Digital Economy. Emerging Technologies and Business Innovation

Table of Contents

1. AI-Driven Insights and Next-Gen Marketing Analytics

   1. Frontmatter

   2. Neuromarketing Implications on Purchase Decisions: A Bibliometric Analysis

      Abderrahim Bellil, Feten Ben Naoui

      Abstract

      This study presents a comprehensive bibliometric analysis of neuromarketing research from 2004 to 2024, aiming to map its evolution, intellectual structure, and thematic development. Using data from 1,169 Scopus-indexed articles, the analysis applies performance metrics, co-occurrence networks, and thematic mapping through RStudio’s Biblioshiny package to achieve four objectives: (1) examining publication trends over time, (2) highlighting influential authors, institutions, and journals, (3) uncovering dominant thematic clusters, and (4) analyzing citation and collaboration networks. Findings indicate exponential growth in publications (23.84% annual rate), peaking in 2022, with Frontiers in Psychology emerging as the leading journal. Thematic clusters emphasize neuroimaging techniques (EEG, fMRI) in consumer behavior studies, alongside emerging areas like machine learning and ethical considerations. This study offers critical insights into neuromarketing’s maturation as a multidisciplinary field driven by technological innovation, the pivotal role of neurophysiological methods in understanding subconscious decision-making, and the potential for future research in ethical frameworks and AI integration. It provides a roadmap for advancing neuromarketing as a rigorous, ethically grounded discipline.

   3. The Globalization of Online Fandom: Understanding ACG Fans’ Motivations in the Entertainment Market

      Montassar Aguerbi, Fatma Smaoui

      Abstract

      Passion may develop into immersion in a consumer activity. However, in the long term, it may translate into a search for belonging among those who share the same interest. Being a fan does not mean passive consumption; rather, this interest motivates consumers to participate [34] in spreading and influencing the market for the product. By combining participant online ethnography with 10 in-depth interviews, this study examines fans’ motivation to engage with technology that shapes their experiences. Focusing on Otaku culture in Tunisia and using an interdisciplinary framework, this paper explores the hidden motivations behind community belonging and interactions with globalized systems. The findings reveal the mechanisms of this journey, demonstrating how digital platforms are used to accumulate knowledge, skills, and networks to achieve membership, influence market trends, and glocalize transnational culture through earned authority. This research contributes to fandom literature by emphasizing the role of platforms in fostering belonging and engagement with institutional forces. Additionally, it offers businesses and entrepreneurs insights into fan behavior and their role in shaping new markets.

   4. Using Generative AI in Communication Agencies: Insights from a Multiple-Case Study

      Moez Bellaaj, Amina El Abed

      Abstract

      This study investigates the use of generative artificial intelligence (AI) in communication agencies in Tunisia, analyzing data from five agencies. The findings show that AI is mainly used to inspire content ideas, enhance the quality of images and videos, and assist in scriptwriting. However, it is not fully relied upon for content or logo creation. The study also highlights several opportunities, including time savings, increased productivity, enhanced creativity, error reduction, and improved task efficiency, which allow design teams to focus more on strategic and creative work. Despite these advantages, challenges such as the unreliability of AI tools, data security concerns, high costs, integration difficulties, and the potential for misuse were identified. In conclusion, the study underscores that while AI offers significant benefits, a balanced collaboration between AI and designers is crucial to achieving the best results in communication agencies.

   5. Mirror, Mirror… Am I the Fairest of Them All? Smart Mirror Between Frustration and Pleasure

      Ichraf Dimassi, Inès Mestaoui, Syrine Hassine

      Abstract

      Smart mirrors, integrating advanced technologies to improve the in-store shopping experience, elicit varied consumer reactions. This study investigates the acceptability of smart mirrors in the context of shopping in Tunisia. Following a qualitative methodology, semi-structured interviews were conducted with 20 participants who experienced augmented reality (AR) devices. The study aims to explore the perception of smart mirrors among Tunisian consumers, examining both the potential advantages and disadvantages. The findings highlight mixed reactions: while the innovative and interactive nature of smart mirrors is appreciated, concerns arise about their complexity, cost, and potential psychological discomfort. These factors often counterbalance the perceived benefits. However, the study’s small sample size limits its ability to capture the full range of Tunisian consumer perspectives. Future research could better explore comparative and cultural dimensions to assess smart mirrors’ impact on physical shopping experiences. From a managerial perspective, the insights offer guidance for brands in Tunisia to enhance the integration of smart mirrors at points of sale, ensuring a more engaging and satisfying user experience.

2. Digital Transformation in Finance

   1. Frontmatter

   2. Digitizing Taxation in the Age of Digital Transformation - A Bibliometric Analysis

      Sergiu Mihail Olaru, Gabriela Badareu, Roxana Maria Badircea, Mihiț Lavinia Daniela

      Abstract

      Tax digitization is becoming a growing area of interest, reflected in the increasing number of studies and the adoption of new technologies to improve tax processes. This research conducts a bibliometric analysis on tax digitization, providing an overview of the current state of research and future development directions. The study uses VOSviewer 1.6.18 to analyze 265 publications in the Web of Science (2016–2025), highlighting co-authorship networks, dominant research topics and involved institutions. The results highlight those areas such as blockchain, artificial intelligence, digital tax compliance and global tax policy are booming. Organizations such as the OECD, IMF and World Bank also play a central role in shaping tax digitization regulations and strategies. This research is useful for both policymakers and tax professionals, facilitating the anticipation of future trends, the development of tailored regulatory frameworks and the integration of emerging technologies into global tax systems.

   3. The Resilience of Cash in the Face of Digital Payments: Exploring Determinants in the Moroccan Context

      Hicham Sadok, Mohamed Ouchrif, Houda Mahboub

      Abstract

      Contrary to expectations that the demand for cash would decrease with the availability and use of digital payment methods, the demand for cash has increased almost everywhere. Faced with this paradox, this article seeks to determine, after an analysis of the facts and a review of scholarly literature, the major reasons for the preference for cash transactions, abstracting from the constraints of studies level or income. Thus, a survey was conducted among a cohort of Moroccan professors, and the results of the questionnaire analysis reveal that the attachment to cash is explained by rational rather than technophobic reasons: compared to various digital payment methods, cash stands out for its ease, cost-free nature, universality, resilience, and inclusiveness. It helps preserve good budget management, ensures freedom, and protects personal data.

   4. Mapping the Intellectual Landscape of E-Finance in the Era of Digital Economy and Society

      Mihai Alexandru Firu, Marius Dalian Doran, Sorana Vătavu, Nicoleta Mihaela Doran

      Abstract

      The rapid digitalization of financial systems has positioned E- Finance as a key research area, integrating fintech, blockchain, and artificial intelligence into modern financial practices. This study conducts a bibliometric analysis to examine research trends, influential authors, collaboration networks, and thematic developments in E-Finance. Using Web of Science (WOS) data, 156 publications were analyzed through VOSviewer, applying citation, coauthorship, keyword co-occurrence, and co-citation analyses. The findings reveal a steady increase in E-Finance research, with notable growth after 2016, aligning with fintech advancements. China, the United States, and European institutions emerge as leading contributors, fostering strong international collaborations. The keyword analysis highlights a shift from traditional online banking and e-commerce to modern topics like decentralized finance (DeFi), AI-driven finance, and financial inclusion. Citation analysis identifies foundational studies in trust mechanisms, ICT-driven financial growth, and blockchain-based transactions. This study provides a comprehensive overview of E-Finance research, offering valuable insights for academics, policymakers, and financial professionals. The results highlight emerging research gaps, emphasizing the need for further studies on cybersecurity, regulatory frameworks, and the societal impact of digital finance.

   5. Pegged Digital Currencies: How Resilient are they in Economic Turmoil?

      Thabo J. Gopane

      Abstract

      The objective of fiat-pegged cryptocurrencies, called stablecoins, is to deliver the goodness of digital currency but without the concerning crypto volatility like in Bitcoin. That is, if all goes well, stablecoins should provide stable cryptocurrencies that are user-friendly for commercial transactions. While past studies have made some progress in assessing the success of stablecoins, their shortcoming is the failure to consider the economic realities of market turbulence. This paper closes the knowledge gap and adds to the literature by evaluating stablecoins’ performance based on empirical interrogation in times of financial market calmness and economic calamities. The study employs the Exponential General Autoregressive Conditional Heteroskedastic (EGARCH) model and Tether’s daily price data from January 2017 to January 2025. The results show that the fiat-pegged cryptocurrency, proxied with stablecoins’ market leader (Tether), fails the test of currency stability, but not without some mitigations. The study findings should enable policymakers or consumers to make informed decisions with improved currency transparency for better risk management.

3. Trust, Privacy and Security in the Digital Economy

   1. Frontmatter

   2. Building Trust in Data Spaces: A Systematic Review of Perspectives, Definitions, and Mechanisms

      Hanspeter Rychlik

      Abstract

      Trust is a critical enabler for collaboration and data sharing in data spaces, where diverse stakeholders must work together to create value while safeguarding data integrity and sovereignty. This study investigates how trust is conceptualized in the scientific literature on data spaces through a systematic literature review (SLR), addressing three core questions: How is trust conceptualized in data spaces? How is trust defined? And what mechanisms are discussed to establish and maintain trust? The findings reveal that trust is understood in three primary ways: as a foundational requirement for initiating collaboration, as a key element embedded in governance and operational mechanisms, and as an outcome that emerges through effective processes and stakeholder interactions. Its conceptualization spans technical, organizational, and legal dimensions, emphasizing the need for clear governance structures and robust technical safeguards. Key elements such as data sovereignty, privacy, and accountability highlight the interplay between governance and technology. Mechanisms like blockchain, access control, and certification frameworks play a crucial role in fostering trust, ensuring compliance, and instilling confidence among stakeholders. By synthesizing existing research, this paper provides insights for researchers and practitioners seeking to enhance trust-based collaboration in data spaces.

   3. Balancing Privacy and Utility in Social Media: A Framework for Platform Specific Privacy-Enhancing Technologies and Regulations

      Ahmed Elouni

      Abstract

      Data collected directly from users is essential for the research, development, and personalization of social media platforms. However, this dependence on data collection can result in significant privacy breaches, exposing users to various risks and threats linked to data sharing. The primary challenge addressed in this research is finding a balance between data monetization and user privacy, which is crucial as social media platforms strive to enhance personalization and engagement while protecting user information. To tackle this issue, we categorize social media platforms according to their shared usage and services, identifying the specific balance required for each category based on usage patterns and modern privacy risks. We create a framework that aligns these balance needs with the integration of efforts from regulations, conventional frameworks, and Privacy-Enhancing Technologies (PETs) customized for each platform category. This paper aims to present five types of social media platforms and illustrate how stakeholders within each platform can utilize various technologies, existing frameworks, and regulatory measures to effectively manage the associated trade-offs.

   4. A Method for Visualizing the Dynamic Characteristics of Economic Time Series Data

      Lyudmila Gadasina, Ivan Labutkin

      Abstract

      When analysing short-term economic and financial data, it is important to consider phenomena such as economic cycles, trends, and their changes, as well as structural shifts and financial bubbles. This study proposes an effective tool for visualizing these phenomena for high-frequency data, which refers to data collected on a weekly, daily, or more frequent basis. The method involves several steps. First, the choice of a time interval, the change within which is insignificant for analysis purposes. Next, the time series is smoothed using a filter that ignores these intervals. Then, the increments of the time series are calculated by taking differences between neighbouring values. Finally, a phase portrait is constructed by projecting the data onto a two-dimensional plane, with the values of the series on the x-axis and their increments on the y-axis. Geometric properties of these phase portraits can be used to identify features and variations in the time series. This approach allows for a better understanding of short-term trends and fluctuations in economic and financial indicators.

   5. Measuring LLMs Cultural Bias in Corruption Inclination

      Barbara Pisker, Kristian Dokic, Bojan Radisic, Mirela Mezak-Matijević, Mirjana Radman-Funaric

      Abstract

      In recent years, large language models have influenced several activities that users do on the Internet and have enabled the automation of many customers support services. As expected, large language models gain their knowledge from the content used to train them. Given that large language models trained in different countries and with content in different languages are available, some authors have observed that large language models copy the values and prejudices encountered in those countries. In this paper, our goal is to compare attitudes about corruption obtained by surveying citizens in 59 countries worldwide with those obtained by four large language models. The large language models used were created in the United States, China, Brazil and Israel, and the assumption is that they reflect the attitudes of the nation that created the content on which individual models were trained. The Manhattan distance measurement method in 9-dimensional space was used to compare the similarities, given that the survey covering corruption consists of 9 Likert scale questions from the 2022 World Wave Survey. The results indicate that large language models’ inclination towards corruption is partially culturally biased.

4. Smart Infrastructure and AI Readiness

   1. Frontmatter

   2. Measuring AI Adoption Readiness in the Digital Era: A Composite Index Approach with PLS and PCA

      Cristina Maria Geambasu, Adriana AnaMaria Davidescu, Eduard Mihai Manta, Mihail Busu

      Abstract

      AI use has increased due to the growing popularity of the digital economy, which is reshaping entire industries and transforming national economic structures. Although it can enhance productivity and induce innovation, widespread adoption of AI technology entails challenges in areas of infrastructure, governance, and compliance. Thus, to continue to grow in such a context of constant evolution these concerns must be addressed. Herein, this study creates a composite index to assess AI and digitalization readiness at the country level using data from 28 European countries sourced from Eurobarometer 95.2 (2021). The Partial Least Squares (PLS) and Principal Component Analysis (PCA) were used to build composite indicators of AI and digitalization readiness across European countries. Furthermore, Elastic Net regression was used in order to improve feature selection and the prediction performance. Our findings demonstrate varied country profiles of AI and digitalization readiness, emphasizing differences in legislative frameworks, ethical issues, and digital transformation initiatives. This study gives policymakers and stakeholders a formal, quantitative approach to assessing AI and digitalization readiness on a large scale, providing useful information for guiding future AI policies.

   3. Need for Speed, or for Digital Skills? Broadband Development and Firm Dynamics in Germany

      Kirill Sarachuk

      Abstract

      In 2010, Germany adopted its first 10-year digital transformation strategy, Digital Agenda for Europe, in order to secure the provision of high-speed Internet connections for all its households and to promote entrepreneurship. However, the goals voiced in the first edition of the European broadband development plan (and, subsequently, in national plans) were rather ambitious, given the spatial varieties between different EU members, rural and more urbanized areas. That may explain why existing studies for European countries provide mixed outcomes, highlighting the positive role of broadband development, but arguing its limited effect for declining and rural areas. Our contribution to understanding the role of recent digital transformations is twofold. First, for German counties and independent states, we were able to support the view that better penetration of broadband contributes positively to the firm dynamics, both in rural and urbanized areas. Second, we admit that the digital infrastructure may not be sufficient by default, and individuals do need to possess the relevant-to-market skills so that the society may benefit from augmented broadband externalities. We suggest that further policies have to target on better complementarity between relevant skills and digital transformation and not just each component isolatedly.

   4. Implementing Smart Public Spaces in Developing Countries - Challenges and Opportunities: Case Study of Tunisia

      Nesrine Akkari

      Abstract

      Tunisia has undergone a transition since 2014 from a centralized governance model to a decentralized one, marking a turning point in the nation’s history. The municipal elections of May 6, 2018, the first democratic local elections, embody the transfer of power from the national level to the local level. This shift empowers local actors and works toward better governance at the community level. This paper explores the key challenges and potential Opportunities for Public smart spaces implementation in Tunisia based on the discourse of municipal representatives. This is an abductive and exploratory study based on a qualitative methodology relying on case study results. Challenges include Digital infrastructure deficiencies, Cybersecurity risks, Policy fragmentation, Bureaucracy, Rapid urbanization, Budget constraints and financing, and environmental degradation. Opportunities proposed involve Real time Data integration, Public-private partnership, Citizen engagement and participation, Functionality and user experience, job creation, renewable energy adoption, and smart waste management.

5. Backmatter