Eurasian Business and Economics Perspectives

Table of Contents

1. Frontmatter

2. Eurasian Business Perspectives: Entrepreneurship

   1. Frontmatter

   2. Key Factors to Increase the Survival Rate of Entrepreneurs

      Manuel Chaves-Maza, Eugenio M. Fedriani

      Abstract

      This paper aims to explain that there are some variables linked to the type of support service demanded by entrepreneurs, which, along with other characteristics of entrepreneurs and their projects, may account for a significant part of the variations in their survival rate. The analyzed data set is composed by 82 variables and 2221 entrepreneurs from Andalusia (Spain), referring to the period 2009–2023. By applying a structural equations modelling, a model with global significance was achieved: the survival rate could be predicted as a function of 19 of these variables, and the variables that explain a greater amount of the variability of survival are the number of employees and participation in local development programs. The study concludes that survival is significantly affected by: (i) variables that are inherent to the business project of entrepreneurs, such as external finance or type of investment; (ii) and also by the environment in which they develop their activity, through economic indicators or local productivity. It follows that the rigorous application of quantitative techniques can help support services for entrepreneurs: by knowing what factors affect (positively or negatively) to the survival of entrepreneurial projects, the use of public resources dedicated to foster entrepreneurship may be more efficient.

   3. Unveiling the Nexus: A Comprehensive Review of University-Based Digital Entrepreneurship Ecosystem to Foster Students’ Startup

      Stephanus Eko Wahyudi, Imam Baihaqi, Niniet Indah Arvitrida

      Abstract

      Entrepreneurship is one of the drivers of economic growth, and the rapid development of information and communication technology enables the emergence of digital entrepreneurship (DE). As an essential element in the entrepreneurship ecosystem, universities should encourage students to start their businesses and provide supportive environments. This study aims to find the key success factors of the University-Based Entrepreneurship Ecosystem to foster Students’ Startups through a systematic literature review. It covers 39 articles from 277 search results from a reputable database and journal publishers. The findings are that the existing literature focuses on expanding the university’s roles beyond education and research, the complexity of the ecosystem, the importance of policy and funding, and the development of frameworks to support it. Tailoring these frameworks to accommodate universities’ diversity and financial capacities is essential to promote interdisciplinary student startup teams. Incubators, accelerators, and interactive learning methods play pivotal roles in this process. The increasing volume of literature on this subject in recent years highlights its emerging significance. Still, there is a notable gap in research concerning fostering digital startups within the university entrepreneurship ecosystem. Future research should address this gap to promote a supportive environment for students’ digital startup development.

   4. Innovative Entrepreneur in a Developing Country: The Case of SMEs in Indonesia

      Yasri Yasri, Vidyarini Dwita, Astra Prima Budiarti, Muthia Roza Linda, Rahmiati Rahmiati, Erly Mulyani

      Abstract

      Indirect and direct effects of entrepreneurial orientation (EO) on the performance of SME are the focus of this study. The extent to which exploitative and exploratory innovation impact the performance of SMEs is also examined in this study. Additionally, as a mediator between EO and SMEs’ performance, this study assesses exploratory and exploitative innovation. All SMEs in Indonesia engaged in five different culinary-related business sectors—clothing, trade, services, and tourism—make up the study’s population. Samples were taken from the islands of Sumatra, Java, Sulawesi, and Bali, among other sampling regions and a sample size of 298 units. The management or owner of the SMEs is the analytical unit. Using structured surveys distributed on social media, data were gathered (WhatsApp and Instagram). The results demonstrate that EO directly affects SMEs’ performance in a positive and meaningful way. Exploitative and exploratory innovation also has a positive influence on SME’s performance. SMEs’ performance will be higher if the entrepreneurial orientation and exploitative and exploratory innovation of small and medium entrepreneurs increase simultaneously. Exploitative innovation has the greatest influence on MSE’s performance. This study is in line with the theory of strategic agility, namely the Company’s performance is determined by managers who have a high entrepreneurial orientation, are able to see the money from rapid external changes and are accompanied by both exploitative and explorative innovation capabilities.

3. Eurasian Business Perspectives: Human Resources Management

   1. Frontmatter

   2. Competency Modeling: A Comprehensive Theoretical Framework

      Zdenek Kronberger, Gabriela Rihova

      Abstract

      A competency model is a set of guidelines that defines the skills, knowledge, and abilities required for an employee to perform their job successfully. In essence, competency models outline the essential competencies needed for effective job performance. There are some challenges associated with their design, development and implementation. Addressing these challenges requires a thoughtful and collaborative approach involving HR, department leaders, and employees. Overcoming these obstacles can create effective competency models that drive performance and align with strategic goals. The goal of this paper was to develop a comprehensive theoretical framework with an objective of putting the model into the context of the organization, respectively indicating the interconnectedness of the steps associated not only with the construction of the competency model, but also with its effective use and understanding across the entire organization. The authors analyze and study examples of good practice in case studies focusing on working with competency models. The studies included are cross-industry and include a wide range of practical experience. The result is a model that represents the competency modeling process. It depicts the individual parts, steps and their interconnectedness. At the same time, it presents all the necessary parts for the successful construction and functioning of the competence model.

   3. What Affects Knowledge Workers’ Intention to Leave? Evidence from the Business Service Sector in Poland

      Anna Rogozińska-Pawełczyk

      Abstract

      When employees feel that the psychological contract has been breached, their turnover intention increases and their commitment to work decreases. These behaviors can be shaped by the support employees receive from their co-workers. Drawing on theoretical findings on turnover intention, psychological contract violation, work engagement, and co-worker support, this article explores the internal linkages and relationships between the key constructs, discussing the possible causes and consequences of the decision to quit. Data from a survey collected by CATI on 500 knowledge workers employed in the Business Services Sector in Poland was used. The analysis was conducted using the structural equation modeling method (SEM). The psychological contract violation is positively correlated with knowledge workers’ intention to leave, work engagement mediates the effect of psychological contract violation on intention to leave, and knowledge workers’ support modifies the effect of psychological contract violation on intention to leave. In particular, the results obtained have theoretical and practical relevance for enhancing organizational management theories and practices, including human resource management, encouraging knowledge workers to reach their full potential, lowering intentions to leave that have a negative impact on the organization, and modifying HR procedures that foster positive attitudes.

4. Eurasian Business Perspectives: Industrial Organization

   1. Frontmatter

   2. Strategic Environmental Management in the European Healthcare Sector: The Case of Innovative Governance of IRCCSs

      Paola Olimpia Achard, Chiara Bellini, Leonardo Ioannucci

      Abstract

      The paper aims to show peculiar Italian Healthcare Organizations called Scientific Research, Hospitalization and Healthcare Institutes (indicated with the Italian acronym IRCCSs) can exploit their distinctive competencies also in the sustainable environmental management of their businesses. The methodology followed in the paper to reach this aim, starts from the analysis of the sustainable environmental management in the European healthcare sector, and from the identification of the role of IRCCSs in the Italian National Health System (NHS). Successively, it is evaluated how IRCCSs can integrate their strategic objectives with those of environmental nature and then, whether IRCCSs pursue sustainable environmental strategies. Finally, the paper indicates which are the environmental strategies, adopted by the IRCCSs, among those available. The main finding of the paper is the assessment that the distinctive competencies of IRCCSs to manage relationships, exploit strategic interdependencies, and generate innovation allow them both to integrate environmental sustainability into governance systems and to disseminate new knowledge, responding to the challenges of the environmental transition. The study opens for possible future research on the interdependencies that could be observed between sustainable environmental, social, economic and ethical strategies within IRCCSs.

5. Eurasian Business Perspectives: Management

   1. Frontmatter

   2. Links Between the Selected Attributes of Social Intelligence and Assessment of the Ways to Cope with Demanding Situations in Managerial Work

      Daniel Lajcin

      Abstract

      The presented research suggests that social intelligence influences a manager’s performance and impacts the strategies a manager employs to handle demanding situations. The paper aims to investigate the possible existence of links between the selected attributes of social intelligence and how managers assess the ways of coping with demanding situations in managerial work. In the presented research, the analyzed data was obtained from the sample of 204 Slovak managers, of which 83 (40.7%) were men and 121 (59.3%) were women. The data from the respondents were collected by questionnaire methods (two social intelligence methodologies and two coping with demanding situations in managerial work methodologies) and were subsequently processed and analyzed using mathematical-statistical methods at the level of descriptive and inductive statistics, namely frequency of occurrence, arithmetic mean, standard deviation, and Spearman’s correlation coefficient. Managers who scored higher in social intelligence factors also preferred more positive ways of coping with demanding situations (active solution, positive outlook, planning, acceptance of the situation). Less preferred were the less desirable ways (denial, self-blame). The correlations with positive ways of coping were shown to be statistically significant. The findings and insights derived from the conducted research offer not only theoretical and methodological advantages but also hold practical value in enhancing coping efficiency in managerial roles.

   3. Insights into the Nexus of Organizational Identification, Workaholism, and Burnout: Qualitative Study

      Marija Geidelina-Lugovska, Andrejs Cekuls

      Abstract

      This study investigates the complex relationship between organizational identification, workaholism, and burnout. While organizational identification enhances employees’ commitment and engagement, it can also foster workaholic tendencies characterized by excessive work involvement. Contrarily, burnout is primarily driven by chronic work-related stress and is influenced by organizational factors such as workload and lack of control. Utilizing a qualitative grounded theory approach, this research analyzed 147 articles from the Web of Science and Scopus databases to identify key factors influencing these relationships. The findings reveal that organization-related factors like job demands, social support, job autonomy, and organizational culture significantly impact organizational identification and burnout. Encouraging these positive organizational factors can boost organizational identification while lowering the risk of burnout. Conversely, workaholism is predominantly driven by person-related factors such as perfectionism, low self-esteem, and family background. These insights suggest that fostering a supportive work environment characterized by manageable job demands, autonomy, an engaging culture, and robust social support can mitigate the harmful effects of workaholism and prevent burnout. This research contributes to developing strategies to promote employee well-being and productivity in organizations. Such an approach holds promise in reducing the risk of burnout, even among individuals with personality traits such as perfectionism and neuroticism.

   4. Organisational Cultures in the Digital Age: The Importance of Cultural Ambidexterity and Inclusion

      Jan Christoph Mälck, Stephan Schmucker

      Abstract

      Digitalisation has been a megatrend with sweeping repercussions for quite some time now. Markets, products, communication, corporate behaviour and entire societies are changing as a consequence. Organisations must respond with a suitable organisational culture—the so-called digital culture. Yet many of them are struggling to bring about the required change. This paper aims to provide an overview and a discussion of the relative merits of the various ways in which organisations may attempt to achieve a digital culture. For that purpose, we draw on existing research into subcultures, ambidexterity and inclusion. We find, for example, that the mere establishment of a so-called ‘digital innovation unit’ is unlikely to yield the desired results if a suitable cultural environment is lacking. It is also questionable whether the creation of a uniform digital organisational culture is really to be aspired. The targeted use of subcultures may be a more viable strategy to meet the cultural requirements of the digital age. This may also help the organisation strike the right balance between exploitation and exploration. Yet a symbiotic relationship among its subcultures can only take effect given proper integration with the organisation’s overall culture.

   5. Empirical Research on Crisis Management in the Hotel Industry in Croatia During the Covid-19 Pandemic

      Davor Labaš, Iva Bandalo

      Abstract

      The COVID-19 pandemic was a major shock that called into question the survival of many firms around the world, particularly in the tourism sector. The aim of this paper is to examine and explain the function and contribution of crisis management in the hotel industry during the COVID-19 pandemic. Additionally, this work explores the impact of the COVID-19 crisis on hotel business and the strategies applied to manage the situation. For the purposes of examining the hotel’s experiences with the COVID-19 crisis, an empirical research survey was conducted using a questionnaire on a sample of hotels in the Republic of Croatia in order to determine whether the existence of crisis management in hotel firms affects their success in managing the COVID-19 crisis. The empirical research results indicate that the incorporated function of crisis management in hotel firms played an important role in successfully overcoming the COVID-19 crisis, particularly in enabling firms to make quick and efficient decisions. The collected information, findings, and knowledge can provide hotel managers and the interested public with insight into the consequences of the COVID-19 crisis on the hotel industry and enable hotel firms to learn and apply what they have learned to emerge stronger and better prepared for future crises.

   6. Has Our Motivation to Use English Globally Changed During Covid-19?

      Zrinka Fišer

      Abstract

      Motivation to learn EFL includes not just the desire to become a skilled language user, but also how we regard the target language as being beneficial to our future education and career goals. Using the Dörnyei’s multidimensional motivational model scale, the author investigated the relationship between instrumentality promotion motivation (motives related to aspirations, advancements, and accomplishments leading to future career success) and the experience of online EFL learning. The questionnaire was administered in face-to-face setting to 279 non-English major students of child education at University of Slavonski Brod in Croatia during the 2022. /2023. academic year. The t-test and Kendall’s tau-B coefficient analysis revealed that participants’ attitudes toward particles of the instrumentality-promotion scale positively correlated with their EFL online learning experience. The mean value of participants’ answers to instrumentality-promotion scale particles was modest, ranging from 3.45 to 3.75, with the highest value achieved for particles related to learning EFL for future career advancement and working on a global scale. The results showed a decrease in students’ instrumentality promotion motivation when compared to pre-pandemic research conducted among the similar group of participants in the Croatian context.

6. Eurasian Business Perspectives: Marketing and Tourism

   1. Frontmatter

   2. Comparing Online Gastronomic Images through Customer Reviews: Evidence from Asia, Europe, and the USA

      Estela Marine-Roig

      Abstract

      Local gastronomy has considerable weight in the tourist destination image (TDI), and this image is decisive in the process of selecting a vacation spot. Since perceived TDI represents reality in the minds of visitors and potential tourists, semiotic analysis of user-generated content (UGC) takes on particular significance for tourism destination marketing and management organizations (DMOs). This study proposes combining three consolidated theoretical models to measure the contribution of quality gastronomy to the online TDI: Marine-Roig’s TDI formation circle, Grönroos’s service quality, and Morris’s semiotic foundations. The conceptual model is used to compare the gastronomic images of three tourist regions with distinct cultural heritages: Asia, Europe, and the USA. Using big data comparisons of UGC scaled from 0 to 100, the study analyzes all (N = 136,288) English-language online travel reviews (OTRs) up to January 1, 2023, of all two- and three-star Michelin restaurants located in the aforementioned regions and listed on TripAdvisor. The findings confirm that customer satisfaction positively affects their loyalty to the restaurant. Furthermore, they show that the popularity of establishments, measured as the average number of OTRs hosted on TripAdvisor, is greater in the USA and at three-star restaurants. However, diners’ feelings are more positive at two-star restaurants in all three regions, which contradicts the claim that quality service positively affects customer satisfaction. These results can help improve the marketing strategies of DMOs and other stakeholders.

   3. The Consequences of Glocalization Strategy on Tourism Attraction: Evidence from the Hong Kong Disneyland

      Pang Keyou, Zhang Huijia

      Abstract

      The emergence of high-tech advancements and changes in communication patterns has sparked growing interest in the concept of glocalization. Some scholars believe that glocalization has become one of the most important strategies for the theme park to achieve sustainable growth in the future. In this case, this paper examines the potential application of the glocalization strategy in theme parks to enhance entertainment activities and attract tourists. Unlike prior research that lacked theoretical frameworks or relied on anecdotal observations, this research mixes the existing research approaches. It means Hong Kong Disneyland (HKDL) is selected as a classic case of a failed initial business strategy in this study. Then, guided by the fruitful theories of emotional attachment, this research explains how the glocalization practices of HKDL reverse its initial terrible situation and win customers and a high reputation. It is believed that the combination of the outstanding case study and the theorized explanation will be more convincing and helpful in providing the broader implications of the success of the case. By adopting the glocalization strategy, theme parks can better tailor their offerings to local sensibilities while preserving global appeal, driving to resonate with diverse potential tourists. This approach not only enhances tourist experiences but also boosts corporate performance, contributing to sustainable growth in the tourism industry. The findings of this research encourage theme park operators to consider glocalization as a viable strategy for fostering emotional attachment, loyalty, and long-term success.

   4. Exploring Online Shopping Development and Consumer Digital Skills in EU Countries

      Richard Fedorko, Lenka Kráľová, Štefan Kráľ

      Abstract

      The inexorable advancement of digital technologies and their ubiquity in electronic commerce cannot be denied. Nevertheless, consumers must possess a certain level of digital competence. The principal objective of this study was to assess and compare the evolution of online shopping and the development of consumers’ digital skills across EU countries from 2017 to 2021. It also aimed to examine the existence of significant shifts and disparities relative to the European Union average. The numbers of consumers with digital skills exhibited fluctuations, with some EU countries experiencing declines. When evaluating the proportion of online consumers against the proportion of consumers with digital skills, generalizations were challenging, as certain countries had similar values, while others exhibited higher percentages of consumers with digital skills compared to online consumers, and vice versa. These findings can serve as a foundation for online merchants seeking to promote the enhancement of consumers’ digital skills and, consequently, the growth of electronic commerce.

7. Eurasian Business Perspectives: Small and Medium-Sized Enterprises

   1. Frontmatter

   2. How Can Management Consulting Services Be Used While Crafting Competitive Strategies for Small and Medium-Sized Enterprises in the Digital Age?

      Eduards Aksjonenko, Didzis Rutitis

      Abstract

      The article proposes a new conceptual framework for effectively using management consulting services in crafting competitive strategies for small and medium-sized enterprises (SMEs) undergoing digital transformation. The study addresses research gaps concerning the direct impact of management consulting on the digital transformation and strategic pivoting of SMEs’ business models within a volatile business environment. The research methodology involves a comprehensive exploration of scientific literature, including theoretical analyses and research paper reviews. The literature review examines the interconnections between SME competitive strategy crafting, dynamic capabilities, digital transformation and management consulting services. The findings of this study culminate in a conceptual framework that elucidates the relationship between various factors influencing the competitive strategy crafting process for SMEs. Additionally, the paper highlights the potential roles and contributions of management consulting in assisting SME management with strategic development and resource allocation and suggests practical impact measurement in further research.

   3. Breaking Through Barriers: Unveiling Innovation Challenges of SMEs in Bosnia and Herzegovina?

      Nejra Hadžiahmetović-Milišić, Lamija Krndžija, Djerdj Horvat, Amila Pilav-Velić

      Abstract

      Small and medium-sized enterprises are essential for economic growth, especially in emerging economies. However, innovation—a key driver of competitiveness—poses a significant challenge for these businesses. This study concentrates on identifying specific barriers SMEs in Bosnia and Herzegovina face in their innovation efforts. Using an input-throughput-output framework, we couple a review of existing literature with interviews to investigate these challenges. Our findings reveal a disconnect between the educational system and the labor market demands, resulting in difficulty attracting and retaining qualified personnel, which is compounded by the issue of brain drain. Furthermore, bureaucratic complexities and a lack of financial support stifle the innovation process. We also identify internal obstacles, such as insufficient employee engagement and motivation, which affect the throughput phase of innovation. Finally, SMEs often prioritize client relations over pursuing innovative strategies, influencing their output and market stance. This study provides new insights into the systematic impediments to innovation in SMEs within an emerging economy context and suggests areas for policy and practice improvement.

   4. Supply Chain Management Adoption on Competitive Advantage and Business Performance: Innovation as Mediating Variable (MSMEs in Padang)

      Muthia Roza Linda, Gesit Thabrani, Sutiyem Sutiyem, Yasri Yasri, Rahmiati Rahmiati, Erly Mulyani

      Abstract

      This study aims to develop a model for enhancing the performance of MSME businesses by gaining a competitive advantage. This research provides information on how to build competitive advantages in snack food culinary MSMEs by implementing innovations in business activities. Therefore, this study will see the influence of supply chain management Adoption (SCMA) and competitive advantage (CA) on business performance and how innovation plays a role in MSME business performance. The MSMEs studied were snack food MSMEs located in Padang City with an unknown number. Purposive sampling was utilised with the requirement that MSMEs have been in operation for at least 3 years and employ more than five people. Research data collection was carried out by distributing questionnaires. The results showed that SCMA significantly influenced business performance, as did competitive advantage and innovation. However, there is no significant effect of the moderating role of innovation in strengthening the influence between competitive advantage and business performance because the innovations made by MSMEs tend to change the shape of the product appearance and add to the taste of the product but do not differ from the characteristics of existing products. The workforce has a low level of education, so the understanding of what to do differs from what is expected of MSME owners.

8. Eurasian Economic Perspectives: Accounting & Corporate Governance

   1. Frontmatter

   2. Interaction Between Tax Authorities and Taxpayers: A Systematic and Bibliometric Analysis of Tax Compliance Over 20 Years

      Belahouaoui Rida, Attak El Houssain

      Abstract

      This study explores the interaction between tax authorities and taxpayers and its effect on tax compliance. Leveraging a systematic literature review (SLR) and bibliometric analysis of research from the past two decades, we examined the role of trust and power in shaping compliance behavior, particularly in a post-pandemic context where economic recovery and trust restoration are paramount. Data was extracted from the Scopus database, with a thematic network analysis conducted via VOSviewer software to identify key themes. The study highlights that trust in tax authorities is crucial for encouraging voluntary compliance among taxpayers, while the authoritative power of these entities is vital for ensuring compliance through enforcement. Furthermore, digitalization in tax administration is increasingly important, offering enhanced efficiency and transparency that can bolster both voluntary and enforced compliance. This digital evolution is becoming integral to modern tax systems, signaling a shift towards more technologically advanced interactions between tax authorities and taxpayers. The study contributes to theoretical perspectives by integrating enforcement and service orientation in tax administration, offering practical insights for policy improvement. It suggests a focus on digital strategies to enhance taxpayer engagement and compliance, particularly in relation to the challenges of digital transformation for SMEs in emerging markets.

   3. What Is Innovation Accounting and How to Structure Innovation Accounting?

      Wójcik-Czerniawska Agnieszka, Grzymała Zbigniew, Pohulak-Żołędowska Elżbieta

      Abstract

      Innovation accounting is a systematic strategy that overwhelms the shortcomings of conservative financial dimensions to oversee and assess innovation progression within companies. This study studies try to answer for the question: Is innovation accounting an actual instrument that can be used to attain and measure innovation in a way not likely with outdated financial capabilities? The conversation emphasizes the difficulties and issues to be considered while applying innovation accounting, such as integrating it with current measures and dealing with national opposition. Notwithstanding these problems, innovation accounting has much to deal with in decision-making, risk alleviation, and resource optimization. In terms of potential applications in cutting-edge fields like sustainability and social influence, innovation accountings upcoming rests in additional development and integration within initiatives. All things measured, innovation accounting is a potent appliance for directing innovation endeavors and assuring sustained success in today’s rapidly developing business environment. Encouraging open discourse and teamwork between departments enables the collection of diverse ideas and the development of innovative strategies. Open revelation and improved decision-making can also be eased by using graphical instruments like innovation dashboards. By applying an organized policy for innovation accounting, businesses can recover their capability for both creative and sustained innovation.

9. Eurasian Economic Perspectives: Economics of Innovation

   1. Frontmatter

   2. Digital Transformation and the Development of Financial Industry

      Tonći Svilokos

      Abstract

      Under the influence of accelerated digitalization, the financial industry is experiencing dramatic changes due to changing customer behaviour, growing expectations, the emergence of new distribution channels and the emergence of innovative products and services. This paper investigates the effects of digital transformation on the accessibility, depth, efficiency, and stability of financial institutions and markets amidst accelerating digitalization. Utilizing panel data from selected OECD countries spanning 2006 to 2021, the study constructs a Digital Transformation Index (DTI) based on ten indicators. This index serves as a proxy for digital transformation. Results indicate varied impacts across different facets of financial development. Increased digitalization leads to a decline in the financial resources provided to the private sector by domestic money banks as a share of GDP, and to a lower share of total assets relative to GDP. Digital development also has a negative impact on the number of commercial bank branches per capita. On the other hand, the positive impact of digitalization on the efficiency of financial institutions is undisputed, as the DTI index has a positive effect on a bank’s non-interest income relative to total income and a negative effect on a bank’s operating costs relative to total assets.

   3. Does Perceived Risk Really Matter in Mobile Banking Behaviour?

      Rahmiati Rahmiati, Perengki Susanto, Yasri Yasri, Muthia Roza Linda, Erly Mulyani

      Abstract

      In this study, perceived risk is used as a moderator to evaluate the factors influencing mobile banking (m-banking) utilization in West Sumatra. We specifically investigated m-banking adoption using UTAUT2 variables—behavioral intention, effort expectation, and performance expectation. The risk may impede the user’s behavioral intention to utilize technology in a particular environment. Therefore, perceived risk may influence m-banking behavioral intentions. The data were gathered through an online survey involving 137 residents of West Sumatra who actively use mobile banking services. The variance-based technique (VBT) of structural model analysis with partial least squares (PLS) was used for the data analysis. The research findings exhibit that perceived risk does not moderate the link between performance and effort expectancy on behavioral intention. On the other hand, this study reveals a direct effect of performance and effort expectations on users’ behavioral intentions. The results also illustrate how user intention affects the user behavior of m-banking usage. The research’s findings imply that besides enhancing the features of mobile banking applications for consumer benefit, banks should communicate potential issues associated with mobile banking usage and provide solutions to address them. By doing so, perceived benefits can outweigh perceived risks, thereby not impeding consumers’ intention to utilize m-banking services.

10. Eurasian Economic Perspectives: Empirical Studies on Economics

    1. Frontmatter

    2. Monetary Policy Efficiency and the Taylor Curve: Evidence from Hungary

       Dominik Kavrik

       Abstract

       This research delves into the validity of the Taylor curve in the Hungarian economy context. The Taylor curve suggests a trade-off between inflation variance and output gap variance, representing monetary policy efficiency. The primary goal is to discern the dynamic relationship between these variances, emphasizing periods before the 2008 financial crisis and post-2020. Hungarian CPI data provided the basis for deriving the inflation rate, while the output gap came from Hungarian industrial production figs. A stochastic volatility model determined the conditional variances of both variables. To understand the changing relationship over time, a Time-Varying Parameter (TVP) model, prevalent in related literature, became the tool of choice. Findings indicate a deviation from the Taylor curve’s expected trade-off in two specific periods: before the 2008 financial crisis and from 2020 onwards. These periods show no evident negative relationship between inflation variance and output gap variance. The proposed trade-off of the Taylor curve doesn’t consistently apply to the Hungarian economy. Periods lacking this trade-off might reflect external shocks or unique economic conditions affecting central bank decisions. Such insights offer valuable perspectives for evaluating monetary policy efficiency in similar transitional economies.

    3. Ecoinnovation as a Catalyst for a New Type of Economic Growth in the EU

       Vania Ivanova, Dimitar Zlatinov, Nino Avreyski

       Abstract

       Environmental challenges in search of new economic efficiencies stress the necessity of a fundamental change of economic model. The goal of accelerating the EU’s industrial and technological development must be close to decoupling economic growth from resource consumption. Based on fixed effect panel models, the study aims to empirically test the relationship between growth and eco-innovation in EU countries from 2000–2020. The analysis finds evidence of a significant long-term relationship, indicating the presence of cointegration between ecological innovations and economic growth. The results underscore the existence of a positive correlation for some of the selected indicators measuring the environmental transformation of economies. Different countries demonstrate different strengths of the growth-eco-innovation relationship, which also indicates different effectiveness of eco-policies within the EU, as well as still strong heterogeneity between countries. The added value of this research is in drawing attention to the growing importance of eco-innovation as a driver of economic growth suggesting that green innovation can act as a catalyst for sustainable development. Such measures would create an enabling environment that encourages and supports the implementation of green technologies and practices, fostering a transition towards a more sustainable and resilient economy.