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This study explores the influence of the Covid-19 period on earnings management behaviour (EM) for 150 Algerian companies. The period of study (2018 to 2021) was divided into the pre-pandemic period (2018 and 2019) and the pandemic period (2020 and 2021). The study used two measures for earnings management: discretionary accruals (accounting EM) and abnormal cash flows (real EM). The results indicate that accounting EM decreased during Covid-19 compared to pre-Covid-19. But for real EM, it was the opposite; it has seen an increase during Covid-19. These results have many implications regarding the commitments of various contributors to preparing financial information and other related parties to ensure the accuracy of financial reporting during periods of crisis. More specifically, accounting standards setters should issue additional explanations regarding the accounting for some items, and auditors should extend the range of verification when certifying financial statements.

We study the trade-off between real earnings management activities (REM) and accrual-based earnings management (AEM) among newly listed Vietnamese firms from 2009 to 2019. First, we found that firms exhibit REM as well as AEM around listing events to beat earnings targets. We further explore whether managers use REM and AEM as substitutes, considering both internal factors- firms’ characteristics and external factors like audit quality and institutional environments. Our results indicate that companies employ a greater amount of AEM and less REM when they have a higher firm size, measured by total assets, experience higher levels of liquidity. Nevertheless, firms experiencing higher levels of cash flow from operating activities, net operating assets are more likely to engage in REM and but less likely to use AEM. However, when considering external factors including audit quality and institutional environments, there is limited evidence of a trade-off between the two methods. While audit quality appears to constrain only AEM, the corruption index has a negative impact on REM. Interestingly, consistent with previous studies, we also provide evidence that managers make adjustments to the level of accruals after the fiscal year-end based on the actual level of real earnings realized during the year.

The automotive industry has reached a very high level of international integration. It expanded in Russia at the end of the first decade of the century. The paper aims at describing the problems encountered in the first years of the process and how car manufacturers and their suppliers have evolved and adapted over a period of almost 10 years. Using a qualitative inductive methodology, based on interviews of Western European and Russian participants to the expansion, and using a case of failure as an extreme situation, the author identifies a certain number of influencing factors and describes how they have evolved trough the years. Finally, the paper concentrates on two phenomena that need more investigation, i.e. the reason for a small representation of Russian suppliers and the generic subculture of Russians working for foreign corporations. The results provide also a model of the implantation process on a new market that can be used for further research or to train and support managers involved in international projects.

The paper focuses on valuation multipliers for privately held companies, with the aim of developing and applying a methodological procedure to improve the accuracy of estimating the market value. This improvement is achieved through the differentiation of an industry multiplier using financial decomposition. We applied the proposed methodology enhancements to a dataset comprising 50 Czech breweries, estimating their market value using the discounted cash flow method. Importantly, our proposed modification to the methodology is not limited to this sample of breweries; its nature makes it a generally applicable procedure. Our results demonstrate that the application of our proposed procedure significantly enhances the accuracy of market value estimation for privately held companies, yielding an increase of 40–50% compared to the use of the median value.

Technostress as an academic domain has evolved significantly since year 1984. Based on the systematic literature review (SLR), eight determinants of technostress were identified which were classified into individual and organizational categories. Individual determinants were further divided into demographic, psychographic and cognitive categories. Outcome of the SLR was the development of a comprehensive framework of technostress. This study can facilitate the top management and the HR managers of organizations to adopt appropriate change management interventions while implementing and augmenting new technologies.

This study explores the correlation between emotional intelligence (EI) and alcohol consumption patterns among Generation Z, with a focus on university students and graduates with backgrounds in economics and management. The present study explores emotional intelligence as a personal trait that potentially influences risky alcohol behaviors. These behaviors are assessed using the AUDIT (Alcohol Use Disorders Identification Test) and the TEIQue-SF (Trait Emotional Intelligence Questionnaire – Short Form). A sample of 128 respondents, recruited through online platforms, completed these standardized questionnaires. A comprehensive statistical analysis was conducted, encompassing the utilization of Spearman’s correlation coefficient and t-tests. This analysis yielded a negative correlation between emotional intelligence (EI) and the consumption of alcohol in a risky manner. The findings indicated that individuals with lower EI levels exhibited an elevated propensity for alcohol-related risks. Furthermore, gender disparities have been identified as a contributing factor to heightened alcohol consumption risk among males compared to females. While the findings of the present study confirm the association between emotional intelligence (EI) and alcohol risk, they also suggest the presence of complex underlying factors in alcohol consumption behaviors that extend beyond EI. This research contributes to the understanding of the role of emotional intelligence in managing alcohol use, with implications for  developing intervention strategies aimed at promoting emotional awareness and healthier coping mechanisms within Generation Z. Our results not only confirm older models (e.g. Kun et al., 2019; Kun and Demetrovics, 2010; Bar-On, 2006), but also reveal generation-specific nuances—e.g., a lower overall rate of risky drinking, but a persistent gender difference and the fundamental importance of self-control.

To test the diversification benefits of REIT sub-groups formed based on dividend payout ratios, we forecast ex-ante variance-covariance matrices using a rolling window correlation and a DCC model. Regression-based mean-variance spanning tests, mean-variance efficient frontiers, and a minimum variance portfolio allocation approach using ex-ante optimization frameworks are considered. A major finding of the current study is the dividend payout ratios of REITs affect REIT market diversification benefits. Apart from extending stock market index investors’ investment universe and providing more efficient (higher profitability and/or lower risk) portfolios, REITs offer diversification benefits directly related to dividend policies. A unique level of diversification is attained by classifying REITs based on their dividend payout ratios. As well, these REIT sub-groups are capable of left-shifting the efficient frontier of a market portfolio with either of the REIT sub-groups.

A mall has a holistic solution for a variety of consumer needs. Malls have aggressively spread in small cities too. The presence of malls in tier II & III cities of India may have provided diversified experiences of mall culture to its residents. Malls offer an abundance of retail offerings with entertainment and leisure. Previous studies focused upon metro city malls and provided results towards mall attributes, consumer experiences, evoked emotional responses, and patronage intentions. Hence, it is indeed necessary to examine the behavioral aspects associated with visitors of small (non-metro/tier II & III) city malls to assess the change in consumption patterns of small city consumers. The present study attempts to investigate linkages among mall attractive dimensions, visitors’ experiences, and visitors’ emotions. A sample size of 613 (from malls of tier II & III cities, India) was analyzed using SEM through SmartPLS 3. Finding suggests significant relationships with few exceptions. Responders’ emotions (pleasure and arousal) are predicted when they are interacted with mall attractive dimensions due to experiences. The results may benefit mall management, mall tenants, consumers, and society at large.

This article examines whether investing in ESG impacts banks’ stock returns, aiming to illustrate the value generated by ESG investment in the MSCI Emerging Markets Index. The fiscal year-end data of thirty-five financial companies within the Index, covering the period from December 31, 2015, to December 31, 2022, have been utilised. The analysis employs a pooled panel regression model utilising robust least squares estimation. Firm-specific and market-specific variables are used as independent variables. We have observed a significant positive direct relationship between the social pillar score and stock returns. Banks may initiate investments in social pillars in the Index. In addition, firm-specific variables such as market capitalisation, return on equity, capital adequacy, and price-earnings ratio influence the relationship between ESG pillar scores and stock returns. We recommend that portfolio managers closely monitor improvements in ESG pillar scores alongside firm-specific variables to predict banks’ stock returns in the index.

This paper investigates the dependence of the investment behavior of Sovereign Wealth Funds (SWFs) on the Environmental, Social, and Governance (ESG) performance of their underlying investments in public equity holdings during the period of 2007 to 2022 collectively overseeing a substantial 71% of total public equity holding investments by SWFs globally. The unique data set with ESG control variables consist of mainly self-reported Corporate Social Responsibility (CSR) ESG information (ESG rating from Refinitiv/LSEG) and dynamic risk assessed ESG information purely based on external evaluation of the firms (Reputational Risk Indicator from RepRisk). The control variable which monitors the Corporate Social Irresponsibility (CSI) of target companies is novel to previous studies. Our findings suggest that SWFs still consider self-reported CSR information more than public CSI data in their investment decisions. Furthermore, a change in past ESG data of underlying public equity holdings – both CSR and CSI – does not seem to have a significant effect on the investment into underlying public equity holdings. Our conclusions could help to encourage greater ESG integration into SWF investment strategies and promote sustainable investing practices more broadly not limited to liquid assets.

This study examines the links between conspicuous consumption and user activity on social media platforms, focusing on Generations Z, Y, and X. A set of statements focusing on conspicuous consumption, consumer behaviour on social media, and their food consumption habits was developed and tested on a sample of 679 respondents from the Czech Republic comprising these generations. Factor analysis was used to group tested statements into factors, and regression analysis was used to examine their association with salient consumption patterns. While the link between social media activity and conspicuous consumption was only confirmed for Generation X, the online behaviour of Generation Z, the confirmed influence of influencers on the purchasing behaviour of this generation, suggests a potential link that requires further  investigation.

In the German-speaking food market, a significant gap exists between consumer preference for sustainable options and purchasing behavior, primarily due to skepticism about the authenticity of sustainability claims. In a study involving 368 participants from Germany, Austria, and Switzerland, the influence of price on the perceived authenticity of sustainability labels was examined. Participants were surveyed on their explicit attitudes, while their implicit attitudes were assessed using the implicit association test (IAT). Results show that a higher price significantly improves the perception of a product's authenticity. Socioeconomic factors, such as nationality and gender, are significant, with Swiss nationality and female gender showing strong correlations with higher perceived authenticity. This study uniquely examines initial attitudes and reactions to reflect heuristic consumption decisions. Insights can be used to develop pricing and marketing strategies tailored to different markets and target groups, effectively addressing consumer skepticism through targeted communication and pricing.

In a world of intense competition, automotive manufacturers are continually increasing their outsourcing activities and, as a result, automotive companies have built extensive cost engineering departments within their organisations. Staff in these units provide Should Cost Calculations for externally manufactured components, which are utilized as supplier targets to support buyers in fact-based negotiations. This paper aims to explore potential differences in the direct and indirect cost categories in the context of Should Cost Calculations. Based on a sample survey among cost engineers, it was possible to determine differences in cost knowledge, risk of suppliers concealing unjustified costs, level of analytical detail, and suitability to conduct fact-based negotiations depending on the length of job experience, industry, and especially the type of costs. The evaluation is carried out through analysis of variance, and a contingency table homogeneity test, and the results are presented using correspondence maps. The results show significant differences between the direct and indirect cost categories, including a higher risk of cost hiding and a lower suitability for price negotiations for the indirect cost category.

Maintaining inflation rate at optimal level is among important mechanism of balancing macroeconomic volatility to ensure steady economic growth. This study aims to examine macroeconomic determinants of inflation in Ethiopia. The study employed ARDL model using annual data for period 1981–2020. The ARDL bound test was applied to examine the presence of con-integration between inflation and independent variables. The study also uses augmented Dickey-Fuller and Phillips-Perron unit root tests to check stationarity of the variables. The test result reveals that almost all variables become stationary after the first difference. Accordingly, the result from bound test indicated existence of long run relationship between the dependent variable and explanatory variables entered into the model. The estimated error correction model (ECM) with −0.53 coefficient also confirms the existence of co-integration with high speed of adjustment towards the long run equilibrium. In the long run: real GDP, real effective exchange rate, lending interest rate are positive and significant determinants of inflation whereas broad money supply, real GDP, population growth, gross national saving and previous year imports are found to be the short run drivers of inflation. The finding recommends, among others, measures on reducing real effective exchange rate and utilizing broad money supply in productive economic activities along with supply side should be designed to contain inflation in Ethiopia.

The study aimed to determine the impact of m-banking apps’ ease of use on brand trust, including the moderating effect of users’ demographic factors on that relationship. The research was quantitative, where 400 samples were selected based on simple random sampling. The participants were m-banking app users based on their availability and popularity and concentrated on the Dhaka division. The collected data were processed through the SPSS V23 and SmartPLS. Structural equation modeling (SEM) was run to test the hypothesis. The study revealed a positive significant impact of m-banking apps’ ease of use on brand trust. In addition, gender and age had a moderating effect on the relationship between ease of use and brand trust, especially the male and older class groups who had strong brand trust at the high level of m-banking apps’ ease of use.

Smart IoT devices, such as lights, locks, washing machines, security cameras, etc., are becoming omnipresent in households and companies across all industries. However, most of these devices communicate over non-secure local protocols or via cloud services where security policies are not transparent. Vulnerabilities may lead to unauthorized access to such IoT devices. Blockchain is a technology that brings security by design and can be exploited also in the area of controlling access to IoT devices. The goal of the paper is to test the use of blockchain with IoT devices to increase the security of device usage while ensuring that the user experience remains efficient and user-friendly. Three approaches to use blockchain are proposed and tested: a) application without the blockchain using standard HTTPS protocol; b) an application using blockchain, where users sign the transactions themselves; c) an application using blockchain where the server signs the transactions. The paper successfully shows that blockchain can be used to enhance IoT device security, with an focus on user-friendliness testing to ensure the solutions are practical for everyday use.

The research focuses on the calibration and measurement of the relationship between the selected behavioural biases and the risk perceptions of Indian retail investors, as well as its ultimate implications on equity investment decisions. Further, it examines the association of the factors to non-financial determinants such as ESG investing consciousness. The research leveraged a structured questionnaire for data collection across 438 samples. EFA for factor-extraction and assessing dimensional validity; CFA for understanding the factor structure, the validity & reliability of the latent variables; and AMOS-based SEM for the establishment of path analysis and structural causal relationships amongst the variables are used for the study. The study confirms the significant impact of risk perception on equity investment decisions and establishes a significant link between the selected biases for the study and the perceived risk. The findings also indicate a statistically significant relationship between ESG consciousness and the risk perception of investors. Further, there is confirmation of a statistically significant negative moderation effect of ESG consciousness on the relationship between the selected biases and investors’ perceived risk, indicating that higher ESG consciousness weakens the positive relationship between investors’ perceived biases and risk perception.

As society becomes more and more socially conscious, corporate social responsibility may be one of the factors influencing the decision to buy. In the 21st century, cause-related marketing as one of the possible initiatives of a socially responsible approach became a common part of building a relationship with customers. But what are the differences in the perception of a cause-related marketing campaign among consumers with different levels of donation size with regard to gender distribution? Using existing studies, the responses concerning the perception of the campaign supporting a collection for the Zoo in the Czech capital were evaluated through a questionnaire survey. The data were factor-analyzed to determine the dimensions of the perception of the cause-related marketing campaign. The results show a two-factor solution: consumer attitudes towards the product and the company involved in the cause-related marketing campaign and consumer attitudes towards cause-related marketing in relation to a non-profit organization. The impact of donation size and gender on the resulting factors is assessed after.

Given the rapid advance and the growing influence of social media, the need to research this unique phenomenon becomes more apparent and urgent. This research examines the influence of social media marketing activities (SMMA) on Brand Equity, in the case of bottled water brands. Additionally, it offers a research model that investigates both direct and indirect effects of SMMA on Brand Equity, where Brand Trust is used as a mediator. A quantitative method was used to investigate the most popular domestic and foreign brands of bottled water in Bosnia and Herzegovina, with all 518 respondents being both bottled water consumers and social media users. Furthermore, exploratory factor analysis and confirmatory factor analysis were performed to assess the reliability of the scales, while structural equation modeling was used to estimate the proposed hypotheses of the research. The obtained measurement results revealed that SMMA have a direct impact on Brand Trust and Brand Equity, keeping in mind that Brand Trust mediates the link between SMMA and Brand Equity. Therefore, the aims of the study are threefold: to increase the knowledge about social media, to shed more light on the relationship between SMMA, Brand Trust, and Brand Equity, as well as to help organizations recognize the benefits of using and investing in social media. Due to the fact that this research was conducted on brands in Bosnia and Herzegovina, research in another country can yield different results, given a different culture, mentality, and general educational and material status.

When starting a new business, entrepreneurs used the acquired experience, skills, and competencies. The paper aims to determine opinions on the most important competencies that entrepreneurs need to start their business. The research is based on the questionnaire to survey entrepreneurs and students of economics. We try to determine the differences in their opinions. We assume that the views of entrepreneurs already running a business near reflect the competencies’ real usefulness. We used the questionnaire as an instrument for data collection. When comparing entrepreneurs and students, statistically significant differences are in most competencies. Students evaluated entrepreneurial competencies significantly less important than entrepreneurs. Entrepreneurs’ opinions on competencies do not depend on enterprise size. Similarly, students’ views on competencies are not related to their gender. Our study suggests a significant discrepancy between students’ opinions on the importance of various competencies and reality.

Although venture capital is considered crucial for promoting economic development and innovation, not much has been done regarding the use of complex financing contracts in venture capital backed investments. In this study we investigate the use of convertible securities and control rights covenants for a sample of 15 Portuguese venture capital firms. We use a relatively new methodology in business and management sciences - fuzzy set Qualitative Comparative Analysis - that considers both quantitative and qualitative factors for obtaining a solution that best fits the empirical data. Our results show that the use of convertible securities is affected by the anticipated severity of double-sided moral hazard problems. On the other hand, only a weak support is provided to the agency predictions regarding the use of control right covenants. Interestingly, the results reveal that convertible securities, unlike control rights covenants, are the most apt instruments to reduce costly double-sided incentive problems of a venture capital relationship.

We examine the fundamental determinants of nominal home price growth from 1995 to 2012 across 300 metropolitan areas in the U.S. This sample period provides a trough-to-trough time period that allows for analysis through a complete business cycle. By using a supply-to-demand ratio for home price appreciation, we identify a straightforward and powerful method for predicting home price appreciation across markets. We suggest an alternative and simple method for addressing endogeneity in house prices and include a comprehensive measure of human capital. We find five significant factors: home supply growth, personal income growth, human capital, an ocean dummy, and geographic constraint.

In the context of business performance assessment, current research often focuses on evaluating effects of innovation projects with start-ups. Subsumed as corporate venturing (CV), investigating the impact of these projects is becoming increasingly important. Thus, the number of studies on the ex-post value of corporate venturing projects (CVP) has steadily increased over the last years. In contrast, this research attempts to cover the evaluation of CVP in the period between from the contract conclusion to termination. By conducting interviews, this research primarily aims at identifying indicators applied for evaluating CVP performance during the cooperation of subjects in the automotive industry. The results obtained show that evaluation is mostly based on subjective criteria and that no formal indicators are implemented to manage CVP during the collaboration phase. This research contributes to literature by revealing practically applied CVP performance indicators during the collaboration phase and by discussing their weaknesses.

The aim of the paper is to determine the preferred forms of online shopping and preferred device for online shopping for different product categories by the youth consumers. The research showed that the smartphone plays not only an important role in the consumer behaviour of youth consumers, but they also frequently shop using this device. The paper also identifies the situational and demographic factors affecting online shopping based on which consumer segments were created. Cluster analysis using the K-means algorithm formed consumer segments in the online market in the Czech Republic. Four segments were defined – economically decisive from a city, emotively decisive, rationally thinking from a town, economically active. The results can be purposefully used in creating recommendations for e-shops and for their marketing management.

COVID-19 has dramatically changed the economic scenery. Despite the austerity measures and decreasing resources, it might lead to an increase of the significance of Corporate Social Responsibility (CSR) as the key for sustainable growth and prosperity. The luxury fashion industry is known for its lavish commitment to CSR as expressed by owners and top management. However, the bottom perception is unclear. A longitudinal front-line case study of the perception of the significance of CSR by the low management and customers allows for filling in this vacuum and to comparatively assess the annual evolution from December 2019 to November 2020. The holistic Meta-Analysis using informal open-interview and mystery shopping techniques and the investigative questionnaire with the Pearson Chi-squared test reveals a fragmented and only slightly raised significance of the CSR by the low management and customers. This disappointing finding has inherent limitations and calls for further studies.

The aim of the study is to identity the main factors that affect claims amount paid by insurers in case of road accidents and to predict losses from valid third-party liability insurance (MTPLI) policies until their expiration. Such an assessment is essential to adequately cover MTPLI policies and ensure the sustainable development of insurance companies. The geography of the study covers the MTPLI market of Europe in the main areas, but a deeper analysis of the impact of various factors, interactions, and interrelationships in MTPLI product is focused on Latvian market data due to availability of high-quality primary data. The research is based on the analysis of primary Latvian MTPLI policies data of more than 128,000 road traffic accidents that have occurred during the time period from 2014 till 2020. Risk driver selection was performed based on the existing scientific studies and correlation analysis of the sample set. Both linear and nonlinear forms of relationships were used for modelling. A multivariate modeling was used to identify significant risk factors and to quantify their impact on loss of incidents. Statistical stability of the models was tested using chi-squared, t-tests and p-values. Validation of models calibrated where done using prediction errors measurements: mean square error (MSE), root mean squared error (RMSE), and mean absolute error (MAE) assessment both within sample and out of sample technics. The results indicated that the driver’s behavior (penalties and Bonus-Malus) as well as vehicle parameters (weight and age), had significant impacts on crash losses.

The use of digital technologies for state-relevant institutions, government organisations and administrations has grown steadily in recent decades. Therefore, the question arises whether the mastery of these technologies has an influence on a state’s ability to act and whether state sovereignty is affected. In the European Union, the concept of digital sovereignty of states is being intensively discussed. However, it is unclear what exactly is meant by the term digital sovereignty and how it can be defined. The research gap is the lack of a clear qualitative and quantitative definition of that term, so that the goal of the article is to provide an overview of a qualitative definition. That is the basis for a quantiative model. To achive that goal a hierarchical component model is developed for concretisation. Furthermore, the components are decomposed into sub-components, each of which is then quantified by suitable metric parameters, which are populated from secondary data sources for states and subjected to selected quantitative analyses. To verify and validate whether the component model and the parameters are suitable and robust for measuring digital sovereignty, a comparative index is formed and compared with existing indices.

Renewable power generation, especially wind power and solar power, is experiencing a strong expansion worldwide and especially in Germany. With high shares of these methods of power generation, energy storage is needed to enable a demand-oriented power supply even with weather-related fluctuations in generation. Against the background of a power supply based entirely on wind and solar power, the question arises as to what total costs arise with the inclusion of storage systems, which is the subject of this article. The calculation model uses hourly resolved real data of German electricity generation from the years 2012 to 2018 to determine the required storage capacities. The electricity generation costs used range between 0.02 and 0.10 EUR/kW/h. The costs for the considered energy storages are calculated based on the Levelised Cost of Storage (LCOS) metric. It is concluded that in an electricity supply system based on wind and solar power, it is not the electricity generation that causes the greatest costs, but the storage. With electricity generation costs of 0.06 EUR/kW/h, the total system costs are in a range of 0.19 to 0.28 EUR/kW/h. This means that, in terms of costs, energy storage is more significant than electricity generation.

This study aims to understand the mechanisms of consumers’ online grocery shopping (OGS) acceptance in the current COVID-19 pandemic. Through this perspective, an extended technology acceptance model is employed by including the fear of COVID-19 factor to reveal the extent of the Turkish consumers’ acceptance of OGS. We have tested the proposed research model on 455 survey participants living in various cities of Turkey. Structural equation modeling is employed to test the eleven research hypotheses. The results indicate that perceived ease of use, perceived usefulness, and attitude are valid predictors of OGS acceptance. Besides, the fear of COVID-19 negatively moderates these relationships. By revealing these empirical results, this study provides some useful insights into our understanding of the acceptance mechanisms of OGS processes in a pandemic situation. We hope to pinpoint the underlying reasons for the vast expansion of OGS among Turkish customers in pandemic times.

This paper examines the impact of working capital management on firm performance in nine developing economies in Asia. Specifically, the study focuses on two critical aspects: the management of trade credit and inventory. The empirical findings reveal that effective management of these components significantly enhances the performance of financially dependent firms. In fact, during critical periods such as the 2008 financial crisis, these management strategies helped to boost performance considerably. However, no comparable association was observed in other firms within the sample. These results suggest that appropriate handling of trade credit and inventory can yield a significant performance advantage.