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Article
Business, Economics and Management
Economics

Seifeddine Guerdalli,

Emna Trabelsi

Abstract: The COVID-19 pandemic has had profound consequences on global economies, with the electricity sector being no exception. Volatility in electricity prices has become a key concern for policymakers striving to maintain energy security and economic stability. To mitigate the health crisis, governments implemented strict containment measures, including lockdowns, social distancing, and event cancellations. These interventions, while essential for public health, also disrupted energy demand and supply patterns. This study supports regulators by quantifying the short- and long-term impacts of the pandemic on local electricity prices (LEP) in the Nord Pool market (Norway, Sweden, Denmark, Finland, Estonia, Latvia, and Lithuania) during 2020. The findings highlight a crucial link between crisis response strategies and the transition to sustainable energy systems. In times of uncertainty, governments tend to prioritize renewable energy investments, particularly wind power, which offers a clean and resilient alternative to fossil-fuel-based electricity generation. Using the PMG-ARDL estimator, our analysis reveals a significant long-term negative association between government interventions and LEP, as well as between wind energy production (WEP) and LEP. Specifically, an additional gigawatt of wind energy generation reduces local electricity prices by up to €0.09, confirming the merit-order effect in both short- and long-term horizons. These findings emphasize the environmental and economic benefits of expanding wind energy capacity as a stabilizing force in electricity markets. Moreover, while health-related news influenced LEP fluctuations over the long run, government restrictions had a limited short-term impact, likely due to the inelastic nature of electricity demand and supply. This study reinforces the argument that integrating more renewable energy sources can enhance market resilience, reduce price volatility, and contribute to long-term sustainable development, making the energy transition an essential pillar of post-pandemic recovery strategies.
Article
Business, Economics and Management
Business and Management

Brindusa Covaci,

Mihai Covaci

Abstract:

The article demonstrates the importance of developing mountain entrepreneurship, which faces interconnected challenges, such as the still weak representation of mountain businesses at European level, limited access to infrastructure, high production costs and dependence on climate factors. Mountain entrepreneurship plays a defining role in renewable development in Europe due to the high potential of natural resources, the ability to attract European funds for sustainable projects, and the contribution to the conservation of biodiversity and cultural heritage. The aforementioned sectors are part of industry, services and creative industries, which entitles the authors to carry out a detailed analysis of the related mountain entrepreneurship. Some case studies demonstrate the success of mountain entrepreneurship in Europe. Mountain entrepreneurship is the engine of European development more than the non-mountain one, which is why development must be sustained and resilient. In Europe, several countries with a mountain tradition or with a high degree of resilience show the importance of existing models and lessons of good practice. Future trends suggest an increase in interest in sustainable businesses and digitalization as a means of promoting mountain products and services. The aim of the article is to observe the state of play of some indicators related to European mountain entrepreneurship and propose solutions to ensure the sustainable development of the community economy.

Article
Business, Economics and Management
Other

Faizah Alsulami

Abstract: This study analyses the relationship between liquidity and debt management ratios and their impact on the financial performance of South Asian airlines from 2011 to 2022. The application of GARCH and TARCH models reveals a nuanced relationship among these factors. Open money, evidenced by strong positive lagged relationships with liquidity ratios and Return on Equity (ROE), plays a crucial role in financial prosperity. Conversely, elevated debt levels, indicated by negative lagged correlations with ROE, exert a detrimental effect. A long-term equilibrium relationship between the factors highlights their interconnectedness and the stability of this dynamic. However, potential limitations such as heteroscedasticity and neglected factors indicate the need for further investigation. This study emphasises the significance of effective liquidity management and prudent debt strategies for South Asian airlines to enhance financial performance and ensure long-term sustainability. Future research may explore the differential effects among various airline types and the influence of external factors, thereby facilitating enhanced financial practices and a robust aviation sector in the region.
Article
Business, Economics and Management
Accounting and Taxation

Najeb Masoud

Abstract: This study aims to examine the moderating role of sustainable innovation (SI) in the relationship between internal audit effectiveness (IAE) and sustainability auditing (SA) practices in Libya’s public sector. It also explores the influence of audit standards and principles (ASP) on SA practices, emphasising their role in strengthening sustainability governance and environmental, social, and governance (ESG) compliance. A quantitative, cross-sectional survey design was utilised, targeting financial and governmental institutions in Libya. Data were collected from 500 valid responses and analysed using hierarchical regression and PLS-SEM to evaluate the relationships among IAE, SI, ASP, and SA practices. Robustness checks were performed to ensure statistical reliability. The findings reveal that IAE significantly enhances SA practices, reinforcing transparency and ESG reporting. SI positively moderates this relationship, demonstrating that innovation amplifies the impact of effective internal audits on sustainability outcomes. While ASP contributes to SA practices, its effect remains limited unless combined with strong internal audit functions and sustainability initiatives. The interaction effects underscore the necessity of integrating innovation and regulatory frameworks to optimise sustainability auditing. This study is limited to Libya’s public sector, which may affect the generalisability of the findings. Future research could conduct comparative analyses across different regulatory environments. The results highlight the importance of fostering innovation in auditing practices and aligning internal audit functions with sustainability frameworks to enhance ESG accountability and compliance. This study contributes to the existing literature by integrating SI and ASP into the internal audit framework, offering new insights into their combined effects on SA practices in emerging markets.
Article
Business, Economics and Management
Business and Management

Fernanda Santana da Silva Ferreira,

Érica Trica Fedato,

Mayara de Oliveira Neco,

Fernanda Salvador Alves

Abstract: Sustainability is a challenge for contemporary society and a potential source of innovation for organizations. This qualitative case study analyzed, through secondary data, what innovations (product, process, organizational, marketing) are developed by Dengo Chocolates (an industry in the Brazilian cocoa sector) in pursuit of the sustainability tripod. The results indicate that the company develops the four types of innovation, with an emphasis on product innovation. The environmental dimension of sustainability is more affected by its innovations, to the detriment of the economic dimension. Future studies can investigate the economic sustainability of companies with a socio-environmental purpose. Furthermore, it is suggested that additional studies be carried out on Sustainability-Oriented Innovation in small and medium-sized Brazilian companies, considering that these constitute most commercial enterprises in the country.
Article
Business, Economics and Management
Economics

Cristóbal Matarán

Abstract:

This paper examines the inflationary episode of 1603 in Spain through the lens of Austrian Eco-nomic Theory. The study focuses on the effects of monetary expansion caused by the influx of precious metals from the Americas and its impact on real wages and raw material prices. Through the analysis of historical data and the application of statistical methods, this study identifies key relationships between monetary inflows, price levels, and income distribution. The findings indicate that the rapid expansion of the money supply triggered inflation, dispro-portionately impacting various sectors of society. Using the Cantillon Effect as a framework, the study explains how monetary expansion led to uneven wealth redistribution and production distortions. Additionally, the Austrian Business Cycle Theory highlights the consequences of ar-tificial monetary growth, including the misallocation of resources and reduced purchasing power for wage earners. This study employs historical data from Edward Hamilton’s work and other sources, utilizing normalization techniques and regression models to empirically examine the economic dynamics of this period. By bridging theoretical insights with empirical analysis, this paper contributes to a deeper understanding of early modern inflationary processes and offers lessons applicable to contemporary economic challenges.

Article
Business, Economics and Management
Other

Ayuns Luz

Abstract: Small businesses in rural America face unique challenges in expanding their market reach due to limited access to customers, infrastructure, and marketing resources. However, digital platforms have emerged as powerful tools for overcoming these barriers, offering businesses the ability to access a global customer base and implement cost-effective marketing strategies. This paper explores the role of digital platforms, such as e-commerce websites, social media, and search engine optimization (SEO), in enhancing the market reach of small businesses in rural areas. Through case studies and examples, it highlights how rural entrepreneurs have successfully leveraged these platforms to increase visibility, build customer relationships, and drive sales. Additionally, the paper discusses the barriers to adopting digital tools, including limited internet access, digital literacy, and initial setup costs, while also proposing strategies to overcome these challenges, such as government initiatives and training programs. Ultimately, this paper underscores the transformative potential of digital platforms in helping small businesses in rural America compete in an increasingly digital and globalized marketplace.
Article
Business, Economics and Management
Business and Management

Abayomi Ogunrinde,

Carmen De-Pablos-Heredero,

Jose-Luis Montes-Botella,

Luis Fernandez-Sanz

Abstract:

Blockchain technology has sparked significant interest and is currently being researched by academics and practitioners due to its potential to reduce transaction costs, improve the security of transactions, transparency, etc. However, there is still much doubt about its impacts, and the technology is still in its infancy, with varying degrees of adoption among different financial institutions. Structural Equation Modelling (SEM) analysis was utilized to test the impact of blockchain and dynamic capabilities on the Bankʹs Performance of top banks in Spain. The innovative approach seeks to understand how performance can be improved by deploying blockchain technology (BTE) in banks. Results showed a significant association between banks’ adoption of blockchain and the generation of dynamic capabilities and financial performance. Thus, we can confirm that a bank adopting blockchain will more likely create dynamic capabilities than those that do not. Hence, blockchain technology is an important tool for achieving dynamic capabilities and increasing performance in banks. Based on the findings, we suggest areas for additional research and highlight policy considerations related to the wider adoption of blockchain technology.

Article
Business, Economics and Management
Business and Management

Samuel Holloway

Abstract:

The global supply chain management environment has undergone considerable change, requiring a transition to more robust and flexible operating frameworks. This study examines the crucial influence of technology-facilitated agility and coordination on improving supply chain resilience, especially in light of current global difficulties. The research employs a thorough qualitative investigation of 30 supply chain specialists, revealing significant themes including technology integration, supplier engagement, effective risk management, and the impact of leadership on organizational culture. Research indicates that firms using new technologies like artificial intelligence, blockchain, and automation achieve enhanced operational efficiency and response to disturbances. Furthermore, cultivating robust supplier connections is essential for facilitating collaborative problem-solving and resource sharing, thereby improving overall supply chain agility. The report emphasizes the importance of proactive risk management practices that enable firms to recognize and successfully reduce possible hazards. Leadership is recognized as a pivotal element in fostering innovation and developing a flexible organizational culture, vital for managing the intricacies of contemporary supply chains. This study offers essential information for firms aiming to improve their resilience and responsiveness in a turbulent global context. By adopting these technology-driven concepts, firms may establish resilient supply chains that can prosper amid uncertainties and interruptions.

Article
Business, Economics and Management
Accounting and Taxation

Erasmia Angelaki,

Alexandros Garefalakis,

Markos Kourgiantakis,

Ioannis Sitzimis,

Ioannis Passas

Abstract:

As businesses increasingly prioritize sustainability, integrating Environmental, Social, and Governance (ESG) principles with green computing has emerged as a critical strategy. However, research remains fragmented regarding how these two domains interact within the Triple Bottom Line (TBL) framework. This study conducts a bibliometric analysis of 750 articles published between 2004 and 2024, using multiple correspondence and co-citation analyses to identify key trends. The findings highlight a strong correlation between green computing practices and improved economic outcomes. Results indicate that China and the United States lead research output in this field, with a significant rise in publications post-2018, driven by regulatory pressures and corporate sustainable initiatives. Our findings emphasize that companies integrating green computing with ESG strategies can achieve long term financial sustainability while meeting Environmental and social responsibilities. The study provides insights from business leaders, policymakers, and researchers by identifying critical gaps and future research direction, including industry – specific applications and policy frameworks to accelerate ESG adoption in technology – driven enterprises. Future research should address practical challenges in implementing these practices across different industries and explore the long-term impacts of ESG integration on business performance.

Article
Business, Economics and Management
Business and Management

Mukunda Bhusal,

Saroj Amgai,

Rajendra Adhikari

Abstract: Australia fulfils more than half of the Pakistan pulses demand. However, Pakistan’s increasing reliance on imports has attracted global exporters, posing an emerging challenge to Australia’s market share and chain competitiveness. Literature suggests that strengthening actors’ relationships and building trust in the value chain can leverage chain competitiveness. This study, therefore, aimed at improving the chain competitiveness in the Australia-Pakistan pulses export value chain, focusing on actors’ relationships and trust. Primary data were collected using semi-structured interviews with pulses processors and exporters in Australia, and importers, wholesalers, processors, retailers and consumers in Pakistan. The data were analysed based on five relationship and trust components: dynamic capability, co-innovation, effective communication, resource sharing, and knowledge sharing, using NVivo12. The cause-and-effect of each variable within the component results in a qualitative system dynamics model: Causal Loop Diagram. The results indicate that sharing resources between the actors is limited and driven by transactional relationships—a primary barrier to competitiveness. The relational gap and trust between exporters and importers are widening due to unexpected switches in trade partners by importers. The differing actors’ priorities further impair this issue: importers are primarily focused on finding budget-friendly products, while exporters emphasise product quality, innovation, and standardisation. Building a trustworthy platform that facilitates access to resources, information, and knowledge among value chain actors can strengthen relationships and foster trust. This, in turn, enhances the overall competitiveness of the value chain.
Article
Business, Economics and Management
Business and Management

Peter Anthony Lansdell,

Ilse Botha,

Ben Marx

Abstract: This study aims to uncover the hidden forces driving delisting from the Johannesburg Stock Exchange (JSE) in South Africa, focusing on non-financial and macroeconomic determinants within a developing economy. Utilizing Principal Component Analysis (PCA) and a multivariate panel probit regression model, data from 2000 to 2023 were analyzed. Key non-financial factors identified include governance transparency, chairperson qualifications, diffused ownership, institutional influence, company longevity, and analyst recommendations. Strong governance and diverse ownership reduce delisting risks, while extended market presence and positive analyst coverage enhance stability. Significant macroeconomic variables affecting delisting probabilities are inflation, interest rates, credit extensions, unemployment rates, and real economic activity. Moderate inflation supports stability, whereas higher interest rates increase delisting risks. Increased credit availability and economic activity reduce these risks, while higher unemployment rates increase them. The study underscores the importance of robust governance, diverse ownership, and strong institutional investor relationships in South Africa's volatile context. Policymakers are advised to manage inflation, interest rates, and credit availability while addressing unemployment and stimulating economic activity. By revealing the intertwined influences of non-financial and macroeconomic factors, this research provides a comprehensive understanding of delisting dynamics in developing economies and offers strategies to support corporate stability and investor confidence.
Article
Business, Economics and Management
Business and Management

Samuel Holloway

Abstract:

This study examines the incorporation of information technology to improve visibility and resilience in supply networks. Amid increasing global complexity and volatility, enterprises must embrace innovative digital technology to maintain competitiveness and adaptability. This research utilizes qualitative methodologies, namely in-depth interviews with industry experts and practitioners, to investigate the impact of integrated information systems on supply chain performance. The results indicate that effective integration enhances operational efficiency and promotes real-time data exchange, allowing companies to make prompt, informed choices. The research identifies key themes, including the need of cooperation among supply chain partners, the disruptive effects of technologies like artificial intelligence and blockchain, and the need to cultivate a culture of innovation and trust. Moreover, the study underscores the difficulties encountered in the deployment of these technologies, including financial implications and the need for qualified staff. The research highlights that leadership dedication and a conducive organizational culture are crucial for surmounting these hurdles and successfully harnessing digital change. This study enhances the comprehension of how integrated information systems may enhance supply chain resilience and visibility, providing significant insights for both practitioners and scholars. By underscoring the strategic significance of these systems, businesses may improve their capacity to address disruptions, maintain operational excellence, and attain sustainable development in a fluctuating business landscape.

Article
Business, Economics and Management
Other

Triantafyllos Papafloratos,

Garyfallos Fragidis

Abstract: Corporate Social Responsibility (CSR) and Sustainability have proliferated the corporate boardroom agenda and companies’ leadership teams are trying to find ways to improve their social and environmental performance and enhance their corporate governance management systems. This paper investigates the main CSR and sustainability-related standards that modern corporations use. To do so, it uses a sample of the 60 companies listed in ATHEX ESG Index. Firstly, a content analysis of those companies’ sustainability reports is conducted. The 60 companies are categorized in sectors according to the Global Industry Classification Standard (GICS). The sustainability standards used by each sector are grouped into four categories namely environmental; social; governance and reporting. Furthermore, an attempt is made to establish a link between the standards used and both the sectors they belong to and the material topics of each sector as they emerge from each company’s materiality analysis. Our research shows that our sample companies predominantly utilize reporting standards regardless of their sector. We did not establish a definitive relation between the prioritized material topics and the relative standards employed by the companies. We may have recognized certain pairings such as environmental material topics with relative environmental management systems, but not in a rigid manner or across all material topic categories.
Article
Business, Economics and Management
Economics

Sašo Matas,

Žan Jan Oplotnik,

Timotej Jagrič

Abstract: This article explores the cost efficiency of public procurement procedures, techniques and strategic policies. Member States in the EU spend large sums of money on the procurement of various items, yet public procurement in the EU struggles with issues of competitiveness, efficiency and overlapping goals. Utilising data from Slovenian public procurement over the past eight years, the study examines the competitiveness and technical efficiency of various factors, procedures, techniques and sustainable measures employed in public procurement procedures that influence cost efficiency. The analysis employs a binary logit model that facilitates the efficient utilisation of public funds and predicts substantial price reductions in public procurement procedures. The findings underscore the significance of transparency and open markets. The optimal cost-efficiency outcomes are achieved through combinations of transparent procedures and an undisclosed market environment during the tendering phase, complemented by less binding secondary procurement objectives. Conversely, procurement techniques that tend to disclose more information about competitors in the procurement process are found to be less cost-effective.
Article
Business, Economics and Management
Economics

Efa Muleta Boru,

Jun Seok Hwang,

Abdi Yuya Ahmad

Abstract: This study explores the relationship between institutional frameworks, innovation ecosystems, and stakeholder coordination, focusing on their collective impact on enhancing global competitiveness within Integrated Agro-Industrial Parks (IAIPs) in Ethiopia. A mixed-methods approach, combining qualitative thematic analysis, Partial Least Squares Structural Equation Modeling (PLS-SEM), and SWOT analysis, was used to examine governance structures and their effects on innovation and competitiveness. The findings reveal that strong governance and institutional frameworks foster stakeholder coordination and innovation ecosystems, but the connection between these factors and global competitiveness remains weak. Key challenges include misaligned innovation processes and limited private sector participation. The SWOT analysis highlights strengths such as climate-smart practices and infrastructure, while identifying weaknesses like quality issues, traceability gaps, and seasonal supply constraints. The study concludes that adaptive governance frameworks, aligned innovation processes, and policy adjustments are essential to improving Ethiopia’s global competitiveness. Public-private partnerships, the use of digital agriculture tools, and improved traceability systems are critical in enhancing IAIPs' effectiveness in the global market. The promotion of inclusive decision-making, sustainable practices, and resilient supply chains is also vital to maximizing IAIPs' potential in global competitiveness.
Article
Business, Economics and Management
Finance

Peter Anthony Lansdell,

Ilse Botha,

Ben Marx

Abstract: The stability of financial markets is influenced by the strength and transparency of companies listed on stock exchanges. This paper explores how financial, non-financial, and macroeconomic factors influence delisting likelihood among companies listed on the Johannesburg Stock Exchange (JSE), addressing a limitation in the current body of knowledge that often overlooks the combination of these factors, especially within the context of developing economies. Using a sample of 302 companies delisted between 2010 and 2023, and 302 as a control group, we analyzed 72 variables through a multivariate panel probit regression model. Our findings reveal that delisting decisions are driven by a complex interplay of financial health, governance practices, and macroeconomic conditions. Financial health, including liquidity and market valuation, is crucial in mitigating delisting risk. Non-financial factors, such as corporate governance and shareholder composition, further reduce the likelihood of delisting. Macroeconomic conditions, including inflation, and interest rates, introduce significant external pressures. This study is especially relevant in developing economies like South Africa, where economic volatility adds risks for listed companies. The results provide insights for companies, investors, regulators, and policymakers to ensure a stable and robust stock market and financial system and identify early warning signals for delisting.
Article
Business, Economics and Management
Econometrics and Statistics

Polina Poplavko,

Artur Nagapetyan

Abstract: This study proposes an approach to assessing the Value of Statistical Life (VSL) based on the contingent valuation of willingness to pay for reducing the risk of mortality caused by air pollution from port activities in port city residents. The research involves data collection through a survey utilizing a double dichotomous choice method. The proposed approach differs from existing ones by introducing a new way of estimating the marginal willingness to pay for each additional unit of risk reduction. These estimates are obtained by approximating the corresponding dependency using an elementary function based on five available coordinate points. These coordinates reflect the marginal willingness to pay for each additional unit of risk reduction, as derived from five different risk reduction scenarios presented in the survey. To more accurately assess the declining willingness to pay, an adjustment for cognitive biases is suggested by incorporating questions that evaluate respondents' competency in working with percentage points. It is assumed that the proposed approach will help mitigate the well-known issue in the literature regarding the dependence of VSL estimates on survey design, particularly the level of risk reduction considered. This, in turn, will reduce the manipulability of such studies and significantly enhance trust in their results.
Article
Business, Economics and Management
Finance

Alexandra Dias,

Isaudin Ismail,

Aihua Zhang

Abstract:

Insurance companies need to calculate solvency capital requirements in order to ensure that they can meet their future obligations to policyholders and beneficiaries. The solvency capital requirement is a risk management tool essential for, when extreme catastrophic events occur, resulting in a high number of possibly interdependent claims. This paper studies the problem of aggregating the risks coming from several insurance business lines and analyses the effect of reinsurance in the level of risk. Our starting point is to use a Hierarchical Risk Aggregation method, which was initially based on 2-dimensional elliptical copulas. We then propose the use of copulas from the Archimedean family and a mixture of different copulas. Our results show that a mixture of copulas can provide a better fit to the data than an individual copula and consequently avoid over or underestimating of the capital requirement of an insurance company. We also investigate the significance of reinsurance in reducing the insurance company’s business risk and its effect on diversification. The results show that reinsurance does not always reduce the level of risk, but can also reduce the effect of diversification for insurance companies with multiple business lines.

Article
Business, Economics and Management
Economics

Kazeem Isah,

Afees A. Salisu,

Xuan Vinh Vo

Abstract:

We utilize monthly state-level data from 50 U.S. states to provide the first evidence regarding the role of interest rates as effect modifiers in the commonly held assumption that climate change adversely affects economic conditions. Employing a semi-parametric smooth varying coefficient model (SVCM), we analyze the economic impact of climate change while allowing the coefficient related to economic conditions to vary smoothly with the interest rate (the effect modifier) from April 1987 to December 2022. Our findings indicate that the widely accepted belief in a negative impact from climate change is particularly evident in the coldest states in the U.S. Additionally, we observe that this negative effect manifests as a slower rate of improvement in economic conditions in some of the ten hottest states. We confirm that the effect modifier plays a significant role in about 80% of the states studied. While most states experienced a negative effect of climate change prior to the Global Financial Crisis (GFC), the results largely reverse in its aftermath. From a policy perspective, our validation of heterogeneity in the relationship between climate change and state-level economic conditions suggests that for a geographically diverse economy like the U.S., targeted initiatives tailored to mitigate the economic effects of climate change in specific states are the most effective approach.

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