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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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
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
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
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
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
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
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
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
Beyond profit: A phenomenological exploration of Generation Z’s entrepreneurial motivations and the integration of financial and social value
Objective: This study examines how Generation Z conceptualises profit and how these perceptions shape their entrepreneurial motivations and strategies. Traditional economic theories define profit as financial gain. However, Generation Z entrepreneurs integrate social impact, innovation, and personal fulfilment into their business models. Existing literature largely focuses on generational comparisons without deeply exploring how this cohort reconciles financial and non-financial objectives. Research Design & Methods: Using a phenomenological approach, we conducted in-depth interviews to capture their lived experiences. The interpretivist paradigm enables a nuanced understanding of profit as both a motivational driver and a business goal. Findings: The results revealed that profit for Generation Z is not merely materialistic but is intertwined with meaning, value creation, and social impact. Respondents expressed that profit must align with personal satisfaction, authenticity, and the desire to contribute positively to society. This indicates a shift from traditional economic views to a more holistic and value-driven understanding of entrepreneurial success. Implications & Recommendations: The results indicate that entrepreneurial education, policy, and support programs must adapt to these changing perceptions by fostering business models that combine economic engines with social value creation. Identity, creativity, and meaning construction are important factors governing the entrepreneurial imagination of younger cohorts, and stakeholders need to appreciate this. Contribution & Value Added: The present research is novel in its theoretical approach by integrating McClelland’s achievement motivation theory with shared value theory and sustainable innovation theory to expand on entrepreneurial motivation theories by examining how Generation Z constructs profit as a multidimensional concept involving financial, psychological, and social facets. It also attempts to extend the profit function theory by positing profit as a form of purposive identity construction and social capital. As for practical implications, the study makes recommendations for educators, policymakers, and business practitioners who seek to advance entrepreneurial education and business models that resonate with the values of Generation Z, especially in the context of ethics, imagination, the creative economy, and the digital world.
Copyright (c) 2026 Irwan Adimas Ganda Saputra, Siti Sri Wulandari, Dewie Tri Wijayati Wardoyo, Yoyok Soeatyo, Agung Listiadi 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
Bowing to the inevitable? Unravelling the mediation effects of culture on the relationship between resignation and corrupt behaviour
Objective: This study aims to examine how cultural dimensions mediate the relationship between accepting corruption and engaging in corrupt behaviours. The study examines how cultural traits affect the normalisation of corruption in organisations and societies. Research Design & Methods: The study uses a quantitative approach, sampling with a structured online questionnaire completed by 4222 valid respondents in Hungary. The survey integrates vignettes to measure acceptance and willingness regarding corrupt practices, alongside the CVSCALE to assess six cultural dimensions. The study applies Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), Structural Equation Modelling (SEM), and Sobel tests. Findings: We found that cultural factors such as long-term orientation, motivation for success, power distance, and indulgence significantly influence the willingness to engage in corrupt behaviour. However, collectivism and uncertainty avoidance have little effect. The acceptance-willingness relationship is mediated by cultural factors like success motivation and power distance, which shape corrupt practices. Implications & Recommendations: The study recommends targeted interventions to combat corruption, including reforming cultural norms that prioritise immediate gratification, tolerate hierarchical inequalities, or associate success with unethical practices. Collectivism and uncertainty avoidance interventions may have little effect, so resources should be allocated to predictive dimensions. Contribution & Value Added: This study uncovers how cultural factors influence corruption-related behaviours, filling gaps in the literature on resignation, cultural traits, and corrupt practices. It shows policymakers how to develop culturally nuanced anti-corruption strategies using structural and value-based reforms.
Copyright (c) 2026 Richard Kasa, Gabor Rethi, Csaba Kerekgyarto 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