The process of digitalization varies across organizations, with many encountering significant barriers that hinder them from fully using the benefits of digital technologies. This limitation is primarily attributed to a lack of knowledge and expertise. This study aims to answer the following research question: what are the most important factors that affect technology adoption in the service sector? Drawing from the literature findings, a semi-structured interview protocol was applied to facilitate exploratory discussions. Six service companies were analyzed. Based on the interviews conducted, organizational factors emerged as the most prevalent barriers and drivers, underscoring the importance of aligning digitalization with organizational goals. Furthermore, based on the interviews, we propose the extension of the TOE (Technology-Organization-Environment) framework to TOBE: this extension incorporates a dedicated behavior (B) dimension, which is crucial as it captures the nuances of employee actions, attitudes, and cultural influences that directly affect technology adoption and implementation. The addition of the behavior dimension allows the framework to better address the human element in digital transformation, ensuring that both technical and interpersonal dynamics are considered in strategic decision-making. During this research, 37 unique drivers and 27 barriers were identified. In both cases, organizational factors are the most frequent, followed by behavioral factors, highlighting the importance of aligning digitalization with organizational structures and considering behavioral aspects as well. Implications for Central European audience: A key insight from our research is the critical role of strategic alignment in overcoming barriers; organizations in the CEE region often lack a coherent digital strategy or face misaligned priorities, which hinders effective implementation. Policymakers and industry leaders in CEE countries should prioritize initiatives that guide businesses in formulating actionable digital strategies, supported by leadership training and management development programs that enhance strategic clarity.
Empirical research on the impact of entrepreneurial bricolage on business performance remains insufficiently grounded and often yields non-straightforward results. The objective of this study is to investigate how entrepreneurial bricolage relates to business performance, both directly and indirectly through entrepreneurial resilience. Structured survey data were collected from 640 owners and founders of micro and small businesses in the Republic of Croatia. PLS-SEM was used to examine the interplay among entrepreneurial bricolage, resilience and business performance. The results indicate a significant and positive relationship between entrepreneurial bricolage, business performance, and entrepreneurial resilience, as well as a significant and positive relationship between entrepreneurial resilience and business performance. Specifically, the results show that entrepreneurial resilience partially mediates the relationship between entrepreneurial bricolage and business performance. In addition, the study also shows a high predictive power of the analysed model, which confirms the generalizability of the findings and provides novel evidence that entrepreneurial bricolage not only supports problem-solving behavior but also enhances the capacity to effectively respond to changing circumstances, acting as a form of "pragmatic resilience". This contributes to the literature by offering a new theoretical lens on how entrepreneurial bricolage generates sustained competitiveness in micro and small enterprises and points to the broader need for future investigation of bricolage's role in fostering resilience, entrepreneurship and crisis management. Future research should further explore the boundary conditions of the entrepreneurial bricolage-resilience-performance relationship, particularly across different stages of firm development and in more diverse entrepreneurial ecosystems. Implications for Central European audience: The research study strengthens the empirical evidence on the relationship between entrepreneurial bricolage and business performance in the context of micro and small businesses operating in a weak entrepreneurial ecosystem, suggesting its direct and indirect association through entrepreneurial resilience. Results can encourage micro and small entrepreneurs to adopt positive bricolage practices that promote the development of entrepreneurial agility. This study is also useful to policymakers in shaping the local entrepreneurial environment and designing adequate policies and measures that address entrepreneurs' specific needs during certain phases of their growth process.
The article researches the impact of anti-ESG factors on financial markets in China and its consequences for the countries of Central Europe. In this connection, the specific aim of the article was to analyze whether CO2 emissions, as the main factor against ESG concept, negatively affect the return of stock and bond investments in the extreme environment of the world's largest producer of emissions - China. The multiple linear regression (MLR) model method was used for explaining the investment return according to Khan's and Long's model specification, applied on annual data for investment horizon from 1991 to 2023. The results at the 5% level of significance (p < 0.05) surprisingly showed that emissions have a positive impact on Chinese stock prices (beta = 0.079). This reflects that instead of environmental goals stock investors in China rather have a preference for economic growth, for which China's emission-intensive industry is crucial. On the other hand, ESG-related issues have a slightly negative impact on bonds (beta = -0.031), which emphasizes the greater importance of environmental factors for fixed income investments. Overall, the research offers valuable insights into the complex relationship between CO2 emissions, investment performance and investor sentiment in China, which may have significant implications for other countries subject to strict ESG regulations, as well as the potential to use ESG strategies to increase the attractiveness of their financial markets. Implications for Central European audience: Understanding the impact of CO2 emissions on Chinese financial markets, holds significant implications also for Central European countries, as ESG is at the forefront of EU regulatory framework. Particularly within the Visegrad 4 (V4) alliance, where industrial production in sectors like car manufacturing plays a crucial role in economy, finding a balance between economic growth and environmental responsibility is paramount. The article therefore implies that by integrating ESG in investment strategies, Central European countries can possibly enhance the attractiveness of their currently passive financial markets. At the same time the findings help societies as a whole, by emphasizing the financial benefits of building a more sustainable future.
This study evaluates Hungary's equity market using Damodaran's country risk premium (CRP) framework to estimate its cost of equity and assess investment attractiveness within the Central and Southeast European context. The paper integrates Hungary's sovereign credit rating, default spread, and a volatility adjustment to compute an implied cost of equity of approximately 11.5%, placing it among the least risky regional markets. The methodology benchmarks Hungary against peers including Romania, Slovakia, Serbia, Bosnia, and North Macedonia using key structural indicators such as market capitalization, turnover, P/E ratios, and foreign ownership. Findings show that Hungary benefits from deeper market liquidity, broader investor participation, and stronger integration with global capital markets compared to its frontier neighbors. However, institutional and political risks-particularly EU governance disputes-continue to inflate its risk premium above fundamentals. The results underscore how sovereign risk, market structure, and integration interact to shape equity valuations. The study concludes that targeted reforms aimed at enhancing governance and investor protections could lower Hungary's risk premium and align it more closely with developed EU markets, offering a roadmap for peer economies undergoing similar transitions. Implications for Central European audience: The paper provides a replicable framework for evaluating equity risk in post-socialist economies. Hungary's example illustrates how institutional quality, liquidity, and policy credibility jointly influence investment outcomes. These insights can guide reforms and capital market strategies across Central and Eastern Europe.
Diversity-oriented recruitment practices are increasingly recognized as a crucial component of human resource management, particularly in the context of globalization. However, the implementation of these practices varies significantly across organizational contexts and economic systems. This study examines the adoption of diversity-oriented recruitment practices in post-socialist European countries, where historical legacies and transitional economic conditions shape workforce diversity policies. Using data from the CRANET research network, the study analyzes responses from 1,270 companies in 11 post-socialist economies. A combination of descriptive statistics, Mann-Whitney U tests, and hierarchical regression analysis is employed to assess the influence of organizational type (domestic vs. multinational), sector (public vs. private), and size on the implementation of diversity-oriented recruitment practices. The findings indicate that multinational and private sector organizations are more likely to adopt diversity-focused recruitment strategies compared to domestic and public sector entities. Contrary to expectations, organizational size did not significantly moderate these relationships, suggesting that other factors play a more critical role. This study contributes to the literature by providing empirical evidence on diversity recruitment in transitional economies, a topic that remains underexplored. The findings offer insights for organizations and policymakers aiming to develop more inclusive recruitment strategies in contexts shaped by post-socialist institutional legacies. Implications for Central European audience: The findings of this study offer valuable insights for organizations operating in post-socialist Central European economies, where historical legacies continue to shape human resource management. The research highlights the role of multinational corporations in driving diversity-oriented recruitment, emphasizing the need for domestic firms to adopt more inclusive hiring strategies. Additionally, the limited impact of organizational size suggests that cultural and strategic factors may be more influential than scale. These insights can guide policymakers and business leaders in developing policies that foster workplace diversity, improve talent acquisition, and enhance competitiveness in increasingly globalized labor markets.
The post-COVID period brought not only a change in the way of life but also in business. The aim of the paper is the investigation of possible changes in preferences in the context of retail as well as the identification of key elements of changes in behaviour for the needs of managerial practice. The paper is supported by a primary survey based on 370 respondents. Respondents responded to seven key statements that emerged from the professional literature as possible elements of change that occurred after COVID-19. For data processing, we use a number of statistical methods with an emphasis on descriptive statistics, correspondence analysis, and explanatory factor analysis. The results point to new trends in consumer behaviour to which retail must respond. This is primarily a change in purchase frequency and a change in distribution channels. The results provide not only an expansion of the knowledge base but also direct applications for practice. Implications for Central European audience: Knowing the customer's needs and way of thinking helps shape the current trend of the new standard. The results will help not only to supplement the knowledge base of the subject matter but also offer knowledge applicable in management with an emphasis on the field of retail in Slovakia. It is possible to state the currently ongoing change and the need to react in terms of distribution management.
The Fourth Industrial Revolution has propelled many employees to perform work from home (WFH), which has been enabled by rapid digital advancements and the integration of technology into daily workflows. This paper aims to explore the relationship between job satisfaction and job performance for employees working from home in Vietnam due to remote work policies implemented by European enterprises. Based on the Job Demands-Resources (JD-R) theory, the research model is proposed. Accordingly, hypotheses are developed, and this study applies a quantitative analysis with a research sample of 256 employees from European multinational enterprises now working remotely in Vietnam. The questionnaire includes close-ended questions sent to these employees via e-mail between January and June of 2023. The collected data are then processed and analyzed by SPSS v.22. The study applies Cronbach's Alpha as a tool for assessing the reliability or internal consistency of scales. The following is the exploratory factor analysis (EFA) and the regression analysis. The research findings indicate that higher job satisfaction levels are a significant predictor of higher perceived job performance when working fully remotely in Vietnam for European enterprises. Implications for Central European audience: This study's insights on managing remote workforces in a developing country context can guide Central European enterprises in tailoring their remote work strategies when expanding their businesses into Southeast Asian countries such as Vietnam, where the trend of remote work is on the rise. It emphasizes the significance of comprehending local dynamics and meeting employee needs to improve job satisfaction and performance in remote work environments.
The objective of this study is to investigate the effects of the Covid-19 pandemic on the multidimensional performance of companies operating in the European airline transport sector. In Addition is to compare multidimensional performance of Traditional and LCC (Low Cost Carrier) airlines in the European airline transport sector across the pre-pandemic, pandemic and post-pandemic periods. In this context, the multidimensional performance of 11 airlines (6 Traditional and 5 LCC) operating in Europe for the period 2019-2022 is analysed using the LOPCOW-based AROMAN method. In the initial stage of the analysis, the variables pertaining to the airlines were weighted using the LOPCOW method. The results of the analysis, conducted using the LOPCOW method, indicated that the Total Debt and Greenhouse Gas Emission (GHG) variables were of critical importance in determining the performance of the airlines in question. In the second stage of the study, the performance ranking of the airlines in question was carried out using the AROMAN method. The results of the ranking, as determined by the AROMAN method, indicate that the large-scale traditional airlines (Lufthansa, Air France-KLM, Turkish Airlines, and IAG) have demonstrated superior performance compared to the LCC airlines during the period spanning 2019 to 2022. Implications for Central European audience: It is anticipated that the findings of the study will significantly contribute to the field of performance management in the European airline industry. Furthermore, they will provide airline managers and other stakeholders in the European air transport sector with insights that can be used to enhance the performance of airlines during crises, such as the recent pandemic caused by Covid-19.
This study examines the dynamic connectedness between Bitcoin and various financial assets, including the stock market, gold, oil, bonds, and exchange rates, as well as explores portfolio strategies involving these assets. The study covers the period from January 2, 2015, to March 1, 2024. The quantile connectedness approach and portfolio strategies are utilized in the analysis. The findings are as follows: Intermarket volatility spillover significantly increases under extreme conditions. Bitcoin emerges as a transmitter during bullish markets and acts as a receiver in bearish and normal market conditions. Gold serves as a receiver in extreme conditions and a transmitter in normal conditions. Unlike gold, oil acts as a transmitter under extreme conditions and functions as a receiver under normal conditions. Among the fundamental markets, the stock market is the most significant shock transmitter. In risk-mitigating portfolios, the proportion of Bitcoin is low, while the proportions of gold and the dollar index are high. Bitcoin has been found to have low hedging properties. Implications for Central European Audience: Since the emergence of Bitcoin in 2008, the cryptocurrency market has developed rapidly. Bitcoin and cryptocurrencies have come to occupy an important place in financial markets in terms of value and volume. Bitcoin can affect portfolio management in the financial system in terms of diversification, hedging, risk management, portfolio strategies, and linkages between financial assets. This study investigates the linkages, hedging and portfolio strategies between Bitcoin and the stock market, gold, oil, bond and exchange rate markets. The results of the study are important for portfolio managers, risk managers, financial analysts and economic managers.
The focus on customervalue-added (CVA) concepts in human resource management (HRM) is increasingly vital for maintaining competitiveness and sustainability in today's dynamic environment. This study evaluates the current implementation and future expectations of CVA in HRM within Central and Eastern European (CEE) countries, comparing these findings with practices in Western Europe (WE) and globally. The primary objective is to analyze the extent of CVA integration in HRM systems and assess the sustainable competitiveness of CEE enterprises. The study aims to understand the current state of CVA in HRM and its projected importance for sustainable business strategies. Data was collected through a survey conducted across the CEE region, involving 1107 company representatives. The survey assessed both the current application and future relevance of CVA concepts using a five-point scale. Analytical methods included non-parametric pairwise Wilcoxon tests, Mann-Whitney U tests, and Kruskal-Wallis ANOVA, supplemented by effect size metrics to evaluate significant findings. The study highlights the importance of adapting HRM practices to local conditions in CEE to achieve competitive performance levels comparable to WE. It also underscores the varying challenges and opportunities across different sectors, particularly in the context of technological and organizational adaptability. A nonparametric pairwise comparison of ratings of the CVA concept in HRM showed that respondents rated the expected state significantly more positively than the current state. Implications for Central European audience: The presented research results in this paper will help businesses with the implementation of the CVA concept, focusing on increasing customer value throughout the entire human resource management. It will direct their attention to regular monitoring and evaluation of the level of CVA concept implementation and its impact on customer satisfaction and overall organizational performance. By adopting these steps, organizations can enhance their competitiveness and better adapt to a dynamic market.
A frequently discussed topic nowadays, especially in business, marketing or human resources, is the generation gap. Young people have a relatively strong environmental sense, which is also reflected in their choice of employment. When formulating the hypotheses, we proceeded from theories of social capital. Gen Z, which has grown up and matured in a fully digital world, attracts a lot of attention. This is evidenced by the many expert studies on the subject. One important reason for studying the behaviour and attitudes of Gen Z is their significant purchasing power. These people are on the rise or approaching the peak of their professional careers. In this paper, we focus on the topic of sustainability, attitudes towards waste management and electric vehicles. The paper aims to contribute especially to the analysis of the relationship between the declared benefits of the researched topics and the willingness to give up one's comfort to fulfil them. The analysis is based on primary data collected in 2023. The analysis conclusively confirms that the topic of sustainability is important for the young generation. Representatives of Gen Z exhibit a high level of critical thinking in the area of waste sorting and, in particular, the environmental benefits of electric vehicles. They are interested in real environmental benefits. The willingness to give up one's comfort is lower than the declared benefits of the phenomenon. Implications for Central European audience: This paper addresses the topic of sustainability through the eyes of the young generation, specifically members of Gen Z. This is a topic of great importance for the European economy. The economic sector is forced to respect both EU regulations and the market environment, which, as our research shows, is not always in line with these regulatory interventions. Our research reflects the opinions of the young population in Czechia. Scholars can use the results for follow-up research studies, and so can practitioners in the field of marketing, strategic business orientation or human resources, especially when setting up communication with the young generation.
The article focuses on adoption of Industry 4.0 technologies in Czechia's small and mediumsized enterprises (SMEs). It examines how enterprise size and sector affect the level of implementation of these technologies. The main objective is to observe the differences in the use of modern technologies in SMEs based on enterprise size and the sector in which they operate and to identify the main barriers to their implementation. The research was conducted online between October 2023 and January 2024, involving 240 respondents from various sectors. The statistical analysis included a non-parametric multivariate analysis of variance (PERMANOVA), the Kruskal-Wallis test, ordinal logistic regression and the Dunn test. The results show that larger enterprises tend to implement modern technologies more frequently than smaller ones, the main barrier being a lack of financial resources. It was also found that the sector in which a company operates does not have a statistically significant impact on the level of implementation of Industry 4.0, but it is a specific predictor of implementing specific technologies in some cases. These findings highlight the need for targeted support to smaller enterprises in education, skill development and securing financial resources for technology investments. Implications for Central European audience: The theoretical contribution of the article lies in expanding knowledge about the factors influencing adoption of Industry 4.0 technologies in small and medium-sized enterprises. The practical application focuses on identifying barriers that hinder implementation of these technologies and providing recommendations for improving support to small and medium-sized enterprises in adopting modern technologies, mainly through education and financial support.
