeconomic data for Poland and Spain. Findings: The study revealed significant differences between Poland and Spain. In Poland, despite a higher number of patent applications, technological innovations did not significantly affect CO₂ emissions, indicating limited application in high-emission sectors. Conversely, in Spain, innovations positively impacted CO₂ emissions, particularly in energy-intensive sectors. Energy consumption strongly influenced emissions in both countries, with Spain showing a more pronounced long-term effect. GDP negatively affected CO₂ emissions in Poland over the long run, whereas the study did not identify such relationship for Spain. The industrial and service sectors significantly impacted emissions and innovation in Poland, while in Spain, the industrial sector and patent activity were crucial determinants. Implications & Recommendations: The findings highlight the need for tailored economic and energy policy adjustments in both countries, especially focused on innovation, to enhance the effectiveness of their green transitions. Contribution & Value Added: This article contributes by providing a comparative analysis of Poland and Spain using advanced econometric methods, identifying country-specific dynamics between innovation, sectoral structure, the level of economic activity, and CO₂ emissions, thus providing novel insights for policymaking in the context of sustainability. Moreover, the study applied a relatively new and advanced Bayesian Fourier ARDL modelling, enhancing the analysis’ methodological rigour.
Copyright (c) 2026 Błażej Suproń, Irena Łącka, Agnieszka Brelik, Antonio Minguez Vera 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
Organisational culture, business model design and performance: Does ambidexterity play a role?
Objective: The article aims to explore the relationships between cultural and innovation ambidexterity and novel business model design (NBMD) and trace their influence on business performance in the context of transition economies. Research Design & Methods: We adopted a cross-sectional survey design using data collected in 2019 from 175 managers and owners of Albanian firms across nine knowledge-intensive sectors. We employed structured questionnaires with validated multi-item Likert scales to measure constructs like ambidexterity, NBMD, and performance, followed by rigorous validity and reliability checks (CFA). The analysis used covariance-based structural equation modelling (SEM) with bootstrapping to test hypothesised relationships and assess indirect effects. Findings: Our study demonstrates that new business model design can capture the value created by organisational culture and innovation ambidexterity. More specifically, we found a chain relationship between ambidextrous organisational culture, innovation ambidexterity, novel business models, and business performance. These results support the view that, as a dynamic capability, ambidexterity affects performance indirectly through NBMD, while the performance outcomes of cultural ambidexterity are mediated by factors such as innovation ambidexterity and NBMD. Implications & Recommendations: We identified NBMD as a design theme aligned with contextual ambidexterity that can capture the value-creation potential of this form of innovation ambidexterity. Managers should consider adopting an NBMD when pursuing innovation ambidexterity, while government and development agencies should consider providing grants to start-ups experimenting with novel business models. Contribution & Value Added: This study represents one of the few attempts to investigate the relationships between organisational culture, capabilities and business models, contributing to the literature that focuses on identifying business models that can support paradoxical strategies, including ambidexterity.
Copyright (c) 2026 Blendi Gerdoçi, Marco Cucculelli, Daniela Lena 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
Ownership structure, stakeholder pressure, and sustainability transparency: Insights from Indonesia
Objective: We investigated the effect of ownership structure, specifically foreign and institutional ownership, on the transparency of sustainability reporting. We also examined how stakeholder pressure, particularly from environmental and customer perspectives, moderates this association, either strengthening or weakening its effects. Research Design & Methods: We employed a quantitative approach using a purposive sampling method, resulting in 672 firm-year observations from non-financial companies listed on the Indonesian Stock Exchange during the 2020-2023 period. We measured the transparency of sustainability reports using transparency scores from the CSRHub database. We categorised stakeholder pressure into two types: environmental pressure and customer pressure, based on industry classification. We also conducted moderated regression analysis to empirically test the research model. Findings: The results indicate that we may positively associate higher levels of foreign and institutional ownership with greater transparency in sustainability reports. Stakeholder pressure moderates the impact of foreign ownership on transparency, with environmental pressure reinforcing this relationship, whereas customer pressure weakens it. Moreover, environmental and customer pressures do not significantly moderate the institutional ownership-transparency relationship. Implications & Recommendations: The findings have significant implications for regulators and prospective investors. They highlight the need for stronger regulatory enforcement and targeted stakeholder engagement to improve environmental, social, and governance (ESG) transparency, particularly in customer-facing and environmentally sensitive sectors in emerging markets. Contribution & Value Added: This study contributes to the growing body of literature on sustainability reporting transparency by offering empirical evidence from an emerging market context. Using evidence from Indonesia, it offers insights into the interplay between governance structures and stakeholder dynamics, with implications for theory and practice.
Copyright (c) 2026 Rizky Eriandani, Wahyu Agus Winarno 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