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 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
Technological investments and green energy production in Central and Eastern Europe
Objective: The article aims to examine the impact of technological investments on the development of wind energy and photovoltaics in Central and Eastern European countries (CEE) belonging to the EU. Research Design & Methods: In the analysis of the impact of expenditure on technical investments, I used panel threshold analysis and bootstrap simulation tests. I built the models based on the basis of annual data on the renewable energy market from 2013-2023 from the ‘Our World in Data’ databases and Eurostat. Findings: Research and development (R&D) expenditure stimulates the production of electricity from wind turbines to a greater extent than from PV panels. The strongest stimulation of electricity production simultaneously by a wind turbine and PV panels will occur when R&D expenditure ranges from 0.96% to 1.39% of GDP. If these expenses are in the range of 0.78% to 0.96% of GDP, solar energy will be stimulated the most, while if R&D expenditures are in the range of 1.39% to 1.61%, wind energy will be stimulated the most by these expenses. A simultaneous weakening of the development of wind and solar energy will occur when R&D expenditure is below 0.78% of GDP. Exceeding subsequent R&D expenditure thresholds weakens the effects of increasing energy production from renewable energy sources, which is caused by the intensification of the impact of various barriers inhibiting the development of renewable energy sources. Implications & Recommendations: The obtained results may be helpful for decision-makers responsible for shaping energy policy in individual countries of Central and Eastern Europe. Stimulation of the renewable energy sector through R&D expenditure is limited due to the existing barriers to the development of renewable energy sources specific to various countries. Fully exploiting the potential of renewable energy requires a gradual overcoming of these limitations. Energy policy aimed at eliminating barriers to the development of renewable energy should consider the local conditions of individual countries in terms of their natural conditions, available resources, energy infrastructure, diversification of energy sources, etc. Contribution & Value Added: The article presents an original analysis of the impact of expenditure on technological investments using panel threshold analysis and bootstrap simulation tests. The presented results bring added value to economic and policy research in the renewable energy sector.
Copyright (c) 2025 Marcin Salamaga https://creativecommons.org/licenses/by/4.0
Determinants of the perception of FinTech companies as environmentally friendly: European consumers’ perspective
Objective: The aim is to identify the determinants of the perception of FinTech companies as environmentally friendly institutions. Research Design & Methods: The empirical base used in the work comprises data obtained in a survey conducted using computer-assisted web interviews of 2 000 respondents from the United Kingdom, Germany, Poland, and Ukraine. We used the ordinary logit models in the data analysis. Findings: We identified the perceived benefits of using artificial intelligence (AI) technology in the financial sector and personal values and beliefs regarding sustainable development as the key factors determining whether FinTech companies are perceived as environmentally friendly institutions. Moreover, we found that education and financial knowledge are significant determinants. Implications & Recommendations: For FinTech companies to be perceived as environmentally friendly, decision-makers must take actions supporting environmental sustainability and implement an appropriate communication policy. Building a green institutional image is supported by educating consumers about finance, promoting ecological responsibility, and encouraging more frequent use of financial applications. It is also important to highlight environmental initiatives while avoiding greenwashing, as individuals engaged in environmental protection are particularly sensitive to manipulation in this area. The findings of the study can also serve to increase the effectiveness of communication between FinTech companies and market participants in the area of environmental protection. Considering the importance of the variable related to the AI use in finance, the messaging should emphasise the positive environmental impact of digital technologies employed by FinTech companies. Contribution & Value Added: The study significantly contributes to the development of green FinTech research, as it is the first to address how FinTech companies come to be regarded as environmentally friendly. Identifying the determinants of the relevant perceptions is particularly important since the literature shows that most consumers are not convinced of the beneficial impact of banks and FinTech companies on the environment. The study’s particular contribution is the identification of universal determinants independent of the respondents’ country of origin, which FinTech company managers should consider when designing services and communicating with consumers. Empirical evidence also indicates that the value-belief-norm theory contributes to explaining the perception of FinTech companies as green. We should associate the uniqueness of the work with the use of data obtained in a survey of respondents from several European countries with different levels of financial market development and different degrees of implementation of the UN Sustainable Development Goals.
Copyright (c) 2025 Dariusz Piotrowski, Anna Iwona Piotrowska https://creativecommons.org/licenses/by/4.0
Towards a cleaner environment: Determinants of willingness to pay for clean air and renewable energy in Poland
Objective: The article aims to compare the willingness to pay for energy from renewable sources with the willingness to pay for clean air in Poland and to establish factors that influence these phenomena. These topics are usually addressed in separate studies, making a credible comparison difficult. Research Design & Methods: We survey a representative group of single-family residents and apply advanced machine learning techniques based on Bayesian model selection (averaging) to construct a credible list of factors that determine willingness to pay for clean energy. Findings: We find that people are willing to pay more for clean air than for energy from renewable sources. Both aspects of willingness to pay are affected by the size of the electricity bills, the importance of the environment and the knowledge about renewable energy supplies. Willingness to pay for energy from renewable sources is also influenced by educational level and awareness of the need to increase the share of renewable energy in the domestic energy mix. Furthermore, we find that young people are more willing to pay for energy from renewable sources, whereas older people are more likely to pay for clean air. Implications & Recommendations: Arguably, a higher willingness to pay requires, first and foremost, greater environmental awareness and the promotion of its benefits among the population at large. Since willingness to pay studies are based on respondents’ declarations, their actual willingness to bear the costs of energy transition may be lower. A variety of initiatives should be taken to foster closer bonds between people and their environment to make them feel more responsible for the shared objective. Contribution & Value Added: The study bridges a significant gap by examining the willingness to pay for renewable energy and clean air in the same sample of respondents. We focus on single-family home residents. Using quantitative methods, we identify factors that are common to willingness to pay for clean air and renewable energy sources, as well as those that are specific to each type.
Copyright (c) 2025 Michał Król, Kamil Makieła, Łukasz Mamica https://creativecommons.org/licenses/by/4.0
Changes in enterprise potential in a circular economy: A comparative analysis of EU countries in 2013 and 2020
Objective: The article aims to identify and assess the spatial disparity of entrepreneurship and its links to the circular economy (CE) at the EU country level and to identify the practical implications of these phenomena for economic and regional policies that support sustainable development. Research Design & Methods: We employed literature analysis and statistical analysis. We used the TOPSIS method to create synthetic measures. We collected the empirical data by the spatial distribution of EU countries (including Eastern Bloc countries). The results of the analysis were presented in 2013 and 2020 (this is linked to the two programming periods of EU funds). It allowed for capturing the dynamic aspects of the studied phenomena and controlling the phenomenon of deviations related to the cyclical changes occurring in the economy. Findings: Entrepreneurship is an important element of economic growth that impacts the social sphere, improves the quality of life, and creates new jobs. The interaction between entrepreneurship and the circular economy is multidimensional, highlighting the importance of both entrepreneurship and the circular economy. The research shows a positive change in both areas, both in terms of entrepreneurship, compared to earlier years. Depending on the country, the situation regarding entrepreneurship and the circular economy varied. Malta, the Czech Republic, and the Netherlands were in a better situation in the entrepreneurship aspect, while Italy, Spain, and Greece were in a weaker situation. In the case of the circular economy, countries with better performance included the Netherlands, Slovenia, and Italy, while Denmark, Portugal, and Greece were worse off. Poland experienced growth in the area of entrepreneurship, while the situation remained more stable in the area of the closed economy, which affected the country’s position in the international ranking. Implications & Recommendations: The obtained measures depend on the number and type of variables adopted for the study. Authorities can use this knowledge to assess the effectiveness of the development instruments and policy tools used so far. The results of the clustering can be the beginning of further in-depth research to determine which variables have had a decisive impact on the process of transformation and changes in the entrepreneurship area. Further empirical research is needed on the implementation of the CE, the relationship with the variables of demography, the financial situation, and environmental changes, as well as their impact on changes in the area of entrepreneurship. Actions taken in this aspect must be based on analyses that facilitate comparisons and on current information necessary for effective action. Contribution & Value Added: The study makes international comparisons between the studied areas, i.e., entrepreneurship and CE. The value of the article is the set of variables and the results of the analysis presenting the indicated relationship in the EU countries, with an indication of the Eastern Bloc countries in 2013 and 2020. It is an important stimulus in the discussion on strengthening the effectiveness of CE implementation in the conditions of a country and its impact on entrepreneurship changes.
Copyright (c) 2025 Paweł Dziekański, Łukasz Popławski, Martin Straka https://creativecommons.org/licenses/by/4.0
Development and validation of the Customer Engagement Orientation scale: Assessing firms’ customer engagement orientation and its impact on performance
Objective: The article aims to develop and validate a new scale – Customer Engagement Orientation (CENOR) – to measure a firm’s customer engagement orientation and to provide evidence of its impact on firm performance. Although customer engagement marketing has received growing scholarly attention, the concept of a firm’s customer engagement orientation – particularly in capturing value from non-transactional customer behaviour – remains underexplored. Its precise definition, measurement, and firm-level effects are still unclear. Research Design & Methods: We followed Churchill’s procedure (1979) to create and validate the CENOR scale and analyse its impact on firm performance. Firstly, we proposed the scale items based on insights gathered from the literature review and qualitative research of six company managers. Subsequently, the scale underwent assessment and validation through a quantitative study of 100 firms in the household appliances industry and 101 firms in the financial services industry. Finally, we tested nomological validity through a separate quantitative study of 201 firms in the food, beverage, and fashion industries, using structural equation modelling to examine the relationships between the firm’s CENOR and overall performance. Findings: We developed and validated a comprehensive measurement tool for assessing the customer engagement orientation of marketing managers. Our findings demonstrate that the CENOR scale is reliable and valid across three distinct samples of companies operating in a developed economy of Poland. It remains invariant across consumer goods and services industries. Our findings support the external validity of the CENOR as a predictor of initiatives aimed at developing customer engagement behaviour. Furthermore, we confirmed a firm’s customer engagement orientation as a critical factor in driving business performance. Implications & Recommendations: The prepared measurement tool provides a robust basis for future investigations into the implementation of customer engagement orientation within firms stemming from different industries operating in developed markets. It offers practical guidance for implementing a customer engagement-oriented approach within an organisation and equips practitioners with tools to systematically assess and improve their customer engagement orientation, ultimately driving improved performance. Contribution & Value Added: The unique contribution of this study to the theory of customer engagement marketing lies in combining the development of a new scale for measuring a firm’s customer engagement orientation with an analysis of its impact on performance. It contributes to the knowledge of strategic marketing by identifying a firm’s engagement orientation as an organisational culture focused on encouraging customers to interact and build relationships beyond transactions. It provides evidence of the positive impact of this orientation on firm performance enhancing our understanding of how a company’s management system can successfully capture value from customer resources involved in their non-transactional activities.
Copyright (c) 2025 Katarzyna Żyminkowska, Izabela Kowalik, Agnieszka Pleśniak https://creativecommons.org/licenses/by/4.0
Digital competence and digital entrepreneurial intention: A social cognitive approach
Objective: This article aims to investigate how digital competence moderates the relationship between entrepreneurial education and digital entrepreneurship intention among university students within the framework of social cognitive career theory. Research Design & Methods: We employed a quantitative approach, utilising a structured questionnaire to collect data from 327 university students over two months. We analysed the data gathered from a diverse sample of students across different academic years using partial least squares structural equation modelling (PLS-SEM) to test the proposed hypotheses and examine the moderating effect of digital competence on the relationships between entrepreneurial education, self-efficacy, outcome expectations, and digital entrepreneurship intention. Findings: Digital competence has a dual moderating effect on digital entrepreneurship intention. It positively moderates the relationship between outcome expectations and entrepreneurial intention, enhancing students’ confidence in achieving entrepreneurial success. However, it negatively moderates the link between self-efficacy and intention, suggesting that high digital competence may reduce reliance on educationally developed self-efficacy. These findings underscore the nuanced role of digital competence in shaping entrepreneurial intention, challenging the conventional assumption that higher competence unilaterally strengthens entrepreneurial drive. Implications & Recommendations: The study’s limitations include a relatively small sample size and a focus on the role of entrepreneurial education without exploring the mediating effects of cognitive structures like self-efficacy and outcome expectations. Future research should consider larger samples and examine other contextual factors, such as cultural and environmental influences on digital entrepreneurship intention. Educational programs should integrate real-world experiences, adapt content to students’ digital competence, and focus on the entrepreneurship intention process while allowing students to self-develop. Contribution & Value Added: This study is the first to explore the moderating role of digital competence within the social cognitive career theory framework on forming digital entrepreneurship intention among university students. This study advances theoretical understanding and offers practical insights for enhancing digital entrepreneurship education by revealing how digital competence interacts with self-efficacy and outcome expectations. These findings have broader implications for academia and policymakers, emphasising the need for adaptive educational approaches that align with the evolving digital landscape.
Copyright (c) 2025 Bao Quoc Lam, Hao Yen Tran, Kiet Anh Nguyen, Kiet Tuan Nguyen, Minh Pham https://creativecommons.org/licenses/by/4.0
Personality alchemy: The influence of personality traits on the circular entrepreneurial intentions of higher education students
Objective: The study explores the influence of Portuguese higher education students’ personality traits on their intentions to become circular entrepreneurs using their perceived circular behavioural control as a mediator. We considered internal locus control, proactive personality, perceived creativity and propensity to take risks as personality traits. Research Design & Methods: We used an online questionnaire to collect data from 510 Portuguese university students. We performed the quantitative analysis through the partial least square method. Findings: We found that the propensity to assume risk, creativity, internal locus of control, and proactivity were (by these order) personality traits with a positive influence on either respondents’ circular behavioural control and, using this, their circular entrepreneurs’ intention. Implications & Recommendations: The results of this study allowed us to infer implications for higher education students, universities, and policymakers. Students demonstrated intentions to promote circular entrepreneurial activities, and these intentions can be worked on and learned at universities by encouraging creativity, innovation, and proactivity and inciting greater levels of confidence in students. These skills allow you to accelerate the implementation of circularity in new businesses. To achieve this, greater coordination with the business community is essential by proposing challenges and problems that universities can help resolve. Political decision-makers must formulate circular entrepreneurship policies and include them in the national development plan, encouraging the formulation of new sustainable businesses. Contribution & Value Added: This study highlights the relationship between personality traits and the intention to become a circular entrepreneur, providing novel evidence in this field. Moreover, it introduces perceived circular behavioural control as a mediator between personality traits and entrepreneurial intentions, an innovative approach in empirical research models. These insights can contribute to the development of policies and strategies aimed at fostering circular entrepreneurship, helping to create environments more conducive to sustainable innovation and economic development based on resource reuse and regeneration.
Copyright (c) 2025 Sofia Gomes, Micaela Pinho, João M. Lopes https://creativecommons.org/licenses/by/4.0
Exploring entrepreneurial phases with machine learning models: Evidence from Hungary
Objective: The article aims to explore the potential differences between the two phases of entrepreneurship, i.e., total early-stage entrepreneurial activity and established business, as defined by the Global Entrepreneurship Monitor (GEM). The study aimed to classify entrepreneurs using various machine learning models and to evaluate their classification performance comparatively. Research Design & Methods: Using the Hungarian GEM datasets from 2021 to 2023, we analysed a subsample of 964 entrepreneurs. Due to inconsistent results from traditional analyses (e.g., correlations, regressions, principal component analyses), we employed machine learning approaches (supervised learning classification methods) to uncover latent relationships between variables. Findings: The study utilized seven machine learning classification methods to examine the feasibility of grouping companies within the sample using Hungarian GEM data. Findings indicate that machine learning techniques are particularly effective for classifying businesses, although the performance of each method varies significantly. Implications & Recommendations: These results provide valuable insights for researchers in selecting methodologies to identify various business phases. Moreover, they offer practical benefits for market research professionals, suggesting that machine learning techniques can enhance the classification and understanding of entrepreneurial phases. Contribution & Value Added: The study adds to the existing body of knowledge by demonstrating the effectiveness of machine learning methods in classifying business phases. It highlights the variability in performance across different machine learning techniques, thereby guiding future research and practical applications in market research and entrepreneurship studies.
Copyright (c) 2025 Áron Szennay, Judit Csákné Filep, Melinda Krankovits https://creativecommons.org/licenses/by/4.0
Long-run effects of fiscal policies on environmental pollution
Objective: This study aims to investigate the long-run effects of fiscal policy instruments, including environmental taxes, environmental protection expenditures and renewable energy incentives on environmental pollution, measured as ecological footprint, in a sample of European Union countries and Turkey using annual data for the period 1996-2018. Research Design & Methods: The conventional literature generally suggests that fiscal policy instruments can affect environmental pollution in the long run. To examine whether fiscal policy instruments will be effective on pollution in the long run, we employed both fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods. Findings: The estimation results showed that renewable energy incentives are the most effective policy instrument to mitigate pollution. We also found that environmental taxes have negative and statistically significant effects on pollution. However, the relationship between environmental protection expenditures and pollution is not robust and changes with respect to the estimation method. Implications & Recommendations: The findings of this study indicate that fiscal policy instruments can reduce environmental pollution. In this vein, renewable energy incentives and environmental tax tools appear to be the most effective fiscal policy instruments. Therefore, policymakers can use fiscal policy instruments to deal with environmental pollution problems. Contribution & Value Added: Given the limited research on the combined effects of fiscal policy instruments, we aimed to contribute to the literature by employing FMOLS and DOLS estimation procedures. These methods allowed us to examine the long-run relationship between fiscal policy instruments and the ecological footprint. To examine the long-run relationship between fiscal policy instruments and ecological footprint, we prefer to employ FMOLS and DOLS methods which consider potential autocorrelation and some degree of heterogeneity. Therefore, we aimed to contribute to the literature by investigating the effectiveness of fiscal policy instruments on environmental pollution in our sample of countries.
Copyright (c) 2025 Derya Tabiloğlu, Temel Gürdal https://creativecommons.org/licenses/by/4.0
Entrepreneurial resilience in times of crisis: A bibliometric analysis
Objective: The study aims to map out and explore the body of knowledge related to the topic of entrepreneurial resilience in times of crisis. Research Design & Methods: We conducted a bibliometric analysis of publications selected from Scopus. In all, we identified 291 articles concerning entrepreneurial resilience were identified, appearing in 156 journals and authored by 782 contributors affiliated with 160 institutions in 67 countries. The documents were analysed using VOSviewer software. Findings: This study reveals an increasing trend in publications, with a notable surge from 2020 onward, likely driven by the COVID-19 pandemic’s impact. Implications & Recommendations: This study contributes to the understanding of entrepreneurial resilience during times of crisis, providing essential guidance to both researchers and practitioners. On the academic level, it highlights the distribution and current trends in research, providing a solid framework for exploring new future directions. From a practical standpoint, it offers valuable recommendations to managers and practitioners, enabling them to make informed decisions to strengthen the resilience of their businesses in a constantly evolving environment. Contribution & Value Added: The study significantly contributes by offering a complete overview of the existing studies concerning entrepreneurial resilience, providing valuable insights and a clearer understanding of the current landscape and emerging trends.
Copyright (c) 2025 Brahim Aaouid, Abdellah Elboussadi, Omar Boubker https://creativecommons.org/licenses/by/4.0
Identification and direction of changes in work-life balance dimensions in Visegrad Group countries
Objective: The article aimed to identify the dimensions and trajectories of work-life balance (WLB) across the Visegrad Group (V4) countries (Poland, the Czech Republic, Slovakia, and Hungary) during the period 2008-2022. We posed two research questions: which factors are most responsible for WLB and how do the dimensions of WLB evolve over time among the V4 countries? Research Design & Methods: We employed a quantitative and interpretative approach. Based on statistical data, we identified WLB dimensions in the multiple factor analysis (MFA). The estimated factor values formed the basis for analysing the trajectories of changes in three indices (WORK, TIME, FAMILY) for each of the V4 countries over the 2009-2022 period. Findings: Among the three WLB dimensions, WORK was the most explanatory for WLB. The eigenvalue of the first dimension explained 32% of the total variance, the second dimension eigenvalue contributed 26% of the variance, and the third extracted dimension explained 15% of the total variance. We demonstrated the status of three WLB dimensions over a period of 14 years across the V4 countries. We found the greatest stabilization of WLB in the FAMILY dimension, while the WORK dimension distinctly differentiated the V4 countries. Although all V4 countries showed an increasing trend in the WORK index alongside a decrease in the TIME index, they clearly followed different paths in the development of WLB, including the pursuit of diversification (WORK), similarity (FAMILY), and the maintenance of stationarity (TIME). Implications & Recommendations: The findings may be valuable for planning future strategies aimed at enhancing the employees’ WLB. Further research should focus, among other aspects, on the observation of WLB dimensions and the assessment of the trajectories identified in the article, including the impact of the V4 countries’ decisions on the development of work-life balance policies. Contribution & Value Added: The number of studies on WLB has increased significantly over the past ten years, revealing the complexity of the phenomena and presenting diverse research perspectives. The proposed study approach based on multiple-factor analysis allowed us to capture the state of WLB in terms of its dimensions (WORK, TIME, FAMILY) and its dynamics over a longer time frame (14 years) in countries originating from the same political-economic system. The differences identified at this level have led to the conclusion that the state of WLB of employees from the V4 countries is only partly determined by systemic-historical conditions. WLB in the V4 countries reveals national-level differences and prompts further comparative research.
Copyright (c) 2025 Marta Domagalska Grędys, Adam Sagan, Katarzyna Piecuch https://creativecommons.org/licenses/by/4.0
Factors influencing the development of entrepreneurs’ businesses after the age of 50: The case of Poland
Objective: The article aims to identify and assess factors influencing the development of entrepreneurs’ businesses after the age of 50, with particular emphasis on firm age, entrepreneurial motivations, and support from the environment. Research Design & Methods: We gathered data through a survey of over 1 000 Polish micro and small enterprise founders over 50, including those who started their businesses early and have managed them long-term, as well as those who launched their ventures after turning 50 and have operated them for a shorter period. We used logistic regression to analyse the data. Findings: The results revealed that firm age serves as a moderator in the influence of entrepreneurial motivation factors on further business development, particularly in relation to family support and the desire to remain active. Internal entrepreneurial factors, such as seeking new challenges and remaining active, positively impacted growth intentions. However, dissatisfaction with previous jobs and job loss reduced growth prospects. External factors, such as family and state support, significantly influenced growth tendencies. Implications & Recommendations: Entrepreneurs over 50 should not face discrimination, and policymakers should ensure their inclusion in grants, mentorship, and training programs available to all entrepreneurs. Moreover, entrepreneurship support organisations should develop programs that involve family members in the business planning process to enhance emotional support and foster shared understanding. Contribution & Value Added: This study fills a research gap by explicitly linking entrepreneurial motivations with further business development. Moreover, it expands the existing knowledge on mature entrepreneurs in Central and Eastern Europe. The study’s originality lies in its integration of multiple dimensions – internal motivations, firm age, and external support – into a comprehensive model that explains business development among entrepreneurs over 50. It contributes to the broader discourse on prolonging entrepreneurial activity in ageing societies.
Copyright (c) 2025 Daria Ilczuk, Łukasz Dopierała, Joanna Bednarz https://creativecommons.org/licenses/by/4.0
Sustainable industrial transformation through entrepreneurial ecosystem governance: The case of Polish energy clusters
Objective: The article aims to expand the concept of regional industrial transformation to sustainable industrial transformation (SIT) and explain the role of ecosystemic governance in SIT on conceptual and empirical grounds based on Polish local energy clusters. Research Design & Methods: We surveyed energy cluster initiatives in Poland, which we supplemented with a secondary data analysis and semi-structured interviews with the clusters’ administration. The survey raised a final sample of 43 observations of active energy cluster initiatives in Poland. The analytical technique was qualitative comparative analysis, an approach between qualitative and quantitative data treatment. Findings: We identified governance characteristics associated with the different levels of sustainable energy industrial transformation (SEIT). We revealed two governance patterns conducive to high-transformative energy clusters and two patterns of low-transformative cluster initiatives. Implications & Recommendations: We provide empirical evidence of SEIT on an under-researched local level and identify the ecosystemic governance types favourable for and impeding this industrial transformation, with conclusions and recommendations relevant to economic policy and future research. Contribution & Value Added: This research contributes by expanding the conceptual framework of regional industrial transformation to SIT based on socioeconomic governance, with the adoption of co-evolutionary and entrepreneurial ecosystem approaches. Moreover, it corroborates and advances the concept of SIT on the empirical ground of Polish local energy clusters.
Copyright (c) 2025 Marta Gancarczyk, Damian Tomczyk, Jacek Gancarczyk https://creativecommons.org/licenses/by/4.0
Linking digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the Vietnamese food industry
Objective: This study aims to assess the role of the relationship between organizational strategic intuition, which serves as a mediator, and entrepreneurial orientation, which serves as a moderator. This will help us better understand how digital transformation leads to sustainable operation performance. Moreover, business seniority, business size, and degree of level of digitalization all contribute to variance analysis. Research Design & Methods: The development of an empirical investigation utilized a quantitative methodological technique. I gathered data for the survey of 368 managers or owners who worked for various food processing businesses in Vietnam. I evaluated the acquired data using partial least squares structural equation modelling (PLS-SEM) and multigroup analysis. Findings: The results showed that digital transformation positively affected sustainable operation performance, organizational strategic intuition mediated the interaction between digital transformation and sustainable operation performance, and entrepreneurial orientation modified the association between digital transformation and sustainable operation performance of enterprises. Implications & Recommendations: Strategic intuition is an organizational competency appropriate for the organization with the resources, assets, and capabilities that are suitable for the organization in terms of the theory of sustainable competitive advantage, thanks to the study’s contribution of new knowledge about expanding concepts of digital transformation, organizational strategic intuition, and entrepreneurial orientation. Based on the research’s conclusions, I want to improve Vietnamese food enterprises’ standard operating procedures (SOPs) in the context of globalization, free trade, the state of science and technology, etc., under pressure in the current competitive environment. The necessary steps to this aim are giving governance implications and aiding the business in creating a connection between digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the future. Contribution & Value Added: This study examines the relationship between digital transformation, organizational strategic intuition, and sustainable operation performance as well as the moderator function of entrepreneurial orientation and the degree of digitization in the food business in Vietnam, a developing market. Research shows that Vietnamese food companies need to improve sustainable operations to keep up with globalization, scientific and technological advances, and market trends. I made some conclusions to assist institution administrators in realizing the importance of strengthening the connections between digital transformation, organizational strategic intuition, entrepreneurial orientation, and sustainable operation performance in the upcoming stage.
entrepreneurial orientation and food industry
Copyright (c) 2025 It Nguyen Van https://creativecommons.org/licenses/by/4.0
Application of technology to empower women in social entrepreneurship: A review
Objective: As digital innovation and adoption grow, women entrepreneurs have more chances than ever to launch their companies and support them in realizing their full potential. Technology makes it easier for women to access resources and their market and thus enables them to expand inclusively in the business sector. This research, which is based on the transformational learning theory, shows how technology adoption helps women entrepreneurs develop and run their companies more successfully than they have in the past. Research Design & Methods: To provide an overview of the influence of digital technology adoption and the expansion of women’s social entrepreneurship on the socio-economic stability of business operations, this study offers a comprehensive assessment of the literature with the help of qualitative study, encompassing 159 research papers published between 1993 and 2023. The purpose of the study is to explain how digital adoption affects female entrepreneurs. Using PRISMA, we implemented a comprehensive key search technique in the SCOPUS database. Findings: Technology significantly boosts women’s participation in social entrepreneurship, as it allows them easier access to digital resources, funding platforms, or networks than men. It also helps in developing skills and fosters cooperation. Moreover, it easily removes long-standing obstacles. These transformations allow women not only to be more innovative and to scale their ventures up in size but also to have an area-wide social and economic benefit. Implications & Recommendations: Technology can bridge gender gaps in entrepreneurship. It gives women greater access to resources, training and networks. Suggestions include creating digital literacy programs, increasing the flow of capital through technological platforms and nurturing online communities that welcome women social entrepreneurs. This is not just a matter of promoting women-led businesses. It applies equally to the practice of sustainable development. Contribution & Value Added: In social entrepreneurship, technology makes it easier for women to access resources, networks, and education. Theories like empowerment, social capital, and human capital illustrate how new media drives empowerment, and promotes cooperation among women and improved skills. Businesses grow faster as a result of diffusion of innovation, a process that means more women can engage in production and consumption activities which change the nature of economic society.
Copyright (c) 2025 Saikat Gochhait, Renuka Lenka, Aidin Salamzadeh https://creativecommons.org/licenses/by/4.0
Predicting South African consumers’ intention to continue using their preferred retail bank’s services: A model validation
Objective: The objective of the article is to validate a model of the factors, namely ethical responsibility, social responsibility, bank trust, attitude, and brand loyalty, that influence the behavioural intentions of consumers to continue using banking services. Research Design & Methods: This study focuses on predicting South African consumers’ intention to continue using their preferred retail bank’s services through a validated measurement model. Using confirmatory factor analysis, reliability and validity analyses, correlation assessments and collinearity diagnostics, the study examines a dataset of 500 participants sourced from a reputable global market research database. The measurement model comprises six latent factors, namely ethical responsibility, social responsibility, bank trust, attitude, brand loyalty and behavioural intention. Findings: Results indicate strong internal consistency (Cronbach’s alpha and CR > 0.85) and convergent validity (AVE > 0.50) across all factors. The model also exhibits good fit indices (PCMIN/DF = 2.610, IFI = 0.943, TLI = 0.937, CFI = 0.943, SRMR = 0.042, RMSEA = 0.057), confirming its psychometric properties. Implications & Recommendations: This research highlights the interactions among the studied factors and their implications for customer retention strategies, providing actionable insights for banking professionals and policymakers. Future research should explore the relationships between these latent factors to enhance customer retention and satisfaction strategies in the banking industry. Contribution & Value Added: Brand loyalty remains one of the biggest challenges facing banks today. As such, there is a need to investigate the factors that influence consumers’ intention to continue using their preferred retail bank’s services to build brand loyalty. This study fills a gap in existing literature regarding banking behaviours in a unique socio-economic South African context.
Copyright (c) 2024 Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot https://creativecommons.org/licenses/by/4.0
The impact of FinTech literacy on digital entrepreneurial intentions: Exploring crowdfunding, blockchain, and AI through a social cognitive career theory lens
Objective: The objective of the article is to investigate the association between FinTech literacy and the intention to become digital entrepreneurs utilizing the social cognitive career theory (SCCT). Specifically, it sheds light on how three aspects of FinTech literacy (crowdfunding, blockchain, and artificial intelligence) influence individuals’ digital entrepreneurial self-efficacy and outcome expectations. Additionally, it examines the separate and sequential mediation roles of digital entrepreneurial self-efficacy and outcome expectations in the connection between literacy in crowdfunding, blockchain, and AI and digital entrepreneurial intention. Research Design & Methods: The conceptual model was analysed using structural equation modelling with the bootstrapping method based on data from a sample of 978 university students in Vietnam. Findings: Our results revealed significant direct impacts of FinTech literacy dimensions on individuals’ self-efficacy and outcome expectations regarding digital entrepreneurship. Moreover, the mediation analysis uncovered distinct and sequential mediation roles of self-efficacy and outcome expectations in the correlation between the three components of FinTech literacy and the intention to establish digital start-ups, offering new insights into how crowdfunding, blockchain, and AI literacy drive the intention to launch digital ventures. Implications & Recommendations: This study emphasizes the importance of FinTech literacy for digital entrepreneurship. Academic programs should provide practical FinTech training, and policymakers must support FinTech literacy through policies and resources. Incubators and accelerators can integrate FinTech training to prepare entrepreneurs for the digital economy better. Contribution & Value Added: In this study, we explore the SCCT framework, offering novel theoretical insights into the psychological drivers of digital entrepreneurship. The study significantly advances the field by highlighting the importance of FinTech literacy and sets a new agenda for future research. These findings expand our theoretical understanding and provide actionable recommendations for educational institutions, policymakers, and the entrepreneurial ecosystem.
Copyright (c) 2025 Sy Long Pham, Anh Duc Do, Dieu Linh Ha, Mai Van Trinh, Anh Duc Le, Thi Phuong Hien Tran https://creativecommons.org/licenses/by/4.0
Development and validation of digital leadership skills scale
Objective: The main aim of this study is to construct a digital leadership skills scale (DLS scale) to measure digital leadership skills. Moreover, by integrating the constructed scale into the existing model in the literature, we aimed to investigate the influence of the DLS scale on organisational factors, digital transformation, and enterprises’ financial performance. Research Design & Methods: We used the quantitative research method to construct the DLS scale and to test the proposed model based on a sample of 701 active employees in enterprises. In the first stage of the study, we conducted the comprehensive validity and reliability analysis including content validity, construct validity based on explanatory factor analysis, reliability analysis via Cronbach’s alpha, Spearman-Brown coefficient, and retest reliability with Intraclass correlation and Pearson correlation coefficients, confirmatory factor analysis, and item analysis during the development process of the DLS scale. In the second stage, we integrated the digital leadership skills scale into the existing model as a factor and examined the overall compatibility and harmony of the integrated DLS scale items with the existing model. In the third stage of the study, we tested the proposed model with a linear regression analysis model. Findings: The comprehensive validity and reliability analysis results showed that the constructed DLS scale is valid and reliable. Moreover, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), reliability, item analysis, convergent, and discriminant validity analysis results indicated that the constructed DLS scale was harmoniously integrated with the existing model in the literature. Moreover, simple linear regression analysis results indicated that the constructed digital leadership skills scale influences organisational factors, digital transformation (DT), and enterprises’ financial performance. Implications & Recommendations: With the constructed scale, it will be possible for enterprises undergoing digital transformation to measure their digital leadership skills. Moreover, by integrating this constructed DLS scale into the model that enterprises will use during their digital transformation process, they can enhance the effect of digital transformation on financial performance as well. In other words, using this proposed model, enterprises can gain useful insights into the process of digital transformation and make well-informed choices about the integration of DLS into their digital transformation plans. Contribution & Value Added: In this study, we constructed a novel scale to determine the digital leadership skills of the leaders who will lead the digital transformation process in enterprises. Moreover, we introduced to the literature a different model that can evaluate the effects of digital leadership skills on organisational factors, DT, and financial performance of enterprises in the digitalization process in enterprises by proposing a model that includes the constructed scale.
Copyright (c) 2025 Nadire Cavus, Seyedali Aghamiri, Nuriye Sancar https://creativecommons.org/licenses/by/4.0
Beyond the crisis: Role and effects of corporate social responsibility during the COVID-19 Pandemic
Objective: The article addresses the research gap in understanding corporate social responsibility (CSR) dynamics during the COVID-19 pandemic, presenting the outcomes of a national research initiative in Slovakia. Research Design & Methods: The research delves into the social, economic, and environmental components of CSR, aiming to quantify their individual effects and uncover potential interconnections. Operationalising questions into variables allows for a rigorous examination of these dimensions, utilizing factor analysis with principal component analysis. With 190 organisations answering a questionnaire, the study provides quantitative and qualitative insights. Findings: The results show that CSR has the most significant impact on strengthening corporate reputation across all three dimensions. CSR reinforced the importance of ethical and sustainable strategies during the pandemic, with organisations with an active CSR strategy performing better. The research confirmed that CSR is key to building corporate credibility and competitiveness. Implications & Recommendations: Based on the information above and the article’s content, we want to provide direction for further research. It is mainly about investigating the impact of the COVID-19 pandemic, especially after the post-COVID-19 period, in the most critical areas that evoke CSR and the business environment, such as corporate culture, human resources, and companies’ financial and economic situations. Contribution & Value Added: The presented research aimed to expand knowledge about the effects and impacts of social responsibility on organisations that implement socially responsible activities and the region and society in which they operate. We based the research on the processing of data from a nationwide survey. We processed a total of 190 valid questionnaires, which enabled the use of descriptive and inference statistics procedures.
Copyright (c) 2025 Iveta Ubrežiová, Karol Čarnogurský, Mária Janošková https://creativecommons.org/licenses/by/4.0
Understanding artificial intelligence chatbot quality and experience: A higher education student perspective
Objective: The article aims to identify the key aspects that define service quality for artificial intelligence chatbots (AICB) in higher education, based on insights from students. The second objective is to put AICB quality into the broader context of other key variables associated with student experience of AICB, such as AICB adoption, AICB usability, AICB engagement, and AICB mistrust. Research Design & Methods: Based on extant service quality research and established scale development techniques, the study constructs, refines, and validates a multidimensional AICB service quality scale through a series of pilot and validation studies. The article includes both qualitative and quantitative technics, as we developed a questionnaire based on a literature review and 48 mini focus group interviews. In total, 308 participants filled out the questionnaire. For the analyses, we applied both exploratory and confirmatory factor analysis together with scale validation and correlation analysis. Findings: We began the AICB service quality scale with 27 items across five dimensions: AICB quality, AICB mistrust, AICB usability, AICB adoption, and AICB engagement. The final scale consisted of 15 items across four dimensions with only AI engagement left out. Data analysis emphasised the critical role of AI quality in AI usability and AI adoption. The research also confirmed AI mistrust is an important aspect with a negative connection to AI quality. Implications & Recommendations: The study results have several theoretical and practical implications. From the theoretical standpoint, we confirmed that the quality of artificial intelligence (AI) plays a central role in forming student experience. Quality of AICB received the highest score in this analysis (5.03) while AICB mistrust scored lowest (3.58). On the other hand, when it comes to individual correlations between student experience elements and AICB quality, mistrust in AICB shows a negative correlation with the highest score (-0.48). Use and adoption are both connected to AICB quality in a positive way. Results show us there is room for improvement in both AICB quality and student experience since average scores were in the range of 4.5-5.0. The results also emphasised the importance of reducing AICB mistrust for improving AICB quality and overall experience. Contribution & Value Added: The AICB quality scale facilitates theory development by providing a reliable scale to improve the current understanding of student perceptions regarding different aspects of AICB quality. Higher education institutions (HEI) can use the study results to understand the impact of new technologies such as AICB on student experiences.
Copyright (c) 2025 Ines Dužević, Tomislav Baković, Vivien Surman https://creativecommons.org/licenses/by/4.0
Human-centric approach to creating sustainable innovation in the context of Industry 5.0
Objective: The article aims to explore how human-centric organisational practices, combined with employee dynamic capabilities (EDC), can drive sustainable innovation in the Industry 5.0 concept. Research Design & Methods: We conducted an empirical study to verify hypotheses regarding human-centric organisational practices and their impact on sustainable innovation. We conducted a questionnaire-based study among 462 organisations from Poland. We tested research hypotheses with a linear regression analysis with a mediator using the Macro Process for IBM SPSS. Findings: The critical literature review and empirical verification of the proposed hypotheses indicated that human-centric organisational practices influence sustainable innovation through EDC. Organisational employees are not mere resources but dynamic change agents who, supported by appropriate practices, drive innovation among organisations exhibiting characteristics of the Industry 5.0 concept. Human-centric organisational practices enable EDC, allowing organisations to benefit from them because of the strengthened ability to generate sustainable innovations. Implications & Recommendations: Organisations seeking to implement sustainable innovation should adopt a more dynamic and human-centric approach to human resource management, prioritizing practices that enhance EDC such as adaptability, critical thinking, and creativity. The results confirm that achieving sustainability through innovation requires investments that go beyond technology and infrastructure. Future research could focus on different geographical or cultural contexts. Moreover, scholars could analyse in detail specific employee-centric practices and their impact on EDC and sustainable innovation and extend the proposed model to include new concepts. Contribution & Value Added: The study’s results extend the resource-based view and the dynamic capabilities framework by demonstrating that human-centric organisational practices are critical in enhancing EDC for fostering innovations among organisations exhibiting characteristics of the Industry 5.0 concept. They also contribute to the sustainable innovation literature by showing that sustainable innovation is not solely a product of top-down initiatives or rely mainly on technological advancements but also critically depends on the dynamic capabilities of employees that are supported by human-centric organisational practices. Leaders pursuing sustainability through innovation should focus on investing in human-centric practices, particularly those related to the enhancement of EDC.
Copyright (c) 2025 Agnieszka Bieńkowska, Katarzyna Tworek, Olga Voropai, Joanna Zimmer https://creativecommons.org/licenses/by/4.0
How do agile and internationally experienced companies respond to sanctions?
Objective: In this article, we show how agility and international experience influence the adjustment strategies that firms adopt when exposed to sanctions. We also assess how these strategies affect firms’ financial performance. Research Design & Methods: Quantitative; international e-survey, computer-assisted web interview (CAWI) method, structural equation modelling (SEM), linear regression, clustering; 610 middle-sized companies studied from Poland, US and Germany, data gathered in 2023. Findings: The more agile and internationally experienced the firms, the more proactive measures they use to adapt to sanctions. Proactive adaptation strategies positively impact financial performance. Agility and international experience are mutually reinforcing. Implications & Recommendations: When exposed to the sanctions regime, proactive adaptation strategies increase the likelihood of firms’ survival. Meanwhile, agility and international experience reinforce proactivity. Therefore, firms should strengthen both these characteristics as they increase the likelihood of resilience in the face of a crisis. Contribution & Value Added: The article extends understanding of firms’ strategic behaviour in the face of a sudden external change/crisis, such as the imposition of sanctions. It shows how intrinsic factors, in this case, agility and international experience, influence the adaptation choice. The results show that agile and internationally experienced companies adopt proactive strategies towards sanctions, which has positive financial consequences. Agility and international expansion serve here as an effective and resilient way of survival during external shocks, such as war.
Copyright (c) 2025 Beata Stępień, Szymon Truskolaski https://creativecommons.org/licenses/by/4.0
How does strategic orientation influence the business performance of small and medium-sized enterprises during the COVID-19 pandemic?
Objective: The article aims to investigate the influence of strategic orientation (specifically market orientation, entrepreneurial orientation, and digital orientation) on small and medium-sized enterprises’ performance during the COVID-19 pandemic. Research Design & Methods: We surveyed 265 small and medium-sized enterprises and employed structural equation modelling (SEM) to test the hypotheses developed. Findings: Research results show that during the COVID-19 pandemic, while market orientation and digital orientation had a direct positive impact on business performance (ß= 0.230, p < 0.05 and ß= 0.236, p < 0.05, respectively), entrepreneurial orientation did not (ß= -0.038 and p > 0.05). Moreover, competitive advantage mediated the relationship between entrepreneurial orientation (indirect effect = 0.102) as well as market orientation and business performance (indirect effect = 0.046). However, this did not apply to the indirect relationship between digital orientation and performance. Finally, competitive intensity positively moderated the influences of market orientation and digital orientation on business performance. Implications & Recommendations: Based on the research findings, the study has provided SMEs with some implications to assist them in improving business performance. These consisted of the concentration on customers, competitors, and the development of an internal management information system. Moreover, during the COVID-19 pandemic, the understanding and application of digital orientation were essential. The competitive advantage of SMEs maximises when the enterprise orients toward entrepreneurial activities. Contribution & Value Added: Our study contributes to the strategic management of SMEs by investigating the influences of strategic orientation on business performance. The study also expands its scope by examining the mediating and moderating role of competitive advantage and competitive intensity, respectively.
Copyright (c) 2025 My Thi Tra Nguyen, Hung Trong Hoang, Tri Duc Tran, Anh Thi Nhat Tran, Hien La Phuong Hoang https://creativecommons.org/licenses/by/4.0
Sustainability as a strategic response to the liability of foreignness: Empowering multilatinas for sustainable development
Objective: This study explores the role of sustainability as a strategic mechanism for multilatinas to overcome the liability of foreignness (LOF) and drive sustainable development in host countries. It also highlights the intersection of sustainability, business ethics, and internationalisation, focusing on their collective impact on sustainable development and identifying business ethics as a promising area for future research. Research Design & Methods: This article uses a single-case methodology to incorporate triangulation from diverse sources. We collected primary qualitative data from five Latin American countries, complemented by secondary data extracted from company reports and third-party communications. Findings: Our study contributes to the LOF and sustainability literature by demonstrating how an effective sustainability strategy empowers EMNEs to mitigate the inherent disadvantages of operating in foreign markets. Implications & Recommendations: By leveraging sustainability, these companies bolster their commitment to sustainable development in host countries, thus transcending traditional liabilities associated with their emerging market status. Contribution & Value Added: The findings from this single case study provide valuable insights into the intricate relationship between sustainability, internationalisation, and sustainable development within the complex landscape of emerging markets. This research contributes significantly to the scholarly debate surrounding these topics.
Copyright (c) 2025 Ana Maria Gomez-Trujillo, Maria Alejandra Gonzalez-Perez, Juan Velez-Ocampo, Olga Patricia Castaño https://creativecommons.org/licenses/by/4.0
Does international orientation intermediate in the relationship between entrepreneurial orientation and firm performance?
Objective: This article aims to augment the literature on entrepreneurial business primarily by assessing how the synergies between international orientation (IO) and entrepreneurial orientation (EO) promote the overall performance of Portuguese exporting companies after controlling for the effect of several firm and country characteristics commonly cited in the literature. Research Design & Methods: The study considers the impact on overall firm performance of aggregated and individual dimensions of EO and IO using survey data collected from 341 companies through online questionnaires in 2015. We validated the proposed hypotheses using covariance-based structural equation modelling (CB-SEM). Findings: We found three main relationships: (1) the positive impact of EO on firm performance is greater than the influences through the IO pathway; (2) the effect of firm innovativeness is noticeably higher than the proactiveness and risk-taking components of EO; and (3) IO positively and significantly reinforces the relationship between EO and firm performance. Implications & Recommendations: Taken together, the results indicate that innovations to improve the international positioning of Portuguese exporters will make the greatest contribution to their overall performance. Thus, it is recommended that managers adopt governance structures that motivate and reward employees with novel ideas on how to foster penetration into new overseas markets. Contribution & Value Added: This study fills the gap in the literature by emphasising: (1) the importance of combining IO with EO to boost the overall performance of risk-averse Portuguese exporters, and (2) the differential effects of the several EO dimensions on IO and overall firm performance.
Copyright (c) 2025 Gonçalo Rodrigues Brás, Miguel Torres Preto, Jacinta Chikaodi Nwachukwu https://creativecommons.org/licenses/by/4.0
Entrepreneurship as a driver of economic development
Objective: This study aims to analyse the relationship between entrepreneurship and economic development. Quantified through the gross domestic product (GDP) per capita, across selected developed and developing countries. The research seeks to clarify how variations in entrepreneurial activity, as measured by the Global Entrepreneurship Index (GEI), relate to GDP per capita, thereby contributing to the broader understanding of the economic impacts of entrepreneurship. Research Design & Methods: This study adopted a quantitative approach, employing a cross-sectional ordinary least squares (OLS) model to explore the relationship between entrepreneurship and GDP per capita. Spanning the 2015-2019 period, our analysis incorporated data from 98 countries. Recognising the potential endogeneity concerns associated with specific independent variables, we implemented the instrumental variables (IV) approach, employing the two-stage least squares (2SLS) method to mitigate this potential bias. Findings: Our findings suggest that differences in GDP per capita between countries are significantly associated with variations in entrepreneurship. This highlights the importance of entrepreneurship as a driving force for GDP per capita. According to the 2SLS model, we found a positive relationship between the global entrepreneurship index (GEI) and GDP per capita. On average, a one-percent increase in GEI is associated with a 3.04% increase in GDP per capita. Implications & Recommendations: This study underscores the significant potential of entrepreneurship to drive economic development across diverse nations, regardless of their development stage. The findings demonstrate a positive and statistically significant association between higher levels of GEI and increased economic development. Therefore, policymakers have the potential to create an environment conducive to both entrepreneurship and sustainable economic development by implementing supportive policies and investing in key areas. Contribution & Value Added: This study provides valuable insights into the relationship between entrepreneurship and economic development. It highlights the importance of creating an enabling environment supporting entrepreneurship through infrastructure, education, market development, and innovation investment. Further research is needed to explore the nuances of this relationship and develop effective policies to promote sustainable and competitive economic development.
Copyright (c) 2025 Tatia Zarkua, Wim Heijman, Irena Benešová , Mikhail Krivko https://creativecommons.org/licenses/by/4.0
Salient monetary policy decisions and non-experts’ trust in central banks
Objective: The objective of the article is to shed new light on the relationship between central bank communication and the trust monetary institutions can obtain from ordinary citizens via a comparison of the European Central Bank (ECB) with the Federal Reserve (the Fed). Research Design & Methods: We used the Eurobarometer and Booth Chicago/Kellogg School Financial Trust Index to study the evolutions of trust by non-experts in the Fed and the ECB during two episodes of salient monetary policy decisions: 2012-2013 and 2020-2021. Utilizing logistic regressions on representative samples of American and EU citizens, we show which among the recent key decisions in monetary policy by the two major central banks significantly affected the levels of trust (and in which directions). Findings: Our findings suggest that the ‘taper tantrum’ speech by Ben Bernanke negatively impacted the trust in the Fed, whereas the ‘whatever it takes’ speech by Mario Draghi significantly increased the trust in the ECB. On the other hand, significant policy reactions to the COVID-19 pandemic did not affect trust in central banks as could have been expected neither for the ECB nor the Fed. Our inference is based on the estimates considering the standard control variables and for both central banks are robust to a relevant placebo test. Implications & Recommendations: Our results suggest that well-communicated salient monetary policy decisions can boost public trust in central banks, notably in the contexts where the central banks are perceived as the key actors. Contribution & Value Added: Thus, our analysis contributes to the literature, by focusing on how salient decisions can influence the degree of trust in the central bank by non-experts.
Copyright (c) 2025 Maqsood Aslam, Etienne Farvaque, Hira Iqbal, Piotr Stanek https://creativecommons.org/licenses/by/4.0
Antecedents of students’ behavioural intention to use generative artificial intelligence: Quantitative research
Objective: The article aims to identify factors that influence students’ behavioural intentions to use generative artificial intelligence (GenAI). Research Design & Methods: We proposed a research model based on the theory of planned behaviour, the technology acceptance model and a literature review. Findings: The results show that attitude, perceived usefulness, perceived quality, and perceived support from higher education institutions positively impact students’ behavioural intention to use GenAI. Implications & Recommendations: The findings allowed us to propose two practical implications for academic teachers and managers of higher education institutions. Firstly, we recommend supporting students in terms of their knowledge, skills and conscious use of GenAI. Comprehensive education and other forms of training may be of use here. Secondly, we recommend that educational establishments clearly define their expectations regarding students’ use of GenAI, particularly how and when they can safely use GenAI, not only during their studies. Contribution & Value Added: Our study offers a new multilevel model of students’ behavioural intentions to use generative GenAI. It enables the synthesis of our research results and the organisation of variables influencing students’ behavioural intention to use GenAI, as well as the relations between them. Furthermore, as far as we are aware, we are the first to encompass aspects of the perceived quality and ethics of students using GenAI in our research.
Copyright (c) 2025 Regina Lenart-Gansiniec, Barbara A. Sypniewska, Jin Chen, Konrad Janowski https://creativecommons.org/licenses/by/4.0
Green transformational leadership as a foundation for implementing green strategic orientations and the development of green innovation and green performance
Objective: The objective of the article is to examine the influence of green transformational leadership on green entrepreneurial and green market orientations, which, in turn, affect green innovation. Moreover, the article analyses the relationship between green innovation and green performance. Research Design & Methods: We used a quantitative research design. We applied a 37-item survey to a sample of 398 small, medium, and large companies in the industrial and service sectors of Mexico. We analysed the results using the partial least squares structural equation modelling approach. Findings: Green transformational leadership has a strong influence on green entrepreneurial and green market orientation. Besides, only green entrepreneurial orientation positively influences green innovation. Finally, there is a relationship between green innovation and green performance. Implications & Recommendations: Theoretical implications support most of the arguments put forth in various studies. However, the context can modify the behaviour of the studied relationships. The results provide arguments for adopting a sustainable view of activities within organisations, leading to improved performance and the achievement of competitive advantages. Contribution & Value Added: The main contribution of this article is that it demonstrates the importance of green transformational leadership as an element that allows the development of green entrepreneurial orientation and green market orientation, which stimulate green innovation. Likewise, the context does influence the behaviour of the observed variables.
Copyright (c) 2024 Manuel ibarra cisneros, Juan Benito Vela-Reyna , Felipe Hernández-Perlines https://creativecommons.org/licenses/by/4.0