This research examines the impact of Environmental, Social, and Governance (ESG) disclosures on firm value within the Indian pharmaceutical sector from 2015 to 2025. Utilizing a panel data regression framework with fixed-effects estimation, the study analyses how composite ESG scores and individual pillars correlate with market performance as measured by Tobin’s Q. Controlling for firm size, leverage, and age, the empirical results indicate that while aggregate ESG performance shows a statistically insignificant correlation with market value, the 'Social' pillar emerges as a significant positive driver of firm valuation. These findings suggest that investors in emerging markets prioritise social impact and labour practices over environmental disclosures in specialized sectors like healthcare. The study provides critical insights for corporate managers and policymakers, suggesting that structural reforms in sustainability reporting should emphasise sector-specific metrics to enhance transparency and financial sustainability in transitional economies.Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.Article’s History: Received 15th of January, 2026; Revised 9th of February, 2026; Accepted 7th of March, 2026; Available online: 30th of March, 2026. Published as article in the Volume XXI, Issue, 2(92), March, 2026.
This research paper addresses the critical challenge of financing Smart City infrastructure through the optimization of Public-Private Partnership (PPP) mechanisms. As municipalities face increasing fiscal constraints, the transition to digital urban environments requires innovative capital allocation strategies that balance public oversight with private sector efficiency. Using a comparative, correlation, and cluster analysis framework, this research evaluates their capacity to mitigate information asymmetry and distribute financial risks. The findings indicate that well-structured partnerships serve as essential economic instruments for expanding 'fiscal space' and ensuring the long-term financial sustainability of urban digital transformations. The results offer evidence-based insights for policymakers in transitional economies seeking to bridge the infrastructure funding gap while maintaining macroeconomic stability.Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.Article’s History: Received 25th of January, 2026; Revised 27th of February, 2026; Accepted 24th of March, 2026; Available online: 30th of March, 2026. Published as article in the Volume XXI, Spring, Issue 2(92), March, 2026.
This paper examines the impact of innovation management on the economic development and resilience of the tourism business in Ukraine. In the face of unprecedented geopolitical risks and the aftermath of global health crises, innovation has transformed from a competitive advantage into a fundamental survival mechanism for service enterprises. Utilizing a structural-analytical framework, the research evaluates how the adoption of digital service models, safety-oriented product innovations, and adaptive marketing strategies influences firm performance and market stability. The findings demonstrate that effective innovation management significantly mitigates the negative economic impacts of external shocks by optimizing resource allocation and enhancing consumer confidence. The study concludes that for tourism businesses in transitional and high-risk environments, the integration of technological and managerial innovations is essential for ensuring long-term financial sustainability and contributing to regional economic recovery.Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.Article’s History: Received 15th of December, 2025; Revised 19th of January, 2026; Accepted 28th of February, 2026; Available online: 30th of March, 2026. Published as article in the Volume XXI, Spring, Issue 2(92), March, 2026.
This paper evaluates the β-convergence of labour productivity across the political regimes. The analysis provides insight into the extent and pattern of labour productivity convergence differentiated by political system, controlling for economic and political stability variables. Data were collected from 129 countries, which were grouped by four political regime types and using fixed effects and Generalized Method of Moments (GMM) estimations on dynamic panel data, we examine the unconditional and conditional convergence of three separate periods. The control variables include gross fixed capital formation, life expectancy, foreign direct investment, trade openness, and political stability. The results show a significant relationship between labour productivity growth rates and the initial levels of productivity across all regime types, with full democracies exhibiting the most rapid β-convergence relative to the other system types. The analysis reveals that the impact of political stability on convergence rates is profound; specifically, more politically stable regimes tend to converge at higher rates of labour productivity. This explains considerable variance in labour productivity convergence paths across political contexts. The paper provides new evidence on the relevance of the political regimes for β-convergence of labour productivity, while employing political regime typologies rather than traditional geographic or sector classifications.Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.Article’s history: Received 29th of October, 2025; Revised 22nd of November, 2025; Accepted 22nd of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
The main goal of this paper is the implementation of Integrated Definition for Function Modelling (IDEF) as a method for enhancing measurable economic and strategic performance outcomes among Ukrainian enterprises against the background of the vagueness of the economic milieu and the vagueness of the market. The target function was chosen as strategic efficiency. Strategic efficiency was measured using quantifiable economic indicators: productivity gains (output per employee change), cost reductions (decreased operating and lead time costs), and financial improvements (changes in return on assets and profit margins). This study was conducted in Ukraine in 2024 using a mixed method approach, which used a combination of quantitative analysis, a targeted survey of 25 enterprise managers with IDEF experience, and secondary data analysis. Multiple linear regression with OLS assumptions and logistic regression are included in the empirical model to examine the relationship between managerial experience, enterprise-size, enterprise digital readiness and strategic efficiency outcomes. The outcomes of the investigation demonstrate that managerial experience and enterprise size have a substantial influence on IDEF, with larger enterprises demonstrating structural complexity and, in turn, demonstrating a higher degree of success when applying IDEF principles. The prominence of technological readiness was also highlighted in digital readiness, where it was demonstrated to be greatly enhanced by the utility of functional modelling. Based on the analysis, recommendations were made for targeted support for digital infrastructure development, incentives for training managers for IDEF, and industry consulting services to facilitate firms’ use of IDEF. The proposals aim to promote strategic flexibility and resilience of Ukrainian enterprises to achieve sustainable economic growth and competitiveness.Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited. Article’s history: Received 25th of September, 2025; Revised 19th of October, 2025; Accepted 29th of November, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
