Journal of Business Economics and Management
type: channel
description: The Journal of Business Economics and Management publishes original research papers that provide insights into business and strategic management issues. More information ...
publisher: Vilnius Gediminas Technical University
language: en
publication name: Journal of Business Economics and Management
issn: 1611-1699
copyright: Copyright © 2021 The Author(s). Published by Vilnius Gediminas Technical University. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
items: Urban distances, individual resources, and migrant entrepreneurship: a configurational analysis in China
items: Promotion path of digital transformation in China's manufacturing industry based on technology-organisation-environment framework
items: An integrated system for evaluating the impact of firm-based innovations on GDP
items: Tailoring fund selection to diverse investors: integrating financial and sustainability performance
items: How does digital transformation moderate the link between ESG ratings and financial constraints?
items: Should we be wary of using artificial intelligence-based big data management in social research?
items: Effectiveness of the ESG approach in portfolio selection – an empirical evidence from the US stock market
items: Multi-criteria decision analysis of Circular Economy performance in the Baltic States: a comparative evaluation
items: Drivers of price volatility in Romania’s electricity markets
items: The impact of public debt on economic growth: determining of factors and their interactions
items: Multi-criteria hybrid model of region assessment in the context of sustainable tourism
items: How does environmental tax reform drive corporate innovation to green technologies? Quasi-natural experimental evidence from China
items: On transforming a traditional organisational culture to meet the needs of a global business
items: Spatial linkages between digital economy and carbon reduction under dual carbon goals
items: Linking collaborative supplier social sustainability practices and supplier performance in asymmetric power relationships with buyers
items: Does digital payments reduce the risk of money laundering? The role of financial sector development
items: Exploring business students' perceptions of artificial intelligence's impact on the labor market: a pilot study
items: Firm performance in times of crisis: does an innovative business strategy matter?
items: From theory to action: what motivates consumers to purchase IoT sustainable products
items: Perspectives concerning leadership research in the framework of corporate sustainability
items: Effects of the COVID-19 crisis on work-life balance, mental health, and perceived health status among Hungarian defense employees: a cross-sectional study
items: Financial efficiency of Polish enterprises operating in the transport and warehouse sector in the conditions of the Russian-Ukraine war
items: Smart tourism economics: introducing a technology-driven competitive advantages framework
items: Can countries bridge the gap in the quality of life? – Inheritance for Ukraine
items: Small sample data pricing research based on Reptile algorithm
items: Locus of control as critical moderator of the relationship between role stressors and intention to quit
items: Sleep quality and trading behavior of individual investors on the stock market
items: The role of entrepreneurship in enhancing economic development: the mediating role of gender and motivations
items: Do emotional strategies work? Evidence from rumor clarification announcement
items: Sustainable investments: assessment of risks

Urban distances, individual resources, and migrant entrepreneurship: a configurational analysis in China
type: item
description: Given its significance for economic and social sustainability, migrant entrepreneurship (ME) has attracted increasing attention from scholars and policymakers. However, existing research provides limited insights into how various antecedents jointly affect ME. To address this gap, this study develops a theoretical model that integrates mixed embeddedness theory and entrepreneurial opportunity construction theory to explain the processes of opportunity construction and exploitation in ME. Using 130 cross-city migration cases in China – each comprising individuals from the same origin and destination cities – we examine how urban distances and individual resources jointly shape ME. The analysis identifies three pathways to high ME: the opportunity-resource endowed path, the resource bricolage path, and the opportunity-resource matching path. Although no single factor is necessary for high ME, greater geographic distance consistently promotes it. This study advances our understanding of the interplay between urban conditions, individual resources, and ME, and further enriches the mixed embeddedness theory by integrating the opportunity construction perspective.
subject: Articles
  topic: section
subject: migrant entrepreneurship
  topic: keywords
subject: mixed embeddedness
  topic: keywords
subject: urban distances
  topic: keywords
subject: individual resources
  topic: keywords
subject: opportunity construction
  topic: keywords
subject: opportunity exploitation
  topic: keywords
subject: configurational perspective
  topic: keywords
creator: Zhimin Xie
creator: Yiting Li
creator: Lingmin Xie
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-04
publication date: 2025-11-04
starting page: 1112
ending page: 1130
doi: 10.3846/jbem.2025.24712

Promotion path of digital transformation in China's manufacturing industry based on technology-organisation-environment framework
type: item
description: As the global economy becomes increasingly digitalised, the digital transformation of manufacturing has become an important way to enhance national competitiveness and corporate viability. This study focuses on the digital transformation of the manufacturing industry. First, the digital transformation of listed manufacturing companies is scientifically measured and their current state of transformation analysed. Then, the technology-organisation-environment framework is used to examine the driving factors of digital transformation. Based on this, fuzzy-set qualitative comparative analysis is employed to summarise different digital transformation configurations. The findings show that the digital transformation of China’s manufacturing industry is still in its early stages, with significant regional differences. Achieving a high level of digital transformation can be accomplished through four paths: environment- dependent, strategic leadership, internally capability support, and comprehensive-driven approaches. Finally, practical guidance is provided on accelerating the digital transformation process and promoting high-quality development in the manufacturing industry.
subject: Articles
  topic: section
subject: digital transformation
  topic: keywords
subject: driving factors
  topic: keywords
subject: promotion path
  topic: keywords
subject: TOE framework
  topic: keywords
subject: fsQCA
  topic: keywords
subject: manufacturing industry
  topic: keywords
creator: Ke Xu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-04
publication date: 2025-11-04
starting page: 1090
ending page: 1111
doi: 10.3846/jbem.2025.24959

An integrated system for evaluating the impact of firm-based innovations on GDP
type: item
description: The study analyses the impact of innovation on the economy in the EU and related countries (Norway and Switzerland), highlighting the large differences between these countries. An integrated measurement framework is proposed to assess the long-term impact of firm-based innovations on GDP comprehensively. The literature analysis sheds light on the link between firm-based innovations and economic growth, and the study follows a three-step methodology: firstly, data on innovation and GDP are collected from Eurostat and OECD, followed by an econometric analysis to identify the links between firm-based innovation performance and economic growth, and finally, a cluster analysis is performed. This cluster analysis grouped countries according to their level of innovation and economic performance. The empirical results showed that Germany, Denmark, Finland, the Netherlands, Sweden, and Ireland have high innovation and GDP growth rates, and their innovation ecosystem contribute significantly to economic prosperity. The study confirms that innovation drives GDP growth, but its impact varies across countries depending on R&D investment, workforce skills, and policy environment. Therefore, policymakers should develop innovation strategies that consider each country’s specificities following the results of cluster analysis to maximise the economic impact.
subject: Articles
  topic: section
subject: firm-based innovation
  topic: keywords
subject: integrated framework
  topic: keywords
subject: cluster analysis
  topic: keywords
subject: GDP
  topic: keywords
subject: economic growth
  topic: keywords
subject: indicators
  topic: keywords
creator: Aurelija Burinskienė
creator: Olga Lingaitienė
creator: Olga Iurasova
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-03
publication date: 2025-10-03
starting page: 1007
ending page: 1026
doi: 10.3846/jbem.2025.24839

Tailoring fund selection to diverse investors: integrating financial and sustainability performance
type: item
description: This study explores the integration of financial and Environmental, Social, and Governance (ESG) criteria in the evaluation of investment funds within the energy equity sector, considering both short and long-term investor perspectives. Based on the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), a multi-criteria decision model, this analysis includes scenarios tailored to investors prioritizing financial returns and those focused on sustainability. The findings reveal that investors’ subjective preferences influence fund rankings, highlighting the need for adaptive classification systems. Finally, a customizable investment tool aligned with diverse investor priorities is proposed.
subject: Articles
  topic: section
subject: investment funds
  topic: keywords
subject: ESG criteria
  topic: keywords
subject: financial performance
  topic: keywords
subject: TOPSIS
  topic: keywords
subject: energy equity sector
  topic: keywords
subject: investor preferences
  topic: keywords
creator: Maria-Teresa Sorrosal-Forradellas
creator: Laura Fabregat-Aibar
creator: Maria-Glòria Barberà-Mariné
creator: Antonio Terceño
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-10
publication date: 2025-10-10
starting page: 1027
ending page: 1049
doi: 10.3846/jbem.2025.24811

How does digital transformation moderate the link between ESG ratings and financial constraints?
type: item
description: This research aims to examine the moderating role of digital transformation in the link between ESG ratings and financing constraints faced by firms. A sample is a dataset consisting of 4255 listed companies operating in China from 2012 to 2022. The results showed that higher ESG ratings contribute to reducing financing constraints and that digital transformation positively enhances this relationship. In addition, the results also reveal that long-term ESG ratings contribute more effectively to reducing financing constraints. This study provides guidance for managers to practice ESG practices in the long term and insights for firms to find solutions to financing dilemmas. This study’s originality lies in demonstrating that higher ESG ratings alleviate financing constraints, with digital transformation enhancing this effect, providing novel insights into the interplay between sustainability efforts and technological advancement in corporate finance. The findings offer valuable implications for firms integrating ESG practices and digital strategies to optimize financial performance.
subject: Articles
  topic: section
subject: ESG ratings
  topic: keywords
subject: financial constraints
  topic: keywords
subject: digital transformation
  topic: keywords
subject: corporate sustainability
  topic: keywords
subject: China
  topic: keywords
subject: moderating effect
  topic: keywords
creator: Huiru Chen
creator: Yunhong Hao
creator: Yuan Li
creator: Ahmad Yuosef Alodat
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-01
publication date: 2025-10-01
starting page: 982
ending page: 1006
doi: 10.3846/jbem.2025.24810

Should we be wary of using artificial intelligence-based big data management in social research?
type: item
description: This study examines the future role of artificial intelligence (AI) in transforming research processes within the social sciences, focusing on how AI may redefine researchers' responsibilities and potentially replace human participants in certain types of studies. Employing the Delphi method, the study collects expert opinions to evaluate both facilitating factors and barriers to the integration of AI into scientific research. Key findings indicate that while technological advancements – such as open-access data and the integration of AI with existing research tools – support the growing role of AI, significant challenges remain. These include the difficulty of verifying AI-generated information and concerns regarding authenticity in AI-driven research. Social factors, particularly the risk of excessive reliance on AI leading to diminished originality, emerged as critical barriers. In contrast, economic considerations, such as declining development costs, were viewed as less influential. The study’s practical implications include the need for robust ethical guidelines and enhanced AI training for researchers. By offering original insights into the evolving intersection of AI and social science research, this study highlights both the transformative potential of AI and the urgent need for its responsible integration to preserve research integrity and reliability.
subject: Articles
  topic: section
subject: artificial intelligence
  topic: keywords
subject: research process
  topic: keywords
subject: social science
  topic: keywords
subject: Delphi method
  topic: keywords
subject: social factors
  topic: keywords
subject: economic factors
  topic: keywords
creator: Joanna Ejdys
creator: Monika Garwolińska
creator: George Lăzăroiu
creator: Elvira Nica
creator: Filippo di Pietro
creator: Tomasz Poskrobko
creator: Danuta Szpilko
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-29
publication date: 2025-10-29
starting page: 1071
ending page: 1089
doi: 10.3846/jbem.2025.24792

Effectiveness of the ESG approach in portfolio selection – an empirical evidence from the US stock market
type: item
description: The purpose of this study is to explore whether ESG (Environmental, Social, and Governance) criteria can serve as a valuable tool for investors when making rational decisions about financial security selection and portfolio construction. By applying Modern and Post-Modern portfolio theories (MPT and PMPT) under the conditions of ESG and Return Max criterion, our primary objective was determined: “Is ESG a criterion for investors in the rational selection of financial securities and portfolio construction?” A five-year analysis (2018–2023) was carried out on 484 financial securities (companies) from the S&P 500 Stock Index to answer this question. Data collected included the daily close price of the S&P 500 Stock Index, its constituents (484 stocks), ESG scores, risk-free rate, and the equity risk premium of the U.S. market. The results showed that financial securities chosen based on the Return Max criterion were generally undervalued on the market; however, this was not consistently observed by ESG Max where examples of overvalued securities were also identified. Nevertheless, using the Sharpe and Sortino Ratio performance indicators, it was concluded that the return per unit of assumed risk is more appealing to investors (with risk aversion) when considering the portfolios built on the ESG Max criterion.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: modern portfolio theory
  topic: keywords
subject: post-modern portfolio theory
  topic: keywords
subject: return
  topic: keywords
subject: S&P 500 Stock Index
  topic: keywords
subject: Sharpe Ratio
  topic: keywords
subject: Sortino Ratio
  topic: keywords
creator: Radu-Alexandru Șerban
creator: Diana Marieta Mihaiu
creator: Vasile Brătian
creator: Alin Opreana
creator: Mihaela Herciu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-18
publication date: 2025-09-18
starting page: 918
ending page: 940
doi: 10.3846/jbem.2025.24751

Multi-criteria decision analysis of Circular Economy performance in the Baltic States: a comparative evaluation
type: item
description: This study embarks on a comparative evaluation of Circular Economy (CE) performance in the Baltic States (Latvia, Lithuania, and Estonia) using a robust multi-criteria decision-making (MCDM) framework. Drawing on 22 key indicators, the research applies the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) to systematically rank the country-level CE implementation across five thematic dimensions: production and consumption, waste management, secondary raw materials, competitiveness and innovation, and global sustainability. The results reveal that Latvia ranks highest, followed by Lithuania and Estonia, underscoring significant differences in waste management efficiency, investment in CE sectors, and material self-sufficiency. The main contribution of this paper lies in the development of a comprehensive, quantitative benchmarking framework that integrates multiple CE indicators and MCDM methods to assess national performance in a data-driven manner. The methodology developed here can serve as a replicable model for CE assessment in other regional or national contexts.
subject: Articles
  topic: section
subject: Circular Economy
  topic: keywords
subject: Baltic States
  topic: keywords
subject: EUROSTAT
  topic: keywords
subject: MCDM
  topic: keywords
subject: TOPSIS
  topic: keywords
subject: sustainability indicators
  topic: keywords
creator: Dalia Štreimikienė
creator: Ahmad Bathaei
creator: Tomas Baležentis
creator: Justas Štreimikis
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-10
publication date: 2025-10-10
starting page: 1050
ending page: 1070
doi: 10.3846/jbem.2025.24717

Drivers of price volatility in Romania’s electricity markets
type: item
description: The paper examines the price volatility, key determinants, and autoregressive distributed lag (ARDL) framework of Romania’s Intraday Continuous Market (IDC) during the summer months. The stability of the ARDL-ECM coefficients is assessed using the cumulative sum (CUSUM) test. We explore the interaction between IDC and Day-Ahead Market (DAM) prices, alongside the influence of economic and environmental variables, including traded volumes, consumption, export/import and the generation mix. Using hourly data and econometric techniques, we identify significant short- and long-run relationships between IDC prices and their drivers. DAM prices exhibit a strong positive impact on IDC prices, reflecting tight market integration. Higher shares of Renewable Energy Sources (RES) such as wind and solar are associated with increased IDC prices, highlighting challenges in integrating intermittent resources. Conventional sources, particularly coal and oil/gas, also elevate prices due to higher marginal costs. Conversely, electricity consumption is negatively related to IDC prices, suggesting that anticipated demand patterns may contribute to system stability. The findings carry implications for policymakers, indicating a need for enhanced forecasting, flexible resources and improved inter-market coordination to ensure price stability and efficient integration of RES.
subject: Articles
  topic: section
subject: electricity markets
  topic: keywords
subject: generation breakdown
  topic: keywords
subject: renewables
  topic: keywords
subject: total consumption
  topic: keywords
subject: ARDL-ECM
  topic: keywords
subject: CUSUM
  topic: keywords
creator: Adela Bâra
creator: Irina Alexandra Georgescu
creator: Simona-Vasilica Oprea
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-30
publication date: 2025-09-30
starting page: 958
ending page: 981
doi: 10.3846/jbem.2025.24709

The impact of public debt on economic growth: determining of factors and their interactions
type: item
description: This article suggests that the expenditure multiplier and the interactions among its key components can help explain whether increasing public debt encourages or inhibits economic growth. As per the theoretical underpinnings of the effect of debt on growth, its influence is observable in regard to private consumption, import and investment. The size of the expenditure multiplier depends on factors like the tax rate and the marginal propensities to consume, import, and invest – each influencing the multiplier differently. Specifically, the effect is positive in relation to marginal propensities to consume and invest and negative in relation to the tax rate and marginal propensity to import. Our findings show that in countries with relatively lower government effectiveness, debt has a greater impact on growth, mainly due to higher tax rates rather than high import levels. Conversely, in countries with higher government effectiveness, the influence of debt on growth remains similar regardless of tax rates, if the propensity to import is low. In cases where the public sector dominates the economy, the impact of debt on economic growth is determined by factors other than the multiplier effect.
subject: Articles
  topic: section
subject: economic growth
  topic: keywords
subject: public debt
  topic: keywords
subject: tax rate
  topic: keywords
subject: expenditure multiplier
  topic: keywords
subject: propensity to import
  topic: keywords
subject: propensity to spend
  topic: keywords
subject: propensity to invest
  topic: keywords
creator: Diana Cibulskienė
creator: Lina Garšvienė
creator: Mindaugas Butkus
creator: Janina Šeputienė
creator: Nora Leach
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-19
publication date: 2025-09-19
starting page: 941
ending page: 957
doi: 10.3846/jbem.2025.24703

Multi-criteria hybrid model of region assessment in the context of sustainable tourism
type: item
description: The main goal of the research was to develop a multi-criteria hybrid model for evaluating the region in the context of sustainable tourism, based on the example of the countries of the Visegrad Group. The research uses the mathematical apparatus of expert evaluation, theory of fuzzy sets, fuzzy logic, and multi-criteria evaluation of alternatives. For the first time, an expert method for assessing the level of sustainability of tourism in the region was developed, which was tested on the data of four groups of environmental criteria and sociocultural aspects. For the first time, a multi-criteria model for evaluating the region in the context of sustainable tourism was developed, based on the matrix multiplication method, which derives normalised estimates of regions by groups of sustainable tourism criteria. For the first time, a hybrid model of regional assessment in the context of sustainable tourism has been developed, aggregating the expert level of sustainable tourism development and the normalised estimates of regions by groups of sustainable tourism criteria. As a result, a ranking of regions in the context of sustainable tourism is being built for further decision-making by stakeholders of the new data-driven era. The multi-criteria hybrid model was verified and tested on real data from 2343 respondents of participants of the tourist movement in the V4 countries. The study outcomes will be very useful for policymakers, strategies and action plans, for agencies, national and international organisations, and other entities in the tourism system. They will support the development of a national and international comparative platform and strategic planning processes in the tourism sector aimed at the sector sustainability and the country’s economy.
subject: Articles
  topic: section
subject: sustainable tourism
  topic: keywords
subject: multicriteria model
  topic: keywords
subject: fuzzy set
  topic: keywords
subject: analysis of knowledge
  topic: keywords
subject: expert systems
  topic: keywords
creator: Beata Gavurova
creator: Inna Polishchuk
creator: Volodymyr Polishchuk
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: 880
ending page: 900
doi: 10.3846/jbem.2025.24601

How does environmental tax reform drive corporate innovation to green technologies? Quasi-natural experimental evidence from China
type: item
description: How to motivate enterprises to formulate green technology (GT) innovation is crucial for promoting green development and minimizing pollution control costs. This research employs a quasi-experimental approach to analyze the impact of environmental tax reform (ETR) on corporate innovation decisions. First, we construct a two-sector model within a single enterprise, where the enterprise produces goods using GT and non-green technology (NGT) respectively. ETR influences a company’s innovation choices by the relative market value, R&D intensity, and productivity of products manufactured using GT and NGT under profit maximization. Second, we test our model using 20122023 manufacturing firms’ data, and the empirical results confirm our theoretical predictions. Third, we perform robustness tests to exclude the impact of subsidies, command and control environmental supervision and the COVID-19 epidemic. Fourth, we conduct heterogeneity analysis in polluting level and market competition. Finally, this study uses two instrumental variables (IVs) to validate our main regression results: the interaction between regional water area and industrial chemical oxygen demand, and the proportion of days affected by temperature inversion. This study contributes to the literature related to innovation choices under environmental policy and has implications for directing firms’ innovation to GT.
subject: Articles
  topic: section
subject: corporate innovation choices
  topic: keywords
subject: green technological innovation
  topic: keywords
subject: non-green technological innovation
  topic: keywords
subject: environmental tax reform
  topic: keywords
subject: manufacturing firms
  topic: keywords
subject: quasi-natural experiment
  topic: keywords
creator: Hui Hu
creator: Yuqi Zhu
creator: Lin Ye
creator: Yulong Wang
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-08-08
publication date: 2025-08-08
starting page: 798
ending page: 824
doi: 10.3846/jbem.2025.24354

On transforming a traditional organisational culture to meet the needs of a global business
type: item
description: This study highlights the challenges that a traditional organizational culture faces in terms of its adaptation in the context of contemporary business models and globalisation trends. In our attempt to answer the question – Can a traditional organizational culture and global business coexist? – the constructs as research and innovation, teamwork, decision-making, risk taking, market orientation, and adaptation of organisational culture, are included in the methodological framework. A case study of Montenegro as a developing country in Southeastern Europe was used as a research method. Firstly, a desk review of relevant secondary literature sources related to organisational culture, in general and in the context of globalisation, was carried out. Secondly, the impact of globalisation and international business on the traditional organisational culture in the developing environment, was investigated using a survey as a data collection method.
subject: Articles
  topic: section
subject: organizational culture
  topic: keywords
subject: traditionalism
  topic: keywords
subject: globalization
  topic: keywords
subject: business
  topic: keywords
subject: adaptation
  topic: keywords
subject: development
  topic: keywords
creator: Gordana Nikčević
creator: Sanja Bauk
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-02
publication date: 2025-09-02
starting page: 840
ending page: 859
doi: 10.3846/jbem.2025.24492

Spatial linkages between digital economy and carbon reduction under dual carbon goals
type: item
description: Since announcing its “dual carbon” goals, China has made reducing carbon emissions a top priority. This study utilizes panel data from 285 cities in China, from 2011–2021, to systematically examine the relationship between the digital economy and urban carbon output. It aims to identify their relationship by introducing SDM and DID model. The findings are as follows: (1) Improving the digital economy is essential to significantly lowering carbon output. These benchmark regression results have passed robustness tests. (2) The SDM model results show that the development of the digital economy significantly reduces both total and direct carbon emissions in local cities, and there is a significant spatial spillover effect. (3) The digital economy’s impact on carbon reduction varies greatly by regional distribution and city size, exhibiting significant heterogeneity.
subject: Articles
  topic: section
subject: digital economy
  topic: keywords
subject: carbon emissions reduction
  topic: keywords
subject: DID
  topic: keywords
subject: SDM
  topic: keywords
subject: PSM-DID
  topic: keywords
creator: Xiaofang Jiang
creator: Chongzhen Tang
creator: Minghui Tang
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-18
publication date: 2025-09-18
starting page: 901
ending page: 917
doi: 10.3846/jbem.2025.24471

Linking collaborative supplier social sustainability practices and supplier performance in asymmetric power relationships with buyers
type: item
description: This article objective is to identify factors related to collaborative supplier social sustainability practices and supplier international performance, and to propose a set of propositions regarding their relationships within a conceptual model. The research context includes manufacturing companies of various sizes located in Poland, which are predominantly Polish-owned and act as suppliers to large foreign buyers in relationships characterized by power asymmetry. The study determines which operationalizations of the main factors should be retained through factor extraction, evaluates their internal consistency using exploratory factor analysis, and validates the control variables. The conceptual model distinguishes between two areas of supplier collaboration on social sustainability practices: supply chain collaboration and horizontal collaboration. Future research may focus on examining the direct impact of these forms of collaboration on suppliers’ financial and non-financial performance in the context of their international operations.
subject: Articles
  topic: section
subject: collaborative social sustainability practices
  topic: keywords
subject: supplier performance
  topic: keywords
subject: supply chain sustainability management
  topic: keywords
subject: horizontal collaboration
  topic: keywords
subject: supply chain collaboration
  topic: keywords
subject: manufacturing companies
  topic: keywords
subject: power asymmetry
  topic: keywords
subject: exploratory factor analysis
  topic: keywords
creator: Dariusz Siemieniako
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-22
publication date: 2025-07-22
starting page: 763
ending page: 782
doi: 10.3846/jbem.2025.24424

Does digital payments reduce the risk of money laundering? The role of financial sector development
type: item
description: This study examines how financial sector development mediates the relationship between digital payments and money laundering. The current study relies on a sample of 120 countries, including both developed and developing economies, for the years 2014, 2017, and 2021. The findings reveal that digital payments, the rule of law, and political stability reduce the risk of money laundering, indicating that the increased use of digital payments helps reduce the risk of money laundering. This suggests that digital transactions, being more traceable and transparent than cash transactions, can help authorities monitor and prevent illicit financial activities more effectively. Regarding the mediation effect of financial sector development, the results show that financial sector development and the rule of law positively affect the density of digital payment transactions. In addition, it revealed that money-laundering risk is lower when the financial system develops and compliance with laws and political stability. These findings provide actionable insights for policymakers, regulators, and financial institutions committed to strengthening anti-money laundering efforts.
subject: Articles
  topic: section
subject: digital payment
  topic: keywords
subject: financial sector development
  topic: keywords
subject: money laundering risk
  topic: keywords
subject: role of law
  topic: keywords
subject: political stability
  topic: keywords
subject: developed economies
  topic: keywords
subject: developing economies
  topic: keywords
creator: Ibrahim O. A. Eriqat
creator: Saleh F. A. Khatib
creator: Alhamzah F. Abbas
creator: Abdallah A. S. Fayad
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-09-03
publication date: 2025-09-03
starting page: 860
ending page: 879
doi: 10.3846/jbem.2025.24402

Exploring business students' perceptions of artificial intelligence's impact on the labor market: a pilot study
type: item
description: Artificial intelligence (AI) and its impact on a large array of economic and social facets has recently become one of the most debated topics both in academic and civic environment. Existing literature varies from topics touching on the AI ethics to the future of the labor market. Current research highlights significant divergences and a lack of consensus on the future implications of AI, leading to a heterogeneous perception among the general public. In this context, our research explores the intersection between AI and its profound impact on the labor market, focusing on business students’ perceptions of AI impact on skills, productivity and employment dynamics. The study examines how personal AI competencies, risk perception, and anticipated economic effects of AI technologies shape labor market expectations using structural equations modelling. Seven hypotheses were tested which summarize the correlations between six reflective constructs. Findings reveal that students generally perceive AI positively, recognizing its potential to increase organizational efficiency and work productivity. Our research highlights the dual impact of AI, exploring students’ perceptions of the effects of AI on society, organizations and the labor market and revealing the key links between these views and efficiency.
subject: Articles
  topic: section
subject: artificial intelligence
  topic: keywords
subject: labor market
  topic: keywords
subject: productivity
  topic: keywords
subject: skills
  topic: keywords
subject: education
  topic: keywords
subject: organizations
  topic: keywords
creator: Nicolae Istudor
creator: Vasile Dinu
creator: George-Laurențiu Șerban-Oprescu
creator: Liana Badea
creator: Silvia-Elena Iacob
creator: Andrei Hrebenciuc
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 744
ending page: 762
doi: 10.3846/jbem.2025.24349

Firm performance in times of crisis: does an innovative business strategy matter?
type: item
description: This study examines whether a firm’s business strategy – innovative vs. conservative – determines the extent to which a crisis impacts its performance. To explore this, the study calculates business strategy scores as a composite measure of six variables, where a high (low) score indicates an innovative/prospective (conservative/defensive) strategy. The COVID-19 pandemic (2020–2021) serves as the crisis context for the analysis. Using a sample of 7,143 firm-year observations in the U.S., the study finds that while the sample firms experienced a decline in their performance during the COVID-19 crisis period compared to the pre-crisis level (2018–2019), the decline was less pronounced for firms following innovative strategies. This finding suggests that a firm’s business strategy is a crucial determinant of its performance during a crisis. The study enhances theoretical understanding that business strategy is particularly important when operating conditions are abnormal.
subject: Articles
  topic: section
subject: business strategy
  topic: keywords
subject: innovation
  topic: keywords
subject: prospectors
  topic: keywords
subject: defenders
  topic: keywords
subject: COVID-19
  topic: keywords
subject: firm performance
  topic: keywords
creator: Md Reiazul Haque
creator: Aneeq Inam
creator: Rock-Antoine Mehanna
creator: Parvez Mia
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-08-08
publication date: 2025-08-08
starting page: 783
ending page: 797
doi: 10.3846/jbem.2025.24216

From theory to action: what motivates consumers to purchase IoT sustainable products
type: item
description: In an era marked by the importance of sustainability and technological integration, this paper explores the drivers behind sustainable consumption in a rapidly evolving market, focusing on Romanian consumer perspectives towards sustainable products driven by the relationship between the circular economy and the Internet of Things (IoT). Leveraging structural equation modelling, we conduct a thorough survey to investigate the roles of shaping purchase behaviors within the context of the circular economy and IoT integration. The findings reveal that while environmental attitudes significantly influence purchase intentions, price sensitivity and perceived value play a crucial role in shaping consumer choices. From a theoretical perspective, this study highlights the interplay between sustainability concerns and market dynamics, contributing to the broader understanding of sustainable purchase behavior. From a managerial perspective, the results provide actionable insights for businesses to design value-aligned strategies, ensuring that sustainable products are both accessible and appealing to a diverse consumer base. This dual focus on theory and practice offers a roadmap for fostering responsible consumption in a competitive marketplace.
subject: Articles
  topic: section
subject: technology readiness
  topic: keywords
subject: attitude
  topic: keywords
subject: purchase intention
  topic: keywords
subject: IoT
  topic: keywords
subject: sustainability
  topic: keywords
subject: structural equation modelling
  topic: keywords
creator: Luminița-Ștefania Bozdog
creator: Bogdana Glovațchi
creator: Gabriela Mircea
creator: Grațiela Georgiana Noja
creator: Tomasz Dorożyński
creator: Andrea Imperia
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-15
publication date: 2025-07-15
starting page: 718
ending page: 743
doi: 10.3846/jbem.2025.24211

Perspectives concerning leadership research in the framework of corporate sustainability
type: item
description: The main purpose of this paper is to explore current perspectives on the approach to the concept of leadership in relation to sustainability. The research question is focused on the importance of leadership and its contribution as a driver of change, in the organizational sustainability context. The methodology of research has as main framework the bibliometric analysis approach. This quantitative research method allowed achieving some specific objectives, such as: determining the scientific interest in the studied topic and the main authors in the field, identifying the key concepts that interfered with leadership and sustainability and highlighting the main leadership style that facilitates the transition to sustainability. It is thus intended to make a valuable and up-to-date contribution to 2024 on the main trends manifested in leadership research as theory and practice. Among the main findings obtained, it is highlighted that, after 2020, the top three leadership styles that have created links in correlation with other concepts, thus generating organizational change, are: transformational leadership, ethical leadership and authentic leadership. Of these, transformational leadership stands out as a key factor in driving innovation and sustainable performance, this fact being valuable to managers and researchers.
subject: Articles
  topic: section
subject: authentic leadership
  topic: keywords
subject: corporate
  topic: keywords
subject: ethical leadership
  topic: keywords
subject: mediating role
  topic: keywords
subject: transformational leadership
  topic: keywords
subject: sustainability
  topic: keywords
creator: Andra-Teodora Gorski
creator: Diana Elena Ranf
creator: Dorel Badea
creator: Elisabeta-Emilia Halmaghi
creator: Hortensia Gorski
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 669
ending page: 691
doi: 10.3846/jbem.2025.24199

Effects of the COVID-19 crisis on work-life balance, mental health, and perceived health status among Hungarian defense employees: a cross-sectional study
type: item
description: The COVID-19 pandemic impacted profoundly on the mental and physical health of defense personnel, due to their involvement in the enforcement of COVID-19 measures and confined work environments. This cross-sectional study assessed the effects of the pandemic on work-life balance, mental health, and perceived health status among Hungarian defense employees. Data was collected from 300 employees of a Hungarian defense company using an online questionnaire that included demographics, work-related observations, mental health scales (DASS), and perceived health status (SF-12). Data was analyzed using descriptive and inferential statistics. The results indicated that work type, flexibility, and workload remained stable before, during, and after the pandemic. Compensation satisfaction (p = 0.025) showed a slight increase post-COVID-19, while organizational support did not significantly change (p > 0.05). Work-life balance significantly decreased during the pandemic (p = 0.012), and the mental health indicators stress (p = 0.005), anxiety (p < 0.001), and depression (p < 0.001) increased significantly. Reliability analysis (Cronbach’s alpha) demonstrated good internal consistency across the scales. These findings underscore the significant negative impact of the COVID-19 pandemic on the mental health of defense employees, reinforcing the need for sustained support mechanisms to promote both physical and mental well-being in this workforce.
subject: Articles
  topic: section
subject: work-life balance
  topic: keywords
subject: mental health
  topic: keywords
subject: COVID-19 pandemic
  topic: keywords
subject: defense employees
  topic: keywords
subject: stress and anxiety
  topic: keywords
subject: Hungarian military
  topic: keywords
creator: Evelin Trembeczki
creator: Manuela Tvaronavičienė
creator: János Besenyő
creator: István Kobolka
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 599
ending page: 620
doi: 10.3846/jbem.2025.24189

Financial efficiency of Polish enterprises operating in the transport and warehouse sector in the conditions of the Russian-Ukraine war
type: item
description: The study aimed to identify the dependence of the financial results of Poland’s transport and warehousing sector on the current macroeconomic situation and security conditions related to the war in Ukraine. The econometric method was used – a dynamic panel model. Data from January 1, 2007, to June 30, 2023, from the Central Statistical Office and the National Bank of Poland were used. It was found that the impact of macroeconomic factors on the financial efficiency of individual industries in Poland’s warehouse and transport sector varies in terms of direction and strength of effects. Key factors were identified as macroeconomic determinants of the financial condition of this sector and industries (subsectors) sensitive to hostilities in Ukraine were indicated. The implications of the findings for decision-makers, investors, businesses and researchers are outlined.
subject: Articles
  topic: section
subject: transport
  topic: keywords
subject: storage management
  topic: keywords
subject: financial efficiency
  topic: keywords
subject: macroeconomic factors
  topic: keywords
subject: economic effects of the Russian-Ukrainian war
  topic: keywords
subject: dynamic panel model
  topic: keywords
creator: Adam Zając
creator: Marta Idasz-Balina
creator: Rafał Balina
creator: Adrian Sadłowski
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-07-07
publication date: 2025-07-07
starting page: 644
ending page: 668
doi: 10.3846/jbem.2025.23900

Smart tourism economics: introducing a technology-driven competitive advantages framework
type: item
description: Recently, in the Hospitality 5.0 era, the Smart Tourism industry has experienced disruptions due to the widespread integration of cutting-edge technologies (Artificial Intelligence, Internet of Things, Robots, Big Data, and others) enabling the overall tourist experience enhancement. This study aims to identify the main clusters of technologies adopted and to highlight the competitive advantages resulting from their implementation in Smart Tourism. A meta-analysis was conducted on a final WoS sample of 60 papers published between 2015 and 2023. Four synoptic tables showcase the technologies, the processes they facilitate, the competitive advantages, and the smart destinations where they have been implemented. The originality of this research consists of the 70 competitive advantages identified across the industry, leveraged in designing the CECoR map (Customer Experience, Costs, Revenues) and the CAdSTT framework (Competitive Advantage-driven Smart Tourism Technologies). Guidelines for supporting managers in planning and initiating projects aiming at integrating technology to increase organisational value were proposed.
subject: Articles
  topic: section
subject: smart tourism economics
  topic: keywords
subject: technology
  topic: keywords
subject: smart destination
  topic: keywords
subject: CECoR map
  topic: keywords
subject: CAdSTT framework
  topic: keywords
subject: hospitality 5.0
  topic: keywords
creator: Liana-Elena Anica-Popa
creator: Iuliana-Mădălina Petrică (Papuc)
creator: Chirața Caraiani
creator: Camelia-Iuliana Lungu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-05-19
publication date: 2025-05-19
starting page: 465
ending page: 487
doi: 10.3846/jbem.2025.23733

Can countries bridge the gap in the quality of life? – Inheritance for Ukraine
type: item
description: Considering that most countries exhibit substantial disparities between the rich and the poor, there is a demand for a fresh perspective on the dynamics of a country’s development and its potential for convergence. The article represents an attempt to use a comprehensive econometric framework to analyze long-term trends in people’s consumption levels across different countries of the world over the past 60 years. The obtained results indicate a paradoxical and strategically important trend: until 2008, all countries of the world demonstrated a steady growth of CPC, albeit at different rates. After 2008, there is a significant slowdown or complete absence of CPC growth in all countries. This trend indicates that the existing economic model has exhausted itself, and within its paradigm, it is impossible to stimulate new growth of CPC for the population. While some may view this as “reaching the point of well-being,” it is a point on the brink of an abyss. Regardless of political courses, the world is moving towards a new era and a new redistribution of world forces. This can explain the growth of conflicts, wars and tensions between countries. The results of the study have significant implications for understanding the sustainability and future of the world economy, as well as for the formulation of development policies and strategies at the global level.
subject: Articles
  topic: section
subject: well-being
  topic: keywords
subject: regression models
  topic: keywords
subject: world economic paradigm
  topic: keywords
subject: consumption per capita (CPC)
  topic: keywords
subject: trend
  topic: keywords
subject: GDP
  topic: keywords
subject: Ukraine
  topic: keywords
subject: war
  topic: keywords
creator: Andriy Stavytskyy
creator: Silviu Nate
creator: Ganna Kharlamova
creator: Lucian Tarnu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-05-19
publication date: 2025-05-19
starting page: 488
ending page: 506
doi: 10.3846/jbem.2025.23710

Small sample data pricing research based on Reptile algorithm
type: item
description: Reasonably pricing data resources contributes to the development of the digital economy. However, in the early stage of the development of the data market, the data transaction volume is small, and the resulting small sample problem makes it difficult to accurately model and forecast the price of data. To address this issue, this paper constructs a meta-learning-based data price prediction model: MLP-Reptile. The model introduces a meta-learning tuning module to optimize the weight parameters of the base model, facilitating effective knowledge transfer learned from multiple tasks to enhance prediction accuracy in new tasks. Experimental results demonstrate that the proposed MLP-Reptile model excels in small sample data pricing tasks, outperforming other models. Additionally, the paper analyzes the different primary factors influencing data prices in various industries. The methods proposed in this research are universally applicable for addressing the small sample problem in data pricing, providing a reference for solving similar issues.
subject: Articles
  topic: section
subject: data pricing
  topic: keywords
subject: small sample
  topic: keywords
subject: bayesian optimization
  topic: keywords
subject: meta-learning
  topic: keywords
subject: reptile algorithm
  topic: keywords
subject: digital economy
  topic: keywords
creator: Junxin Shen
creator: Yi Yang
creator: Fanghao Xiao
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-06-06
publication date: 2025-06-06
starting page: 555
ending page: 575
doi: 10.3846/jbem.2025.23768

Locus of control as critical moderator of the relationship between role stressors and intention to quit
type: item
description: This research examines how employees’ locus of control moderates the relationships between role conflict, role ambiguity, and intention to quit when assessing the mediation effects of counterproductive work behaviour and work engagement. A quantitative method (survey) was used for this study, with 348 questionnaires completed online. The research results reveal that, with a strong internal locus of control, work engagement mediates the relationship between role conflict and intention to quit and between role ambiguity and intention to quit. The higher the internal locus of control, the more both role conflict and role ambiguity affect work engagement, leading to intention to quit. Moreover, the manifestation of locus of control varies according to the employee’s level of education, age, field of activity, and the organisation size. The study is the first to develop an integrative framework, which depicts how team-level factors comprehensively affect interrelations between role stressors and employee intention to quit. Our research delineates, explicates, and directs crucial aspects of human resource management in organisations. It also highlights that in studying the employee behaviour, scholars should inexorably assess situations in the complex manner that research demands to delineate employee workplace behaviour stemming from a combination of personal, contextual, and circumstantial factors.
subject: Articles
  topic: section
subject: employee role conflict
  topic: keywords
subject: role ambiguity
  topic: keywords
subject: employee engagement
  topic: keywords
subject: counterproductive work behavior
  topic: keywords
subject: locus of control
  topic: keywords
subject: intention to quit
  topic: keywords
creator: Rasa Paulienė
creator: Virginijus Tamaševičius
creator: Danuta Diskienė
creator: Monika Lazauskaitė
creator: Alkis Thrassou
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-04-30
publication date: 2025-04-30
starting page: 297
ending page: 315
doi: 10.3846/jbem.2025.23595

Sleep quality and trading behavior of individual investors on the stock market
type: item
description: There are various factors that influence the trading behavior of individual investors in the stock market. This study, based on data from 405 individual investors, is the first to investigate the relationship between sleep quality and investors’ trading behavior in the stock market. Sleep quality is assessed through factors such as sleep time, duration, number of awakenings during the night, and napping habits. By applying various regression methods (Logit, PCA, PLSR, GMM), the results show that increased sleep duration causes passive investors to hold fewer stocks in their portfolios during bull market years and to increase their holdings when the market declines. Conversely, for active investors, an increase of sleep duration prompts them to hold a greater number of stocks in their portfolios during bull market periods, and decrease their holdings during bear markets. Moreover, good sleep quality is correlated with improved investment performance for passive investors. Research also indicates that afternoon naps and nighttime sleep affect investors’ trading frequency. This study provides valuable insights into investors’ trading behavior in the stock market. We encourage investors to enhance the quality of their sleep and incorporate regular midday naps to remain mentally alert, ultimately leading to increased investment returns.
subject: Articles
  topic: section
subject: sleep quality
  topic: keywords
subject: individual investors
  topic: keywords
subject: investor behavior
  topic: keywords
subject: trading frequency
  topic: keywords
subject: return rate
  topic: keywords
subject: investment
  topic: keywords
creator: Luu Thu Quang
creator: Tran Tuan Vinh
creator: Nguyen Dang Hai Yen
creator: Khoa Dang Duong
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-04-30
publication date: 2025-04-30
starting page: 338
ending page: 358
doi: 10.3846/jbem.2025.23629

The role of entrepreneurship in enhancing economic development: the mediating role of gender and motivations
type: item
description: Starting from the significant role played by entrepreneurship in the economy and also from the pressing problem of gender inequality, in this paper we aim to analyse the link between entrepreneurship and economic development, with emphasis on the mediating role of gender and motivations of entrepreneurs. We apply panel data regression models on a sample of 53 world countries mapped by their development level. Data regarding countries’ economic development levels is obtained from the World Bank DataBank and the entrepreneurship rates from the annual reports of the Global Entrepreneurship Monitor. The level of economic development is measured by GDP per capita. Entrepreneurship rates by gender and motivations are used to test the mediating role. The results emphasise that male entrepreneurs motivated by necessity and female entrepreneurs motivated by opportunity would significantly stimulate economic development. The analysis of clusters of countries highlights that entrepreneurship enhances economic development, but the effects broken down by gender and motivations have particularities depending on the country. This study contributes to the literature in several ways, such as the comparative analysis, its large sample size and the emphasis on gender differences and entrepreneurs’ motivations.
subject: Articles
  topic: section
subject: entrepreneurial activity
  topic: keywords
subject: female entrepreneurship
  topic: keywords
subject: male entrepreneurship
  topic: keywords
subject: necessity-driven entrepreneurs
  topic: keywords
subject: opportunity-driven entrepreneurs
  topic: keywords
subject: economic development
  topic: keywords
subject: clusters of countries
  topic: keywords
creator: Valentina Diana Rusu
creator: Angela Roman
creator: Carmen Boghean
creator: Florin Boghean
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-04-30
publication date: 2025-04-30
starting page: 316
ending page: 337
doi: 10.3846/jbem.2025.23696

Do emotional strategies work? Evidence from rumor clarification announcement
type: item
description: Financial markets are filled with rumors because of information asymmetry. Although issuing clarification announcements is the most straightforward approach for organizations, previous research has mostly focused on analyzing the influence of rumors and the heterogeneity of their clarification statements on the efficacy of rumor management. This study investigates how mood elements influence the effectiveness of 335 rumor clarification statements in China's A-share market from 2019 to 2023. By employing textual sentiment analysis, event study method, and fixed-effects regression models, the primary results indicate that rumors vary in their characteristics and have diverse effects on stock price volatility. Furthermore, we find that clarification announcements effectively restore stock values, though their influence on negative rumors is somewhat restricted. Announcements with a positive mood greatly improve the effectiveness of clarification, particularly when addressing favorable rumors. The level of transparency and the characteristics of the firm's information influence the impact of sentiment. Furthermore, the positive impact of sentiment is more noticeable in firms that are extremely transparent or not owned by the state.
subject: Articles
  topic: section
subject: clarification announcements
  topic: keywords
subject: event study method
  topic: keywords
subject: text analysis
  topic: keywords
subject: emotional language
  topic: keywords
subject: emotional strategies
  topic: keywords
subject: rumors
  topic: keywords
creator: Peinan Ji
creator: Hui Ji
creator: Linke Guo
creator: Xiaojuan Yang
creator: Yang Han
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-05-19
publication date: 2025-05-19
starting page: 400
ending page: 419
doi: 10.3846/jbem.2025.23790

Sustainable investments: assessment of risks
type: item
description: Sustainable investments become a more and more relevant topic in all fields of economics. It is essential to measure both the benefits of sustainable products and risks. This article examines the risks associated with sustainable investments, mainly focusing on green bonds. It highlights financial institutions’ increasing interest in sustainable asset management, including central banks. The study addresses the complexity of integrating climate risk into existing risk management frameworks and the lack of tools for estimating and managing these effects. This research aims to measure the volatility of different fixed-income financial instruments, trying to identify which GARCH model is the best. Our research utilizes Bloomberg data from eight sustainable corporate fixed-income indices. The study’s sample comprises sustainable investment indices within the fixed-income market, selected based on data availability and the representativeness of the asset class. The dataset includes daily closing prices and daily returns of these indices, covering a unified sample period from July 25, 2019, to September 28, 2022. The models used for the research are ARCH, GARCH, TGARCH, EGARCH, and PARCH. The results show that sustainable investments are not risk-free, emphasizing the need for comprehensive risk assessment and management. From the applied models, the results show that the PARCH model is the best for fixed-income indices volatility modeling.
subject: Articles
  topic: section
subject: ARCH
  topic: keywords
subject: GARCH
  topic: keywords
subject: green bonds
  topic: keywords
subject: sustainable bonds
  topic: keywords
subject: sustainable investments
  topic: keywords
subject: risk
  topic: keywords
subject: volatility
  topic: keywords
creator: Ahmad Kaab Omeir
creator: Dalia Štreimikienė
creator: Deimantė Vasiliauskaitė
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-06-13
publication date: 2025-06-13
starting page: 576
ending page: 598
doi: 10.3846/jbem.2025.23782