Eurasian Business and Economics Perspectives

Table of Contents

1. Frontmatter

2. Human Resources Management

   1. Frontmatter

   2. Exploring the Nexus of New Ways of Work and Sustainability: Challenges, Benefits, and Future Research Directions

      Sonia Pastori, Giovanna Afeltra, Roberta Oppedisano

      Abstract

      The aim of this study is to elucidate the challenges, benefits, and future research directions associated with the coevolution of new ways of work and sustainability. We implemented the Systematic Literature Network Analysis methodology: a dynamic approach that combines the systematic literature review with a bibliographic network analysis. The nexus between new ways of work and sustainability is novel given the growth of studies focusing on it since 2021. This phenomenon can be attributed to various factors: the COVID-19 pandemic spreads awareness about the sustainability of work practices, especially in favour of hybrid and remote work practices. Moreover, there is greater awareness of the negative environmental effects of work-related events and organisations are on a constant search for ways to improve their environmental impact. The preliminary analysis of the clusters of authors’ keywords suggests several streams of research related to work design and well-being; the digital future of work and work-life balance; and new sustainable technology for co-working. This study offers a comprehensive overview of the interplay between new trends of work and sustainability. Practitioners will find it valuable to gain deeper insights into how these two topics evolve together.

   3. Association Between Green Inclusive Leadership and Organizational Environmental Citizenship Behaviors: Does Green Psychological Climate Matter?

      Burcu Aydin Kucuk

      Abstract

      As one of the most serious problems of today, the climate crisis imposes important responsibilities on employees to minimize environmental problems. While organizations are restructuring their environmental goals with the increasingly important awareness of “being green”, realizing these goals is possible with the contribution of employees. At this point, do the green attitudes and behaviors of leaders, as an important representative of organizations, affect the workplace pro-environmental behaviors of employees? The main purpose of the present research is to contribute to the literature on the driving forces of pro-environmental behavior in organizations. Green inclusive leaders (GIL) appear as an external motivational factor that directly affects employees’ organizational environmental citizenship behaviors (OECB). In addition, it is thought that GIL will transform the atmosphere in organizations on green attitudes and behaviors. That is, while the green attitudes and behaviors of inclusive leaders directly affect the OECB of employees, they may be an antecedent for green psychological climate (GPC) in organizations. In addition, these leaders may increase OECB through GPC. For this proposed research model, 295 employees working in the Marmara Region/Türkiye production sector and reporting directly to a manager were reached. Data collected from 295 employees are analyzed using the structural equation modeling and PROCESS Macro-Model 4. The findings confirm the positive relationship between GIL and GPC. In addition, GPC has a positive effect on OECBs, and GPC mediates the relationship between GIL and OECB. Results of the research confirm that GIL who is a relationship-oriented approach are important figures for increasing the desired pro-environmental behaviors in organizations through generally creating an organizational atmosphere accompanied by green attitudes and behaviors. For an organization to be successful in its sustainability goals, each member of the organization must have attitudes and behaviors that will serve this purpose. In other words, organizations and employees must share this purpose, collectively. At this point, the main duty of the leader is to be an example to employees by feeding on new pro-environment ideas, listening to employees with ideas and suggestions, and supporting different perspectives. In this perspective, leaders who set an example for their employees with their pro-environmental behavior can also transform the prevailing atmosphere with their effective communication skills. The findings show that GIL directly affects the OECB and GPC; GPC mediates between GIL and OECB.

3. Management

   1. Frontmatter

   2. Innovative Digital Services in Cultural Tourism: The Value and Potential of Virtual Museums

      Tamara Floričić, Martina Težak

      Abstract

      The aim of the research is to determine the level of interest in visits to virtual museums, the reasons for visiting such museums, to compare them to traditional museums and to explore tourism potential. An attempt was also made to explore in what way virtual exhibitions should be structured and what they should offer, as well as what would be the price of entrance tickets. The purpose of this research is to actually compare physical and virtual visits to museums and to try to establish whether virtual visits could in some way replace physical visits or whether they are considered as a mere supplement and an additional offer content. The results were processed using scientific methodology including statistical indicators and qualitative methods of descriptive analysis, systematisation, generalisation, metasearch and creative thinking techniques. The knowledge generated by the research results points out that virtual museums have not been sufficiently recognised or valorised by Croatian visitors and potential tourists. Namely, many respondents believe that the intention of creating virtual museums is a replacement for a physical experience and that their success fails. This represents a platform for the development of education and strategic marketing of cultural institutions and points to the need for future research.

   3. Interpreting the Future Tense: Anxiety and Fear in Consumer Decision-Making

      Aşkım Nurdan Tümbek Tekeoğlu, Necla Ilter Küçükçolak, Mert Aydoğan

      Abstract

      In a world marked by global pandemics, financial crises, geopolitical and socio-political instabilities and widespread uncertainty, this study examines how future tense affects consumer behaviour. Uncertainty and instability become more contagious as technological advancements accelerate, information flow improves, and cross border activities increase, making it crucial to understand consumer responses to these changes. This research captures perspectives on how uncertainties about future influence purchasing decisions across different genders, age groups and education levels through a structured survey. Key findings reveal that future anxiety and fear result in significant behavioural changes in shopping preferences, spending habits and investment preferences. The study also highlights that media coverage heightens anxiety, leading to reactions such as panic buying. The Pearson’s Chi-Square analysis confirms statistically significant variations in behavior due to demographic factors like age and education. Socio-economic uncertainty effects younger, digitally native generations, more than older ones. These findings provide guidance for businesses and policymakers to develop strategies that respond to evolving consumer trends in times of uncertainty.

4. Economic Growth

   1. Frontmatter

   2. Globalisation and Economic Growth: From an Irreversible Process to a Trend in Question

      Natália Teixeira, Ana Lúcia Luís, Tetiana Kornieieva

      Abstract

      The process of globalisation, which encompasses the exploitation of international operations and the advancement of international trade, has resulted in the strengthening of connections between countries, pursuing economic growth, has been subjected to scrutiny, particularly in the wake of the 2008–2009 financial crisis and the subsequent global pandemic. The objective of this study is to examine whether globalisation functions as a catalyst for economic growth or because of economic advancement in highly globalised countries, within the context of growing uncertainty at various levels. The methodology is based on the KOF Globalisation Index and economic growth indicators for the five most globalised countries, with data ranging from 1970 to 2023, and incorporates a correlation analysis, an assessment of multicollinearity, and a hierarchical regression analysis with control variables, intending to assess the impact of globalisation. The results suggest that globalisation may be a consequence of economic development rather than a direct catalyst for growth. Moreover, the findings indicate that countries with a high capacity for innovation and exports tend to achieve higher levels of globalisation. It is recommended that further research be conducted to gain a more nuanced understanding of the various geopolitical scenarios and extended periods under examination.

   3. Regional Entrepreneurship: Pain or Gain for Economic Growth?

      Christian Dienes, Stefan Schneck, Hans-Jürgen Wolter

      Abstract

      This research note examines the relationship between start-up rates and GDP per capita growth in urban and rural regions in Germany. Hereby, we take into account that urban and rural areas differ markedly in their resource endowment for entrepreneurship, which might be responsible for the different effects of start-up activity on regional development. Therefore, we examine the growth implications rural entrepreneurship might have on the local economy. Using data from about 400 counties in Germany and analyzing the years from 2003 to 2011, we show that new business formation is positively associated with economic growth in rural areas. In urban districts, however, the effect of start-up activity is insignificant. Therefore, regional development is less dependent on the emergence of new businesses in urban counties. The results also unveil that the often-cited inverse U-shaped relationship between entrepreneurship and GDP growth is mainly evident in rural areas.

5. Finance

   1. Frontmatter

   2. The Dynamics Between Profitability and Financialization in G20 Non-financial Corporations

      Hillarius Mariando Label Dhani Sanjaya, Diny Ghuzini

      Abstract

      Recent studies have highlighted the substantial impact of financial asset ownership on the performance of non-financial corporations (NFCs) in the productive sector. However, limited focus has been directed toward investigating how the activities of NFCs in the actual productive sector can, in turn, drive financialization. This research aims to analyze how variables in the real sector, especially profitability, affect financialization. The research was conducted on more than 5000 non-financial companies in G20 countries from 2006 to 2023 using a dynamic panel data model. Our findings are summarized as follows: Real sector profitability has a significant positive effect on the expansion of financial assets among NFCs in G20 countries. Other independent variables tested, such as capital reinvestment, exhibit a negative influence on the expansion of NFCs’ financial assets, while financial sector profitability positively impacts financial assets ownership of NFCs. The research further demonstrates that financialization is associated with a decline in capital intensity within NFCs.

   3. Investment, Financing, Security and Profitability Before, During and After the Corona Crisis: Evidence from the Dairies and Cheese Making Industry of the Republic of Croatia

      Dina Korent, Marijana Bubanić, Valentina Čajko

      Abstract

      This paper aims to determine (in)equalities in direct indicators of vulnerability and resilience, i.e. investment and financing strategies, as well as in indirect indicators of vulnerability and resilience, i.e. security and profitability of companies from the activity class of dairies and cheese making in the Republic of Croatia in the period before, during and after the COVID-19 crisis. The application of the descriptive and inferential statistics seeks to determine changes in investment and financing strategies, security and profitability in the analysed periods. For this purpose, the financial data of the mentioned companies were used. The results reveal a significant decrease in investments and profitability in the pandemic compared to the pre-pandemic period and more conservative financing with regard to maturity in the pandemic and post-pandemic compared to the pre-pandemic period of the COVID-19 crisis, which potentially results from and conditions the emphasis on business security at the expense of profitability. This provokes the vulnerability of investment strategies, maturity structure of financing and profitability of the observed companies to the COVID-19 crisis. On the contrary, the ownership structure of financing and solvency that persist in the observed period are perceived as resistant to the COVID-19 crisis. Detected dictates the need to develop a set of conditions for strengthening crisis resistance at all levels of the entrepreneurial ecosystem in order to achieve long-term profitability and growth.

   4. Central Bank Digital Currencies: Recent Global Developments and Impact on Russian Banks

      Egor Pastukhov

      Abstract

      This study seeks to identify and analyze trends in the development of Central Bank Digital Currencies (CBDC) globally, with a particular emphasis on emerging markets such as Russia. We examined the impact of CBDCs on the liquidity of Russian commercial banks, driven by a noticeable gap in existing research on this topic. Focusing on Russia is justified due to the advanced status of its local CBDC project. We utilized preliminary results from CBDC developments to illuminate key trends and associated risks. To evaluate the impact of CBDCs on banking stability, we employed the Bank for International Settlements liquidity model, using empirical data from the Central Bank of Russia for our analysis. Our findings suggest that the impact on banks’ liquidity will be gradual and will evolve as digital assets gain prominence, enabling banks to adjust their structures accordingly. Furthermore, Central Banks have the ability to manage liquidity via monetary policy, ensuring an adequate liquidity level is maintained. The originality of this study lies in its first-time assessment of the readiness of the Russian commercial banking market for CBDC implementation, the primary risks involved, and recommendations for risk evaluation.

6. Healthcare and Social Impact

   1. Frontmatter

   2. Evaluation of Healthcare Expenditures on Preventive Services in the Czech Republic

      Jaroslav Skrabal

      Abstract

      The aim of this paper is to analyze and compare expenditures on preventive healthcare services in the Czech Republic during the period from 2010 to 2021. Using descriptive, deductive, and comparative methodologies, the study evaluates the components of healthcare expenditure within the context of GDP, a key indicator of economic activity. The findings suggest that the proportion of healthcare funding from state and local budgets likely increased during the COVID-19 pandemic due to a surge in demand for healthcare services and the expansion of public funding to address the crisis. Additionally, the study emphasizes the importance of demographic shifts, particularly the aging population, in influencing future healthcare costs. As the share of elderly individuals in the population grows, healthcare expenditures are expected to rise, especially in areas such as long-term care and preventive services. This demographic trend is projected to place increasing pressure on healthcare systems and public budgets in the coming years. The paper concludes that while economic growth can facilitate increased healthcare funding, long-term sustainability will depend on addressing the challenges posed by an aging population. Strategic planning and policy adjustments are necessary to ensure the adequacy of healthcare financing in light of these demographic changes.

   3. Exploring Altruistic Behavior: Covid-19 Fear Among University Students

      Seyma Simsek, Ozlem Ozdemir

      Abstract

      This study aims to investigate how altruistic behavior is influenced by COVID-19 fear, risk-taking attitudes, personality traits, and gender. For this purpose, different from existing studies, altruism is measured through both using a dictator game and moral dilemmas centered on altruistic and egoistic choices. Further, the effect of COVID-19 on altruism is examined for the first time in an emerging country and the Turkish version of the questions about the altruistic/egoistic moral dilemmas to assess altruism is introduced to the existing literature, enhancing the applicability of this measurement in different cultural context. The data is collected through an online questionnaire and results of the multiple linear regression show that agreeableness, one of the Big Five personality traits, and gender play significant roles in allocations within the dictator game. Additionally, agreeableness, conscientiousness, and risk-taking attitudes are found to influence altruistic tendencies in altruistic/egoistic moral dilemmas. Specifically, females and individuals with higher levels of agreeableness tend to allocate more generously in the dictator game. Furthermore, those who are more conscientious, agreeable, and inclined towards risk-taking tended to provide more altruistic responses in moral dilemmas. The implications of these findings are discussed considering the crisis period, such as a pandemic in a country.

7. Labor Economics

   1. Frontmatter

   2. Job Market Indicators in Software Development Sector: A Data-Driven Analysis of Poland and the Baltics

      Dmitrij Żatuchin

      Abstract

      This study investigates supply and demand dynamics within the software development sector in Poland and the Baltics in 2023, focusing on talent availability, market needs, and industry responses to global challenges. Using data from platforms like MeetFrank and SoDA reports, the research explores demand fluctuations for roles such as Software Engineering and Project Management, alongside wage trends influenced by economic and political factors. The methodology employs a 60-day rolling window to calculate correlation matrices across job categories, revealing interdependencies—such as the positive link between Software Engineering and Design roles and the inverse relationship with Sales & Business Development, signaling shifts in hiring priorities. Key findings indicate that, in response to global tech layoffs and economic uncertainty, the industry is prioritizing strategic talent management and flexible, project-based teams. While demand for developers in Java, JavaScript, and Python remains robust, salary expectations and contract terms have adjusted to market pressures. This research emphasizes a data-driven approach to talent strategy, combining technological tools with human insight to support responsive, effective workforce planning in a fluctuating market.

   3. Bridging the Gap: Exploring Gender Dimension in European Labor Market Transitions

      Valerija Botrić

      Abstract

      Extant studies document that women often shoulder the primary responsibility for childcare, household maintenance, and care for dependents. These roles outside of work make women more susceptible to specific or alternative work arrangements, more frequent career breaks and working in specific occupations. Most empirical evidence is based on single-country analyses. This paper aims to expand the existing literature by examining gender differences in labor market transitions (from employment to inactivity and from employment to unemployment) across European economies during the 2000s. The analysis of the micro-EU-LFS dataset captures the individual decision-making process on labor market participation, while a set of country variables incorporates specific market-level conditions. The paper places particular emphasis on variables representing labor market policy changes, thereby addressing the question of which policies exert the most significant impact on labor market transitions. For most policy domains, the intensity of measures is associated with different impact on the transitions of the whole population, or on the transitions of the female population. This suggests that more attention should be put on different population subcategories when designing policy measures.

8. Sustainability

   1. Frontmatter

   2. The Right to Water: A Framework for Microcredit Strategies

      Tebaldo Vinciguerra, Enrico Gabriele

      Abstract

      Inadequate access to potable water is a major problem for 2.2 billion people and related financial challenges are daunting. This paper studies the performance of a microcredit initiative in India implemented by the charity Water.org which disburses loans to low-income borrowers to improve their access to potable water. Due to the complexity of such initiatives, we suggest to employ a holistic indicator named “human right to drinking water” (HRDW) based on five criteria: Acceptability, Accessibility, Affordability, Availability, and Water Quality. Literature dealing with both the HRDW and microcredit for water is limited; the fact that Water.org granted us access to borrowers’ responses to its detailed surveys allowed us to assess how households’ situations evolve. Using this framework, we analyzed the responses of more than 2100 borrowers to questions directly related to the aforementioned criteria. We observed that the living conditions of the majority of them improved. There is still room to improve this study and further data availability would be appreciated. This research represents a starting point for discussion to widen perspectives on a topic that deserves a better understanding for the benefit of sustainable development, given that this initiative shows potential for growth in emerging economies.

   3. Challenges in Practicing Urban Farming Among Low-Income City Dwellers

      Nor Arissa Yasmin Abdul Mo’men, Noor Azina Ismail, Raja Noriza Raja Ariffin

      Abstract

      Despite government support and encouragement, involvement in urban farming by low-income city dwellers lags far behind and is insufficient in ensuring access to affordable and nutritional food. Hence, the purpose of this study was to identify challenges and limitations faced by these low-income households in participating in urban farming activities. This study uses urban areas in Malaysia where farming could be the answer to food production in the future. Nine low-cost residential areas representing four regions in Peninsular Malaysia were selected at random. The study gathered responses from 830 randomly selected households using a structured questionnaire. A binary logistic regression was used to examine the relationship between a set of challenges and the likelihood of a person participating in urban farming. Although low-income urban residents are open to incorporating urban farming into their lives, they do not engage in it regularly. The majority of them admit that obstacles to urban farming include a lack of space for agriculture, being preoccupied with other jobs, not knowing how to farm, lacking interest, financial difficulties, plants that do not grow, pest problems, and other issues such as housing management restrictions and health concerns.

   4. A Conceptual Framework for Early Diagnosis of Global Catastrophes Based on Information Field Monitoring

      Oleksii Mints, Zaneta Simanaviciene, Kateryna Polupanova, Maryna Mavrina

      Abstract

      This study investigates the potential of information field monitoring for the early diagnosis of global catastrophes, addressing the need for timely information in mitigating catastrophic treats. The article aims to develop a novel approach for identifying potential global crises through information field analysis. Based on a literature review, the study addresses the limitations of existing forecasting methods, which often fail to capture the complexity and unpredictability of sudden or rapidly evolving events. The proposed framework incorporates a four-stage data refinement process, transforming unstructured data into actionable insights. The main outcome of the study is a detailed methodological scheme that describes the sequential transformation of the information field into data, information, knowledge and wisdom about emerging catastrophic processes. The methodology integrates techniques such as Natural Language Processing (NLP), machine linguistics, machine learning, and deep learning, focusing on the sequential conversion of data into information, knowledge, and wisdom. The data for this process can be obtained primarily from social media and other digital platforms, where early signals of emerging crises can be detected and analyzed. Findings suggest that monitoring the information field can provide a reliable basis for early diagnosis by identifying weak signals in digital communication trends and public sentiment. The study’s results show that the proposed model can effectively identify precursors to potential crises, offering a proactive approach for improving risk management and enhancing economic security.