Purpose. The paper discusses the causes of rising costs and lowering productivity in healthcare systems.Design / Methodology / Approach. OECD healthcare system data from six developed countries (the USA, Japan, France, the UK, Finland, and Sweden) is cleaned and structured. Sample selection is based on a mix of size and type of healthcare system. Data from published sources is used to cross-reference quantitative data analysis.Findings. The paper challenges service management theory (Vargo & Lusch, 2004) and public service management theory, which argues that services are necessarily intangible, by showing that all services have a tangible element. The paper disputes Baumol's (2012) cost disease theory (that service productivity necessarily declines with rising labour costs), arguing that the quality of service cannot be discounted, and taking healthcare as an example, that increasing deployment of tangible technologies enhances productivity, recognising that exogenous factors (rising cost of pharmaceuticals) are a drag on performance.Originality / Value / Practical implications. Our research question is: Does characterising public services as an intangible obfuscate the argument about their relative productivity. We conclude that basing the definition of services on intangibility obfuscates productivity. The paper concludes that the contingent element of intangibility in services is overemphasised and wrongly ascribes it as a necessary condition of public services since the person-to-person element remains pervasive and important in public services. In the SDL case of Vargo and Lusch (2007, 2017), we further conclude that ascribing logics to services, including their intangibility, suggests an uncontested meaning of services that does not exist, and in doing so subsumes agency and leadership of services by imputing a deterministic trajectory.
Research purpose. This study examines the relationship between economic freedom, corruption, and economic growth in Nigeria from 1995 to 2023. It contributes to the existing literature by investigating the interactive effects of economic freedom and corruption on Nigeria's economic growth.Design/Methodology/Approach. Using autoregressive distributed lags and the Granger causality test, the study analyses both short-and long-run relationships and determines the direction of causality among the variables.Findings. Results indicate that economic freedom supports sustainable growth primarily in a low-corruption environment. In the short term, economic freedom enhances growth despite the presence of corruption. However, the estimates show that corruption undermines economic freedom to deter long-run growth. The Granger causality test validates the potential influence of economic freedom on growth. These findings highlight the importance of reducing corruption alongside promoting economic freedom for sustainable growth.Originality/Value/Practical implications. Although there are few studies on the direct impact of economic freedom on growth in Nigeria, this literature has ignored the critical role of corruption in the relationship. This study is different in that it investigates the moderating role of corruption in Nigeria's economic freedom-growth nexus.
Research purpose. The conceptual framework for this study is grounded in third-generation innovation policies, often referred to as transformative or mission-oriented, which aim to tackle complex societal challenges posed by the Triple Transition through systemic innovation. Systemic governance frameworks are underpinned by multi-dimensional transformative social innovation (SI) with Living Labs (LLs) serving as platforms and mechanisms to identify and prioritise actors' needs and challenges. Encompassing SI, systemic governance and next-generation LLs can better support the definition of STI policies to effectively respond to real community/context-driven demands, addressing persistent European competitiveness issues (e.g. the European Paradox of Innovation, which refers to the difficulty of translating scientific advancements into viable innovations). The driving research question is how social innovation can create tailored STI policies to address specific challenges in regional and national innovation ecosystems through the next-generation LLs. Design / Methodology / Approach. This study adopts a qualitative research methodology to explore the role of social innovation in shaping the next generation of LLs and their capacity to create tailored STI policies. Given the complexity of multi-actor innovation ecosystems, qualitative methods are well-suited for capturing nuanced perspectives, contextual dynamics and transformative governance processes across diverse regional and national settings. The research follows a case study approach, examining initiatives of varying maturity in different geographical and socio-cultural contexts. Purposeful and snowball sampling techniques identify key actors and initiatives prioritising diversity and representativeness. Data collection consists of 24 semi-structured in-depth interviews with experienced and emerging leaders involved in collaborative innovation initiatives.Data analysis employs advanced keyword coding using Atlas.ti, enabling a systematic exploration of key themes and patterns that inform the development of tailored STI policies within diverse innovation ecosystems. Findings. This research provides a comprehensive understanding of how SI contributes to the evolution of next-generation Living Labs, identifying key governance models, co-creation mechanisms and multi-stakeholder engagement strategies that enhance policy adaptability and responsiveness to local challenges. The findings will likely reveal best practices in integrating SI into policy design and implementation, offering insights into effective collaboration among public, private, academic and civil society actors (quadruple or n-helix cooperation). Originality / Value / Practical implications. The research will contribute to the broader discourse on innovation governance and provide actionable recommendations for policymakers seeking to enhance regional and national STI frameworks through socially driven innovation approaches.
Research purpose. The objective of this research was to calculate the cost of labour productivity loss measured exclusively as the decrease in Gross Value Added (GVA) associated with distractions caused by problematic use of social media in the workplace, where users continuously check their smartphones for updates. The calculation was conducted using Argentina as a case study, based on national statistical data from the year 2023.Design / Methodology / Approach. The design of this research is quantitative, descriptive, and explanatory, focusing on measuring and analysing labour productivity losses caused by the inappropriate use of social media and smartphones in the workplace. A national statistical series from the year 2023 was used to observe and estimate productivity losses in the context of Argentina. The applied methodology includes the collection of statistical data and the construction of a simple mathematical model to estimate the economic losses (measured exclusively as the decrease in Gross Value Added (GVA)) associated with distractions.Findings. The results of the estimation validate the hypothesis that distractions caused by the use of social media and smartphones decrease labour productivity, representing a cost by reducing the gross value added. The productivity losses resulting from this model for the year 2023 in Argentina account for 12.73% of the gross value added. It can also be observed that sectors of economic activity with high exposure to social media and smartphones experience productivity losses greater than their relative contribution to GDP, while sectors with medium and low exposure suffer losses below their relative weight in GDP. These productivity losses are not only significant in terms of Argentina's gross value added, but they are likely to be even greater if the analysis includes the time it takes for an individual to refocus after a distraction, a cost not included in the model.Originality / Value / Practical implications. The article provides an estimate of the losses in Gross Domestic Product (GDP) due to workplace distractions caused by the inappropriate use of new information and communication technologies (ICT) in Argentina, a developing country. This analysis not only measures the economic impact of this phenomenon but also opens the door to new discussions about business models and labour relations, specifically regarding how the losses may be absorbed by both employers and employees, who might be trying to counteract the distractions with faster work, but of lower quality and higher stress.
Research purpose. The primary purpose of the current study is to analyse commercial banks' resilience in Lithuania in pre-, under-, and post-COVID-19 pandemic settings in order to understand if the banking sector has recovered and reached the pre-crisis level.Design / Methodology / Approach. The analysis involved seven commercial banks operating in Lithuania in the analysed period. In order to calculate the resilience score, the CRITIC-TOPSIS methodology was employed. The CRITIC method was used to determine the objective weights of the selected resilience criteria, while TOPSIS was used to compute the resilience scores and rank the banks. The research period covers 2019, 2021, and 2024, where 2019 is treated as the pre-pandemic phase, 2021 - pandemic onset and peak, and 2024 - post-pandemic period.Findings. The findings revealed that larger banks have almost recovered after the pandemic and reached the pre-pandemic resilience level. Moreover, digital banks are the most stable in the light of financial shocks and economic disruption. On the other hand, the smaller banks are still suffering from the challenges caused by COVID-19 and continue to face challenges in restoring their resilience.Originality / Value / Practical implications. Theoretical research on resilience indicators showed that even indirect measures of resilience could be included as criteria. This was supported by the results showing that such unusual criteria as Large Exposure Ratio are concluded to be the most weighted resilience measure, especially in post-pandemic settings. The current results might be used by policymakers and banking sector stakeholders of all the Baltic countries to better assess the current state of the banking sector and its ability to absorb financial shocks caused by different crises.
Research purpose. The purpose of this study is to identify and quantitatively evaluate the volume of scientific publications, the latest research trends, and the main topics related to brand humanisation in higher education (HE). This aim is motivated by the growing importance of empathetic and human-centred communication in a competitive and digitalised educational environment. Although widely applied in practice, the concept remains fragmented in academic research, creating the need for a systematic bibliometric analysis to clarify its development and future directions.Design / Methodology / Approach. A bibliometric analysis was applied to systematise knowledge on brand humanisation in HE during 2005-2024. The analysis was conducted in several stages, including literature review, database selection, keyword specification, article screening, data extraction, and analysis. Data were retrieved from Scopus and Web of Science Core Collection, ensuring access to peer-reviewed publications and reliable citation indicators. After applying selection criteria, 84 articles were retained. Descriptive bibliometrics (publication dynamics, citation statistics, collaboration patterns) were combined with science mapping techniques (keyword co-occurrence networks, overlay visualisation, and thematic mapping) using VOSviewer, R Bibliometrix, and Microsoft Excel. This framework enabled the identification of research clusters, dominant themes, and emerging areas.Findings. The analysis reveals that research on brand humanisation in HE remains underdeveloped but shows growing interest. The most influential works focus on constructs such as brand personality, image, and identity, while direct studies on anthropomorphism and storytelling are rare. Results highlight the USA, Malaysia, and Canada as leading contributors, though international collaboration is still limited. Science mapping uncovers six thematic clusters: brand image and reputation; brand identity and loyalty; personality and perception; social media engagement; consumer behaviour; and anthropomorphism. Findings confirm a shift from traditional branding approaches towards digital communication, personalisation, and emotional engagement, reflecting universities' adaptation to students' evolving expectations in digital environments.Originality / Value / Practical implications. This study provides the first systematic bibliometric overview of brand humanisation in HE, consolidating fragmented knowledge and identifying emerging themes. While primarily academic in focus, its practical relevance lies in offering insights into the most studied and underexplored aspects of the field. These insights can guide universities and HE marketers in recognising trends, addressing conceptual gaps, and aligning their communication strategies with approaches emphasised in the literature. In this way, the study serves as a roadmap for institutions seeking to enhance positioning and responsiveness in a digitally mediated education environment.
Research purpose. Most countries with highly capitalised free markets and countries with dominant state-owned economies may have difficulty in preventing income inequality. Productivity and income distribution are expected to have an impact on income inequality. The present paper aims to discover whether there is an asymmetric effect between Stock Return and Income inequality in Canada at the provincial level. Design / Methodology / Approach. We analyse annual data from 1976 to 2021 from ten representative Canadian provinces employing an autoregressive distributed lag model (ARDL) for linear and nonlinear model approaches, and reconstruct the error correction model (ECM) to identify aggregation bias. Findings. While in the long run, the impact on income inequality is not significant due to aggregation, our short-run results indicate a significant relationship between stock returns and income inequality in most of the Canadian provinces. Originality / Value / Practical implications. There is evidence of these effects of stock returns on income inequality being asymmetric (partial sums have different coefficients in sign and size) in most cases, and this effect may persist in the long term. This asymmetry suggests that policy measures addressing income inequality should account for temporal variations and the differential impacts of financial market developments.
Culture is a constitutive part of urban life quality and a crucial urban policy dimension. Most of European cultural heritage is concentrated in cities. European cities differ substantially with regard to how well residents are satisfied with cultural facilities.Research purpose. The purpose of this research is to find which city characteristics are linked to higher or lower satisfaction with cultural facilities across European cities. In particular, the study explores the relationship between the perceived quality of cultural facilities and income level, tourist inflows and local congestion effects (measured as population density and traffic congestion), while controlling for the city size, capital city status and the overall urban life satisfaction.Design / Methodology / Approach. Satisfaction with cultural facilities is based on the European Commission survey data on the quality of urban life in 83 European cities. Respondents assess perceived quality of cultural facilities (museums, theatres, concert halls and libraries) on a 5-point Likert scale ranging from "not at all satisfied" to "very satisfied." This article calculates the balance of replies to the respective question, ranks European cities according to the perceived quality of cultural facilities, and then employs a multifactor regression analysis to check the relationship between satisfaction with cultural facilities and different city characteristics.Findings. The findings indicate that residents of Zurich, Vienna, and Groningen are the most satisfied with cultural facilities in their cities, while those in Tirana, Valletta, and Skopje are the least satisfied. Satisfaction with cultural facilities is positively associated with income level, overall satisfaction with urban life, as well as with the actual per capita number of cultural facilities in a given city. In turn, large tourist inflows, high population density and traffic congestion decrease satisfaction with cultural facilities. Residents of the European capital cities tend to be less satisfied with cultural facilities, even after controlling for city size, overtourism and local congestion effects.Originality / Value / Practical implications. This study offers several contributions. First, it utilises the most recent wave (2023) of the European Commission survey on the quality of life in European cities and focuses on satisfaction with cultural facilities, while outlining the role of culture in urban economic development and general well-being. Second, it formally shows how tourist inflows and local congestion effects decrease satisfaction with cultural facilities in several European cities. Third, it highlights that the perceived quality of cultural facilities is lower in the capital cities, even after controlling for the actual per capita number of cultural facilities, tourist inflows and local congestion effects. These findings can provide insights for policymakers seeking to enhance the efficient use of cultural infrastructure and improve satisfaction with cultural life across Europe.
Research purpose. The purpose of this paper is to analyse the challenges and transformation directions of digital transformation in higher education institutions (HEIs), with a direct focus on management processes. The paper study applies a systems-based managerial perspective to identify and systematise the main and supplementary processes directly affected by digital transformation, and to evaluate their implications for governance, institutional competitiveness, and academic performance.Design / Methodology / Approach. The study is based on secondary sources, including legislation and policy documents, and publicly available studies. A qualitative case study and thematic content analysis were applied to examine strategic and operational documents of nine Lithuanian HEIs. Document selection followed the defined inclusion criteria of relevance, validity, and institutional scope. Coding was performed using both deductive and inductive categorisation. The study adopts a systems approach to the digitalisation of higher education, focusing on aspects such as the transformation of higher education, process transformation, and the governance of digitalisation of higher education processes.Findings. Digitalisation is transforming the main functions of HEIs, reshaping traditional activities into new formats. At the same time, findings reveal that digitalisation is unevenly implemented across different institutional processes. Core academic functions such as study organisation, assessment, and research are more advanced, while supplementary areas like student support, administrative modernisation, and digital communication remain underdeveloped. The study identifies challenges in managing digital transformation and highlights areas where effective governance solutions are lacking to ensure a smooth and sustainable transition. Key governance challenges identified include the lack of strategic alignment, limited system capacity, and insufficient digital competencies among staff.Originality / Value / Practical implications. This research contributes to the understanding of digital transformation in higher education by offering insights into the challenges and opportunities associated with digital transformation. It provides a systems-oriented contribution by combining managerial decisions with technological change, emphasising governance, leadership, and organisational culture. Practical recommendations are offered for HEIs, particularly for institutions with limited resources, on how to prioritise actions, enhance digital capabilities, and implement digital strategies.
Research purpose. The research sought to investigate the impact of non-tariff trade restrictions on manufacturing jobs in Nigeria. Design / Methodology / Approach. In accomplishing this, the study adopts an econometric approach and employs the Auto Regressive Distributed Lag (ARDL) estimation technique to capture both short-run dynamics and long-run relationships between employment (EMP) and explanatory variables. Findings. The findings show that non-tariff trade restrictions significantly contribute to short-term and long-run job creation within the Nigerian industrial sector. However, import restrictions excluding taxes and tariffs do not exhibit significant short-term effects, suggesting that the type of trade restrictions implemented matters for immediate employment outcomes. The negative relationship between real wages and industrial employment across both short and long runs indicates that rising labour costs can deter firms from expanding their workforce, pointing to the critical role of managing wage levels for job sustainability in the industrial sector. Originality / Value / Practical implications. The extent to which non-tariff measures affect trade, manufacturing employment and wages is less well understood and documented in Nigeria; hence, this study examines the impact of non-tariff trade restrictions on manufacturing jobs in Nigeria. Unlike most previous studies that used factor content or growth accounting approaches and the gravity model in explaining the effects of trade on employment, this study employs an econometric modelling approach to labour demand and uses measures of aggregate trade restrictions as a proxy for measuring non-tariff trade restrictions in Nigeria. Thus, while trade restrictions can be used to protect domestic industries and industrial employment, nevertheless, manufacturing job sustainability can only be guaranteed if complementary policies that would improve the quality of manufactured products, increase domestic demand and value addition in industries are implemented.
Research purpose. Cultural and creative industries (CCIs) have long been recognised as important drivers of economic growth, social cohesion, and innovation in sustainable regional development. However, their full potential is still not fully exploited, especially outside large cities. This study examines the development and innovation potential of CCI companies in Latvian regions, taking into account their role in sustainable regional development. The aim of the study is to identify the challenges and obstacles for CCI companies in implementing innovations and their impact on sustainable regional development in Latvia. Unlike most existing studies focusing either on national strategies or sectoral analyses, this study provides the first regional comparison of CCI innovation practices in all five planning regions of Latvia, combining policy analysis with qualitative evidence from companies.Design / Methodology / Approach. The study used a qualitative research approach, conducting semi-structured interviews with representatives of CCI companies in all five planning regions of Latvia. In addition to the interviews, an analysis of planning documents at the planning region level was conducted to assess the importance of CCI defined in them. Thematic analysis was used as a data processing method, identifying challenges and obstacles that CCI companies face in implementing innovations and their role in sustainable regional development. The study also showed that the importance of CCIs in sustainable regional development varies across different planning regions of Latvia, which is related to the greater focus of such companies on creating cultural rather than economic value.Findings. The study confirms that CCI companies make a significant contribution to sustainable regional development, promoting innovation and economic diversification and strengthening cultural identity. However, their growth is hampered by limited financial resources, fragmented policy support, and challenges related to digitalisation. An important discovery is that innovative CCIs in Latvia often arise due to limited resources, resulting in adaptive organisational and communication practices that differ from traditional R&D-driven innovation models.Originality / Value / Practical implications. The originality of this study lies in its integrated methodology, which combines analysis of regional policy papers with direct business views to detect systemic discrepancies between strategically determined and practically necessary support for CCIs. As well as documenting barriers, it shows how informal, practice-based innovation contributes to regional identity and resilience. Highlighting this understudied dynamic in a small EU member state, the study provides new evidence for international debate that CCIs can serve as both a creator of cultural assets and an innovation partner for sustainable regional development.
Research purpose. Universal Basic Income (UBI) is a noteworthy social and economic model that reduces absolute poverty, improves people's physical and mental well-being, and has a positive impact on the labour market. It could serve as an alternative to the increasing need to adjust, reform, and enhance current social protection systems to ensure at least minimal welfare guarantees through them. The aim of this article is to evaluate whether the state's efforts to ensure minimum welfare and the expectations of the Lithuanian population regarding the state's role in securing socio-economic stability can be regarded as prerequisites for the introduction of a Universal Basic Income (UBI) as an alternative to the existing social security system. Design / Methodology / Approach. The article is structured around the following research methodology: scientific literature on UBI as an alternative measure to the social security system, correlational and regression analysis, quantitative research, summary of research findings, and conclusions. Findings. European countries strive to ensure at least a minimum level of well-being for their citizens. When looking for solutions to do this, there are two possible alternatives - to improve the social security system or to introduce UBI. This means making a radical decision on the method of ensuring minimum well-being. In both cases, it is necessary to consider state spending. Currently, the state's contribution to ensuring well-being includes not only government spending on monetary social support for people with the lowest incomes but also for those receiving the minimum and average wages. The expectations of Lithuanian residents regarding the provision of minimum well-being are thus focused on the state. Originality / Value / Practical implications. The results of the study presented in the article suggest the need to intensify the debate on the introduction of UBI in Lithuania to reduce poverty in the most economically disadvantaged households. Two main alternatives exist: improving the current social protection systems (which is a more costly option in terms of cost-effectiveness due to inefficient administrative expenses) or introducing Universal Basic Income (UBI), which is a relatively cheaper option from an administrative standpoint. While the second alternative is not without its drawbacks, it is certainly worthy of at least theoretical discussion regarding the feasibility and potential of a phased introduction of UBI across the entire EU.
Research purpose. As countries increasingly rely on foreign direct investment to support economic growth, questions arise about its broader implications for social equity and environmental sustainability. This research aims to investigate the direct and indirect impact of FDI on the sustainable development of developed and developing European countries. Design / Methodology / Approach. This study applies Pearson correlation analysis and a Fixed Effect Panel Regression model to assess FDI’s influence on sustainable development outcomes across 34 European countries from 2007 to 2022. The approach distinguishes between developed and developing economies to uncover nuanced effects and context-specific dynamics. The data was collected from The Global Economy (2024) and Sustainable Development Report (2023). In total, 21 indicators were analysed. Findings. The results indicate that FDI has a complex and varied impact on sustainable development. In developed European countries, while FDI contributes to institutional strength and technological advancement, it does not consistently lead to improved sustainability outcomes. Conversely, in developing European countries, FDI shows a modestly positive effect on SD, primarily driven by human development and institutional quality gains. However, aligning FDI-driven innovations with long-term sustainability goals remains inconsistent across contexts. Originality / Value / Practical implications. This study uniquely dissects FDI’s impact on sustainable development by comparing developed and developing European countries, revealing important institutional and contextual differences. Integrating the SDG Index and key mediating factors provides a refined analytical framework. The findings offer actionable insights for policymakers, emphasising that FDI’s contribution to sustainability depends on tailored strategies that align investment with local development priorities.
Research purpose Motivated by the growing level of ecological degradation and the need to accomplish sustainable development, this study examines the influence of energy consumption, institutions, urbanization, education, and economic growth on the load capacity factor (LCF) of Nigeria. Methodology The study uses data from the Nigerian time series between 1984 and 2020. The Autoregressive Distributed Lag (ARDL) is utilized to analyse the level of cointegration and short- and long-run impact among the variables. Furthermore, Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Canonical Cointegrating Regression (CCR) were used as robustness checks for the long-run estimates of ARDL. Findings The results suggest that in the short run, per capita income, institutions, and urbanization positively influence the LCF. However, in the long run, per capita and institutions have an insignificant effect on the LCF. On the other hand, energy consumption and primary school enrolment negatively impact the LCF in both periods. Similarly, urbanization has a negative long-run influence on the LCF, thus decreasing the environmental quality. Practical implications Based on the study's outcome, the study offers significant policy implications, such as changing consumption and production patterns to green ones to achieve green growth and sustainable development.
Research purpose. This study explores the cultural underpinnings of green economic development in the EU and Ukraine by examining how national cultural dimensions shape eco-efficiency trajectories, institutional responsiveness, and technological transformation. By integrating Hofstede's cultural framework with the Malmquist-Luenberger productivity index (MLPI), this paper aims to identify cultural configurations that either catalyse or constrain green productivity and map country-specific patterns in green economic performance.Design/Methodology/Approach. The research applies a directional distance function-based MLPI model to a dataset of 27 EU countries and Ukraine from 2005-2023. The model distinguishes between technological progress and efficiency change, integrating multiple inputs (capital, labour, renewable energy) and outputs (GDP and an environmental burden index based on CO2, PM2.5, water stress, fertiliser use, and forest loss). Cultural characteristics were assessed via six Hofstede dimensions. Hierarchical cluster analysis (Ward's method) was used to group countries on the basis of their cultural and eco-productivity profiles. Canonical discriminant analysis was used to validate the cluster structure and determine the most influential cultural variables.Findings. Three clusters of countries were identified, each reflecting distinct cultural and green economic development profiles. Cluster 1 included high-income, moderately individualistic countries with a strong performance orientation; Cluster 2 included countries with higher indulgence and uncertainty avoidance but moderate green convergence; and Cluster 3 included Eastern and Southeastern European nations with lower eco-productivity, weaker governance, and high cultural rigidity. Discriminant analysis revealed that indulgence, uncertainty avoidance, and power distance were key differentiators. Green TFP exceeded unity in 42% of the years for Ukraine but declined from 2022-2023 due to war-induced disruptions. The model achieved 100% classification accuracy, confirming the predictive value of cultural dimensions in explaining cross-national differences in green growth.Originality/Value/Practical implications. This study advances the theoretical and empirical understanding of how cultural norms influence the national capacity for sustainable transformation. This finding demonstrates that green policy effectiveness is not merely a function of economic or technical readiness but is deeply shaped by the cultural context. Policy implications include the need for culturally adaptive sustainability strategies, especially in countries with hierarchical institutional cultures and risk-averse populations. The findings also support EU efforts to tailor green financing and cohesion policies to cultural realities. Future research should explore dynamic cultural change and extend the analysis beyond Europe to examine global cultural diversity in sustainability transitions.
Research purpose. The increasing array of financial assets and investment opportunities nowadays is making investors consider new ways of investment portfolio formation and management. Many choose to take advantage of a wide variety of forecasting models in order to enhance investment portfolio performance results. However, each forecasting model has its application peculiarities, strengths, weaknesses and distinctive features. This paper offers a methodological basis and evaluation of the application of the ARIMA forecasting model in investment portfolio formation and management. The purpose of the research is to evaluate the effectiveness of ARIMA model predictions in investment portfolio creation and management. Design / Methodology / Approach. The period of two years, from May 2023 to April 2025, was chosen as the interval for conducting this research. The dataset for this experiment comprised five years of monthly securities prices, therefore the ARIMA model application and reinvestment occurred on a monthly basis. For an accurate evaluation of the ARIMA model-based investment portfolio, it has been compared with an ordinary mean-variance investment portfolio which has been created and managed in the same way. Additionally, the accuracy of the forecasts and their influence on portfolio performance has been evaluated. Findings. The findings of this study suggest that, given the monthly reinvestment and securities chosen, the implementation of the ARIMA model in investment portfolios is not recommended. This conclusion is based on the relatively low performance of the portfolio and the significant time and effort required to implement the ARIMA model, leading to its inefficiency. Originality / Value / Practical implications. The practical implications of this study suggest that investors should consider alternative forecasting models, different trading frequencies, or other financial assets to achieve better results. If investors opt to implement the ARIMA model for investment portfolio formation and management, it is important to note that the forecasts have shown to be accurate for short-term predictions, particularly in securities with strong trends and low-price volatility.
Research purpose. This paper aims to analyse how university students perceive the role of Artificial Intelligence and human-centric technologies in shaping the future workforce within the context of Industry 5.0. By focusing on students as future professionals, the study explores their expectations, ethical concerns, and readiness for AI-driven transformation in a developing country context. Design / Methodology / Approach. A total of 344 university students from the disciplines of Information Technology, Computer Engineering, and Business Management participated in the study through an online questionnaire. The survey assessed students’ knowledge of AI technologies, their perceptions of AI’s role in workforce transformation, and their ethical concerns related to AI integration. Data were collected from Bachelor’s and Master’s students enrolled at public and private higher education institutions in Albania. The study complied with institutional research ethics regulations. As it involved an anonymous, voluntary survey without the collection of sensitive or personally identifiable data, formal ethics committee approval was not required. Spearman’s Rank Correlation and descriptive statistics were used to analyse the relationships between AI knowledge, workforce perceptions, and ethical concerns. Findings. The findings reveal that students generally recognize AI’s transformative potential in reshaping industries and workforce dynamics, particularly among Information Technology and Computer Engineering students. However, they express scepticism regarding AI’s ability to enhance human-centric traits such as creativity and emotional intelligence. A statistically significant positive correlation was found between AI knowledge and perceptions of industrial transformation and skill augmentation, indicating that higher digital literacy is associated with greater optimism about AI’s role. Conversely, students who voiced stronger ethical concerns—especially regarding algorithmic bias, privacy, and job displacement—also placed greater emphasis on the need for transparency and explainability in AI systems. These patterns reflect the relevance of both the Technology Readiness and Acceptance Model (TRAM) and Trust in Automation Theory, underscoring the importance of integrating ethical reasoning with technical training to prepare students for responsible engagement with AI in the context of Industry 5.0. Originality / Value / Practical implications. While student perceptions of AI have been widely examined in global contexts, this study offers a distinct contribution by focusing on Albania—a developing country underrepresented in the AI and Industry 5.0 literature. Its originality lies in the integration of two behavioural frameworks—the Technology Readiness and Acceptance Model (TRAM) and Trust in Automation Theory—to explain students’ attitudes toward AI within a human-centric industrial paradigm. The research draws on insights from students in Information Technology, Computer Engineering, and Business Management, integrating both ethical and educational dimensions. These findings provide practical implications for designing inclusive, ethically grounded, and future-ready strategies in education and workforce development.
Research purpose. This research paper delves into the threshold effects of public debt on economic growth in Central and Eastern European countries, both before and after the COVID-19 pandemic. Its primary aim is to pinpoint critical thresholds of the public debt-to-GDP ratio that either stimulate or hinder economic growth in these regions. Design / Methodology / Approach. Data spanning from 2010 to 2022 are analysed using a variety of advanced econometric techniques including OLS, Fixed-Effects models, Random-Effects models, Hausman Taylor Estimation, GMM Dynamic Panel Data, and the Threshold model. Findings. The study reveals significant findings: before the COVID-19 pandemic, the optimal debt-to-GDP ratio threshold stood at 42.5%. However, considering the combined impact of the COVID-19 pandemic and the Ukraine crisis, this threshold adjusts to 33.69%. This indicates that Central and Eastern European countries can safely increase their debt levels up to these points without detriment to economic growth. Beyond these thresholds, however, further increases in public debt yield negative economic effects. These findings offer invaluable insights for policymakers in Central and Eastern European countries, equipping them with evidence-based guidance on managing public debt levels effectively. Originality / Value / Practical implications. This study offers original insights into public debt thresholds' effects on economic growth in Central and Eastern European developing countries before and after the COVID-19 pandemic. It highlights how debt thresholds shifted due to the pandemic and geopolitical events, providing practical guidance for policymakers. These findings support evidence-based debt management strategies to ensure economic stability and growth in the CEE region.
Research purpose. Satras of the river island Majuli form an indispensable part of Assam’s cultural heritage. However, despite their tremendous importance, floods and flood-induced erosion severely impact the Satras. This study aims to explore the perceptions of the residents of the world's largest riverine island, Majuli, regarding the importance of the cultural heritage of Majuli by incorporating their Willingness to Pay (WTP) for the preservation and conservation of Satras in Majuli. Design/methodology/approach. A structured interview was conducted with 370 individuals using the Yamane formula from different areas adjoining Satras. The Contingent Valuation method (CVM) was used to grasp the objective of the study, and the Censored regression was used to identify the determinants of Willingness to Pay (WTP). A split-sampling technique was used to detect the presence of information bias. The chi-square test of association and the Mann-Whitney U test were used to detect the presence of information bias. Findings. The study found that most people expressed their willingness to protect and safeguard their cultural heritage from floods and erosion that occur every year. The Karl Pearson chi-square test and Mann-Whitney U test showed an absence of information bias. Variance inflation factors (VIF) indicate the absence of multicollinearity. The variances were homoscedastic. The results of the censored regression showed that income, age, and threat significantly affected the respondents’ WTP. While family size negatively impacted the Willingness to pay of the respondents. The income of the respondents positively affected their WTP, which was significant at the one per cent level of significance. Financial Burden also negatively affects the WTP of the respondents and has a marginal effect of INR -0.015. Education was not found to significantly affect the WTP decisions of the respondents in the study area, although education was one of the significant variables affecting Willingness to Pay. Originality/value/practical implications. A detailed understanding of the benefits and the need to preserve age-old heritage can thereby contribute to decision-making, planning, and protection of the cultural heritage of Majuli, as floods are a yearly phenomenon on the island. This study adds to the existing literature by providing meaningful insights into the economic valuation of heritage, particularly cultural heritage.
Research purpose. This study aims to develop a model of firms' survival strategy during the COVID-19 pandemic by integrating the concepts of exploration, exploitation, and dynamic capabilities to develop a model of firms' survival strategy during the COVID-19. We argue that the COVID-19 pandemic forced firms to undergo three processes of sensing, seizing, and reconfiguring suggested by Teece (2007), and to choose exploration or exploitation in each process in a timely manner. The interplay of the three processes for dynamic capabilities and two strategic orientations gives rise to a typology of six proactive response strategies.Design / Methodology / Approach. The research design takes the form of a case study focusing on the two Korean successful entertainment firms, JYP Entertainment and HYBE. JYP is one of the early-established firms that started the Korean Wave in 1997, and HYBE is a dominant late-mover founded in 2005. Using a Typology of six proactive response strategies, the two firms' actions in the COVID-19 are reviewed.Findings. The strategic trajectory of HYBE shows internal sourcing, platform creating and radical change, while that of JYP shows internal sourcing, platform strengthening, and incremental change. Together, these cases demonstrate five of the six strategies from our typology, with neither company engaging in External Sourcing during the pandemic. HYBE's trajectory was more explorative in the later stages (developing a new platform and making a radical change), whereas JYP's was more exploitative (strengthening an existing platform and making incremental changes), highlighting two different yet successful approaches to crisis management.Originality / Value / Practical implications. This study makes a contribution by integrating the concepts of exploration and exploitation with dynamic capabilities through the lens of Teece's framework (sensing, seizing, and reconfiguring) to address strategic decision-making during COVID-19. By examining South Korean entertainment firms, this research fills a gap in understanding how firms can balance the tension between exploration and exploitation, especially when responding to the unpredictable challenges posed by the COVID-19 pandemic. In particular, we identify six proactive response strategies, External Sourcing, Internal Sourcing, Platform Creating, Platform Strengthening, Radical Change, and Incremental Change, that illustrate specific ways in which firms can achieve this balance in practice. The findings of this study provide a practical implication for managers to assess and implement strategic responses in uncertain environments. This implication helps managers determine the right balance between explorative innovation and exploitative efficiency, ensuring that strategic responses should be aligned with organizational goals and timely.Originality / Value / Practical implications. This study makes a contribution by integrating the concepts of exploration and exploitation with dynamic capabilities through the lens of Teece's framework (sensing, seizing, and reconfiguring) to address strategic decision-making during COVID-19. By examining South Korean entertainment firms, this research fills a gap in understanding how firms can balance the tension between exploration and exploitation, especially when responding to the unpredictable challenges posed by the COVID-19 pandemic. In particular, we identify six proactive response strategies, External Sourcing, Internal Sourcing, Platform Creating, Platform Strengthening, Radical Change, and Incremental Change, that illustrate specific ways in which firms can achieve this balance in practice. The findings of this study provide a practical implication for managers to assess and implement strategic responses in uncertain environments. This implication helps managers determine the right balance between explorative innovation and exploitative efficiency, ensuring that strategic responses should be aligned with organizational goals and timely.
