Innovation, Sustainability, and Growth in a VUCA Environment

Inhaltsverzeichnis

1. Frontmatter

   PDF-Version jetzt herunterladen

2. Chapter 1. Macroeconomic Climate: From World Economy to National Economy

   • Open Access

   Andrei Rădulescu

   Abstract

   The exogenous shocks (the coronavirus pandemic and the geopolitical tensions) and their consequences have had an important impact on the macroeconomic climate in recent years. The annual growth pace of the world economy decelerated to only 3.3% in 2024, the weakest dynamics since the pandemic year 2020, according to the estimates of the International Monetary Fund (IMF, World economic outlook—A critical juncture amid policy shifts, 2025a). Furthermore, in the first months of 2025, the uncertainty increased to record high levels due to the major shifts in trade policy in the USA, the largest economy in the world. In this context, the probability of the outbreak of a new global economic crisis in the short run has significantly increased, being estimated at around 30% by the experts of the IMF in April 2025. In this paper, we analyze the recent macroeconomic developments from a perspective of the world economy, the Euroland economy, and the Romanian economy. Furthermore, we implement standard econometric tools (the Hodrick-Prescott filter) and use the IMF database (annual statistics for the period 2000–2025) in order to estimate the annual potential growth rate for the world economy, the USA, Euroland, and Romania. According to the results of our estimates, the annual potential growth rate for world economic activity in 2025 is 3.1%, below the average for the period 2000–2019 (3.6%). There is a gap between the USA and Euroland in terms of the annual potential growth rate of economic activity, with estimates for 2025 at 2.3% and 1.3%, respectively. This high level of the gap is explained by the fact that the economy of Euroland paid a higher invoice since the outbreak of the coronavirus pandemic. In the case of Romania, the annual potential growth is estimated at only 2.7% in 2025, the weakest performance since 2000, as the country is confronted with high levels of the twin deficits.

   PDF-Version jetzt herunterladen

3. Chapter 2. The Economic Impact of US-China Tensions

   • Open Access

   Silvo Dajčman, Dejan Romih, Valentin Toader

   Abstract

   In this paper, we analyse the impact of a sudden and unexpected increase in US-China tensions on the US and Chinese economies using vector autoregression. We find that a positive shock in US-China tensions has a negative impact on both economies, although there are certain differences between them due to the characteristics of their economies and their ability to adapt to change. The findings indicate that a sudden and unforeseen rise in geopolitical frictions negatively influences industrial output and stock market performance in each country. However, the impact on exports presents a different picture—China appears to have greater flexibility in diversifying its global trade partnerships. The results of the study have policy implications as they emphasise the need to strengthen the resilience of both the US and Chinese economies to geopolitical shocks. This also applies to other economies.

   PDF-Version jetzt herunterladen

4. Chapter 3. Transforming Workplace Well-Being Through Innovation and Embodiment

   • Open Access

   Sébastien Point, Elisabeta Butoi

   Abstract

   In the context of escalating workplace stress, digital hyperconnectivity, and emerging technological disruptions, this chapter reimagines the concept of workplace well-being by moving beyond traditional cognitive and managerialist framings. Drawing from both classical models—subjective, eudaimonic, and affective well-being—and emerging perspectives, the chapter emphasizes the embodied, relational, and technological dimensions of well-being. It explores three critical frontiers: the tension between quantified and quantum paradigms of well-being; digital disconnection as a restorative practice amid hyperconnectivity; and the neurosomatic imperative, which re-centers the body as a site of intelligence, healing, and relational atonement. Through this multidimensional lens, the chapter critiques instrumental approaches to well-being and proposes an integrated framework that includes artificial and neurosomatic intelligences. It concludes with a research agenda for the hospitality industry, urging scholars and practitioners to explore how these new trajectories can reshape guest experiences and employee training.

   PDF-Version jetzt herunterladen

5. Chapter 4. The Role of Higher Education in Facilitating Labor Market Integration

   • Open Access

   Teodora Cajvan, Daniela-Mihaela Neamțu

   Abstract

   This study investigates the role of higher education in improving the employability of young graduates in the North-East region of Romania, highlighting its contribution to bridging the gap between academic training and labor market demands. The research aims to identify the determinants of graduates’ success in securing and maintaining employment relevant to their fields of study, while analyzing discrepancies between academic curricula and employer expectations.

   Using a mixed-methods approach, the study combines quantitative and qualitative methodologies to provide comprehensive insights. A structured survey was conducted with 200 graduates across disciplines and 11 employers in the region. Survey questions explored educational experiences, job search strategies, and the applicability of skills in professional settings. The data were analyzed using the Statistical Package for the Social Sciences (SPSS), employing Principal Component Analysis (PCA) to identify key factors influencing employability. These determinants include career advancement opportunities, salary competitiveness, and practical application of academic training. Additionally, semi-structured interviews with employers offered nuanced perspectives on essential competencies such as communication skills, technical expertise, digital literacy, and adaptability.

   Results indicate that 82.5% of graduates secured employment post-graduation, but 60% were employed outside their academic specialization, underscoring a mismatch between training and labor market needs. Employers emphasized the importance of internships, university-business collaborations, and experiential learning to better prepare graduates for professional challenges.

   This study underscores the need for higher education institutions to align curricula with labor market requirements by fostering university-employer partnerships, incorporating practical learning experiences, and developing transversal skills. Enhancing career counseling services and promoting entrepreneurship and lifelong learning are essential for equipping graduates with the competencies needed for sustained career success in a competitive labor market.

   PDF-Version jetzt herunterladen

6. Chapter 5. Adapting Vocational Education for Industry 5.0 by Transforming the Professional Identity of VET Trainers in Wood Processing

   • Open Access

   Horia-Dominic Schreiner, Bogdan Mocan, Mircea Fulea

   Abstract

   This study develops a theoretical framework for transforming vocational education and training (VET) for the emerging Industry 5.0 paradigm by focusing on the critical role of VET trainers’ professional identity. As Industry 5.0 emphasizes human-machine collaboration, artificial intelligence integration, and sustainability, traditional VET programs—particularly in craft-based sectors like wood processing—require fundamental reconceptualization. While research has addressed curriculum reforms and technological adoption, limited attention has been given to how VET trainers must transform their professional identity and practices to effectively develop an agile workforce. We propose a conceptual framework for integrating Industry 5.0 approaches into VET programs, specifically applied to a wood processing technician education program in the Romanian VET system, and identify the key competencies for an agile workforce in the Industry 5.0 context. It further proposes a redesign of industry-partnered training modules and identifies how VET trainers must evolve from traditional instructors to facilitators of human-machine collaboration, developing competencies in digital tools, adaptive pedagogy, and sustainability practices. While requiring empirical validation, the research contributes a structured approach for aligning vocational training with Industry 5.0 requirements, offering a roadmap for educators and industry stakeholders to update VET programs for future labor market demands. It also provides the groundwork for targeted professional development strategies to equip VET trainers with the necessary skills to prepare an agile, technology-enabled, and sustainability-conscious workforce.

   PDF-Version jetzt herunterladen

7. Chapter 6. Quality, Energy Consumption, and Economic Growth: A Quantitative Approach

   • Open Access

   Viorela-Ligia Văidean, Alexia-Raluca Turceniuc

   Abstract

   Is economic growth fundamentally at odds with our planet’s uncertain future? A groundbreaking global analysis offers a roadmap to reconcile the two. The study examines the dynamic interplay between economic growth, energy consumption, and environmental sustainability across 185 countries from 2000 to 2022. The primary aim is to analyze how these factors interact amidst the intensifying global climate crisis and sustainability commitments, focusing on the trade-offs between energy use and economic expansion. We employ a panel fixed effects model to quantify the effects of the energy consumption, greenhouse gas emissions, and human development on the GDP per capita. Our main contributions indicate: (1) establishing human development, as captured by the Human Development Index (HDI), as a strong determinant of economic growth; (2) demonstrating that while per capita energy consumption positively boosts the GDP per capita, total energy consumption and electricity generation have negative effects, suggesting inefficiencies in energy utilization; and (3) identifying a nonlinear relationship between the GHG emissions and growth, where emissions initially hinder the economic performance but contribute positively when considered alongside energy variables. These findings underscore the critical need for strategic energy management and policy intervention, particularly in the emerging economies, advocating for enhanced energy efficiency, renewable energy integration, and sustainable growth strategies aligned with environmental goals.

   PDF-Version jetzt herunterladen

8. Chapter 7. Leadership Structure and Implications of Partial State Ownership in the Hospitality Sector

   • Open Access

   Flávio Ferreira, Jorge Umbelino

   Abstract

   Privatization frequently boosts efficiency and productivity in businesses as private companies are generally more motivated to reduce costs, innovate, and meet market needs than state-run counterparts. The privatization of the hospitality sector pertains to the acquisition or operational control of hospitality properties, such as hotels and resorts, including additional services, shifting from government provision to private companies. This shift can have mixed effects on environmental sustainability.

   This paper delves into the interplay of environmental taxes, pollution control spending, and the privatization of a partially state-owned (PSO) hotel within a mixed duopoly framework. The market we analyze comprises a single partially state-owned (PSO) hotel competing against one for-profit (FP) hotel in a five-stage game: (i) the government decides how much of the PSO hotel will be privatized; (ii) a regulator, aiming to maximize social welfare, establishes the emission tax rate; (iii) the PSO hotel selects abatement pollution investments; (iv) the FP hotel then selects pollution abatement investments; and (v) subsequently, the two hotels concurrently and autonomously determine the quantity of rooms available for reservation. This game presents a model of a policy regime featuring commitment. In contrast, our analysis also considers a non-committed regime, distinguished by the fact that step (ii) occurs after decisions regarding abatement pollution investments.

   This study’s most significant finding is that, according to the social welfare perspective within the analyzed models, neither total privatization nor complete nationalization represents the optimal governmental strategy.

   PDF-Version jetzt herunterladen

9. Chapter 8. CSR and Quantity Leadership in Restaurant Competition

   • Open Access

   Fernanda A. Ferreira, Daniela Meneses, Sandro Carvalho, Rita Peres

   Abstract

   This paper investigates the critical role of Corporate Social Responsibility (CSR) in the food industry. It analyzes CSR’s impact on competition between a CSR-focused restaurant and a traditional for-profit (FP) restaurant. The research employs a game theory model to examine how each restaurant chooses the quality and quantity of its products, influenced by its differing objectives (CSR vs. profit maximization). The study’s main contributions include analyzing scenarios where a CSR restaurant competes with a traditional for-profit establishment, considering two leadership structures (CSR restaurant leading or FP restaurant leading the market), and determining equilibrium quality levels, quantities, profits, and overall social welfare in each model.

   This paper investigates the effects of CSR within the food industry. We develop a model where a restaurant with a CSR focus competes with a traditional for-profit (FP) establishment in determining the quality and quantity of their offerings, in the order mentioned. Yet, while the levels of quality are chosen at the same time, the quantities are determined one after the other. Our analysis considers two leadership structures: (i) the CSR restaurant leading the market; and (ii) the FP restaurant leading the market.

   PDF-Version jetzt herunterladen

10. Chapter 9. Influence of Comfort Level and Location on Accommodation Units

    • Open Access

    Violeta Strătila Chele, Aurel Costel Chele

    Abstract

    The number of stars is an indicator of the quality of the services and facilities available in an accommodation unit. The standardization of quality in tourism, by introducing the number of stars, professionalizes tourism and leads to a more competitive and better-regulated industry.

    The facilities and standards of the services offered and the level of comfort available to the accommodation unit are the defining elements in the construction of the star rating of the hotels. The correlation between the standard that a hotel assumes and the number of stars, a correlation previously verified by the authorities with competencies in the field of tourism, gives confidence to the contemporary tourist.

    The chapter aims to investigate the influence exerted by the level of comfort and geographical location on the dynamics of the number of accommodation units, as well as on their economic performance. The research methods used are the statistical analysis of data from sites such as the National Institute of Statistics, the Ministry of Tourism, and the Ministry of Public Finance, as well as the comparative study between types of accommodation units and location.

    The indicators used in the analysis include both variables specific to the tourism sector—such as the number of accommodation units, the volume of arrivals in tourist accommodation facilities, and the occupancy rate—and economic performance indicators, such as turnover, level of expenses, profit obtained, and rate of return. For the analysis of the economic performance indicators, a sample of accommodation units from the spa resort of Slănic Moldova and the municipality of Bacău was constituted, the selection being made based on comparable criteria, such as the type of accommodation unit, the classification category, and the accommodation capacity.

    The results of the research lead to the existence of a positive impact generated by the tourist classification on the economic performance of accommodation units, emphasizing that this influence is complemented by other determining factors in achieving important levels of performance indicators. As regards the influence of geographical location on the indicators of accommodation units, the research conducted did not identify a significant impact.

    PDF-Version jetzt herunterladen

11. Chapter 10. Curating the Countryside: Emerging Business Models in Cultural Tourism in Rural Areas

    • Open Access

    Greg Richards

    Abstract

    COVID-19 underlined the potential of rural areas for cultural tourism as urban dwellers flocked to the relative isolation of the countryside. Following the pandemic, the expected growth of rural tourism failed to emerge, leading to a reassessment of rural tourism strategies. As localities seek to increase their attractiveness for tourism, the basic natural resources of rural areas are being transformed and enhanced through a number of new developments, including new types of cultural tourism. These emerging cultural tourism business models are being selected and disseminated through expert curation, algorithmic curation, and social curation. Based on recent literature and drawing on data from the Crocus Project, this chapter aims to highlight the influence of curational strategies on the development of rural cultural tourism. Our analysis identifies a wide range of business models, including value propositions centred on the provision of accommodation, the staging of experiences, co-creating culture, and mobility. Curated “gastroscapes” are particularly prominent in the packaging of the rural area for tourist consumption, and festivals and events also provide a means of making rural culture accessible to tourists. Digitalisation is also ushering in a host of platforms that algorithmically and socially curate the rural to make it more accessible and readable for outsiders. The main conclusions are that rural areas are gradually being colonised by formerly urban models of curation, in which the consumption of the rural is aligned to the tastes of the urban dwellers who constitute the main audience for rural tourism.

    PDF-Version jetzt herunterladen

12. Chapter 11. Adaptive Reuse of Historic Urban Spaces: Challenges in Interior Redesign for Tourism

    • Open Access

    Maria Tămășan

    Abstract

    The adaptive reuse of historic urban spaces for tourism brings both opportunities and challenges in interior design, requiring a careful balance between heritage conservation, contemporary functionality, and aesthetics. As cities seek to preserve their cultural identity while accommodating modern visitors, designers must address complex functional, material, spatial, and regulatory demands. The added value of this research lies in highlighting interior design’s role as a mediator between past and present, contributing to urban development and cultural continuity.

    The study investigates how contextual analysis shapes interior design strategies for transforming historic buildings into tourism-oriented spaces. Through a selective and comparative analysis of adaptive reuse projects in Romania, the research identifies best practices that maintain authenticity while catering to visitors’ needs. The methodological approach combines case study analysis, on-site observation, critical interpretation, and literature review, focusing on the ratio between the degree of architectural intervention in a given space and the cultural programming that caters to an attractive user experience.

    Key findings show that successful interventions are grounded in a deep understanding of the historical context and placemaking, as well as in a phenomenological grasp of what constitutes tourist attractions. Designers must preserve original architectural features while introducing new functions in ways that are respectful, reversible, and clearly distinguishable from the historical fabric.

    The main conclusion emphasizes that adaptive reuse, when guided by contextual insight and design sensitivity, enhances the cultural, educational, and economic value of historic sites. Thus, they become assets for tourism and hospitality developments and a context for events that attract the public. Interior design becomes not only a tool for aesthetic transformation but also a means of placemaking, stability, and historical storytelling. This approach fosters emotional connections between visitors and spaces, reinforcing local identity and increasing the uniqueness and attractiveness of repurposed urban heritage.

    PDF-Version jetzt herunterladen

13. Chapter 12. Hospitality in Romanian Hospitals: A Modern Customer Experience

    • Open Access

    Ionuț Vida-Simiti

    Abstract

    There is an emerging international concern about the concept of hospital hospitality as an important role in improving patient healthcare experience. So, this notion of healthcare hospitality that merges two service industries, the healthcare industry and the hospitality industry, began to attract the attention of scholars and practitioners. In Romania, based on Article 166 para. (1) of Law No. 95/2006, a hospital “is a health facility with beds,” which means that hotel services are part of the essence of the hospital as a health unit. So, the Romanian hospitals can provide three kinds of hotel services: (a) basic hotel services (for which the hospital must be accredited by the National Agency for Health Quality Management), (b) superior hotel services, and (c) high comfort hotel services, respectively. These services may be provided to both patients and third parties. However, the beneficiaries of the hotel services provided by the hospital must contribute to the welfare of the patients hospitalized in that hospital, which is why Article 233 of Law No. 95/2006 expressly refers to the mothers of underage patients and, respectively, the accompanying persons of severely disabled persons. But, since the hotel service is an auxiliary service in hospitals, the juridical literature did not take into consideration this issue. In consequence, the aim of this study is to analyze these legal provisions in the framework of medical law, to identify situations of liability when the provision of hospitality services is not carried out properly, and to provide solutions not only to avoid them but also to improve customer experience. So, the criteria and requirements relating to hotel conditions for the assessment of hospitals are mentioned in Annex 1 of the Standards for the Accreditation of Hospitals of Order 446/2017 on the approval of the Standards, Procedure and Methodology for the Assessment and Accreditation of Hospitals and the way in which all these conditions must be met is described in the Accreditation Standards Manual for the Accreditation of Bed Health Facilities of the National Agency for Quality Management in Health Care. But, the evaluation of hotel service delivery and especially the impact on the patient is very difficult to realize because, on the one hand, the Order 1501/2016 on the approval of the implementation of the patient feedback mechanism in public hospitals includes in Annex 1 a form in which discharged patients are invited to answer questions in order to improve health services, none of which refers to the accommodation conditions, and, on the other hand, the questionnaires in Annex 65 and 66 of the Order of the President of the National Agency for Quality Management in Health Care No. 8/18.01.2018 include only very general queries on some hotel issues such as the existence of a locker or wardrobe where to store the clothes and personal belongings with which he/she came, or the provision of a set of pajamas, robes, slippers, matching, and bed linen from the hospital. However, for these hotel services, Article 166 para. (2) of Law No. 95/2006 establishes the hospital’s responsibility, but without mentioning a special legal liability. That is why, in the case of military hospitals, the Ministry of Defense has tried to transfer through Article 42 para. (3) of the Annex to Order No. M 110/2009, the responsibility for the accommodation and food conditions from the hospital to the medical staff as a new form a malpractice liability.

    PDF-Version jetzt herunterladen

14. Chapter 13. Critical Review of Customer Experience Research in Sports Events

    • Open Access

    Oana Ruxandra Bode, Adina Letiția Negrușa

    Abstract

    One of the physical activities in our daily life takes the form of sports. Frequently characterized by competition and structure, sports engage, sustain, or enhance physical capabilities and talents. Participants also find them enjoyable, and in certain instances, they offer entertainment for spectators. Sports events are defined as those that are organized according to a specific predetermined program, have a significant social and economic impact on the location or region where they are held, and are distinguished by creative and complex content of sports-like, recreational activities of an entertaining character. This study is mainly focused on investigating emerging themes and identifying new trends in the study of Customer Experience and Tourist Behaviour (CETB) in relation to sports events. It encompasses science mapping and an in-depth examination of thematic evolution in subtopics, citation trends, co-occurrence networks, and development paths within CETB research related to sports events. The Scopus database was chosen as the main source of bibliometric analysis for this research, since it ensures an accurate and detailed exploration of the research work, facilitating the discovery of critical insights into the thematic and structural development of academic inquiry. The software VOS viewer is used to create and display bibliometric networks, and 183 articles distributed across 81 distinct journals were considered useful for the study. One more objective of the analysis is to generate a VOS viewer diagram, which contributes to a clearer understanding of the intellectual structure of the field, guiding future research directions and practical applications. By reviewing sports event studies in the international literature, this research seeks to close a gap in the area and give academics a comprehensive viewpoint. It helps to clarify the intellectual framework of the field, and, using the idea of co-occurrence, pinpoint academic hotspots and major research topics.

    PDF-Version jetzt herunterladen

15. Chapter 14. Are Romanian Resorts Smart? A Destination-Based Analysis

    • Open Access

    Cristina Ioana Balint, Iuliana Tudose-Pop, Georgică Gheorghe, Monica Maria Coroș, Delia Popescu

    Abstract

    This study explores the extent to which Romanian resorts of national interest can be considered “smart destinations” and examines the impact of smart technologies on key tourism indicators. The added value of this research lies in its comprehensive, destination-based analysis of the 54 officially designated resorts of national interest, providing a quantitative assessment of their digitalization and smart features, a topic of growing relevance for tourism competitiveness and sustainability. The research aims to assess the level of smartness across these resorts and to evaluate its influence on tourist arrivals, overnight stays, and average lengths of stay.

    A composite Smart Indicator was developed, comprising 39 components such as website presence, multilingual support, mobile applications, social media activity, digital services for tourists and residents, accessibility for people with disabilities, and smart mobility solutions. For each resort, the presence or absence of these features was systematically coded (1/0), based on official sources. Panel data covering the 2001–2023 timeframe were compiled for key tourism metrics. Statistical analysis was conducted using SPSS and XLSTAT, testing the hypotheses regarding the relationship between the Smart Indicator and tourism performance.

    The results reveal significant disparities in smartness levels among the scrutinized resorts, with coastal destinations generally outperforming mountain and balneary resorts. Statistical findings confirm that higher smartness levels are positively associated with increased tourist arrivals, more overnight stays, and longer average lengths of stay, although the magnitude of these effects varies by resort type. The study concludes that advancing smart features is crucial for enhancing the competitiveness, sustainability, and resilience of Romanian resorts. Policy recommendations include targeted investment in digital infrastructure and a focus on inclusive, sustainable smart solutions tailored to each resort’s profile.

    PDF-Version jetzt herunterladen

16. Chapter 15. The Importance of Smart Technologies in Tourism Businesses. Toward Metaverse and Tourism Data Space

    • Open Access

    Tomáš Gajdošík, Beáta Vaneková

    Abstract

    The topic of smart tourism businesses is so far under-researched. Smart tourism businesses are the critical element of the smart tourism ecosystem; however, little is known about technology adoption and data sharing to strengthen their smart approach. The chapter aims to analyze the importance of smart technologies in hospitality and catering facilities, travel agencies, cable car businesses, and sport and recreational facilities for enhancing tourist experience and performance of the business. It also analyzes data collection and sharing in tourism businesses. The chapter comprehensively analyzes the smart tourism concept from the business perspective. The chapter uses quantitative and qualitative research methods. Based on the classification of technologies on stimulating extra-sensory, hyper-personalized, and beyond-automation experiences, the chapter outlines future directions on the use of the metaverse in tourism businesses. Moreover, the research identifies that the participation of businesses in the tourism data space can reduce the barriers to data sharing among businesses.

    PDF-Version jetzt herunterladen