Eurasian Business and Economics Perspectives

High-growth firms (gazelles) are significant players for post-crisis recovery through the ability to generate employment as well as interest in innovations and R&D. The aim of the study is to identify differences in performance of orthodox and other types of high-growth firms before the pandemic (2019) and during the pandemic crisis (2020–2021). Open source information, company websites and government procurement are the base for gazelles’ typology. The first HGF type is orthodox firm with classical, organic growth. Unorthodox gazelles may be affiliated with big corporations (1), state or government (2), VIP (oligarchs, politicians, persons with administrative resources) (3). The sample includes 512 Russian high-growth firms with revenue over 2 billion rubles in 2019 (large-sized enterprises). We identify HGF using 2016–2019 data (three year of high growth) and then compare 2019, 2020 and 2021 performance results. Hypotheses are tested using one-way ANOVA and Tukey’s HSD test. The hypothesis testing results significant differences in efficiency between orthodox and unorthodox HGFs in 2020–2021 (orthodox HGF are better in turnover-to-assets ratio). Also the research results no significant differences in revenue, employment growth, profit and equity-to debt ratio between orthodox and unorthodox gazelles in 2020 and 2021. We conclude that orthodox high-growth firms lack external sources for growth but they are able to perform at the same level as the gazelles with external support during the COVID-19 pandemic.

Study about reason why start-ups fail has shown that internal issues become the most likely cause of failure. An indication that people within the organization have a difficulty to establish strong sense of identity as the foundation of start-up’s continuity in the long run. Previous studies mentioned how establishment of distinct and understandable identity influence many aspects starting from decision making to recognition by customers. Thus, the aim of this study is to analyse the way of thinking from start-up founders in establishing their start-up identity and construct model that can be applied by other founders. This paper using qualitative method to investigate an in-depth reason of “why” and “how” such phenomenon happen by interviewing 15 start-up owners in Indonesia to gain deeper understanding about how start-up owners establish their identity. By using start-ups’ perspective of value creation to answer questions within Law of Identity model used in this study. The result of this study is a comprehensive step by step model along with questions that can be answered by start-ups founder to establish their identity based on the value they hold. The new model developed in this study are expected to help start-up’s founder establish their identity easier and can be understood by all members within the organization.

Social entrepreneurship is a growing field that is playing an increasingly important role in addressing social and environmental challenges around the world. Due to their potential for both profitability and positive impact on the wider community, social entrepreneurs have gained substantial attention from the new generation. Recognizing the significance of this phenomenon, it becomes crucial to assess the sensibility of business school students towards social entrepreneurship as future entrepreneurs. Thus, the objective of this study is to explore the influence of antecedents of social entrepreneurship on entrepreneurial intention of business students at Business Administration Department, Marmara University, Türkiye. Cross-sectional data was collected from 236 students enrolled in the entrepreneurship and/or innovation management courses. Regression analysis reveals a positive correlation between social entrepreneurship antecedents and entrepreneurial intention. Furthermore, two specific factors of social entrepreneurship, namely “Moral and Social Duty” and “Self-Sufficiency and Social Support,” significantly contribute to social entrepreneurship intention. One interesting finding is the statistically significant effect of part-time working experience on social entrepreneurship intention. These insights provide valuable implications for educational institutions, policymakers, and aspiring entrepreneurs seeking to promote social entrepreneurship as a means to address societal challenges.

This research delves into the perceptions of Generation Z—those on the brink of stepping into managerial and employer roles—regarding the advancements in technology, with a particular focus on artificial intelligence (AI) and its potential effects on their future careers and the overall job landscape. Through in-depth interviews with eight university students belonging to Generation Z, conducted in a focus group setting on their campus, this study aims to uncover how this digitally native generation envisions the integration of AI into their professional lives. Contrary to the common narrative that views technological advancements as a threat to human employment, the findings from our discourse analysis reveal a different concern among Gen Z participants. They do not regard AI as a peril to their career prospects. Instead, they identify the real threat as being dominant and dictatorial management styles. This pivotal insight shifts the discourse from the often fear-mongered narrative surrounding AI’s impact on jobs to a more nuanced understanding of workplace dynamics in the context of emerging technologies. By highlighting Generation Z’s concerns and expectations, this research contributes significantly to the ongoing conversation about the evolving nature of work amid technological, sociocultural, and political-economic transformations. The study underscores the importance of understanding young professionals’ viewpoints on technology’s role in shaping a future where human-centric management practices are valued over authoritarian leadership, regardless of the technological tools in use.

Remote working has gained tremendous popularity during the pandemic, and many sectors, including Information Technology (IT) industry were forced to adopt this work mode. The transition to remote work and digital transformation has caused technostress among IT employees. The study aims to explore the association between technostress, resilience at work (RAW) and psychological flexibility. Additionally, it seeks to analyze how RAW mediates the relationship between technostress and psychological flexibility, offering a unique attempt to understand the dynamics of RAW as a form of psychological immunity. Data was gathered from a sample of 190 IT employees with the non-probability snowball sampling technique. Subsequent analysis encompassed correlation, stepwise regression, and mediation analyses. The results indicated that technostress is negatively associated with RAW and psychological flexibility. In addition, RAW is a significant mediating factor in the relationship between technostress and psychological flexibility. The study results delineate the positive psychological implications in the IT sector in improving employee resilience, thereby reducing the negative impact of technostress on psychological flexibility. This study offers valuable insights for Human Resource managers to enhance RAW and psychological flexibility, aiding employees in managing technostress. Employees with greater flexibility and resilience are valuable assets to any organization, promoting optimal performance.

The scenario of the popularity of TikTok and the growing number of discussions about products or services has brought many new opportunities and challenges for the marketers. This study aims to identify antecedents of electronic word-of-mouth (e-WOM) information on purchase intention among TikTok users with the target population of university students in Ho Chi Minh city. Adapting the Information Acceptance Model based on the integration of Information Adoption Model and Theory of Reasoned Action, this paper investigated the characteristics of information and customer’s behavior in reference to purchase decision making of a certain product, including seven constructs: information quality, information credibility, needs of information, attitude towards information, information usefulness, information adoption, and purchase intention. Non-probability sampling was applied to collect 222 valid cases from respondents (TikTok users and university students) via self-administered questionnaires, and PLS-SEM was used to estimate the conceptual framework with six hypotheses. It revealed that information quality, information credibility and attitude towards information were critical drivers of information usefulness. In addition, customer perspective of useful message was confirmed to strengthen the likelihood of the e-WOM adoption, reflecting through a causal positive relationship proven between information adoption and purchase intention of prospective buyers. This study may bring theoretical implications on drivers of e-WOM information; and practical implications on e-WOM communications on TikTok platform.

The convenience and accessibility offered by e-commerce have made it an increasingly popular method for closing business transactions. Today, e-commerce plays a key role for both retailers and consumers. Its importance is growing, in particular due to the benefits that consumers appreciate and therefore increasingly turn to this way of shopping. This study aims to assess and compare the progress of online shopping across the Visegrad Group countries, including the Czech Republic, Hungary, Poland, and Slovakia. It will focus on the amount of money spent on online shopping and highlight any significant changes and variations in comparison to the European Union average. The study is using data from 2015 to 2021 to draw conclusions. The theoretical framework provides essential foundations and an overview of the current state of electronic commerce. Analysis of data indicates consumer fluctuations across all online purchase categories over the period from 2015 to 2019. Czechs have paid the highest amount for online purchases in recent years, and Slovaks has paid the lowest. In 2020 and 2021, a notable upward trend was observed in both the V4 countries and the EU, primarily fuelled by the COVID-19 pandemic and associated restrictions.

Customer orientation is a fundamental principle of modern companies, and is the backbone of the quality management system. Therefore, service companies must find ways to monitor changes in the user environment and predict demand and emerging needs of users. The purpose of this paper is to investigate the factors that influence customer satisfaction with the dormitory service in the city of Zagreb. An empirical study based on the Servqual method was conducted to determine the level of satisfaction, future intentions, and perceived quality of dormitory services. A total of 321 users from the six dormitories in the city of Zagreb participated in the survey. Principal component analysis was used to define the key dimensions of service quality and satisfaction, followed by independent samples t-test or one-way comparison between groups to analyze the influence of personal aspects on customer perception. The results did not support a unified structure of service quality with five dimensions, but service quality is divided into technical and functional quality. The results reported in the study draw attention to the importance of customer satisfaction and point to improvement measures that can be implemented to improve the quality of student dormitories in the Republic of Croatia and elsewhere.

Sustainable consumption behavior is investigated and analyzed in this study in relation to environmental self-identity, values, concerns, and engagement. The significance of environmental engagement as a moderator between environmental self-identity, environmental values, and environmental concerns as they relate to sustainable consumer behavior was one of the primary objectives of this research. The Stimulus-Organism-Response model was implemented to build a research framework for this study. In order to understand consumer behavior in relation to sustainable consumption, the positivist paradigm was utilized, along with a quantitative approach based on the survey design. Using non probability and a purposive sampling technique, 325 respondents were gathered for the study. In order to test the hypothesis, the PLS-SEM analytic method was used. The results show that environmental engagement is greatly enhanced by having a strong sense of environmental self-identity, environmental values, and concern. Sustainable consumption behavior is influenced by factors such as self-identity and environmental engagement, which were further examined in relation to the mediating effect. One interesting result that pertains to this research area is that all mediating interactions are fully and partially mediated.

The Greek yoghurt market is characterized by competition, top-notch dairy industries, and demanding customers. This aim of this qualitative study was to investigate two increasingly important issues for the Greek yogurt market: the sales growth of private yogurts and the pivotal role of packaging in consumer decision-making. The methodology of focus groups and the thematic analysis of the data collected during this method was chosen. The focus groups sessions that took place involved a semi structured discussion where customers were questioned about the factors affecting their yoghurt preferences in packaging. Thematic analysis, a well-established qualitative research method, served as the primary methodology for this study. Firstly, five focus groups were conducted, involving a total of thirty-nine (39) yogurt consumers. These sessions delved into consumer perceptions regarding yogurt, private-label options, and packaging preferences. Secondly, data from five focus groups was analysed using thematic analysis was carried out with the aim of identifying the main issues concerning or affecting the consumption habits of consumers. The results led to the identification of four key themes: yogurt preferences, perceptions of private-label products, packaging preferences, and considerations for eco-friendly packaging. In general, results showed that consumers are looking for the right colour and shape in yogurt packaging, while also demanding that it is of high quality, to ensure the safety of the product without burdening the environment. For private label yogurts, consumer adoption appears to be increasing due to prevailing market conditions. These products are gradually gaining ground and establishing footholds in the market.

The study focuses on estimating the creditworthiness of industrial enterprises in the Eurozone and North America, using a sample of 122 companies from 2008 to 2022. The data framework consists of annual financial, macroeconomic, and ESG risk factors. The paper’s principal contribution lies in a comparative examination of advanced modelling approaches for assessing the credit quality of corporate low-default portfolios. As a LightGBM classifier reveals superior prediction quality, an original assumption that a combined model has a stronger discriminating power is debunked. Since credit rating models have comparable variance, their combination, even when supplemented with the probability of default model’s estimates, fails to correct for the observed bias, producing less accurate results than standalone machine learning algorithms. Furthermore, a complex ensemble of models appears to be impenetrable and unstable over time, whereas artificial intelligence models, such as random forest and gradient boosting classifiers augmented with the SHAP framework, are appropriate for capital calculations. Ultimately, the constructed models could be used by financial institutions and investors to evaluate the financial standing of low-default portfolios comprised of industrial firms from advanced economies.

This chapter investigates the empirical link between gender equality in businesses and the financial inclusion of women. The main research question specifically focuses on the relationship between gender equality in access to financial instruments and loans and the share of women in businesses as owners or top managers. These two indicators are expected to be positively related. The chapter includes not only tabular and graphical analyses but also regression analyses. The empirical model controls for many different related variables, such as gender equality in education and the level of income. Gender-related business data are calculated from a firm-level database. The study covers the years 2011 to 2018 or 2021, based on data availability. Ninety-five countries from different income groups and regions are included. The findings, indeed, support the expected results that improvements in financial inclusion of females move in the same direction with the higher share of females involved in businesses. The findings of the chapter have useful policy implications, such as increasing the presence of women in businesses may require gender equality in financial inclusiveness. Policies enhancing the presence of females in financial systems can be a good starting point for gender equality in the business world.

Governments worldwide have implemented Public-Private Partnership (PPP) programs for developing public infrastructure easing fiscal pressure in the short term through leveraging capital investments from the private sector. Nevertheless, the length and complexity of these megaprojects jeopardize the long-term sustainability of this program due to economic and social challenges. In this study, we analyze the long-term social and financial implications of the Kazakh PPP program through a portfolio lens and using a System Dynamics modeling. To offer valuable insights for PPP decision-makers, the proposed model exposes the relationships between financial constraints, societal concerns, and PPP development. A causal-loop diagram unravels the underlying feedback relationships for proposing suitable policies to enhance the outcomes of the PPP programs. The model simulation identified two major drawbacks: the lack of accountability and transparency and the increasing long-term public subsidies required due to the profitability of special-purpose vehicles. Conducted policy analysis evaluates potential short- and long-term government strategies and provides the stakeholders with strategies for improving PPP program outcomes and addressing weaknesses. Ultimately, this research not only delineates the PPP landscape in an emerging economy but also yields actionable insights for policymakers, investors, and other infrastructure stakeholders in developing markets.

The prerequisite for the success and competitiveness of businesses is their performance. Businesses, which achieve high performance in the long-term, are able to avoid negative phenomena in their life cycle, especially failure or bankruptcy. In order to ensure the performance of enterprises, it is necessary to create an effective performance measurement system. A significant contribution in this area was the introduction of the Balanced Scorecard (BSC) method. The aim of the paper was to identify key performance features and to design an integrated performance measurement system for a selected sample of construction companies. The system of performance measures was built on BSC principles. The Least absolute shrinkage and selection operator (Lasso) method was used to select financial features. The contribution of the paper is the creation of an integrated model based on the combination of data mining techniques and BSC principles. This model makes it possible to benefit from the advantages of different types of methods when identifying most important performance drivers. Linking data mining techniques with business performance measurement methods appears to be very important for achieving significant results. Findings also include the identification of key performance features for the given industry sector.

Public-Private Partnership (PPP) infrastructure programs have featured as a recipe for the socio-economic development of developing countries. However, despite the overall trend to strengthen PPP programs in developing economies, national PPP programs are developed heterogeneously even among neighboring countries. To identify development patterns that may explain the heterogeneous performance of national PPP programs, this paper will analyze the PPP programs of Eastern European countries based on the projects procured so far. To do so, the information on 430 PPP projects procured in 13 countries was retrieved to conduct analysis at regional and country levels. Findings indicate that Southeastern Europe leads in both the number of PPP projects and total investment, driven by airports and ICT projects. In contrast, the Caucasus states and post-Soviet European republics exhibit lower levels of activity and investment, which may reflect varying regional priorities and economic scales. The implications of these findings are significant, highlighting the need for enhanced institutional capacity, transparent and fair project evaluation processes, and alignment of PPP projects with national development objectives to ensure sustainable and effective infrastructure development.

Idea of fiscal stimulus by governments and EU funding in Member States’ economies is to support the process of restructuring and decarburization of economies, to promote thier adaptation to climate change, without undermining fiscal stability. The objective of this study is to analyze the dynamics and structure of environmental protection expenditure in EU countries in the context of the economy ecological transformation. Similarities and differences between EU States in terms of environmental protection expenditure have been examined based on cluster analysis. Several groups of countries homogeneous by the size, dynamics and structure of environmental protection expenditure have been identified based on a set of key indicators. Identified clusters directly reflect the differences of the environmental policies implemented in member states and thus indicate the different intensity of greening in the countries. Relationship between the expenditures and reduction of GHG emissions is analyzed. Results show that public policies in EU countries can be a valuable tool for transition to green economy, but they should not undermine the fiscal sustainability of the EU. Environmental policy is expected to be a catalyst predominantly for private investment and the companies to be the major driving force of the green transition.