This study predicts the prices of digital cryptocurrencies, which are non-linear, highly volatile, multi-scale, noisy, and, therefore, considerably more difficult to forecast compared to other financial products. Despite the proliferation of cryptocurrency markets, research on digital cryptocurrency prices remains scarce, while the existing research often fails to elucidate the characteristics of digital cryptocurrency prices. We developed CEEMD-LSTM-a hybrid prediction model based on the decomposition-reconstruction-integration framework-to predict digital cryptocurrency price movements. The CEEMD method is applied to decompose prices into high-frequency components, low-frequency components, and trend sequences, and reconstruct the combined IMF components. Thereafter, we apply the LSTM model to predict each component separately and obtain the sorted predicted values of prices by adding and integrating the predicted values of each component. Using four time-intervals of high-frequency data of Bitcoin and Ether, we conduct a systematic comparison of the prediction accuracy between CEEMD-LSTM and other models, single or combined. Results reveal that the prediction effect of the CEEMD-LSTM model consistently outperforms that of other models in the high-frequency data world. These findings enhance the understanding and prediction of digital cryptocurrency price movements. Additionally, they enable investors to manage risks and promote market competitiveness, offer reliable support for decision-making, address uncertainty arising from volatility, facilitate timely strategy adjustments to exploit opportunities and identify potential risks, and provide new methods for risk mitigation.
The corporate ESG score is often considered a proxy for competitiveness as it helps attract capital and investors. The study aims to empirically examine the relationship between analyst attention and corporate ESG score by using voluntary ESG information disclosure as a mediating variable. Although many studies have examined various factors that impact ESG scores, the role of voluntary ESG information disclosure has mainly been ignored. This study develops a voluntary ESG information disclosure index with 3 first-level and 37 second-level indicators based on the current ESG information disclosure regulations and ESG rating system in China. Panel data on China Securities Index (CSI 300) non-financial firms from 2015-2019 were used in two-way fixed-effects regressions (industry and year). CSI 300 is the barometer of the stock market, comprising 300 constituent stocks across various sectors with substantial market capitalisation and high liquidity from the Shanghai and Shenzhen stock exchanges. Mediation analysis was conducted using the Baron & Kenny (1986) three-step approach, followed by heterogeneity tests by splitting firms into four groups based on media coverage. The results show a significant positive relationship between voluntary ESG information disclosure and ESG score. Analysts' attention partially mediates the relationship: voluntary ESG information disclosure enhances ESG scores by about 35% through greater analyst attention. Further heterogeneity tests reveal that the amount of media coverage does not affect the positive relationship. However, the mediating effect of analyst attention is only significant among firms that receive "substantial" media coverage. The results have important implications for relevant government policy-makers, ESG rating agencies, firms, investors, and many others.
This study investigates how women's engagement in leisure activities, domestic responsibilities, and structural labour market conditions jointly shape their socioeconomic outcomes in the European Union. Using a hierarchical regression framework based on panel data from 27 E.U. countries (2010-2021), indexed by the European Institute for Gender Equality (EIGE), we analyse three outcome domains: health, knowledge, and labour market participation. The results reveal that women's frequent participation in out-of-home leisure activities and access to flexible working arrangements significantly enhance health, educational, and employment outcomes. Intensive caregiving responsibilities have a strong negative impact on both health and employment, while routine household tasks exhibit negligible effects. Structural employment factors further moderate these relationships: employment in education, health, and social work sectors improves outcomes across all domains, whereas a longer working life tends to weaken women's health and knowledge-related results, suggesting potential trade-offs between sustained career engagement and well-being. The findings highlight that women's socioeconomic advancement depends on the balance between personal autonomy, caregiving obligations, and structural work conditions. The study underscores the importance of policies that expand workplace flexibility, strengthen support for caregiving, and promote women's participation in socially oriented sectors, thereby advancing gender equality and economic sustainability across the European Union.
This paper introduces a hybrid decision-making model that integrates the fuzzy best-worst method with fuzzy VIKOR to determine the relative importance and prioritization of key indicators of entrepreneurship in small and medium-sized enterprises (SMEs), with a specific focus on enhancing SME competitiveness. By employing triangular fuzzy numbers to capture expert judgments, the proposed framework first applies F-BWM to evaluate the significance of six critical dimensions namely organizational innovation, risk-taking, external factors, competitiveness, responsiveness, and internal factors and subsequently uses fuzzy VIKOR, based on the derived weights, to rank four prominent SME sectors operating within a specific industrial setting. The findings indicate that organizational innovation (0.219) and risk-taking (0.217) exert the greatest influence on entrepreneurial competitiveness, whereas internal factors have the least impact (0.127). Among the sectors examined, the food and beverage industry emerge as the most favorable compromise solution (Q = 0.403). Overall, the proposed hybrid approach enhances the coherence and reliability of decision-making under uncertainty and provides practical and policy-relevant insights for policymakers and SME managers seeking to strengthen competitiveness, innovation, and sustainability in regional industrial development.
SMEs play a vital role in employment, innovation, and competitiveness worldwide, yet their governance structures remain underexplored in academic research. Existing studies on corporate governance predominantly focus on large publicly traded firms, leaving a gap in our understanding of how governance mechanisms operate in SMEs. To fill this gap, the primary purpose of this study is to introduce a novel and comprehensive corporate governance index tailored specifically to SMEs. Using stratified sampling, we conducted a structured survey of 469 SMEs across diverse sectors and firm sizes in T & uuml;rkiye. This index comprises six subdimensions: board structure, family involvement, female participation, digitalization, corporate accountability, and succession, and its internal validity is confirmed with Cronbach's alpha values above 0.70 for the overall index and most subindices. The second purpose of this study is to investigate the relationship between access to finance and SME performance, emphasizing the mediating role of corporate governance. Using cross-sectional regression analysis, our results show that access to finance significantly improves SME performance. We also find that corporate governance not only enhances performance directly but also mediates this positive association. To the best of our knowledge, this is the first study to demonstrate that access to finance influences SME performance through both direct and indirect channels. Overall, our findings highlight that effective governance structures are essential to maximize the benefits of access to finance. This finding underscores the role of institutional and managerial factors in enhancing firm-level competitiveness by enabling SMEs to leverage access to finance and governance practices to achieve sustainable growth.
A necessary condition for the competitiveness of food processing enterprises and food supply chains is stability and resilience, which is conditioned by a flexible response to potential risks. This paper analyzes factors of competitive food production, factors of stability of food production, existing risks, and responses of companies to the past crisis related to the Russian-Ukrainian conflict. All these factors were evaluated in terms of the size of the enterprise. The survey took place between October and November 2023. 368 companies throughout the Czech Republic were sent the survey, and the return rate was 18.75%. The sample of respondents was 69 enterprises (N=69). The obtained data was evaluated using basic descriptive statistics. Nonparametric statistical analysis (Fisher's exact test) and Spearman's correlation coefficient were used. The survey results show that production costs are considered a critical factor in competitiveness, regardless of the company's size. The pillars of the stability of the entire food chain are food safety and process safety. In the period of the Russian-Ukrainian conflict, food companies were mostly faced with the risks of competition and changes in the market. The most common measures for the experienced crisis are process innovation, stock purchase, and fixing of supply prices in contracts.
The global initiative to address biodiversity loss and advance sustainable development has highlighted the importance of corporate biodiversity risk disclosure. Given this context, we construct a corporate biodiversity risk disclosure index to examine the influence of biodiversity risk disclosure on net trade credit. Our findings indicate that corporate biodiversity risk disclosure positively influences net trade credit. Additionally, this positive effect is influenced by the combination of suppliers' increasing provision of trade credit and customers' increasing requests for a reduced reliance on trade credit. Our channel analysis indicates that biodiversity risk disclosure significantly enhances net trade credit by improving information transparency and corporate reputation. A cross-sectional test demonstrates that greater social trust and lower credit availability strengthen the incentive effect of biodiversity risk disclosure on net trade credit. We further confirm that leveraging biodiversity risk disclosure for enhanced trade credit is an effective pathway through which to achieve supply chain sustainability. These findings contribute to corporate biodiversity risk governance and sustainable supply chain management.
This paper examines the relationship between information search and product experience ratings in a case study of the Vietcombank mobile banking app. The Python programming language was used to scrape the Vietcombank mobile banking app ratings from Google Play, and the search volume for the terms "Vietcombank" and "VCB" was extracted from Google Trends. Data analysis was conducted using the VAR-Granger, ordinary least squares, and copula approaches, based on data collected from December 2012 to April 2023. The estimation results provide empirical evidence supporting the relationship between information search and product experience ratings. Specifically, the findings indicate the following: (1) a unidirectional causality relationship from the quantity of searches for "Vietcombank" to the app ratings; (2) a bidirectional causality relationship between searches for the term "VCB" and app ratings; 3) a positive influence of search volume on app ratings; (4) an upper tail dependency between the search volume of the term "Vietcombank" and the app ratings; and (5) no tail structural dependence structure between the search volume of the term "VCB" and the app ratings.
Drawing on social network analysis and resource theory, we analyze the influence of the location (centrality and structural holes) in and network density of the standard cooperation network on technological standardization capability. We use the negative binomial regression model to analyze data on communication equipment manufacturers in the standard cooperation network that participated in the standard development from 2008 to 2023. The results reveal that centrality and structural holes have significant positive effects on technological standardization capability. Meanwhile, the network density negatively affects technological standardization capability. High network density can help enterprises to leverage the advantages of their centrality, but simultaneously weaken the advantages of structural holes.
Central bank digital currency (CBDC) proponents argue that it holds significant potential to enhance financial inclusion in historically underserved regions such as sub-Saharan Africa and to facilitate international remittance flows across national borders. Beyond these benefits, CBDCs are increasingly recognized as strategic tools for enhancing national competitiveness by improving payment efficiency, strengthening digital financial systems, and fostering innovation within financial ecosystems. Consequently, interest in CBDC has surged in the post-pandemic era. However, empirical understanding of the key factors influencing CBDC adoption remains limited, particularly in emerging African economies. Drawing on Resource Matching Theory, this study investigates the determinants of CBDC acceptability using data from 464 potential adopters in Ghana, where successful CBDC pilot projects have been completed. The study employs partial least squares structural equation modelling (PLS-SEM) to examine the influence of CBDC awareness, subjective norms, and subjective well-being on CBDC acceptability, as well as the moderating role of risk aversion. The results indicate that all three factors significantly and positively influence CBDC acceptability, with awareness emerging as the strongest predictor. Furthermore, risk aversion weakens the positive relationship between subjective well-being and CBDC acceptability. These findings contribute to the literature by extending CBDC adoption research to the African context and by highlighting the importance of behavioural and psychological factors. From a policy perspective, the results provide actionable insights for promoting CBDC adoption and enhancing digital and financial competitiveness in emerging economies.
The registration-based IPO system on China's Science and Technology Innovation Board (STAR Market) places strong emphasis on firms' R&D capabilities, which may induce some issuers to engage in R&D "window dressing" to improve their apparent competitiveness. This study investigates how R&D window dressing affects the long-term value and post-IPO performance of STAR Market-listed firms from 2019 to 2021, and whether underwriter reputation moderates these effects. Based on information asymmetry, agency theory, and signaling theory, we empirically examine the economic consequences of opportunistic R&D disclosure practices in a high-tech IPO setting. The results show that R&D window dressing significantly undermines firms' long-term value and operating performance, although reputable underwriters can partly mitigate these adverse effects. Firms with severe R&D window dressing exhibit lower shareholder returns and weaker financial performance during the first two years after listing. Using the COVID-19 pandemic as an exogenous shock, we further show that firms with less R&D window dressing display stronger resilience to external market fluctuations, highlighting the importance of substantive rather than symbolic innovation. The findings underscore the need for more transparent R&D disclosure and stronger intermediary oversight under the registration-based framework, and provide meaningful implications for regulators, investors, and underwriters in emerging tech capital markets.
The field of risk management in the workplace is undergoing a significant transformation. (Mendes, 2024). New trends highlight the expanding risk environment, the shift towards proactive and preventive approaches, and the increasing use of data and technology (Mohamed, 2025). Implementing these new trends into organisational management is currently becoming a significant sign of competitiveness. This paper describes the relationship between the quality of risk management in the workplace and the size of the organization, the level of stakeholder involvement, the level of advanced information technology, the level and use of advanced tools for risk management in the field of occupational health and safety (OHS), the level of employee satisfaction, and the level of interpersonal relationships. Primary quantitative research focused on occupational risk management was conducted. Questionnaires were sent to 1,107 manufacturing companies within the Czech Republic. In the final phase, 160 responses were received. Standard statistical tests, such as the chi-square test, binomial test, and correlation analysis were used to analyse the data. Data was processed using R software version 4.3.1. The analysis showed that the level of OHS risk management is significantly related to the organisation's size. The quality of documentation of OHS risk management procedures increases with the organisation's size. Most organisations do regularly use OHS risk assessment techniques. Organisations with established OHS risk management policies show a better social climate. The correlation between the established OHS risk management policy and the quality of interpersonal relationships was not statistically significant.
Green credit policies prompt enterprises to consider their environmental footprint when making financial decisions, thereby encouraging industries to transform and upgrade, and prompting structural adjustments. Using data from China's A-share listed companies from 2007 to 2019, this study examines the impact of the 2012 Green Credit Guidelines on firms' total factor productivity (TFP). By employing the DID strategy, we find that green credit policies do not significantly affect the TFP of heavily polluting enterprises; notably, this result holds true after a series of robustness tests. Furthermore, we demonstrate that, subject to stricter financing constraints resulting from the policy shock, heavily polluting enterprises adapt their product structures to mitigate the policy's adverse effects. Finally, the study underscores the role of enterprise ownership in moderating the efficiency of green credit policies on productivity.
The European Union is promoting digitalization as a means to increase the competitiveness of its economy and improve education systems according to new demands. As a result, universities need to take strategic action to adapt to this new reality. The purpose of this research is to measure professors' proficiency in using Artificial Intelligence (AI) by developing a valid questionnaire based on the DigCompEdu tool, which assesses AI competency. The research question aims to examine the correlation between university professors' AI performance and its impact on teaching activity. Four hypotheses are posed, two related to the learning and development of digital competencies in students and two linked to the regulatory framework and the ethical implications. All hypotheses have been confirmed, and the following conclusions have been reached. Firstly, it has been found that professors have low performance in using AI tools beyond ChatGPT or translation tools. Secondly, professors lack confidence in their AI competence when applied to teaching and research. Thirdly, educational institutions are not investing in AI training to develop the AI competence of educators. Higher education institutions have a crucial responsibility to meet the challenges and risks associated with the use of AI. They must ensure that AI is used ethically, academic integrity is maintained, and that they do not fall behind in their efforts to train professors and prepare students with the digital skills required for the job market.
Firms apply marketing innovation (MI) activities to draw customers' attention and to gain a competitive advantage against their rivals in different markets. However, enterprises' differing resources and capabilities, along with varying institutional environments across markets, might cause different MI outcomes. In this regard, this paper identifies country-level differences in economic (ECE), and legal environments (LEGE) on the MI of 1,367 firms from four European countries. While INO and FAFIC are the factors identified as firms' resources and capabilities in the resource-based view (RBV), POLE, ECE, and LEGE are the pillars of institutional theory. We used a purposive sampling method based on job status, considering the survey participants' roles in MI-related business activities. We also generated an online survey to collect research data. Then, ordinal logistic regression analyses were performed for analysis purposes. The results of this paper prove country-level differences in the effect of INO, FAFIC, POLE, and LEGE on MI, while the impact of ECE on MI does not differ depending on the countries where businesses operate. Cultural characteristics and the business environment of various countries might be the reasons for the findings. Since this paper conceptualizes the determinant factors of MI in different countries and provides various MI practices that increase the competitiveness of businesses in a multi-country context, policymakers, firms, and academicians can benefit from the arguments of this comprehensive study.
The global economy is undergoing a process of digital transformation that impacts both competitiveness and the structure of the business environment. This process also presents opportunities for the development of companies, increasing numbers of which have become high-growth companies, which in turn has effects on the very structure of business. High-growth companies are becoming increasingly prevalent in the business structure of the eurozone, both in terms of their numbers and in terms of employment generation. This, along with the growing importance of sectors related to artificial intelligence, makes it imperative that research attention is paid to the factors that enhance the development of this group of companies. This paper aims to analyse the competitiveness-related factors that influence the prevalence of high-growth companies in the computer programming, consultancy and related activities sector (NACE category J62) in the eurozone's business structure. To this end, different models have been developed, based on panel data from 2013 to 2017, comprising macroeconomic variables and competitiveness factors provided by the World Bank, in order to explain the proportion of high-growth firms in eurozone economies. The results show that the key factors explaining the prevalence of high-growth firms in any particular country are economic growth, credit growth, labour market efficiency, market size and business sophistication.
Recent academic literature has highlighted the need to investigate the impact of corporate social responsibility (CSR) on employees' mental health and engagement. This study examined the effects of CSR on anxiety, job stress, and employee engagement, paying special attention to the internal processes through which socially responsible practices may influence employees' emotional and motivational responses. Data collection to conduct the empirical analysis was obtained through an online survey (n = 533) administered to professors of higher education in Spain, a professional group that frequently experiences high workloads and emotional pressure. Statistical analysis was employed using the PLS-SEM technique, which enabled the evaluation of both direct and indirect relationships among the variables. Findings revealed that CSR reduces anxiety and job stress and has a positive impact on employee engagement. Additionally, anxiety and job stress generate lower levels of employee engagement, acting as detrimental psychological states that undermine employees' capacity to remain motivated and committed. This research contributes to the management of social responsibility as a priori element to reduce negative emotional states (anxiety and job stress) and increase employee engagement. Overall, the study offers valuable insights for organisational managers when implementing CSR initiatives that foster healthier work environments, support employee well-being, and ultimately improve organisational performance while generating broader societal benefits.
There is limited research on the connection between business models and the successful implementation of eHealth products and services involving different stakeholders, specifically considering (i) the potential contribution of each actor and (ii) their structural alignment with the ecosystem's value propositions. This study explores a model in which healthcare products and services are integrated, allowing patients and providers to co-create value through collaborative, personalized healthcare solutions, also known as the Product-Service-System. A Remote Gait Monitoring Product-Service-System is developed to facilitate the implementation of innovative technologies and practices, linking care providers, healthcare professionals, and patients within the ecosystem. To identify value creation potential, several semi-structured qualitative interviews were conducted among main multiple sclerosis stakeholders. Participants were asked about their perception of the value and future potential of a Product-Service-System for managing chronic multiple sclerosis. Interviews were coded and analyzed using qualitative methods. The findings reveal three significant constructs that create value for each actor in the ecosystem: the ecosystem's value proposition, value addition, and value network. The expected impacts in terms of innovation, sustainability, and social effects for the involved actors are related to value capture. Although this study focuses on a particular Product-Service-System for monitoring gait disturbances in real-life situations among patients with multiple sclerosis, the underlying principles could apply to other domains with similar critical factors.
In today's dynamic global business environment, the successful management of enterprises is crucial for their sustainability, growth, and, most importantly, their competitiveness. This article addresses the challenge of enhancing enterprise competitiveness by developing and evaluating an integrated enterprise management technology. The study's main aim is to create a cohesive system by amalgamating specialized management technologies through the principles of meta-management and a risk-oriented approach, thereby aligning organizational activities with stakeholder interests and sustainable development goals. Methodologically, the research adopts a comprehensive approach, analyzing ISO certification trends and data from a survey of 115 Chinese enterprises, with 32 responses from senior and mid-level managers. The results underscore the critical role of integrated management technologies in augmenting organizational efficiency and sustainability. Key findings indicate that 80% of surveyed enterprises require quality management technology, and 68% see high relevance in risk management, knowledge management, and CSR. The study validates a model that enhances risk management strategies and boosts organizational performance. Ultimately, this research provides a procedural framework for implementing an integrated technology that directly contributes to strengthening an enterprise's competitive position in the market.
The emergence of Cloud Computing has led to a revolution within the field of Information Systems due to the benefits of the pay-per-use model as a powerful source of increased competitiveness. One of the factors that have conferred the most impetus to this type of Cloud service is the reduction of costs. The aim of this study is to compile information on the most relevant studies considering the other key factor in the development of these solutions: the impact that Cloud Computing has had on Firm Performance wherever it has been implemented. For this purpose, the most productive and influential sources were identified, analyzing data from the general Web of Science Database until the year 2023. In this way, authors, countries, entities, and journals with the highest levels of productivity and influence were identified, and the most relevant and influential papers were determined. The final objective of this study was to open a line of research that is built from the conclusions of the most relevant and influential sources of information in this field of study. The main takeaway of this study is the increasing interest that researchers have in the interrelation between Cloud Computing and Firm Performance, identifying the most relevant and influential sources of information that may help future researchers develop this research line. As a general conclusion, this study shows that the most productive and influential authors, institutions and sources are based in India, China and the United States
