Infrastructural and economic reconstruction of a country following a geopolitical conflict requires a balanced policy strategy. This will be illustrated here for the case of Iraq. The long-range post-conflict recovery of this country needs a strategic, evidence-based approach to optimize regional resource allocation and to speed up regional regeneration. This study employs a qualitative type of Input-Output Analysis and a Multicriteria Decision Analysis (MCDA) to assess disparities in infrastructure, governance, and economic resilience among regions, providing an analytical and data-driven framework for prioritizing regional investment strategies. By ranking regions based on their recovery capacity, the study aims to provide a targeted strategy for stabilizing Iraq’s space economy and strengthening its governanceinstitutions. Our empirical findings stress the critical need for long-term investments, balancing immediate stabilization with long-term economic transformation. However, governance fragmentation, corruption, and weak institutional frameworks remain significant barriers to resilience, limiting the effectiveness of investments and hindering sustainable economic recovery. Addressing these structural issues – through governance reforms, institutional capacity building, and transparentresource allocation – is essential for the long-term economic resilience of regions in Iraq. If implemented effectively, this strategy can advance Iraq’s space economy from post-war uncertainty to sustained stability and growth.
Native advertising refers to a paid advertisement that mimics editorial content, aiming to prompt a profitable action. Authors of native ads employ various tactics to attract attention and raise awareness of a brand, product, or service, ultimately seeking to drive the reader toward conversion. These tactics may include selecting headlines that guide the reader’s interpretation of the message, choosing credible sources of information, and incorporating (graphic) design elements. This paperinvestigates how peripheral cues – specifically clickbait headlines, sources of information, and visual components – affect the reach of native advertisements, framed within the Elaboration Likelihood Model (ELM). According to the ELM, when audiences lack sufficient motivation or cognitive resources for in-depth analysis, they predominantly rely on the peripheral route of information processing. Consequently, the use of attention-grabbing yet often superficial elements is essential for capturing initial attention and maximizing overall reach. A study based on a sample of 543 native ads from the most widely read Croatianinternet portals found that headlines emphasizing uncertainty or using vague pronouns consistently achieved the highest reach among various clickbait techniques. Additionally, uncertainty emerged as the most prevalent strategy used. Even though such headlines can spark curiosity, non-clickbait headlines often match or outperform them, especially when they rely on ambiguous language, uncertainty cues, or numeric indicators. Moreover, the findings indicate that ads featuring influencers as sources of information achieve significantly greater reach than those relying on other types of sources. These results underscore the crucialrole of peripheral cues in the creation of effective native advertisements and open avenues for future research that might explore the depth of processing and attitude change among consumers.
The purpose of this paper is to investigate the determinants of sovereign bond market liquidity across EU member states, with particular attention to the role of market size. Using panel data for 26 EU countries over the period 2022–2024H1, the analysis applies Hansen’s threshold regression methodology to test for nonlinearities in the debt–liquidity relationship. The results identify a statistically significant threshold of approximately EUR 92 billion in outstanding debt, above which liquidity dynamics become self-reinforcing, and market size emerges as thedominant driver. Liquidity below this threshold is influenced more by structural and fiscal fundamentals, such as the composition of debt and the quality of sovereign credit. The findings confirm that liquidity is scale-dependent and regime specific, with important implications for debt management and policy design. The study concludes that strategies to enhance liquidity must be differentiated: large markets rely on sustaining scale, while smaller ones require institutional and structural measures.
The purpose of this paper is to analyse how the implementation of the ESG concept affects the credit rating and financial performance from a business micro perspective. Environmental, social, and governance factors and risks, as components of the ESG concept, are challenging companies and pose sustainability risks to which companies react differently. The development of green financial instruments is an additional incentive for companies to commit to the process ofgreen transition. Assessing ESG performance helps recognise strengths and weaknesses of the corporate sector in the process of contributing to global sustainability goals. Current sustainability achievements of companies can be analysed through ESG ratings. This research found that differences in rating agencies’ methods for defining ESG criteria and assessing ESG ratings do not ultimately lead to significant deviations in ratings. The implementation of the ESG concept in large companies (corporations) has no impact on profitability in the short term. Therefore, the effects of sustainability investments should be monitoredover the long term. The research results indicate positive relationships between governance factors, ESG ratings, and the credit ratings of large companies. Based on the given results, it is concluded that investing in sustainability and ESG implementation has an overall positive impact on a company’s performance.
Many well-known cases worldwide demonstrate that even if companies appear financially strong, their actual accounting reality may differ. Uncovering fraudulent behaviour is difficult, so auditors, financial authorities, stock exchanges, etc., must detect and eliminate it. This paper aims to determine the relationship between the Beneish M-score model and two bankruptcy models, Altman’s Z-score and the Czech IN05 model. It verifies if there are significant differences in how these models classify firms, and whether the Beneish model aligns with them. The application part focuses on the 3,568 firms from the Czech manufacturing industry between 2015 and 2022, and uses the Bowker test for symmetry, working with paired data. The Beneish model showed that 34% of enterprises are at risk of fraud. The results of the analyses further confirmed the existence of systematic and statistically significant differences between the classifications of companies according to the Beneish model and the bankruptcy models Alman Z-Score and IN05. Therefore, if companies tend to go bankrupt, it is not possible to determine whether they will tend to manipulate statements or not. Similarly, a tendency to manipulate financial statements cannot be demonstrated in companies with good financial health.
Monitoring eye movement has been proven crucial for understanding consumer behaviour, and pupillometry can indicate whether the stimuli cause much confusion in the brain. This research examined the impact that smartphone promotional messages have on the brain’s cognitive demands and analysed the visual attention that those received. In the realm of neuromarketing, this study explored the smartphone industry and its advertising impact on Greek consumers, as well as its effect on their mental workload levels measured through pupil dilation. An eye tracking device with a comparative questionnaire were used to investigate these topics, with their results from a final sample of 31 people (17 female and 14 male) agreeing with a large body of the pre-existing literature, which suggests that, although men and women might have slightly different approaches to this product category, they mostly have similar biometric results. The stimuli included 10 images containing promotional content from five brands (Sony, Apple, Realme, Xiaomi, Samsung). After the detailed analysis of the eye tracking results that included fixation and pupil metrics and their comparison with the correlated literature, the study concluded that the appearance of the smartphone is the element that attracts the customers’ visual attention the most and that the tested material generally did not demand considerably high amounts of mental workload to be processed. Ultimately, it highlighted the importance of implementing a combination of implicit and explicit research methods to gain a comprehensive understanding of the impact of product advertising on visual attention and mental effort, having additional academic and practical implications.
As a continuous process, strategic management addresses the entrepreneurial dimension of organizations, organizational renewal and progress, and, in particular, developing and implementing strategies to create competitive advantages. This includes tracking and improving current programs and operations to ensure the strategic plan is on track. The outcomes of the nature and practice of the strategic management process are presented for a sample of 314 enterprises in Kosovo. The findings show that only 10.2% of Kosovan enterprises apply strategic management as a whole process, whereas 31.2% have five-yearstrategic plans. The results of the research showed that there is a significant relationship between the strategic management process and strategic tools. However, there is no significant relationship between strategic plans and strategic tools. We contribute theoretically by distinguishing written plans from active process engagement and by showing that process engagement, rather than mere plan possession, better predicts tool adoption in a transitional economy. This studythus provides important insights for those policymakers, practitioners, and academics looking to improve strategic management processes in similar environments.
The theory of redistribution, which argues that individuals from higher-income groups are the primary holders of public debt, serves as the theoretical foundation for our research. The impact of redistribution based on the realization of receipts from interest on the public debt, cannot be entirely offset by the insufficient progressiveness of the tax system. Given that it significantly affects how income is distributed, the paper also considers the financial structure aspect, which is measured by the ratio of bank-based to market-based financing. The purpose of this paper is twofold. First, examine whether public debt increases inequality in income distribution, and second, test if the relative increase in market financing compared to bank financing increases inequality in income distribution. Thus, the paper investigates whether, in countries where public debt ownership is not distributed equally, public debt has a non-negligible effect on income transfer between different socioeconomic groups. The empirical part of this work was conducted using a dynamic panel model on a sample of 27 OECD member countries, for the period from 2004 to 2021. Precisely, we employ the Vector Error Correction Model (VECM). Research findings indicate that an increase in state borrowing results in a long-term redistribution of income from lower-income groups to higher-income groups. Conversely, an increase in the financial system’s emphasis on bank financing results in a short-term decrease in income inequality. So, while high levels of public debt are certainly a cause for concern, it is crucial to also consider the distribution of this debt within the economic policy-making process, and when evaluating its potential impact on economic inequality.
Pension funds have a pivotal role in financial systems, managing significant assets and contributing to economic growth through capital market investments. Identifying the key factors that influence their performance is essential for ensuring sustainable and adequate pension systems. The paper aims to identify the determinants of pension fund performance that directly contribute to competitiveness in financial markets by enabling efficient capital allocation and improved governance. The research employed two methods: a systematic literature review (SLR) and a bibliometric analysis (BA). The results indicate that five main factors influence pension fund performance: capital market developments, fund size and investment characteristics, corporate governance, behavioural and political influences, and regulatory and legislative environment. A bibliometric analysis reveals current trends in pension fund performance research and examines the relationship between the quality of a country’s pension system and the origin of relevant research. The results provide valuable insights for fund managers, policymakers, and other stakeholders, thereby enhancing the decisionmaking process and deepening the understanding of the implications for pension fund performance, pension systems, and pension beneficiaries
This study investigates the impact of employee well-being—emotional, economic, and relational – on organizational performance, emphasizing the mediating role of job satisfaction. A quantitative method was applied using survey data collected from 191 employees in Dâmbovița County, Romania. Structural Equation Modeling (SEM-PLS) was employed to test the proposed hypotheses. Results indicate that economic and emotional well-being positively influence job satisfaction, which in turn significantly predicts work performance. Economic well-being also directly affects performance. However, relational well-being does not show significant effects. The study offers theoretical contributions by outlining the unique influence of each well-being dimension, along with practical implications for HR policies aimed at enhancing employee satisfaction and performance. The research provides new insights into how job satisfaction influences the relationship between various types of well-being and performance in a Central-Eastern European context.
The paper examines the risk and return characteristics of four distinct (idiosyncratic) momentum factors, as well as their time-varying exposures to common risk factors. The research demonstrates that applying more advanced factor models in returns residualization, such as the Fama and French five-factor model and the Stambaugh and Yuan mispricing model, enhances the risk and return profile of momentum factors, constructed as a zero-cost winners-minuslosers portfolio, and effectively reduces time-varying exposures to systematic risk factors. Idiosyncratic momentum factors exhibit lower downside risk as compared to total return momentum factors. This paper also discusses the risk-based versus behavior-based theories which aim to explain the returns of momentum either as a compensation for risk or as a result of behavioral mispricing correction and suggests that both theories are important in explaining momentum returns, but lean more towards behavioral explanations, such as underreaction effect resulting from slow dissemination of information among investors. This research supports recent findings that indicate that idiosyncratic momentum is an anomaly distinct from total return momentum.
This study examines the main consequences of Europe’s ageing population, including its effects on the labour market, employment dynamics, education, and socio-economic inequalities. It aims to identify and analyse trends and thematic priorities of these challenges, as well as regional differences within the EU (European Union). We used VOSviewer to perform a bibliometric analysis to analyse the publications indexed in the Web of Science Core Collection. The general overview of this area was based on the scientific fields of economics, business and demography. The results show a clear difference in thematic focus between Central and Eastern European (CEE) countries and Western European (WE) countries. The main emphasis in research in CEE countries concerning the challenges of an ageing workforce is on (un)employment. This research takes an optimistic view of the potential benefits of migration. In contrast, research in WE countries focuses primarily on the social impacts of migration, socio-economic inequalities and policy interventions. Moreover, WE studies are cited more frequently and have more influence, indicating their central role in shaping EUwide discussions and policies. This research led to the conclusion that while ageing remains a challenge for Europe as a whole, regional priorities and the heterogeneity of scientific results reflect different socio-economic contexts and policy requirements. Bridging this gap between regions in different contexts requires a careful and integrated approach that could balance the potential positive effects of migration and address inequalities between Member States. This research highlights the need for collaborative policy and cross-regional knowledge exchange to mitigate the impact of ageing populations on the European labour market and socio-economic structure.
This paper extends the UTAUT model to examine microlearning adoption in the Vietnamese telecommunication industry. A self-administered survey was implemented to collect data from the three biggest Vietnamese telecommunication companies. After two months, we received 349 valid questionnaire responses. The structural equation modeling (SEM) analysis was run in SmartPLS to test the proposed hypotheses. Our research findings revealed that performance expectancy is the most crucial factor determining employees’ intention to use the microlearning system. In addition, effort expectancy and management support positively impact the intention to use the system. However, social influence and facilitating conditions do not statistically influence the intention to use microlearning. Our findings suggest that corporate managers should give more attention to the design of the e-learning system so that microlearning can be integrated into different platforms to facilitate employees’ access to the system. Furthermore, managers should showcase to promote microlearning adoption by employees.
Monitoring eye movement has been proven crucial for understanding consumer behaviour, and pupillometry can indicate whether the stimuli cause much confusion in the brain. This research examined the impact that smartphone promotional messages have on the brain’s cognitive demands and analysed the visual attention that those received. In the realm of neuromarketing, this study explored the smartphone industry and its advertising impact on Greek consumers, as well as its effect on their mental workload levels measured through pupil dilation. An eye tracking device with a comparative questionnaire were used to investigate these topics, with their results from a final sample of 31 people (17 female and 14 male) agreeing with a large body of the pre-existing literature, which suggests that, although men and women might have slightly different approaches to this product category, they mostly have similar biometric results. The stimuli included 10 images containing promotional content from five brands (Sony, Apple, Realme, Xiaomi, Samsung). After the detailed analysis of the eyetracking results that included fixation and pupil metrics and their comparison with the correlated literature, the study concluded that the appearance of the smartphone is the element that attracts the customers’ visual attention the most and that the tested material generally did not demand considerably high amounts of mental workload to be processed. Ultimately, it highlighted the importance of implementing a combination of implicit and explicit research methods to gain a comprehensive understanding of the impact of product advertising on visual attention and mental effort, having additional academic and practical implications.
Many well-known cases worldwide demonstrate that even if companies appear financially strong, their actual accounting reality may differ. Uncovering fraudulent behaviour is difficult, so auditors, financial authorities, stock exchanges, etc., must detect and eliminate it. This paper aims to determine the relationship between the Beneish M-score model and two bankruptcy models, Altman’s Z-score and the Czech IN05 model. It verifies if there are significant differences in how these models classify firms, and whether the Beneish model aligns with them. The application part focuses on the 3,568 firms from the Czech manufacturing industry between 2015 and 2022, and uses the Bowker test for symmetry, working with paired data. The Beneish model showed that 34% of enterprises are at risk of fraud. The results of the analyses further confirmed the existence of systematic and statistically significant differences between the classifications of companies according to the Beneish model and the bankruptcy models Alman Z-Score and IN05. Therefore, if companies tend to go bankrupt, it is not possible to determine whether they will tend to manipulate statements or not. Similarly, a tendency to manipulate financial statements cannot be demonstrated in companies with good financial health.
Native advertising refers to a paid advertisement that mimics editorial content, aiming to prompt a profitable action. Authors of native ads employ various tactics to attract attention and raise awareness of a brand, product, or service, ultimately seeking to drive the reader toward conversion. These tactics may include selecting headlines that guide the readers' interpretation of the message, choosing credible sources of information, and incorporating (graphic) design elements. This paper investigates how peripheral cues - specifically clickbait headlines, sources of information, and visual components - affect the reach of native advertisements, framed within the Elaboration Likelihood Model (ELM). According to the ELM, when audiences lack sufficient motivation or cognitive resources for in-depth analysis, they predominantly rely on the peripheral route of information processing. Consequently, the use of attention-grabbing yet often superficial elements is essential for capturing initial attention and maximizing overall reach. A study based on a sample of 543 native ads from the most widely read Croatian internet portals found that headlines emphasizing uncertainty or using vague pronouns consistently achieved the highest reach among various clickbait techniques. Additionally, uncertainty emerged as the most prevalent strategy used. Even though such headlines can spark curiosity, non-clickbait headlines often match or outperform them, especially when they rely on ambiguous language, uncertainty cues, or numeric indicators. Moreover, the findings indicate that ads featuring influencers as sources of information achieve significantly greater reach than those relying on other types of sources. These results underscore the crucial role of peripheral cues in the creation of effective native advertisements and open avenues for future research that might explore the depth of processing and attitude change among consumers.
The purpose of this paper is to analyse how the implementation of the ESG concept affects the credit rating and financial performance from a business micro perspective. Environmental, social, and governance factors and risks, as components of the ESG concept, are challenging companies and pose sustainability risks to which companies react differently. The development of green financial instruments is an additional incentive for companies to commit to the process of green transition. Assessing ESG performance helps recognise strengths and weaknesses of the corporate sector in the process of contributing to global sustainability goals. Current sustainability achievements of companies can be analysed through ESG ratings. This research found that differences in rating agencies’ methods for defining ESG criteria and assessing ESG ratings do not ultimately lead to significant deviations in ratings. The implementation of the ESG concept in large companies (corporations) has no impact on profitability in the short term. Therefore, the effects of sustainability investments should be monitored over the long term. The research results indicate positive relationships between governance factors, ESG ratings, and the credit ratings of large companies. Based on the given results, it is concluded that investing in sustainability and ESG implementation has an overall positive impact on a company’s performance.
Organizational managers face unique challenges associated with different generations working in an organization, each possessing specific values, motivations, skills, and communication styles. Currently, Generation Z, the youngest one, is entering the labour market. This paper evaluates the work motivation of Generation Z using data obtained from a questionnaire survey. The sample consists of 142 representatives of this generation, aged 18 to 25. The data were analysed using factor analysis, which identified six key motivational factors for Generation Z employees. These factors are: internal communication and work engagement; work control and evaluation; compensation and well-being work motivation and personal development; work stability and social security; and work autonomy and support. The results show that Generation Z is primarily motivated by good financial compensation, respect and recognition, clear opportunities for career growth, and benefits that provide flexibility and stability. Understanding the characteristics and preferences of Generation Z can help managers create a productive work environment and increase their satisfaction and performance.
As a continuous process, strategic management addresses the entrepreneurial dimension of organizations, organizational renewal and progress, and, in particular, developing and implementing strategies to create competitive advantages. This includes tracking and improving current programs and operations to ensure the strategic plan is on track. The outcomes of the nature and practice of the strategic management process are presented for a sample of 314 enterprises in Kosovo. The findings show that only 10.2% of Kosovan enterprises apply strategic management as a whole process, whereas 31.2% have five-year strategic plans. The results of the research showed that there is a significant relationship between the strategic management process and strategic tools. However, there is no significant relationship between strategic plans and strategic tools. We contribute theoretically by distinguishing written plans from active process engagement and by showing that process engagement, rather than mere plan possession, better predicts tool adoption in a transitional economy. This study thus provides important insights for those policymakers, practitioners, and academics looking to improve strategic management processes in similar environments.
This article investigates how personality traits influence financial and nonfinancial career satisfaction, as well as overall life satisfaction, among freelancers in Slovenia. Using structural equation modelling (SEM), the study reveals that proactiveness and self-efficacy are strong predictors of financial satisfaction, while openness to experience, conscientiousness, and self-efficacy positively influence non-financial satisfaction. It is noteworthy that non-financial satisfaction significantly increases overall life satisfaction, while financial satisfaction alone does not. The study concludes that non-financial aspects of career satisfaction are crucial for the overall life satisfaction of freelancers. These findings highlight the importance of fostering certain personality traits to improve freelancers' wellbeing and career success. The study offers practical implications for career development programs, strategies to support freelancers as entrepreneurs, and policy recommendations to create an enabling environment for freelancers.
