Eurasian Business and Economics Perspectives

Table of Contents

1. Frontmatter

2. Eurasian Business Perspectives: Education

   1. Frontmatter

   2. Understanding Student Learning Gain: Using Student-Staff Partnerships within Higher Education to Inform the Continuous Improvement Process

      Martyn Polkinghorne, Gelareh Roushan, Julia Taylor

      Abstract

      This paper considers a staff-student partnership approach to gather undergraduate business studies students’ perceptions of the Learning Gain that they have achieved on a university module. This understanding can then be used to improve teaching for subsequent cohorts of students studying the same subject. The Learning Gain model used considers both the explicit knowledge gained by a student (Distance Travelled) and the tacit understanding (Journey Travelled). Data is collected at the end of the teaching, and the students are asked to reflect on their perceptions of how much they had learnt based upon specific question areas. The questions themselves are evolved from the Intended Learning Outcomes of the module being studied. Student responses highlighted areas of both successful and less successful learning for each participating student and also for each topic area. Differences in the learning being reported based upon both gender and project type were also identified. The model provides a unique perspective regarding how students view their own learning, from which a set of recommendations can be developed, to highlight key areas in which teaching needs to be reviewed to improve effectiveness. The lessons from this study demonstrate the value of staff-student partnerships as an integral part of the continuing improvement process within education.

   3. The Role of Technology in Student Learning and Engagement: The Case of the Webinar

      Mohammad Ali Wasim, Kathryn Mitchell

      Abstract

      This exploratory study looks into the use of webinars and how they impact student learning and engagement. An analysis of literature will be carried out to explore student learning and engagement and the link between webinar use. Recommendations would be given to practitioners to help them enhance the student learning and engagement through the use of webinars and also identifying the right virtual platforms for use. The objectives of this research were to identify the role of technology in student learning and engagement; secondly, develop an understanding of the use of webinars as a tool; and, thirdly, understand and analyse the impact of webinar use on student learning and engagement. The research is going to follow a constructivist approach utilizing qualitative methods to collect data. Questionnaires would be distributed to business school students who have experienced both face-to-face sessions and webinars. In conclusion, a holistic approach needs to be taken to understand the nature and the use of technology to enhance the learning and engagement of students. In addition, a more informed approach needs to be undertaken when framing policies for technology in the higher education sector. This should involve all stakeholders and would be significant in supporting the use of technology and enhancing student learning and engagement.

   4. Investigation of Higher Education Teacher Adoption of Microsoft Teams: Managing Behaviour through Online Delivery and Promoting Positive Usage

      Kathryn Mitchell, Mohammad Ali Wasim

      Abstract

      The continuous expectation that UK educational institutions are to adopt and embed the latest technological advances in their practice to provide the best learning experience, up to now, has been a steady development. The COVID-19 pandemic has been a catalyst for change, forcing teachers to deliver learning online for all disciplines. This research aimed to identity the key barriers that higher education (HE) teachers encounter when delivering learning online through Microsoft Teams, with focus on managing behaviour and promoting positive usage. The hypothesis was built around expecting several variables in relation to teacher confidence and competence levels which may have had an impact on their experience. This is a conceptual paper based on the experiences and perceptions of HE teachers using Microsoft Teams to deliver online learning. Through an inductive approach, guided by action research, the research has worked towards establishing a set of comprehensive themes. This methodological approach has generated impactful conclusions which have been transformed to enable practical outputs against the Staffordshire University strategy. The research gained understanding of teacher perceptions and how this has an impact on the student experience in a broader scope than was initially expected. Further research is recommended to test perception changes outside of the COVID-19 pandemic.

3. Eurasian Business Perspectives: Entrepreneurship

   1. Frontmatter

   2. Driving Economic Growth: Examining the Role of Leadership within SME Innovation

      Rachel Clarke, Martyn Polkinghorne, Parisa Gilani, Lois Farquharson

      Abstract

      Small and medium-sized enterprises (SMEs) make a significant contribution to the UK economy, accounting for 60% of all private sector jobs and 47% of revenue. Whilst previous research has highlighted the importance of innovation for economic growth, productivity and success within larger organisations, this has been largely under-explored within smaller organisations. This is arguably more important than ever before as there is a distinct need for SMEs in the UK to innovate to recover from the COVID-19 pandemic and the associated economic crisis. However, without a leadership presence, there is little or no focus for an organisation to innovate, nor is there an individual or group to lead the way forwards and to motivate fellow employees to innovate. This paper investigates the role of leadership as a means of cultivating innovation within SMEs in the UK. Certain behaviours and leadership attributes are found more likely to support and encourage innovation in a variety of different types of leaders, regardless of their actual leadership style. However, we suggest that authentic, entrepreneurial, transformational and ambidextrous leadership approaches have the potential to be particularly valuable in cultivating innovation within SMEs and that this could be particularly pertinent for business recovery post-pandemic.

   3. It’s Not Just Physical: Gender and Bias in Equity Crowdfunding

      Sukanya Ayatakshi-Endow, Martyn Polkinghorne, Uchenna Okafor

      Abstract

      This research considers if equity investors on crowdfunding platforms display the same bias against women as can be seen in venture capital alternatives. In this study we build a conceptual model in which we argue that increasing the number of women in a team is often associated with a decrease in funding success. We test this model using a dataset of 397 campaigns from a leading UK-based equity platform to elaborate further on the issues around gender and its impact upon entrepreneurial finance in the context of equity crowdfunding. From this research study, we conclude that the aggregated gender within the language used in the investors’ comments has an influence upon the success of the funding obtained from equity investors. We demonstrate that not only does the physical gender of the team, and the gender of the primary signatory, influence the final decision, but also any gendered nuances in the language within the campaign can have a significant impact. The findings of this study therefore have an important role in helping us to understand why the size and frequency of equity crowdfunding achieved by women are lower when compared to the success achieved by men.

4. Eurasian Business Perspectives: Management

   1. Frontmatter

   2. Development of Organizational Trust Questionnaire

      Silja Kask, Eneken Titov

      Abstract

      The objective of the article is to develop an organizational trust questionnaire that would make it possible to measure institutional and interpersonal elements of trust, including both impersonal and personal facets of thereof. Based on the analyzed sources and the instruments used to measure trust, an organizational trust questionnaire was prepared based on three source questionnaires to achieve the objective. A survey was carried out for data collation, which was used to carry out a factor analysis to assess how accurately the questionnaire measures the phenomenon for which it was intended. New factor identifiers were formed upon the interpretation of the factor analysis so that each initial characteristic would be linked as strongly as possible to only one of the generated factors. As a result of the research, the organizational trust questionnaire was conducted where the factor structure consists of 8 factors and includes 36 statements. The questionnaire enables a measurement of organizational and interpersonal trust elements like fairness and honesty in the organization; trust in the supervisor, top management, and co-workers; etc.

   3. Specific Factors Influencing Patient Satisfaction in Swiss Ophthalmology Private Practice

      Kevin Gillmann, Konstantinos Athanasiadis, Dimitrios N. Koufopoulos

      Abstract

      Over the last decades, robust evidence linking patient satisfaction to hospital reputation and profitability has accrued, and patient satisfaction has now become a key focus in the healthcare industry. A review of the literature identified pre-established factors that were shown to influence patient satisfaction in different settings and could be categorized as patient-related factors, personnel-related factors and external factors. A specific questionnaire was designed, including items from previously validated questionnaires with the addition of questions covering each of the factors identified in the literature review. This resulted in a 66-item patient experience questionnaire that all patients attending two large private ophthalmology clinics in Switzerland were offered to take on a voluntarily basis. In all, 132 surveys were completed and analysed, resulting in four major findings: (1) patients in Switzerland were highly satisfied with their private eyecare provider, (2) demographics and cultural backgrounds only had a weak effect on overall patient satisfaction in this setting, but (3) patients’ nationalities significantly affected the aspect of their healthcare experience they valued most. Finally, satisfaction in every subgroup of patients was shaped by a different ensemble of factors of varying importance (4).

5. Eurasian Business Perspectives: Tourism

   1. Frontmatter

   2. An Evaluation of Green Certification Program: A Study of Two Island Resorts in Malaysia and Indonesia

      Mohd Fadil Mohd Yusof, Sapsean Dwi Agustina, Hairul Nizam Ismail, Ghazali Ahmad

      Abstract

      Tourism contributes to the economic growth of many countries by generating revenues and creating employment opportunities. However, the industry’s success is achieved at the cost of environmental degradation and pollution, one of the contributing factors of climate change. This study aims to examine the sustainable hotel practices through a green hotel certification program of resorts within Malaysia and Indonesia, two developing ASEAN (Association of Southeast Asian Nations) countries. We investigate two island resorts in terms of the issues and challenges in implementing the ASEAN Green Hotel Standard certification program which promotes environmentally friendly and energy conservation activities. We use a case study approach to compare how resorts practice the green approach within the island perspective. In-depth interviews with owners and managers in charge of those two resorts were arranged. Two resorts that are similar in size, star rating category, and market segmentation were analyzed. The analysis of both resorts revealed different ways of implementing green practices, and both properties appear to gain benefits from implementing environmental practices as outlined in the standard certification program. This study suggests that the ASEAN Green Hotel Standard is an essential strategy for resorts within ASEAN countries to promote sustainable development and mitigate climate change.

   3. The Impact of Employees’ Absorptive Capacity on Digital Transformation of Tourism and Travel Services: Evidence from the Egyptian Travel Agencies

      Mahmoud Ahmed Aboushouk

      Abstract

      Digital transformation of businesses imposed changes in the organizational culture and structures where existing and future employees are invited to develop their digital skills through absorbing digital technologies and new forms of automation in their fields of specialization which is considered significant challenge facing human resources to become the business digital workforce according to (Colbert et al., Acad Manag J 59(3):731–739, 2016; Yeow et al., J Strat Inform Syst 27(1):43–58, 2017; Neumeier et al., Wirtschaftsinformatik conference, 2017). This study assesses the effect of employees’ absorptive capacity on the Egyptian travel agencies’ digital transformation. The researcher used the quantitative method and a simple random sampling technique to collect a sample of 278 from 1008 Egyptian travel agencies class A, and a semi-structured questionnaire was distributed. Furthermore, the researcher examined the literature on employee absorptive capacity and the digital transformation of tourism and travel services. Structural equation modelling (SEM) was employed for the quantitative data analysis. According to the study’s findings, employees’ absorptive capacity especially (the exploitation dimension) has a positive effect on Egyptian travel agencies’ digital transformation. Thus travel agencies need to improve their employees’ absorptive capacity to absorb outside technological knowledge as a prerequisite for the digital transformation of their travel services. Based on the study findings, practical implications for enhancing employee absorptive capacity and promoting the digital transformation of Egyptian travel agencies in Egypt were proposed.

6. Eurasian Economic Perspectives: Accounting and Finance

   1. Frontmatter

   2. Use of Management Accounting Techniques in Croatian Manufacturing Companies

      Mirjana Hladika

      Abstract

      Companies today operate in a dynamic and competitive environment. Production technology is changing significantly, customers are becoming more demanding, competition is growing stronger, and product life cycle is getting shorter. In order to face a competition and to succeed in modern business environment, companies require the application of the new costing methods and efficient cost management. The aim of this paper is to investigate the structure of product costs and the management accounting techniques that are used for cost calculation, inventory valuation, and cost management in Croatian manufacturing companies. The data was collected through a structured questionnaire. Research sample consists of 700 Croatian manufacturing companies. Collected data were analyzed by using methods of descriptive statistics and methods of inferential statistics. Research results showed that direct product costs dominate in total product costs in many Croatian manufacturing companies, while a share of indirect product costs is relatively low. Furthermore, the research results showed that Croatian manufacturing companies mostly apply traditional management accounting techniques for cost management and traditional costing methods. Modern management accounting techniques for strategic cost management are applied in a small number of Croatian manufacturing companies, usually in those where the level of digitalization is very high and where automated manufacturing technology is used.

   3. Intellectual Capital and Corporate Risk Disclosure in the Nigerian Banking Sector

      Musa Uba Adamu, Irina Ivashkovskaya

      Abstract

      The aim of this study is to look into the impact of intellectual capital on corporate risk disclosure in the Nigerian banking industry. A total of eight Nigerian stock exchange-listed banks make up the sample. Strategic and environmental risk disclosures are overshadowed by operational risk disclosures, according to the manual’s content analysis. Banks also made it customary to share a lot of good news and nonmonetary information from the past rather than negative news and future and monetary risk information. This strategy has diminished the relevance of risk disclosure to a large number of stakeholders due to a lack of relevant risk information for decision-making. Moreover, when analyzing the variables affecting risk disclosure behavior, the regression results indicate that intellectual capital, bank size, institutional investors, and leverage are the main determinants of whether or not to increase risk disclosure. Furthermore, both internal and external capitals are critical components of intellectual capital in explaining risk disclosure in Nigerian banks. Liquidity, independent directors, and human capital, on the other hand, have little bearing on the risk information that banks must disclose.

   4. Bibliometric Analysis of Green Bonds

      Munir Soud Khamis, Ahmet Faruk Aysan

      Abstract

      The explosive growth in the number of green bond publications in recent years is attributed to the introduction of the environmental, social, and corporate governance (ESG) factors (ESG), promotion of the Sustainable Development Goals (SDGs), and global calls for a transition to a low-carbon economy. However, there is still a lack of a comprehensive and systematic research tracing the evolution of this field. Hence, the objective of this study is to explore the research trends in the scope of green bonds over the period of 1996 to March 12, 2021. We conducted a bibliometric analysis on data retrieved from Scopus database entailing contributions of 324 authors of 297 affiliations from 56 countries in the publication of 149 peer-reviewed articles in 85 journals. We employed various software and applications for the analysis of co-occurrence, citation, co-citation, bibliographic coupling, and co-authorship, which led to the identification of the most influential articles, authors, sources, institutions, and countries among others. The findings of our analysis underpin the interdisciplinarity facet of green bond publications across sources of different concentrations such as energy and environment, sustainability, finance, and economics among others. Our findings revealed a significant growth of green bond publications in the last 5 years with a strong contribution from countries such as China, the USA, the UK, and Australia among others.

   5. Basel III and Firm Performance: A Lens of Managerial Ownership

      Syed Quaid Ali Shah, Fong-Woon Lai, Muhammad Kashif Shad, Mustafa Malik, Kaneez Fatima Sadriwala

      Abstract

      Subsequent to the global financial crisis (GFC) of 2007–2009, concerns about the financial stability of the banking market were raised around the world including developing countries. As a response to the crisis, the Basel Committee on Banking Supervision (BCBS) promulgated Basel III in 2010 to avert a full-blown crisis. Bank Negara Malaysia announced to adopt the new regulatory reforms in 2013 to improve and enhance Malaysian banks’ risk indicators. Previous literature provides conflicting evidence on the effects of Basel III stringent capital prerequisites and in terms of profitability and the stock market. This study aims to develop a conceptual framework to assess the impact of Basel III on banks’ performance with the moderating role of managerial ownership by integrating Modigliani and Miller proposition and stakeholder theory. ROE and Tobin’s Q are used as proxy variables for measuring bank performance. The study is expected to help and assist policymakers, regulators, and managers in governing the framework which can enhance the overall performance of the banks.

7. Eurasian Economic Perspectives: Growth and Development

   1. Frontmatter

   2. Research Trends in the Field of Islamic Social Finance

      Jamila Abubakar, Ahmet Faruk Aysan

      Abstract

      This paper is a bibliometric study of the literature in Islamic social finance. The study analyzes 595 articles, conference papers, and book chapters in Islamic social finance from 1991 to 2020 published in 262 Scopus indexed journals. The authors sourced the bibliographic data using the keywords “Islam and social finance,” “waqf,” “zakat,” “microfinance,” and variations thereof. This study is essential, especially in the wake of the COVID-19 pandemic and the pandemic-induced economic disruption leading to increased global income and social inequalities, putting even more pressure on the SDG’s funding gap. Novel solutions to plug the funding gap are being sought, and recent literature has shown Islamic social finance’s potential as a solution to the SDG’s funding gap. The study finds that researchers in the field closely link Islamic social finance with sustainability and sustainable development concepts, as evidenced in keywords used by authors. We also find that Malaysia and Indonesia are leading the research in ISF. The study aims to map the field of Islamic social finance and provide a reference point for future researchers to identify the gaps in the literature and their role in enriching academic discourse in ISF to position Islamic finance appropriately in the sphere of development economics.

   3. Return Migration as a Driver of Regional Development: A Case of Northeast Estonia

      Jelena Rootamm-Valter, Anne Herm

      Abstract

      The article aims to summarize the results of a study carried out for the local governments of the border region of Northeast Estonia to determine internal and international patterns of in-migration, present the expectations of the in-migrants, and introduce their possible input into the development of the region. Since 1992, the population of the region has been decreasing and meets a number of sociocultural and economic challenges. Increasing in-migration is an important factor of development. Using interview for data collection and qualitative content analysis, a qualitative research was conducted, as statistical data did not provide sufficient input for analysis. Based on interviews held in 2020, the study indicated that initial in-migration is not likely to give permanent input to the development of the region. Return migration shows valuable potential, as returners have higher living standards and qualifications than the average of the region. They are attracted by low prices of real estate, high-paid jobs, free formal education and its high quality, the possibility to use their first language, and rejoining local communities. While planning the future development of the region, it is important to take into consideration the expectations of return migrants for education, social care, and cultural and natural environments.

   4. Financing Sustainable Economic Growth: Evidence from Europe

      Krzysztof Marecki, Agnieszka Wójcik-Czerniawska, Zbigniew Grzymała

      Abstract

      An important part of this article’s argument is that environmentally friendly finance and investment practices are becoming increasingly important. To implement the Sustainable Developmental Goals, private sector resources are needed. It’s important to develop and execute technologies that help investors make the right decisions. Sustainable finance policy for the European Union is being developed with help from the European Commission’s High-Level Expert Group on Sustainable Finance. Sustainability considerations were to be integrated into risk management, among other things, as part of the action plan for sustainable economic growth’s goals, as well as promoting transparency and long-term thinking in the financial and economic activity. The adoption of a European Union taxonomy for sustainable development activities was one of the most critical and urgent objectives outlined in the action plan for financing sustainable economic growth. Additionally, the classification method can be freely used by other business owners. To evaluate the utilization of source data and international deals that incorporate financial sustainability, the technique is based on a desk survey. The findings reveal that a great deal of work has been done to ensure financial stability and a great deal of money has been invested in this goal.

8. Eurasian Economic Perspectives: Regional Studies

   1. Frontmatter

   2. A Comparative Analysis on the Bureaucratic Process in Establishing Health Cooperatives: The Cases of Turkey and the UK

      İmam Bakir Kanli, İsmail Tarik Küpeli, Aybike Onat

      Abstract

      Solidarity and cooperation are the building blocks of cooperatives and strategically significant phenomena that are as old as history of mankind; however, these will not grow old as long as humanity exists considering its economic function. The subject of the study is to comparatively analyze establishment bureaucracies relating to cooperatives in different countries. The aim of the study is to identify the problematic elements and make suggestions as to the solution to these problems by comparatively analyzing the bureaucratic process of establishing cooperatives. The study is limited with the development of policies and established bureaucracy for health cooperatives in the UK and Turkey. In line with the qualitative research method, literature review was conducted, and technical reports and analyses which were prepared by national and international institutions and organizations were utilized. Additionally, semi-structured interviews were performed with both countries’ authorized individuals. The information was analyzed through both strength, weakness, opportunity, and threat (SWOT) analysis and political, economic, sociological, technological, legal, and environmental (PESTLE) analysis techniques. Following the evaluation of the findings, the research was concluded with recommendations. As a result of the study, it was found that the UK can make improvements specially to strengthen its digital security, while Turkey can make the applications easier by first moving the applications online.

   3. Structural Analysis of the Creative and Cultural Industries of Romanian Creative Cities

      Diana Cristina Sava

      Abstract

      Much attention was paid to the development of the creative economy in urban areas, due to its sustainable resources, such as human intellectual capital, talent and culture. Considering the distribution disparities of the creative economy’s resources, a distinctive analysis of the Romanian creative-cultural industries appears to be critical as long as the local and regional development level of each industry forecasts and prescribes the present and future creative-cultural demand and potential investments. Our study analyses seven Romanian cities, namely, Bucharest, Cluj-Napoca, Timisoara, Iasi, Brasov, Sibiu and Oradea, and presents the dominant creative and cultural industries for each city. So we analysed distinctively the 11 creative and cultural industries during 2008–2019 through 3 economic dimensions: number of operating companies, number of employees and recorded turnover. The present paper’s aim is to point out the most suitable cities for the creative class depending on the industry they are engaged in and also to target potential investment directions towards specialised or, otherwise, towards the underdeveloped creative cities. The IT industry represents the leading creative industry in most cases, whereas the creative poles of Romania are represented by Bucharest, Cluj-Napoca, Timisoara and Iasi—essential economic, academic and cultural centres.