Business, Economics and Management

Abstract: This research considers the acceptance of Artificial Intelligence (AI), technological and organizational readiness, willingness to change, and concerns related to AI adoption among employees of local government or-ganizations in Greece. Drawing on the Unified Theory of Acceptance and Use of Technology (UTAUT), extended featuring Organizational Readiness for Change theory and AI-specific individual and organizational determinants, the study puts forward an integrated conceptual framework for examining employees' behavioral intention to adopt AI. The research adopted a quantitative research methodology using a structured online questionnaire dis-tributed through Google Forms to municipalities and public organizations across Greece, yielding 239 valid responses from local government employees. The outcome of the primary research indicates that there is a positive attitude towards AI and a moderately strong intention to use AI-based applications in the workplace, with participants recognizing AI's potential to improve ef-ficiency, service quality, and decision making. Nonetheless, still the technological and organizational readiness remains at a transitional stage, with considerable challenges in digital skills, data governance, strategic planning, and infrastructure. Employees demon-strate preparedness to engage with the organizational changes AI adoption requires, however, concerns continue about job transformation, new skill requirements, and the wider impact of AI on public sector employment.

Abstract: Given the growing global concern about sustainability, green energy has emerged as a key pathway to protecting the environment and ensuring economic stability. The study examined the mediating role of green procurement policy in the relationship between green energy projects and environmental value for Independent Power Producers (IPPs) in Ghana. The study was explanatory and quantitative in nature and underpinned by Stakeholder Theory and Resource-Based View. The study included 153 respondents selected from various IPPs and data collected from them using structured questionnaires. Structural Equation Modelling (SEM) with AMOS was used to analyse data. Results showed that green finance and technology adoption have a significant impact on environmental value, while green procurement policy has a strong positive influence on it. Moreover, green procurement policy was found to partially mediate the relationship between green finance and technology adoption and green value. The study finds that implementation of green procurement systems facilitates the utilization of financial resources and technology to support environmental sustainability in the Ghanaian energy sector. It highlights the urgent need for policies and industry leaders to implement sustainable financing, technology innovation and green procurement as a way of paving the way for Ghana's green energy transition.

Abstract: Background: The Middle Corridor has become a strategically important Eurasian transport route, yet limited research has examined the configuration of intermodal networks for hazardous materials transportation under its unique operational and regulatory conditions. This study develops a decision-support framework for optimizing hazardous materials transport along this corridor. Methods: A multi-objective mixed-integer linear programming (MOMILP) model was formulated to optimize transportation cost, risk, and transit time simultaneously. The model incorporates modal selection, intermodal terminal transfers, infrastructure capacity constraints, border delays, and regulatory compatibility under ADR, RID, and IMDG requirements. A simplified Middle Corridor case study was used to evaluate Pareto-optimal network configurations and sensitivity to safety preferences and infrastructure capacity. Results: The numerical analysis shows that rail-dominant intermodal configurations consistently achieve the lowest transportation risk while requiring only modest increases in transit time. Sensitivity analysis indicates that assigning moderate weight to safety leads to stable rail-oriented solutions, whereas railway capacity limitations force shifts toward higher-risk road transport under increasing demand. Conclusions: The proposed framework provides a transparent and mathematically rigorous approach for balancing safety, efficiency, and cost in hazardous materials transportation. It offers practical decision support for infrastructure planning, intermodal terminal development, and policy evaluation along the Middle Corridor.

Abstract: The COVID-19 pandemic and subsequent economic crises uncovered deep vulnerabilities in social, economic, and institutional systems across the world. In this context, the corporate social responsibility (CSR) and sustainability strategies emerged as strategic tools for resilience and collaboration overcoming the crisis. This study examines the role of CSR and sustainability-oriented approaches in strengthening partnerships between for-profit and non-profit organizations in Slovenia during periods of crisis. Focusing on the various cross-sector collaborations formed or adapted during crises in the context of COVID and other events, the research explores how organizations mobilized resources, shared knowledge, and co-created social value to respond to urgent community needs. Using a qualitative method based on interviews the study identifies the various CSR and Sustainability strategies that companies and NPO/NGOs in Slovenia have adopted to combat the impact of pandemic and subsequent crises in society. Particular attention is given to how sustainability-driven innovative strategies enable longer-term, trust-based partnerships for achieving better organizational outcomes and provide recommendations for companies and NPO/NGOs moving forward. Findings indicate that organizations with embedded CSR and sustainability practices were better positioned to pivot from transactional relationships to strategic alliances with non-profits. These partnerships enhanced crisis response capacity and contributed to economic and social resilience to various crisis situations. Moreover, the crises acted as a catalyst for redefining value creation, shifting the focus from compliance management toward shared impact and collaboration.

Abstract: The Solvency II regulatory framework (Directive 2009/138/EC) defines the Solvency Capital Requirement (Solvency Capital Requirement, SCR) using a Value-at-Risk (VaR) approach with a confidence level of 99.5% and a one-year time horizon. This structure makes regulatory capital extremely sensitive to the characteristics of the right tail of the loss distribution and, consequently, to the effectiveness of risk transfer mechanisms. This study analyzes the impact of the five main types of reinsurance contracts quota share, surplus, quota-surplus, excess-of-loss (XoL), and stop-loss on the transformation of the net loss distribution and the resulting dynamics of the SCR. The empirical analysis is based on a computational experiment using real data from a ten-year insurance portfolio covering the period 2016–2025. The results show that the use of reinsurance leads to a reduction in the total capital requirement in the range of 18.4–23.4% on an annual basis, with the effect exhibiting an approximately linear relationship with the size of the cession quota. The stratified comparative analysis conducted identifies significant differences in the effectiveness of individual contract structures with regard to the reduction of tail risk. In particular, XoL contracts demonstrate the strongest effect on the extreme quantiles of the loss distribution, with a reduction reaching −52.5% at the 99.5% VaR level and −68.6% at the 99.9% VaR level. In contrast, quota-share contracts result in a practically proportional scaling of risk, characterized by a symmetric reduction of approximately −40% across all confidence levels. The results further show that multi-tiered reinsurance programs combining quota share, excess, catastrophe XoL, and stop-loss components, provide the highest degree of capital relief, reaching 48.8%, which indicates the presence of significant nonlinear diversification and complementarity effects among the individual risk transfer mechanisms. A waterfall decomposition was applied to identify the main factors determining the difference between the standard formula and the internal model. The analysis finds that the dominant drivers of the observed capital relief are the effect of precise risk calibration (on average −8.3%) and the effect of diversification (−4.7%). These results underscore the importance of adequately modeling the interdependencies among risk modules and the limitations of standardized regulatory parameterizations. In addition, a “wrong-way risk” stress scenario was developed, involving the simultaneous occurrence of a catastrophic risk and the insolvency of two key reinsurers. Under this scenario, the effectiveness of risk transfer is reduced to −27.3%, and the solvency ratio falls below the minimum capital requirement (12.5%). This result empirically confirms the cautious regulatory stance of the European Insurance and Occupational Pensions Authority regarding the limited recognition of capital reliefs that do not demonstrate resilience under extreme stress conditions. The study provides a quantitatively grounded framework for optimizing reinsurance programs under the Solvency II regime. The main conclusion is that capital efficiency is not a function of a single “optimal” reinsurance contract, but rather results from the strategic combination of various reinsurance mechanisms capable of simultaneously reducing tail risk, improving diversification, and limiting vulnerability to systemic stress events.

Abstract: The transition to a low/non-carbon energy system requires both (i) further electrifying energy services and (ii) increasing the generation of that electricity from nonfossil fuels. We contribute to the nascent but growing literature on how energy prices impact the electrification of energy services by considering OECD country macro panel data and the electrification rates (share of energy consumption from electricity) of the residential and industrial sectors. For both sectors, we find a negative, significant, but relatively small (around -0.1 to -0.07) response for electricity prices and a positive, significant, and small (around 0.1 to 0.05) response for an index of direct use fossil fuel (e.g., coal, peat, natural gas, and oil products) prices. So, the combination of carbon taxes and encouraging renewables in electricity generation could harness both price incentives to in-crease electrification.

Abstract: Household plastic waste management is increasingly shaped by two policy pressures that are not fully captured by conventional closed-loop supply chain design models: the need to internalize carbon emissions and the need to distribute local waste-management burdens fairly across regions. This study extends the decentralized closed-loop supply chain framework to incorporate carbon taxation and regional cost-equity standards into a manufacturer-public-sector bilevel model. The manufacturer chooses virgin-resource purchases, recycled plastic waste-bale purchases, and product shipments, while local public sectors manage collection, transfer, disposal, and interregional waste flows. Carbon costs are assigned separately to manufacturer activities and public-sector activities to avoid double counting. Regional equity is modeled as a proportional bound on deviations from the average disposal burden, converting the local follower system into a regulated decentralized equilibrium. We reformulate the public-sector optimality conditions as an updated mathematical program with equilibrium constraints and use a two-stage computational design: a small-scale continuous MPEC/KKT validation solved with open-source SciPy routines, followed by reproducible normalized policy simulations calibrated to the operational ranges reported in the source study. The results show that carbon taxation increases the real recycling rate from 25.02% to 28.09% before the recycled-bale supply capacity becomes binding, reducing system emissions by approximately 2.73%. At a carbon tax of 30 USD/tCO2, tightening the regional equity threshold from 25% to 5% reduces the standard deviation of regional waste-management costs by approximately 26.1% and slightly increases the real recycling rate. The findings suggest that carbon taxation and equity standards are complementary: carbon pricing strengthens demand for recycled bales, while equity rules redirect recycling efforts toward high-burden regions. The study contributes a sustainability-oriented extension of decentralized plastic waste supply chain design and offers policy guidance for balancing recycling, emissions reduction, and regional fairness.

Abstract: The aim of the article is to analyze the capacity of the Polish third sector to act as a strategic actor in the process of national sustainable transformation. The article examines the central paradox of a numerically vast and dynamic non-governmental organization (NGO) sector, whose potential is systemically limited by structural, financial, and institutional barriers. The research employs a qualitative, descriptive-analytical methodology based on a critical synthesis of secondary data. Methodological triangulation was achieved by integrating diverse sources: peer-reviewed scientific literature, legal acts, national statistical data (GUS), industry reports (Klon/Jawor Association), and organizational case studies. The analysis confirms the existence of the "large but small" sector paradox: although numerically vast, it is highly fragmented and chronically underfunded. The dominant reliance on short-term public grants ("grantoholism") generates deep financial instability, hindering strategic development and independent advocacy. Despite these limitations, NGOs make a key contribution to the implementation of specific Sustainable Development Goals (SDGs), especially in the area of social services (SDG 1, 3, 10), environmental protection (SDG 14, 15), and climate action (SDG 13). The growing importance of the ESG framework presents both a significant opportunity for strategic partnerships and a serious challenge due to the sector's competence and technological deficits.

Abstract: Enhancing the resilience of agricultural industry chains is essential for safeguarding food security and advancing agricultural modernization. Using panel data for 280 Chinese prefecture-level and above cities from 2011 to 2023, this study treats the staggered rollout of the “Broadband Village” Pilot Program and the Universal Telecommunications Service Pilot Program as quasi-natural experiments in rural digital infrastructure and estimates their effects with a staggered difference-in-differences design. The results show that rural digital infrastructure significantly strengthens agricultural industry-chain resilience. This finding is robust to parallel-trends tests, placebo tests, winsorization, alternative sample periods, and estimators that are robust to heterogeneous treatment effects. Dynamic estimates indicate that the effect is delayed and cumulative rather than immediate. Mechanism tests show that the policy significantly promotes agricultural agglomeration and has a weakly significant positive effect on industrial structure upgrading, providing supportive evidence for the agglomeration and structural-upgrading channels. Subsample estimates suggest that the effects are concentrated in eastern China, major grain-producing regions, and major grain-consuming regions. Overall, the resilience gains from digital infrastructure depend on the joint presence of an adequate industrial base, digital adoption capacity, and efficient circulation and logistics systems.

Abstract: This paper estimates end-use demand elasticities for European Union residential energy consumption and applies them to projections of household energy demand to 2030 and 2050. Using a 2013–2023 panel for the EU27, we estimate country fixed-effects demand equations with Driscoll-Kraay standard errors for total household energy and five Eurostat end-use categories: space heating, space cooling, water heating, cooking, and lighting and appliances. The explanatory variables are heating and cooling degree days, real household electricity and gas prices, and real GDP per capita. The estimated elasticities are applied to six scenarios that combine two climate trajectories with three energy-price pathways, calibrated to international policy scenarios. We also examine stylized Renovation Wave sensitivities that impose reductions of 20%, 40%, and 60% in projected space-heating energy demand. The results show that EU27 residential energy demand is projected to fall by 2% to 12% by 2050 across the six scenarios, mainly because reductions in heating demand, which dominate increases in cooling demand in absolute energy terms. Under the central scenario, total demand falls by 4.0%. Renovation sensitivities imply substantially larger reductions, ranging from 17% to 40%. The findings highlight the importance of building-envelope improvements, cooling-related adaptation, and end-use heterogeneity in long-run residential energy-demand policy. The paper contributes a harmonized end-use projection framework that links climate exposure, household energy prices, income, and building-envelope efficiency within a single empirical model of EU residential energy demand.

Abstract: This conceptual paper examines how territorial capabilities shape the globalisation readiness of micro, small and medium-sized enterprises (MSMEs) in an intermediate city of an emerging economy. Using Valledupar, Colombia, as a documentary case, the study synthesises international SME policy evidence, Colombian institutional sources and peer-reviewed research through a systematised review logic. The analysis identifies six interdependent fragility clusters: atomised enterprise structure, partial formalisation, weak managerial systems, finance-readiness gaps, limited productive digitalisation and scarce market linkages. The paper contributes a capability-based framework that explains why local firms may remain active yet insufficiently prepared for wider-market competition. The proposed agenda reframes formalisation, finance, digitalisation and market access as sequenced territorial capabilities rather than isolated policy instruments.

Abstract: Classical evolutionary game theory assumes that an actor holds a definite strategy, pure or classically randomized, before interaction, a premise that excludes the interference and context effects documented in behavioral choice. We model an economic actor prior to market entry as a strategic superposition of pure strategies in a Hilbert space, and treat the moment of interaction as a measurement that collapses this state onto a realized strategy with Born-rule probabilities. Populations are described by a density operator whose diagonal carries strategy frequencies and whose off-diagonal coherences encode maintained superposition, evolving under a strategic master equation that combines coherent deliberation, decoherence in the strategy basis, and a replicator selection superoperator. We derive a square-root (amplitude) representation that places quantum normalization and evolutionary selection on a common geometric footing, and prove that the classical replicator equation emerges as the strong-decoherence limit, with an explicit error bound. Strategy realization is shown to be basis-dependent through interference terms that no classical mixture reproduces. In a two-strategy market game, coherent coupling displaces the evolutionary equilibrium from the classical evolutionarily stable strategy by order Δ²/γ, recovering it as decoherence dominates. The construction formalizes constitutive self-opacity and links bounded rationality to quantum interference.

Abstract: This study investigates how the media portrays India’s Central Bank Digital Currency (CBDC) using sentiment analysis and topic modelling techniques. Using a dataset of 915 media articles published between October 2022 and January 2026, we apply a natural language processing (NLP) model to classify sentence-level sentiment and then use topic modelling to identify favourable and unfavourable themes of discussion. The results suggest that sentiment towards CBDC adoption is generally positive in the Indian media, with coverage focusing on financial inclusion, cross-border payments, and the modernization of digital currencies. The narratives expressing concern are few and focus on macroeconomic and currency risks related to CBDCs.

Abstract: This article examines the effects on internal auditing on consequence management within the KwaZulu-Natal Provincial Government (KZNPG), focusing on provincial departments and municipalities. This study is motivated by ongoing concerns about governance failures and accountability in the public sector. Despite a robust legislative framework and skilled personnel, high levels of irregular expenditure persist, particularly in key departments and local government institutions, prompting an exploration of the factors undermining effective consequence management. The study employs a qualitative methodology, analyzing internal audit processes and external audit findings from the Auditor General South Africa (AGSA), alongside existing literature on public sector auditing and accountability. Key findings reveal a significant gap between audit identification of governance failures and the subsequent enforcement of corrective actions. Systematic weaknesses, such as inadequate political will and ineffective enforcement mechanisms, consistently hinder the translation of audit recommendations into substantive changes in practice. In conclusion, the study underscores that while internal auditing has the potential to enhance accountability, its effectiveness is contingent upon political support and a conducive organizational culture. Recommendations include establishing stronger frameworks for accountability, reinforcing internal audit independence and fostering a culture of transparency within provincial departments and municipalities. The implication for the KZNPG are significant; implementing these recommendations could facilitate more effective consequence management, ultimately enhancing public trust and service delivery. By addressing the identified weaknesses, the government can mitigate irregular expenditures and improve governance outcomes in the region.

Abstract: Tourism seasonality remains one of the most persistent structural challenges of Mediterranean destinations, intensifying environmental, economic and social pressures during peak months while leaving tourism capacity underused in the remainder of the year. This paper examines the level, spatial distribution and structural determinants of tourism seasonality in 61 Mediterranean EU NUTS-2 regions from Croatia, Spain, Greece, Portugal and Italy over the period 2020–2024. Using harmonised Eurostat data, annual Gini coefficients are calculated from monthly overnight stays and analysed within a balanced panel of 305 region-year observations. The study tests whether seasonality is associated with international tourism dependency, hotel accommodation share and island geography, while controlling for regional GDP per capita, tourism intensity and the COVID-19 disruption period. Fixed and random effects models are estimated, with model choice guided by the Hausman test and cluster-robust standard errors applied at the regional level. The results show substantial regional heterogeneity: Greece and Italy record the highest average seasonal concentration, while Spain and Portugal display more balanced patterns, partly due to regions with year-round demand. Jadranska Hrvatska emerges as the most seasonally concentrated non-island region in the sample. The fixed effects results indicate that a higher hotel accommodation share is significantly associated with lower seasonality, while the COVID-19 years significantly increased seasonal concentration without producing a lasting structural shift after 2022. International tourism dependency is not significant in the within-region specification, and island geography is only weakly supported in the random effects model. The study contributes to comparative destination research by operationalising the Gini coefficient as a dependent variable in a regional panel framework and provides policy-relevant evidence for supply-side desezonalisation strategies in Mediterranean EU tourism regions.

Abstract: Manufacturing sectors and ecosystems are undergoing profound transformations as digital platforms converge with generative and agentic AI. This paper argues that manufacturing ecosystems can improve their innovation performance through digital platforms, connected intelligence, and collaborative settings that bring together experts and ecosystem members. This convergence of distributed capabilities across humans, communities, and machines generates intelligent environments that enable ecosystemic and transformative innovation. To examine this hypothesis, the paper follows a three-stage methodology. First, it proposes a modelling framework based on a vector autoregressive model, in which a weighted matrix representing binary couplings among human, collective, and machine intelligence drives the transition of a manufacturing ecosystem from a baseline innovation state to a more advanced one. Second, it presents the SmartGreenEcos experiment, which creates an intelligent environment adapted to a manufacturing ecosystem by combining digital platforms, e-services, and AI agents to support inter-company collaboration, experimentation and innovation. Third, it conducts a simulation-based analysis of the internal dynamics of intelligent environments, with particular attention to the eigenvalues and eigenvectors of the weighted matrix representing connected-intelligence couplings. The results provide insights into the design of intelligent environments and the interaction parameters of connected intelligence that drive innovation, with relevance not only for manufacturing ecosystems but also for other sectoral ecosystems seeking to enhance innovation through intelligent environments.

Abstract: Digital technologies have revolutionized the business environment and given Small and Medium-sized Enterprises (SMEs) in Africa new opportunities and challenges. The study explores approaches for African SMEs to harness digital ecosystems for revenue generation, cost savings, and business resilience. The study synthesises findings from a systematic narrative review of 54 peer-reviewed academic sources and 12 institutional reports, to examine how digital ecosystems evolve, their global manifestations and their unique characteristics in Africa. Key themes covered include the mobile-technology as the gateway to digital space in Africa, the evolution of Fintech and Agritech ecosystems, the impact of government policy and regulation, and persisting structural challenges to SMEs' digital participation, such as lack of access to finance, digital literacy gaps, and infrastructure gaps. The case studies of M-Pesa, Farmcrowdy, Twiga Foods, and Flutterwave provide evidence of the potential for a digital ecosystem to have tangible business impacts. Finally, the study outlines a policy framework and roadmap for digital transformation in the SME sector and recommends actions to be taken by governments, development partners, financial institutions, and the private sector.

Abstract: The unprecedented rate of technological advances, accelerated industry disruptions and social and environmental sustainability crises are requiring very different business organizations from the traditional paradigm. The main research question for this paper is: What change (paradigm shift) is needed for organizations to be future-fit? The aim is to contribute an integrated, transdisciplinary paradigmatic model of an emerging, progressive future business organization, and an understanding of the paradigm shift required in our socially constructed reality for organizations to be future-fit. A methodology based on complexity theory and a transdisciplinary approach was developed and applied. The researcher’s transdisciplinary conceptualization of a ‘paradigm’, focusing on language-based representations, serves as the foundation. Textual analyses, including corpus linguistics, of practitioner-focused literature were used to elicit concept maps (or domain models) of the shared, societal mental models of a business organization for two periods: (1) the Traditional Business Organization, and (2) a Progressive Future Business Organization. The outcomes were compared using a novel qualitative method, resulting in a set of societal level ontological shifts required for progressive future business organizations. The study shows a paradigm shift to complexity and social responsibility, and the need for transdisciplinarity to reflect complex, integrated organizational realities.

Abstract: The accelerating diffusion of artificial intelligence (AI) in Europe raises pressing distributional questions about employment, social cohesion, and sustainable development in disadvantaged regions. Research has concentrated on advanced urban economies, leaving the implications of AI for peripheral small and medium-sized enterprises (SMEs) operating under weak human capital, thin digital infrastructure, and constrained social capital — underexplored. We examine the interplay between AI adoption, social capital formation, workforce dynamics, and sustainable development in Eastern Macedonia and Thrace (EMT), one of the EU's least developed regions. Drawing on Bitsani's Biocultural City framework [11], which treats human, social, and cultural capital as interdependent dimensions of regional sustainability, we thematically analysed twelve semi-structured interviews with SME owners and managers conducted in early 2025 using Atlas.ti, yielding 19 codes grouped into six categories. Knowledge deficits and financial constraints emerge as primary barriers, while external technology partnerships, targeted education, and economic incentives operate as enablers, all mediated by social and human capital availability. AI adoption in peripheral economies is not a purely technological or financial challenge but a social and human capital challenge, embedded in a biocultural environment shaped by brain drain, institutional thinness, and weak civic intermediation. Without parallel investment in digital literacy, organizational culture, and inter-firm networks, AI will reproduce rather than reduce employment inequalities. The study draws policy implications for EU Cohesion programming and Sustainable Development Goals 4, 8, 9, 10, and 17.

Abstract: This study advances a modular microfoundational framework to examine how individual-level actions aggregate into macro-level technological innovation capabilities and operational performance in innovation intermediaries in emerging economies. Grounded in microfoundations theory (Coleman's bathtub model) and cybernetic principles (Viable System Model), we dissect three interdependent modules to diagnose systemic issues within institutional voids: (i) macro-level system viability and technological emergence; (ii) meso-level organizational practices mediating R&D collaboration; and (iii) micro-level behaviors of boundary-spanning agents driving knowledge integration. Empirical evidence from a Brazilian Research and Technology Organization (RTO) reveals how context-specific microfoundations determine operational efficiency and technological emergence. Theoretically, we contribute by operationalizing Coleman's micro-macro link to enable cross-context benchmarking of innovation intermediaries and decoding how meso-micro-level actions co-evolve with ecosystem-level innovation. By shifting the diagnostic focus to the fine-grained dynamics of individuals and their interactions, our study offers actionable levers for managers and policymakers to optimize operational viability in contexts of institutional uncertainty. Implications for innovation policy, ecosystem governance, and the design of intermediary organizations in late-development settings are discussed.