Healthcare organizations operate in environments characterized by high job demands, resource constraints, and increasing service expectations. Under such conditions, sustaining employee work engagement becomes essential for maintaining service quality, employee well-being, and organizational performance. Drawing on the Job Demands–Resources (JD-R) framework, this study examines the role of managerial competencies as organizational resources that may stimulate employee work engagement in healthcare institutions. The primary objective of this research is to investigate whether managerial competencies significantly predict employee work engagement and to determine the relative contribution of specific competency dimensions. The study focuses on five managerial competency domains: leadership, communication, strategic, operational, and emotional intelligence competencies. Data were collected through a survey conducted among 201 employees working in public and private healthcare institutions in Tuzla Canton, Bosnia and Herzegovina. Work engagement was measured using the Utrecht Work Engagement Scale (UWES), while managerial competencies were assessed using a competency-based evaluation instrument. Data were analyzed using descriptive statistics, correlation analysis, and regression modeling.
This study explores the impact of charismatic leadership on work engagement in Mongolian state-owned joint stock company, considering job satisfaction, job involvement, and organizational commitment as mediating mechanisms. Covariance-Based Structural Equation Modeling (CB-SEM) using bootstrap processes was used to evaluate data from a cross-sectional survey of 128 employees of a state-owned joint stock business. Charismatic leadership was measured using Conger and Kanungo’s five-item scale, work engagement with the 12-item Utrecht Work Engagement Scale, and job attitudes with validated instruments. Findings revealed that charismatic leadership positively influenced work engagement (β = 0.409) and all three job attitudes: job satisfaction (β = 0.531), involvement (β = 0.299), and organizational commitment (β = 0.355). Each job attitude also significantly predicted engagement, with job satisfaction exerting the strongest effect (β = 0.590). Mediation analyses confirmed that all three attitudes partially mediated the relationship, particularly job satisfaction (β = 0.366, Sobel z = 3.30). The results highlight that charismatic leadership enhances engagement both directly and indirectly through fostering positive job attitudes, offering practical implications for employee motivation and organizational performance.
Multinational corporations facing severe global competition are seeking new ways to remain competitive. One of them is innovation via startup acquisitions. Our article aims to identify specific features of Slovak startups that have become attractive targets for multinational corporations as sources of open innovation. The article aims to identify the specific characteristics and strategic features of selected successful Slovak startups that became attractive acquisition targets for multinational corporations within the framework of open innovation. The empirical part of the article uses a multiple-case study of five startups in Slovakia. Based on our research, the most interesting acquisition targets for foreign multinationals are Slovak technology startups. The article's main constraint is focusing on a limited number of companies. Other startups in the country or other countries will be included in future studies.
This study examines whether institutional legacy is associated with differences in contemporary pricing practices across European markets. Focusing on just-below prices ending in 9, a widely used strategic pricing format, we analyze panel data on multinational brand prices across 29 European countries from 2009 to 2013. Comparing planned-economy legacy countries with other European markets, we find that countries with a centrally planned past exhibit a higher prevalence of 9-ending prices, even after controlling for brand-level pricing policies, common time effects, macroeconomic conditions, and currency format. This difference is not uniform across competitive contexts: it is strongest for brands competing at relatively lower price points within local markets and weakens as brands occupy more premium relative price positions. The results provide evidence that firms' use of 9-ending formats remains associated with historically shaped retail environments within Europe. More broadly, the study suggests that even widely used pricing practices may not transfer uniformly across markets, with implications for cross-country pricing strategy in transition and non-transition settings.
According to World Bank statistics, the world population has increased by approximately one-third over the past 25 years, leading to a significant rise in energy demand. Energy is a fundamental driver of industrialization and GDP growth, influencing both economic development and geopolitical dynamics. Ensuring energy security and transitioning to renewable sources are critical for sustainable development and long-term economic resilience. The purpose of this study is to forecast electricity consumption in Azerbaijan using time-series analysis, assisting government authorities in making short-term and long-term decisions on energy planning, investment strategies, and policy development by exploring: a) how historical data should be preprocessed for time series modeling, b) which models are suitable for predicting electricity demand, and c) expected long-term demand in Azerbaijan. Demand forecasting is conducted using the ARIMA (Auto Regressive Integrated Moving Average) model with exogenous variables. The dataset was divided into training and testing sets. 70% of the total data was used for training and 30% for testing to evaluate the model's performance and accuracy.
The post-Soviet era did not provide equitable growth opportunities for all its constituent countries. The group of Central Asian countries has experienced slower growth than Western cohorts of ex-Soviet countries, which have grown faster over the last 35 years (1990-2024). The Central Asian countries experienced a growth shock, with negative growth rates during 1990-95, and later recovered to positive growth. The Western bloc countries also suffered a similar initial growth shock during (1990-95) but recovered on a faster growth trajectory. The Central Asian countries began with lower per capita income, a lower level of industrialization, and primary exports. The study estimated β and σ-convergence between the two cohorts and found evidence for conditional Convergence within and between the two cohorts. The study also estimates rates of conditional Convergence. The study highlights the greater potential for CAS countries to grow faster through investments in human and physical infrastructure. The study also fills a gap in the international literature on convergence studies.
Moldova's post-Soviet transition raises the question of how institutions, trade patterns, and macroeconomic fundamentals interact to shape growth. Studies comparing Eastern Bloc peers trace Moldova's export pivot from Russia toward Romania and other EU members. Moldova's EU-oriented policies, particularly the 2016 Deep and Comprehensive Free-Trade Agreement, have accelerated regulatory harmonization and opened product markets, yet the pace remains uneven. This article applies stepwise linear regression to cross-sectional data from a sample of European countries—including former Eastern Bloc states and current EU members—to identify key predictors of real GDP per capita in 2022 and 2023. Moldova's shift in trade toward the EU is situated within this broader regional comparison. The analysis finds that corruption control has the strongest positive association with income, while Soviet-era institutional legacies and elevated government spending are linked to lower performance. Findings emphasize the centrality of governance reform in Moldova's development trajectory.
This study examines whether and to what extent investors update their expectations for a green portfolio's performance upon receiving information that is either better or worse than the previously provided anchor. We conducted an experiment with 492 Hungarian investors to observe how their beliefs regarding green investment returns change when they receive good or bad news. Individuals with low green attitudes were more likely to revise their estimates in response to bad news than good news, indicating asymmetric updating. Moreover, individuals with strong green attitudes responded more strongly to good news than those with weak green attitudes. These findings suggest that attitudes toward climate issues influence how investors react to information about green portfolios. This study contributes to the literature on information processing in financial markets by highlighting the role of belief updating and climate attitudes in sustainable investment decision-making.
This study employs a combination of quantitative and qualitative methodologies to conduct a deep analysis of digital banking regulation. Statistical analysis is used to evaluate numerical data on regulatory effectiveness, financial security, and consumer behavior in digital banking. A comparative analysis is conducted to evaluate Azerbaijani digital banking laws and best practices in international countries, and to identify gaps and areas for improvement. A survey study seeks primary information from banking professionals, fintech professionals, and consumers to evaluate perceptions of regulatory concerns and the impact of financial services. Linear regression (multiregression) analysis is conducted to evaluate the impact of regulatory policies and key financial performance indicators, and to conclude on the impact on financial market stability and the use of digital banking. Correlation analysis helps identify potential relationships among cybersecurity controls, regulatory compliance, and financial fraud events in digital banking. Document analysis examines legal, financial, and policy documents to understand the development and effectiveness of supervision in digital banking. SPSS software is used to process and analyze survey data, producing accurate statistics and reliable outputs.
Stories are with us from the very beginning and are here to stay. As storytelling becomes increasingly important for advertising professionals, there is a need to discover how stories can be utilized most effectively. Climate neutrality is a crucial goal for many countries worldwide, but achieving this status cannot become a reality without the involvement of society. With constant changes in the environment, how people receive and react to information is constantly transforming. Now, more than ever, it is important to find a way to reach and encourage society to take the necessary steps towards climate neutrality. Advertising is a valuable tool to promote specific behaviors and actions. Content analysis of John Lewis Christmas advertisements enabled us to identify the most frequently used story elements by this brand and explore how those elements could be applied in advertisements related to climate change issues. Results show the main elements that contribute to the powerful stories that are memorable, engaging, and effective in achieving the brand's goals. The study provides recommendations for advertising professionals and highlights the need for future research.
This study explores the strategic development of private label (PL) brands in the Ukrainian retail sector through a case analysis of Eldorado, a leading electronics and appliance retailer, during the period 2016–2019. Utilizing a qualitative case study methodology supported by internal company data, GfK market analytics, and in-depth interviews with procurement and category managers, the research investigates the operational, financial, and risk management dimensions of PL implementation in an emerging market context. The findings reveal that robust category prioritization, supplier diversification, and real-time analytics were critical in enhancing profitability, improving inventory turnover, and mitigating supply chain volatility. Despite significant external shocks, including currency fluctuations and import disruptions, Eldorado’s PL strategy contributed to resilience and competitive differentiation. The study identifies key challenges such as quality control, consumer skepticism, and cross-functional coordination, and proposes a set of actionable recommendations for retailers operating under similar macroeconomic conditions in Central and Eastern Europe. By positioning PL as both a margin enhancement and risk management tool, this case provides transferable insights into adaptive retail strategy during periods of crisis.
he Consumer Price Index (CPI) is a core indicator used to measure inflation and guide macroeconomic policy. However, its accuracy is often challenged due to discrepancies between the official weighting structure and the actual expenditure patterns of households. This study addresses the methodological limitations of CPI calculation in Ukraine and highlights the need to align it with dynamic economic realities. The article analyzes the divergence between official CPI weights and real consumption data, investigates the correlation between inflation and exchange rate fluctuations, and proposes improvements to CPI methodology. By employing graphical and regression analysis, the study demonstrates that outdated CPI structures may distort inflation estimates and hinder effective policymaking. The paper proposes a dual-track approach to CPI calculation, combining provisional and refined versions to ensure timeliness and accuracy. These findings offer a framework for enhancing the reliability of inflation indicators in Ukraine and similar economies.
The digitalization of banking services is transforming financial institutions worldwide; however, its impact on financial stability remains a subject of debate, particularly in emerging economies. This study examines the relationship between bank digitalization and financial stability, focusing on commercial banks in Kazakhstan, Kyrgyzstan, and Uzbekistan from 2013 to 2023. Using a two-step system GMM approach, the findings reveal that bank digitalization significantly enhances financial stability by reducing risk exposure and improving resilience. Key digitalization components, such as electronic money, QR payments, and online platforms, contribute positively to stability by lowering operational costs, enhancing transaction efficiency, and strengthening risk management through real-time credit monitoring. Robustness tests reveal heterogeneity based on ownership structure, with private banks benefiting more from digitalization than government-controlled banks. The findings underscore the importance of digital adoption in strengthening banking systems and highlight the need for policies that foster a balanced and secure digital transition in emerging banking markets.
The Central Asian (CA) countries have been transitioning from a centrally planned economy to a market economy since they gained independence at the beginning of the 1990s. As per the official data for 2022, Uzbekistan, which is located in the center of the CA region, has the Russian Federation (18.6%), China (17.8%), Kazakhstan (9.2%), and Turkiye (6.4%) as its top trading partners. This study evaluates the technological progress by estimating the total factor productivity (TFP) of the CA countries. The study uses data from Penn World Table 10.0 (PWT10.0), covering the period from 1991 to 2019. The main findings are as follows: 1) CA countries have shown steady development and noteworthy TFP growth rates; 2) TFP growth was negative in all countries from 1992 to 1997, except in China and Turkiye. But in terms of TFP growth, they outpaced even China and Turkiye between 1998 and 2007, maintaining high rates from 2008 to 2016, demonstrating the catch-up effect; 3) our estimates of TFP growth rates are consistent with figures reported by several other studies. 4) the most suitable econometric model is found to be generalized least squares (GLS) compared with pooled OLS (pOLS), fixed effects (FE), or random effects (RE).
This research investigates the perceptions of ethical and unethical leadership within Kazakhstani business organizations, aiming to discern how individuals in Kazakhstan conceptualize and enact ethical and unethical leadership. Employing a qualitative research paradigm with a constructivist perspective, data were gathered through semi-structured interviews with 23 participants Kazakhstan. Inductive, grounded theory methods of analysis were utilized to analyze the interview data. The study identified nine characteristics of ethical leadership perceived by participants, along with five characteristics of unethical leadership. While the sample size and geographic focus of the study limit the generalizability of findings, the findings provide valuable contributions to understanding ethical leadership in non-Western contexts, offering implications for leadership development and organizational practices within Kazakhstan. This study fills a gap in the literature regarding the perception and practice of ethical leadership in Kazakhstan, shedding light on cultural nuances and ethical values that shape leadership behaviors in the region.
The importance of employee well-being has gained attention in ensuring employees' bio-psycho-social well-being and organizational success. The current study aimed to explore strategies and methods of employee well-being in for-profit organizations. Research has been conducted on a sample of 62 human resource management leaders and experts of Hungarian and international organizations. A self-developed online measurement tool has been applied to explore organizational strategies and human resource management practices of training and development, rewards management, and social activities. Data analysis has been conducted on 60 validated feedback, representing organizations employing 80.000 employees in the Hungarian economy. Results concluded that strategic approaches and expectations were contradicted regarding the improvement of employee well-being. Results show that monetary benefits and social events support organizational expectations of positive employee affection, health, and retention, with occasional employee participation in shaping employee well-being. The explored wellbeing-enhancing strategies and practices might expand existing knowledge of how organizations approach employee well-being.
This research investigates the perceptions of ethical and unethical leadership within Kazakhstani business organizations, aiming to discern how individuals in Kazakhstan conceptualize and enact ethical and unethical leadership. Employing a qualitative research paradigm with a constructivist perspective, data were gathered through semi-structured interviews with 23 participants in Kazakhstan. Inductive, grounded theory methods of analysis were utilized to analyze the interview data. The study identified nine characteristics of ethical leadership perceived by participants, along with five characteristics of unethical leadership. While the sample size and geographic focus of the study limit the generalizability of findings, the findings provide valuable contributions to understanding ethical leadership in non-Western contexts, offering implications for leadership development and organizational practices within Kazakhstan. This study fills a gap in the literature regarding the perception and practice of ethical leadership in Kazakhstan, shedding light on cultural nuances and ethical values that shape leadership behaviors in the region.
The Efficient Market Hypothesis (EMH) posits that stock prices reflect all available information, preventing consistent outperformance in strong-form efficient markets. However, in inefficient markets, investors can achieve higher returns by exploiting informational advantages. This study evaluates whether the Mongolian capital market is weak-form efficient. Although the Mongolian Stock Exchange (MSE) has grown since its 1991 inception, it remains under-researched. Our analysis focuses on the MSE Top 20 Index's most frequent constituents between 2012 and 2023, assessing if their returns are independent and align with the random walk model—a characteristic of developed markets like the U.S. Using daily stock returns, we conducted statistical tests, including non-parametric (Kolmogorov-Smirnov for normality, Run test) and parametric analyses (autocorrelation under the random walk model). Results compellingly reject the random walk hypothesis, indicating weak-form inefficiency. This inefficiency implies a potential for investors to realize abnormal returns, especially through momentum-based strategies, challenging the EMH. Findings were consistent across three market cycles, enhancing robustness. Future research could apply advanced econometric models and compare results with other markets, offering deeper insights into the MSE's characteristics. This study opens new directions for strategic trading and market analysis within the Mongolian capital market.
Analysis of the challenges of cohesion at the country and regional levels becomes especially relevant due to EU expansion, the Great Recession, and uneven economic recovery after that. Recent global events, such as the COVID-19 pandemic and imposed lockdowns, have further intensified interest in this issue. This study aims to evaluate the disparities in the development of Baltic States' regions using the author's proposed methodology for calculating an aggregate cohesion index. Some important conclusions can be made from the data analysis. A common trend across all countries was the notable economic strength of capital regions, with GDP per capita significantly exceeding national averages. Despite the pandemic's limited impact in 2020, a clear divergence trend emerged in 2021. Additionally, the club convergence between less developed regions was observed, especially in Lithuania and Latvia. In addition, Lithuania uniquely exhibited three distinct groups of regions based on economic development, in comparison with only two groups in Estonia and Latvia.
This research paper examines the impact of advertising spending on three crucial aspects of brand equity—brand awareness, perceived quality, and consumer purchase intention—in Kosovo's unique market environment. The study aims to offer a detailed analysis of both the actual advertising expenditures and consumers' perceptions of these expenditures, exploring their influence on brand-related metrics. This approach not only fills a significant gap in the literature concerning advertising spending in Kosovo—a developing economy facing substantial economic challenges—but also provides practical insights for businesses to optimize their advertising strategies even in times of economic downturns. The research encompasses a diverse array of 24 brands from sectors such as banking, microfinance, insurance, furniture retail, and supermarkets, thus presenting a comprehensive view of advertising's role in shaping consumer behavior. Employing a robust quantitative framework, the study integrates both secondary and primary data through statistical models like ordinary least squares and Probit, highlighting the strategic value of advertising investments and offering a contextually rich perspective on its effectiveness in enhancing brand equity elements within a challenging economic landscape.
