Small and medium-sized enterprises (SMEs) play a prominent role in promoting economic growth, reducing unemployment, advancing technology, and promoting exports of a country. Therefore, considering the importance of SMEs in the economy of any country, it is very necessary to provide a platform for the formation and, more importantly, the growth and sustainability of these enterprises. Lack of capital and lack of access to financial resources are among the problems that SMEs face. The aim of this article is to examine the factors affecting the access to financial resources of SMEs in Indonesian industrial estates, and this study seeks to answer this question by providing optimal financial resources and sensitivity analysis of these SMEs. This study examines the effect of different methods of financing, including short-term debt and long-term debt, on the growth of SMEs in Indonesian industries during the period of 2020-2023. This study was conducted using a panel data method. The results show that the variables of facility interest rate, firm size, firm age, loan amount, and time are among the most important factors affecting firms' access to loans. Furthermore, the sensitivity analysis of the research model shows that if only the financial dimension, such as changes in total costs, is considered, the company is more sensitive to environmental uncertainty and the possibility of liquidity and profitability crises is greater, while integrated attention to the financial and physical dimensions, such as changes in demand, has shown that the company operates more stably in terms of profitability and liquidity under conditions of uncertainty.
Experts in economics consider entrepreneurship to be the engine of growth and economic production of countries. This article aims to investigate and analyze the role of education in the promotion of entrepreneurship and consequently in economic development. The research method in this article is analytical-explanatory, which has been evaluated using the data collection from 200 Uzbekistan entrepreneurs during the 2023-2024. The findings of this research show that education plays an important role in the development of entrepreneurship. Hence, investment in education and creating practical and technical entrepreneurial skills has a direct impact on economic growth. It was concluded that encouraging entrepreneurs to education and invest in it is the most appropriate strategy to respond to the economic and social challenges of entrepreneurial companies. Entrepreneurship has emerged as one of the important to economic is a to revive the in Uzbekistan.
This study examined the impact of business intelligence and financial management on sales growth in Jordanian manufacturing companies. This research is applied regarding the purpose and is descriptive-survey in terms of method. The statistical population of the study included managers of 120 manufacturing companies active in various industries in Jordan, from which 180 senior and middle managers were selected using a stratified random sampling method in 2024. The data were collected through a researcher-made questionnaire and analyzed using structural equation modeling. The path coefficient of business intelligence was 0.46 and financial management was 0.32, hence both significantly and directly impacted sales growth in Jordanian manufacturing firms. Business intelligence also indirectly affects sales growth through its effect on financial management; the path coefficient is 0.48. The variance explained for the final model regarding sales growth in the Jordanian sample was 62%. Hence, these results show that it is important to give due attention to the parallel development of business intelligence and financial management in Jordanian manufacturing companies.
The current research aims to examine the influence of socio-economic disparities on the quality of education in Uzbekistan. A mixed method (quantitative-qualitative) and field study across various areas were conducted to collect required data from 2040 respondents such as students, teachers, and parents in 2024. The results reflected a positive and high correlation between the socio-economic factors and the quality of education. Notably, a correlation coefficient of 0.82 was established between school achievement and family income and a correlation of 0.79 between parents' education level and school achievement. Additionally, the rural schools' indicators of educational infrastructure and resources were significantly lower compared to urban schools such as Tashkent. The results explicitly indicate that structural inequalities exist have effects on the quality of access and educational achievement, creating a vicious cycle. The research emphasizes the significance of building policy-specific schooling frameworks and allocating resources more equally to bridge this gap.
The hospitality industry plays an important role in supporting sustainable development, but faces challenges related to environmental impacts, especially in energy, water, and waste management. This study aims to analyze the readiness of 4 and 5-star hotels in the Nusa Dua area of Bali, in achieving Green Hotel certification based on the Greenship for Existing Building standard from the Green Building Council of Indonesia. Data was collected through in-depth interviews and document analysis to identify efforts, constraints, and factors that influence the implementation of Green Hotel principles in 2023-2024. The results show that the majority of hotels have implemented green policies, such as the use of renewable energy and waste management, but face challenges in the form of high initial investment costs and a lack of technical understanding among staff. Factors that influence readiness include policy support, technological infrastructure, and the level of awareness of hotel management and guests towards the importance of sustainability. These findings suggest the need for systematic improvements through enhanced documentation systems, structured energy and water management programs, and capacity-building initiatives. Furthermore, this research contributes to the realization of a sustainable hospitality sector in Bali and serves as a model for similar tourism destinations.
The importance of household financial management is increasing day by day in today's world. Today, the share of instruments available in financial markets in the household asset portfolio is increasing. However, household investments are affected by the limitations related to cognitive factors and emotions and behavioral biases. The most important dimension of cognitive factors affecting household investment is related to the issue of mental decision-making, which is modeled in this article through four variables of mental budgeting, current income, current assets and future income. Given the importance of the subject, the present study has examined the relationships between mental accounting, financial self-efficacy, financial attitude and financial behavior. The statistical population of the study was urban households in Uzbekistan and a sample size of 360 household heads was determined using the Cochran formula during 2024. This study is of an applied type in terms of purpose, descriptive-correlation in terms of method of conduct and survey-cross-sectional in terms of data collection method. The results of the study indicate that there is a positive and significant relationship between mental accounting and financial self-efficacy, as well as between mental accounting and financial attitude. In addition, the results of the study indicate a positive and significant relationship between financial attitude and financial decision-making in the household. Finally, to more accurately assess the economic situation of the household, it is essential that families analyze their financial transactions properly and, with appropriate planning, move towards improving and achieving financial goals. By using appropriate financial tools and legal advice, one can achieve greater efficiency in financial management and contribute to the economic security of the household.
This study analyzes the influence of government spending, investment, and bank credit expansion on the Gross Regional Domestic Product (GRDP) in districts/cities of West Kalimantan Province of Indonesia during the 2015-2023 period using the Vector Autoregressive (VAR) approach. This research aims to fill the literature gap regarding the determinants of economic growth at the regional level in Indonesia. The results of the stationarity test showed that all the variables were stationary at the first difference, but the cointegration test did not find a long-term relationship between the variables. The VAR model estimates show that GRDP is significantly influenced by its own historical value, while investment, government spending, and banking credit do not show a significant influence in the short term on economic growth. Impulse response and variance decomposition analyses show that GRDP has a highly autoregressive nature, with external contributions from credit, investment, and government spending relatively small but gradually increasing overtime. These findings show that in the short term, government credit and spending have not been the main drivers of regional economic growth. In addition, results show the need for improvement in effectiveness of fiscal allocation & credit expansion policies. This research provides valuable insights into the limitations as well as the potential for increasing the effectiveness of fiscal and monetary policies at the regional level.
Quality economic growth is key to improving public welfare in Indonesia. This study aims to analyze the influence of industry, investment, and labor on economic growth in Southeast Sulawesi Province of Indonesia for the period 1999-2018. The research method uses a quantitative and qualitative descriptive approach and official secondary data. The analysis is conducted using the Autoregressive Distributed Lag (ARDL) model that is able to estimate short-and long-term relationships in mixed time series data. Stationarity, cointegration, and classical assumption tests are conducted to ensure model validity, followed by short-term analysis using the Error Correction Model (ECM). The results show that industry, investment, and labor have a positive effect on economic growth. The role of industry is significant in both the short and long term, while investment and labor have a positive but insignificant effect. These findings emphasize the importance of developing the industrial sector as a priority in driving sustainable economic growth in Southeast Sulawesi. Policies that support increasing the effectiveness of investment and labor are also needed to strengthen the contribution of both factors. The results of this study provide recommendations for local governments in formulating effective development strategies to improve public welfare evenly through quality economic growth.
Introduction: This study examines methodological challenges in ESG measurement across Kazakhstan's diversified financial sector (2021-2024), encompassing banks, insurance companies, pension funds, and investment entities. The research investigates measurement framework heterogeneity, data quality constraints, and policy implications following regulatory ESG integration initiatives implemented from January 2024. Despite growing sustainability commitments aligned with Kazakhstan's carbon neutrality strategy by 2060, fundamental inconsistencies in measurement methodologies undermine comparability, policy effectiveness, and capital allocation efficiency. Methods: Mixed-methods approach combining quantitative comparative analysis of ESG measurement frameworks with qualitative institutional assessment across 142 financial institutions including 21 banks, 27 insurance companies, the Unified Accumulative Pension Fund (UAPF), and development finance institutions. Analysis employed systematic framework comparison across six major ESG rating providers (MSCI, Sustainalytics, S&P Global, Refinitiv, Bloomberg, ISS ESG) applied to Kazakhstani financial institutions. Primary data collected through regulatory filings analysis (ARDFM, NBK, AFSA), institutional sustainability reports (2021-2024), and structured stakeholder interviews conducted March-September 2024. Methodological divergence quantified using correlation analysis, scope-measurement-weight decomposition, and systematic content analysis of disclosure variations.Results: Correlation coefficients between major ESG ratings for Kazakhstan financial institutions averaged 0.44 (range 0.38-0.52), indicating fundamental methodological disagreement substantially exceeding credit rating convergence (0.89). Decomposition analysis reveals measurement differences contribute 58% of rating divergence, scope variations 36%, and weighting approaches 6%. Financial institutions demonstrate ESG score standard deviations averaging 18.7 points (scale 0-100) across providers, with banks showing highest variability (SD 21.3) compared to pension fund (SD 12.8). Only 34.5% of financial institutions achieved comprehensive ESG disclosure meeting international standards by 2024, despite mandatory requirements. Sector assets reached 61.6 trillion tenge (2024), with banks comprising 67.8%, pension assets 23.4%, insurance 6.2%, and other financial institutions 2.6%, yet measurement approaches demonstrate limited standardization across institution types. Discussion: Methodological inconsistencies create substantial challenges for Kazakhstan's financial policy implementation targeting carbon neutrality by 2060. Rating divergence undermines regulatory effectiveness, complicates investment decisions for international capital seeking sustainable opportunities, and generates compliance uncertainties for institutions navigating multiple frameworks. Measurement-driven divergence reflects fundamental disagreements regarding indicator selection, data interpretation, and materiality assessment rather than mere technical differences. Financial institutions face particular challenges adapting Western-developed frameworks to emerging market contexts characterized by data constraints, institutional capacity limitations, and distinct materiality profiles shaped by hydrocarbon dependence. Standardization efforts through ARDFM guidelines and ISSB framework adoption represent progress, yet implementation gaps persist, particularly among smaller institutions lacking specialized ESG infrastructure. Scientific Novelty: Provides first comprehensive analysis of ESG measurement methodological challenges specifically within Central Asian financial sector context, quantifying rating divergence across multiple provider frameworks and institutional types. Demonstrates emerging market financial institutions face amplified measurement challenges (44% higher rating divergence) compared to developed market counterparts, attributable to data availability constraints, framework adaptation difficulties, and materiality conceptualization differences. Establishes empirical evidence that measurement methodology contributes disproportionately (58%) to rating disagreement, challenging assumptions that scope and weighting represent primary divergence sources. Documents systematic measurement bias whereby governance dimensions achieve 42% higher inter-rater reliability than environmental metrics, reflecting institutional capacity asymmetries rather than inherent measurement complexity. Practical Implications: Findings inform regulatory framework design for emerging market financial sectors implementing mandatory ESG disclosure requirements. Results demonstrate necessity for phased standardization approaches prioritizing methodological alignment before expanding scope requirements. Evidence supports targeted capacity building focused on environmental measurement infrastructure where divergence concentrates most acutely. Recommendations include establishing regional ESG data commons reducing dependence on Western rating providers, implementing materiality-based disclosure frameworks reflecting emerging market priorities, and developing sector-specific measurement protocols addressing institutional heterogeneity. Policy implications extend to carbon neutrality implementation strategies requiring consistent sustainability measurement as foundation for transition risk assessment and green capital mobilization.
Introduction: The study examines the impact of digital transformation on strategic planning processes within Kazakhstan's national economy development, addressing critical gaps in understanding digitalization effects on governance effectiveness in emerging economies. The research investigates institutional reforms, technological infrastructure deployment, and performance metrics during 2017-2023, analyzing how digital technologies reshape strategic planning capabilities and contribute to evidence-based policy formulation. Methods: A mixed-methods research design was employed, combining quantitative analysis of secondary data from national statistics bureaus, international development indices (UN E-Government Survey, World Bank, International Telecommunication Union), and digital platform analytics with qualitative assessment of strategic planning documents and policy frameworks. The empirical analysis utilized difference-indifferences estimation comparing digital transformation pilot cities versus matched control cities, alongside correlation and regression analysis examining relationships between digital infrastructure investment intensity and planning performance metrics. The sample comprised 284 cities with complete data covering the 2017-2023 period. Results: Kazakhstan advanced from 39th to 24th position globally in the UN E-Government Development Index (2018-2024), with digital service accessibility expanding to 92% of government offerings and registered users increasing by 111%. IT services exports grew 58.4% annually reaching USD 529 million in 2023. Strategic planning effectiveness improved substantially: policy development time decreased 47.9%, inter-agency data exchange expanded 508.1%, and strategic goal achievement rates increased by 22.4 percentage points. Telecommunications infrastructure improved by 23 positions, with mobile broadband penetration reaching 97.2% and fixed broadband subscriptions increasing 58.3%. Discussion: The findings demonstrate that systematic digitalization significantly enhances government effectiveness through multiple mechanisms: process automation reducing administrative burdens, realtime monitoring enabling adaptive management, integrated information systems supporting comprehensive situational awareness, and analytics capabilities strengthening evidence-based decision-making. However, persistent challenges including regional digital divide, cybersecurity vulnerabilities, and institutional capacity constraints require sustained attention. The research validates that digitalized strategic planning enhances responsiveness to economic fluctuations and facilitates cross-sectoral coordination in emerging economy contexts. Scientific Novelty: This study provides original empirical evidence of digital transformation's multidimensional impacts on strategic planning within an emerging economy framework, developing an integrated analytical framework linking digital infrastructure deployment, institutional reforms, and performance metrics. The research addresses existing gaps in literature through longitudinal analysis and comprehensive assessment of digitalization sustainability in national economic planning systems. Practical Implications: The research offers evidence-based recommendations for policymakers in emerging economies pursuing digital transformation initiatives, emphasizing the necessity of combining infrastructure investment with institutional reforms and capacity building. Findings inform strategic approaches to digital divide mitigation, cybersecurity framework development, and stakeholder engagement enhancement. The study provides benchmarking insights for countries at similar development stages seeking to modernize strategic planning systems.
Introduction: This study examines accounting and analytical support systems for cost budgeting across 147 agricultural enterprises in Kazakhstan (2021-2024), addressing critical gaps in management accounting practices within the agro-industrial complex following adoption of the Industrial Agriculture Development Concept (2021-2030). Methods: Mixed-methods approach combining quantitative panel data analysis with institutional assessment. Budgeting system maturity scores calculated using adapted KPMG management accounting framework (86 indicators) from financial statements and management reports. Production and cost data sourced from Bureau of National Statistics, Ministry of Agriculture, and enterprise accounting systems. Panel regression with fixed effects examined budgeting-efficiency relationships for stratified sample covering wheat, livestock, and vegetable production enterprises (2021-2024). Results: Mean budgeting system maturity scores increased from 38.4/100 (2021) to 54.7 (2023), representing 42.4% improvement, with substantial variation (22.1 to 81.6). Large agricultural enterprises achieved 76.2 (2023), outperforming medium-sized entities (51.3) by 48.6%. Cost budgeting implementation reached 63.8% adoption, versus production budgeting (58.2%) and cash flow budgeting (47.3%). Regression reveals significant efficiency association (cost-to-revenue ratio coefficient-0.0342, p = 0.008): each 10-point budgeting score increase associates with 3.42% efficiency improvement. Only 34.7% established comprehensive budgeting frameworks; 18.4% adopted activity-based costing despite 67.8% multi-product operations. Discussion: Budgeting implementation remains at intermediate stages with stratification by enterprise size. Large enterprises demonstrate advanced practices while small-medium producers face capacity constraints. Significant budgeting-efficiency relationship suggests cost management channels dominate over revenue optimization. Limited activity-based costing adoption represents critical gap given diversified production structures. Scientific Novelty: Provides original evidence of management accounting development in resource-dependent agricultural systems, demonstrating budgeting-efficiency relationships differ from industrial sectors. Quantifies accounting infrastructure gap: only 23.1% conduct variance analysis despite 78.4% experiencing seasonal cost fluctuations. Practical Implications: Findings support targeted technical assistance for small-medium agricultural enterprises developing budgeting capabilities. Results inform phased digitalization implementation with infrastructure support. Budgeting-efficiency relationship validates management accounting business case beyond compliance. Keywords: cost budgeting, management accounting, agro-industrial complex, agricultural enterprises, Kazakhstan, operational efficiency, business processes, budget variance analysis.
Increased transparency and effectiveness in cross-border transactions and compliance with regulators are the most urgent needs of the world financial system, especially in emerging economies such as Uzbekistan. This study evaluates the potential of blockchain technology as a cutting-edge solution to simplify such processes. The present studywas conducted using a mixed (qualitative-quantitative) approach and through data collection from financial and IT experts in Uzbekistan. The results of the research indicate that the application of blockchain can lead to a mean reduction of 71.9% in expense and a reduction of 95.7% in the time of transaction. Additionally, the inherent characteristics of this technology in generating transparency and an auditable record facilitate better regulation and reduced regulatory compliance problems to a large degree. However, the biggest barriers to adoption were perceived as lacking adequate regulatory framework and no adequate human resources. This research points operational bridges to such barriers through pilot project deployments in priority areas such as remittances and trade finance.
The digital divide in Uzbekistan severely hampers financial inclusion, particularly in rural areas where only 15% adopt mobile banking despite 80% mobile penetration, while around 60% of the population resides outside the urban centers. This mixed-methods study (850 respondents and 45 expert interviews) across Tashkent, Fergana, and Samarkand main cities of Uzbekistan reveals smartphone access and connectivity as key predictors of digital divide, with rural-urban gaps persisting at 40% vs. 65% adoption by 2025. Poor Internet is regarded as a major barrier, mirroring global fintech hurdles, particularly in regions with inadequate digital infrastructure. Although national internet penetration increased to 62.5%, disparities in network quality and access continue to hinder the effective use of digital financial services. Logistic regression and thematic analysis underscore literacy and trust enablers. Findings advocate rural infrastructure, training, and subsidies for Digital Uzbekistan 2030. By bridging the gaps, fintech can propel equitable growth, aligning with Vision 2030 goals of the country and facilitating the over-all social-economic development.
This qualitative case study investigates how consumer engagement influences green purchase decisions within Indonesia’s burgeoning fashion sector, focusing on Sejauh Mata Memandang (SMM) Company. By employing an interpretivist lens and conducting in-depth interviews, observations, and field notes, the study uncovers that consumer engagement is driven by a network of factors: strategic retail positioning, word of mouth diffusion, ethical brand perception, personal environmental values, emotional attachment, impulsive buying, cultural tradition, affordable luxury framing, «Big IdeaL» product positioning, and authentic marketing. These factors collectively enhance engagement, thereby reinforcing green purchase intentions. In contrast, societal pressure exerts a muted or negative effect, with most respondents citing autonomous motivations. Generational analysis reveals that Gen Z displays heightened price sensitivity and diminished repeat purchase intent amid economic uncertainty, whereas Gen Y and X consumers exhibit relatively inelastic demand. The findings suggest that Indonesian sustainable fashion brands should cultivate a multi-layered engagement ecosystem integrating cultural identity, ethical legitimacy, emotional resonance, and experiential marketing to stimulate durable green consumer behavior and foster long-term economic value.
Introduction: China’s goods trade with its six Eurasian neighbours – Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan and Mongolia – reached USD 123.9 billion in 2025, and the five Central Asian states together crossed the USD 100 billion mark for the first time, five years ahead of the target voiced at the Xi’an summit of 2023. In this paper we rise a question that the volume figures do not answer: whether the institutional architecture of these relationships has thickened at anything like the same pace. Methods: The study builds a twelve-year panel (2014-2025) of Chinese customs data for six neighbours, deliberately paired against the partner countries’ own customs reporting rather than substituted for it. Three constructed measures organise the comparison: a directional balance ratio, a Mirror Divergence Ratio quantifying the gap between the two national accounts of the same trade, and an institutional depth score built from four verifiable binary facts – an effective currency swap, a designated renminbi clearing bank, direct participation in the Cross-Border Interbank Payment System, and a mutual visa-waiver covering ordinary passports. Commodity structure is decomposed at HS two- and four-digit level from UN Comtrade in both reporting mirrors. Results: Trade grew 2.37-fold across the six neighbours over the period, but the growth is neither uniform nor of one kind. Three structural types emerge. Turkmenistan and Mongolia are resource suppliers running large surpluses with China (balance ratios of -68.1% and -54.1% in 2025). Kyrgyzstan, Tajikistan and Uzbekistan are absorption markets where Chinese exports overwhelm the reverse flow (+61.6%, +74.0%, +76.8%). Kazakhstan alone approaches balance (+22.0%). Mirror divergence is severe and systematic: for Kyrgyzstan in 2025 the two customs services differ by USD 22.2 billion, a divergence ratio of 138%; for Kazakhstan in 2024 the gap is USD 13.8 billion, and 72% of it sits in five consumer-goods categories. Kazakhstan’s export basket to China restructured abruptly, crude petroleum falling from 25.6% of the total in 2023 to 7.9% in 2024 as ores and refined metals displaced fuels. Against this commercial deepening, the institutional layer is thin: the Kazakh, Uzbek and Tajik currency swap lines have all lapsed and appear on none of the People’s Bank of China’s effective registers, Kyrgyzstan never signed one, and only two of the six neighbours hold a mutual visa waiver for ordinary passports. Discussion: The two dimensions come apart in a specific, measurable way. Institutional depth tracks the scale of a trading relationship (Spearman’s ρ = 0.93 against 2025 trade volume) but much less its rate of deepening (ρ = 0.59 against 2014-2025 growth), and the fastest-growing corridors are the least institutionalised. Kazakhstan illustrates the pattern in miniature: the People’s Bank of China reports a renminbi settlement ratio near 30% in bilateral goods trade while simultaneously recording the renminbi at 0.1-1.5% of Kazakhstan’s own foreign-exchange markets. Currency internationalisation here happens on Chinese books, not in the neighbour’s financial system. Mobility data supply the counterpoint and the policy lever: where a mutual visa waiver was actually concluded, Chinese arrivals rose from 18,000 to 655,000 in Kazakhstan across the two years spanning its entry into force, and quadrupled in Uzbekistan in the year of its own. The instruments work; they have simply not been built in four of the six relationships. Scientific Novelty: The study is the first to treat the Chinese-partner mirror gap as a measured variable rather than a nuisance to be averaged away, and to set it alongside a coded institutional-depth score across the whole Eurasian neighbourhood. Its central claim – that commercial and institutional integration have decoupled, and that the decoupling is widest exactly where trade is growing fastest – reframes a literature that has generally inferred institutional consequences from trade volumes. A second contribution follows from the first: what is shallow is specifically the bilateral layer, since the institutions China can build without a partner’s continuing consent, notably the seven Luban vocational workshops opened across these six states between 2022 and 2026, have thickened rapidly over the same period. Practical Implications: The findings argue for harmonised bilateral customs reconciliation as a precondition for credible policy analysis; for renewal of the lapsed swap lines if renminbi settlement is to acquire domestic depth in partner economies; for extending mutual visa waivers beyond the two states that currently hold them; and for treating the statistical opacity of the Kyrgyz and Tajik corridors as a governance problem with fiscal consequences rather than a reporting artefact.
This study has been investigated the dual and temporally sequenced role of Sovereign Wealth Funds (SWFs) in financing national development while managing macroeconomic stability, with a focus on Uzbekistan. Utilizing a mixed-methods approach, we analyze the operations of the Uzbekistan Fund for Reconstruction and Development (UFRD) from 2018 to 2024. Econometric analysis, including Vector Error Correction Models, reveals a clear dual-impact pathway: SWF-driven infrastructure investment exerts significant short-term inflationary pressure, primarily through demand-pull effects in the construction sector, peaking around 12 months post-investment. However, this transitions into a long-term disinflationary force as new capacity enhances productivity and reduces logistical costs, with effects becoming evident after approximately 24 months. The net outcome is critically mediated by the government monetary policy. The research allows concluding that SWFs can be potent tools for transformative development, but their efficacy requires explicit coordination with macroeconomic policy to navigate the inherent short-term trade-offs and secure long-term supply-side gains.
This research intends to investigate empirically the implications of the growth of digital money on inflation, economic growth, and foreign exchange rate volatility at the state level in Malaysia. In doing so, a panel data model was constructed involving 16 states and territories from the year 2015 to 2024. The key explanatory variable in the regression model is the composite Digital Currency Acceptance Index (DCI), which consists of per capita volume of transactions made through digital wallets and internet penetration. This regression model has been estimated employing the fixed effect method along with robust clustered standard errors at the state level. According to the estimation results, a one-point increment in the acceptance index lowers the inflation by 1.82 percentage points and raises GDP growth by 1.94 percentage points. They both are significant at the 0.1% significance level. On the other hand, the impact of DCI on the foreign exchange rate (MYR/USD) volatility was found to be rather minor and insignificant. Robustness testing through alternative indices’ use with a one-year lag and using proxies like mobile payment transaction volume and electronic card payments corroborated the main results. The Hausman test also supported the superiority of fixed effects model over random effects in all cases. Such results have significant policy implications for monetary authorities as they indicate that digital payment systems’ construction will help achieve price stability and economic growth without the creation of foreign exchange volatility.
Traditional culinary products are increasingly positioned as carriers of cultural heritage, place identity, and experiential value. Lasem in Central Java, known for its cross-cultural history, offers distinctive culinary items often linked to batik (silk) and heritage tourism. In this article we propose an integrated marketing communication (IMC) strategy framework to scale Lasem traditional culinary MSMEs (beverage, snacks, ready-to-eat, ready-to-cook) from local markets to global digital platforms. Methodologically, the study is designed as a qualitative case study combining desk research, digital ethnography across Instagram, TikTok, YouTube, and marketplaces, and semi-structured interviews with MSME owners, tourism stakeholders, and customers. The proposed framework emphasizes five pillars: cultural product identity, brand storytelling, platform-specific content, trust enablers (certification, reviews, influencers), and cross-border enablement (packaging, logistics, payment). From an economic point of view, the findings indicate that packaging adaptation (USD 1.20/unit), platform fees (USD 10-181.20/unit), currently limit gross margins to 28-35%, below the 40% scalability threshold. However, strategic IMC can reduce customer acquisition costs by an estimated 25-30%. In the study we detail strategic recommendations, KPIs, and implementation stages adaptable for MSMEs and policymakers. The contribution advances a context-specific IMC model for heritage food MSMEs while supporting global competitiveness and cultural sustainability.
This paper examines the relationship between the functional complexity of Kazakhstan’s regions and sectoral diversification of employment. Functional complexity is measured using the Functional Fitness index, constructed from a «region-year-occupation» matrix and capturing revealed occupational specialization without subjectively assigned occupation weights. Sectoral diversification is assessed through normalized employment entropy and the Herfindahl-Hirschman index (HHI) across economic activities. The empirical basis is a balanced panel of 17 regions over six years of 2019-2024. The results indicate that regions with higher average functional complexity exhibit more diversified sectoral structures and lower sectoral concentration of employment. Between-region regressions confirm a positive relationship between Functional Fitness and normalized entropy, and a negative association with the HHI. At the same time, fixed-effects and Mundlak specifications show that this relationship primarily reflects persistent cross-regional differences rather than short-run changes within regions. Thus, the highest functional complexity is observed in Astana and Almaty cities whose functional profiles are dominated by post-industrial functions, whereas East Kazakhstan, West Kazakhstan, Karaganda, and Akmola regions reflect agrarian-industrial structures. The paper contributes to the literature on regional economic diversification by adapting fitness-complexity logics to the occupational structure of employment and applying it to regional development in Kazakhstan.
In this empirical study, conducted in Indonesia in 2025, we examine the potential of blockchain for enhancing financial transparency and audit efficiency in an emerging market. Using a mixed-methods approach with 41 professionals, the research identifies a stark hierarchy of barriers: regulatory uncertainty scored the highest (mean score of 4.72 out of 5), followed by cost concerns, especially among SMEs. While perceived benefits like enhanced audit trails were strongly acknowledged (mean score of 4.63 out of 5), statistical analysis revealed a significant «blockchain divide». Firm size strongly correlated with willingness to pilot (r = 0.71) and lower cost sensitivity (r = -0.78), indicating early adoption will likely be led by large entities. The estimated audit time reductions (e.g., 60-80% for reconciliations) were found to be entirely contingent on widespread network adoption. The study findings allow us to conclude that realizing blockchain’s potential requires a foundational shift, starting with regulatory clarity and inclusive pilot designs to bridge the readiness gap between stakeholders.
