Economic research - Ekonomska istraživanja
type: channel
description: Economic Research-Ekonomska Istraživanja is a peer-reviewed open access journal that publishes theoretical, applied, and empirical papers on economics (nano, micro, mezzo and macro). The journal aims to explore all points of view on topics of economic research that contribute to the development of global economies as a discipline. Economic Research-Ekonomska Istraživanja publishes rigorous scientific papers which make a significant contribution to any field of economics – theoretical, applied or empirical – with special attention given to experiences of the transition from socialism to market economies in Eastern Europe. New research on regional development in other geographical areas is welcomed, particularly papers addressing theoretical and empirical issues in economics for countries in transition and former transitional economies. The journal encourages submissions that explore broad economic topics that can contribute to the development of economics as a discipline, discussing important economic issues both from an orthodox or heterodox point of view. Topics of interest include, but are not limited to: Entrepreneurial economics Development economics Economic theory - nano, micro, mezzo and macro Innovation and knowledge Economic methods Sustainability issues Challenges to the Science of Economics Economics of transition The journal publishes original research articles and review articles. All submitted manuscripts are subject to initial appraisal by the Editor and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double anonymized. No paper will be automatically rejected on the ground of being too applied or too theoretical; technically skilled papers from any field of economics are encouraged. Authors are required to present their scientific findings in a clear manner and inspirit a broad academic debate on the subject explored in the paper. Economic Research-Ekonomska Istraživanja is an …
publisher: Juraj Dobrila University of Pula
language: en
publication name: Economic research - Ekonomska istraživanja
issn: 1331-677X
copyright: This work is licensed under CC BY-NC 4.0. To view a copy of this license, visit https://creativecommons.org/licenses/by-nc/4.0/
items: THE ADOPTION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)-LINKED EXECUTIVE REMUNERATION AND THE ROLE OF GENDER DIVERSITY: THE CROATIAN EXPERIENCE
items: UNDERSTANDING THE NEXUS BETWEEN INFORMATION ASYMMETRY, INTERNAL FINANCE, AND INVESTMENT EFFICIENCY: INSIGHTS FROM LISTED FIRMS IN VIETNAM
items: STRUCTURAL CONSTRAINTS AMID REGIONAL ASPIRATIONS: ASSESSING CATALONIA'S COMPETITIVENESS PATHWAY WITHIN THE EUROPEAN UNION
items: DETERMINANTS OF SEAPORT PRODUCTION: ANALYSIS OF EU PORT REGIONS
items: THE COVID-19 PANDEMIC AND ADAPTATIONS IN CREATIVE AND CULTURAL INDUSTRIES: A CASE OF TWO CROATIAN COUNTIES
items: POLITICAL INFLUENCE IN LOCAL DEVELOPMENT: HOW CITIZENS PERCEIVE POLICY DECISIONS
items: Urban Wealth Scaling in Korea
items: DOUBLE MATERIALITY AS A KEY CONCEPT IN SUSTAINABILITY REPORTS
items: ASSESSING POTENTIAL SPILLOVERS FROM ECB MONETARY POLICY MEASURES IN THE NON-EURO AREA COUNTRIES:A BAYESIAN VAR APPROACH
items: THE ROLE OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE IN ACHIEVING FIRM SUSTAINABILITY: A BIBLIOMETRIC AND EMPIRICAL ANALYSIS
items: NET LENDING SHOCKS AND INFLATION INSOUTH AFRICA: A SECTORAL ANALYSIS
items: INVESTIGATING THE NEXUS AMONG FOREIGN CAPITAL, WORKING CHILDREN, AND MULTINATIONAL ENTERPRISES IN TURKEY
items: EFFECTS OF WEB-BASED MINDFULNESS INTERVENTIONS ON EMPLOYEE WORK STRESS IN THE LIFE INSURANCE INDUSTRY: A NARRATIVE REVIEW
items: THE RELIGIOSITY OF TAXPAYERS AND THE POWER OF TAX AUTHORITIES IN INDONESIAN INDIVIDUAL TAXPAYER COMPLIANCE CONTEXT
items: STRUCTURAL ANALYSIS OF NON-LIFE INSURANCE EFFICIENCY IN CROATIA: A DEA APPROACH
items: THE DETERMINANTS OF ENVIRONMENTAL ACCOUNTING DISCLOSURE: EVIDENCE FROM JORDANIAN NON-FINANCIAL LISTED COMPANIES IN AMMAN STOCK EXCHANGE
items: DOES THE GOVERNMENT FINANCIAL SCHEME PM-KISAN SAMMAN NIDHI INCREASE AGRICULTURAL PRODUCTION AND TAX REVENUE?
items: CONTEMPORARY ISSUES AND TRENDS IN CORPORATE SOCIAL RESPONSIBILITY IN FAMILY FIRMS: A SYSTEMATIC REVIEW OF STUDIES OF PREVIOUS TWO DECADES
items: Transformation of innovation processes during the COVID-19 pandemic: improvement strategies
items: Unveiling the impact of ESG Disclosure on Bank Credit Growth: A New Perspective
items: Fiscal multiplier and the role of income and wealth inequality
items: Does Bank Profitability Matter for Firm Productivity? -- Evidence from China
items: DOES A RELATIONSHIP BETWEEN TAXPAYERS’ PERSONAL TAX CULTURE, SELF-TRANSCENDENCE, AND OPENNESS TO CHANGE EXIST?
items: The Dynamic Spillover Effect of BRICS Countries’ Monetary Policies on RMB Exchange Rate and China's Trade Balance
items: Exploring Thai Airports Users’ Expectations and Perceptions Based on Service Quality Indicators Using Classification and Regression Tree Approaches
items: CAN SOCIAL INNOVATION STRENGTHEN RURAL BANK INDONESIA’S ORGANIZATIONAL CULTURE IN IMPROVING FINANCIAL SUSTAINABILITY?
items: The Impact of Crude oil Price Shocks on Spain's Macroeconomic and Stock Market Performance: A Long-Term Perspective
items: Social violence and the impacts on the education in migrant households
items: ‘Mixing apples and oranges’: Note on a bewildering application of Euler's theorem to the s-shaped total product and related curves
items: The use of public sector reports by public managers - some early evidence from Croatia

THE ADOPTION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)-LINKED EXECUTIVE REMUNERATION AND THE ROLE OF GENDER DIVERSITY: THE CROATIAN EXPERIENCE
type: item
description: This paper investigates how Environmental, Social, and Governance (ESG) principles are integrated into executive remuneration systems and examines whether the inclusion of ESG-related performance criteria is associated with the gender composition of management boards in large Croatian listed companies. The purpose of the study is to enhance understanding of how sustainability goals and gender diversity are reflected in executive compensation practices within a post-transition EU economy. The research applies a mixed-method design combining (1) descriptive trend analysis of board gender composition for the 2020–2024 period and (2) directed qualitative content analysis of remuneration policies to identify the presence and type of ESG indicators. The paper is structured into five sections: introduction, literature review, methodology, results with discussion, and conclusion with implications. The findings show a modest increase in female board representation, although men remain dominant throughout the period. ESG-related goals were included in only 54% of company-year observations, with social and governance indicators prevailing, while environmental metrics were almost absent. The analysis identifies a moderate negative correlation between female representation and the inclusion of ESG-related criteria in remuneration, suggesting that gender diversity does not serve as a driver of sustainability-linked pay in this context. The results indicate that Croatian companies have only partially aligned their remuneration practices with EU sustainability expectations and often apply ESG criteria in a broad, non-measurable form. The study’s findings can support companies in improving the specificity and measurability of ESG indicators in variable remuneration, assist supervisory boards in strengthening oversight of sustainability-linked pay, and inform policymakers as they refine national ESG reporting and remuneration frameworks.
subject: Articles for regulat issue
  topic: section
subject: ESG
  topic: keywords
subject: executive renumeration
  topic: keywords
subject: gender diversity
  topic: keywords
subject: Corporate Governance
  topic: keywords
subject: Croatia
  topic: keywords
creator: Tea Golja
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 183
ending page: 205

UNDERSTANDING THE NEXUS BETWEEN INFORMATION ASYMMETRY, INTERNAL FINANCE, AND INVESTMENT EFFICIENCY: INSIGHTS FROM LISTED FIRMS IN VIETNAM
type: item
description: To explore the influence of information asymmetry on the link between internal finance and investment efficiency with a specific focus on innovation implications, this study analyses data from 507 non-financial listed firms in Vietnam from 2006 to 2019. The results indicate a proclivity among Vietnamese firms to engage in overinvestment as opposed to underinvestment. Notably, free cash flow significantly influences investment in both positive and negative cash flow scenarios. Furthermore, this investigation identifies that internal financing, represented explicitly by free cash flow, plays a pivotal role in both under- and overinvestment scenarios. Asymmetric information factors such as financial constraints and agency costs intricately shape the relationship between internal finance and investment efficiency. Firms experiencing high financial constraints tend to underinvest when facing an internal finance deficit. Conversely, firms with elevated agency costs show increased investment fuelled by their free cash flows, leading to overinvestment. The insights gained from this research can provide strategic measures for Vietnamese firms to foster innovation and optimise internal finance utilisation.
subject: Articles for regulat issue
  topic: section
subject: Investment efficiency
  topic: keywords
subject: Internal finance
  topic: keywords
subject: Financial constraints
  topic: keywords
subject: Agency costs
  topic: keywords
subject: Information asymmetry
  topic: keywords
subject: Vietnam
  topic: keywords
creator: Quyen Doan Thuc
creator: Hoa Thi Nguyen
creator: Thanh Vu Manh
creator: Tran Thai Ha Nguyen
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 1
ending page: 24

STRUCTURAL CONSTRAINTS AMID REGIONAL ASPIRATIONS: ASSESSING CATALONIA'S COMPETITIVENESS PATHWAY WITHIN THE EUROPEAN UNION
type: item
description: This study investigates the evolution of Catalonia’s regional competitiveness within Spain and the European Union by applying the EU’s Regional Competitiveness Index (RCI) 2.0 framework. Through a combination of longitudinal benchmarking, peer region analysis, and k-means clustering, we assess how Catalonia’s competitiveness has shifted from 2016 to 2022 across eleven sub-indices grouped under the Basic, Efficiency, and Innovation pillars. The findings reveal that Catalonia, despite its strengths in infrastructure, technological readiness, and innovation capacity, remains structurally constrained by weak institutional quality, labour market inefficiencies, and underperformance in education. While it advanced to a stronger competitiveness cluster by 2022, its relative position declined compared to core Western European regions, and it was surpassed by the País Vasco region in the national competitiveness ranking. Peer group dynamics confirm a shift from the association with innovation-led Western European regions to a more heterogeneous set, including emerging Eastern regions, highlighting Catalonia’s relative stagnation. These insights challenge assumptions of uniform competitiveness often cited in regional autonomy debates and emphasize the need for systemic reforms in governance and human capital development. The paper also demonstrates the analytical value of RCI 2.0 in uncovering the structural foundations of regional performance and offers policy-relevant implications for territorial cohesion and sustainable development.
subject: Articles for regulat issue
  topic: section
subject: Regional Competitiveness
  topic: keywords
subject: European Regions
  topic: keywords
subject: RCI 2.0
  topic: keywords
subject: Catalonia
  topic: keywords
subject: Peer Benchmarking
  topic: keywords
subject: Clustering Analysis
  topic: keywords
creator: Lucian Belascu
creator: Birjees Rahat
creator: Aura Girlovan
creator: Eugen Constantin Rosca
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 115
ending page: 148

DETERMINANTS OF SEAPORT PRODUCTION: ANALYSIS OF EU PORT REGIONS
type: item
description: Seaports play an important role in the global economy, serving as international hubs for the transportation of goods, trade, economic growth, job creation, and strategic interests. Their continuous development and modernization are critical to supporting economic growth and addressing new challenges in the maritime industry. Adequate economic performance can contribute to efficient seaport production. The aim of this research is to analyse the impact of economic, demographic, and infrastructural factors influencing seaport production on a sample of 86 European Union (EU) port regions observed from 2009 to 2019. The pooled ordinary least squares (POLS), fixed effects (FE), and random effects (RE) estimation techniques were used as the estimation strategy. A significant positive effect of GDP per capita (economic factor) on seaport production was established. The research results further show that education and investment in R&D (demographic factors) are essential for seaport production. Finally, the results show that the motorways' length (infrastructural factor) significantly impacts seaport production. Based on these findings, the policies that promote digitalization and innovative technologies in seaport operations, strengthen workforce development, foster collaboration with educational institutions, and enhance multimodal connectivity are recommended.
subject: Articles for regulat issue
  topic: section
subject: seaports
  topic: keywords
subject: seaport production
  topic: keywords
subject: EU port regions
  topic: keywords
subject: regional factors
  topic: keywords
subject: panel data analysis
  topic: keywords
creator: Gorana Mudronja
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 87
ending page: 111

THE COVID-19 PANDEMIC AND ADAPTATIONS IN CREATIVE AND CULTURAL INDUSTRIES: A CASE OF TWO CROATIAN COUNTIES
type: item
description: This paper is dedicated to examining the impact of the COVID-19 pandemic on the creative and cultural industries (CCI) in two tourist counties in Croatia – the Istria County and Šibenik-Knin County. This research focuses on the impact, resilience and adaptation of the CCI sector to the effects of measures introduced to combat the spread of the COVID-19 pandemic. The analysis is conducted using an online survey of business entities operating in the CCI sector, with the fulfilled surveys covering 12.1 percent of the total number of firms. The analysis showed that the COVID-19 pandemic has had a short-term negative effect on most of the surveyed entities in two analysed counties, with a greater negative effect in Istria County. Still, the pandemic has not had a significant negative impact on employment. Moreover, the respondents were optimistic about the long-term implications of the pandemic on their business, with respondents from Istria County expressing greater optimism than those from Šibenik-Knin County. The pandemic has encouraged respondents to adapt to new circumstances and seek novel solutions to achieve new revenue streams.
subject: Articles for regulat issue
  topic: section
subject: creative and cultural industries
  topic: keywords
subject: regions
  topic: keywords
subject: COVID-19
  topic: keywords
subject: survey data
  topic: keywords
subject: perceptions
  topic: keywords
subject: adaptation
  topic: keywords
creator: Tanja Broz
creator: Ivana Rašić
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 149
ending page: 179

POLITICAL INFLUENCE IN LOCAL DEVELOPMENT: HOW CITIZENS PERCEIVE POLICY DECISIONS
type: item
description: This paper examines whether local development policy should be driven by politics or civil engagement, focusing on the citizens’ perspectives on this topic across European countries. It examines the factors influencing citizens’ attitudes towards the role of politics and citizen engagement in local governance, with the goal of determining whether increased citizen involvement can lead to a more balanced approach between local politicians and the public. Analysis was performed on survey data collected from local government networks in 15 European countries. Results showed that higher decentralization is associated with more positive views on the influence of politics in local development. However, those who see local elections and political influence as crucial support limiting citizen involvement in policymaking. They believe economic policies should be decided by local councils and political representatives rather than public opinion. The novel research approach from the perspectives of citizens involved in local networks across Europe offers valuable insights into the political influence and citizen participation in decision-making related to regional development
subject: Articles for regulat issue
  topic: section
subject: Citizens attitudes
  topic: keywords
subject: Local government networks
  topic: keywords
subject: Local governance
  topic: keywords
subject: Perceptions
  topic: keywords
subject: Political influence
  topic: keywords
subject: Europe
  topic: keywords
creator: Sunčana Slijepčević
creator: Bruno Škrinjarić
creator: Jelena Budak
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 91
ending page: 114

Urban Wealth Scaling in Korea
type: item
description: Previous cross-sectional investigations into urban scaling concerning regional GDP show that the scaling exponents closely align with the superlinear scaling value of 1.15. Analyzing the OECD 2016 data, this research reveals a comparable outcome, except for Korea, where a value below 1.0 is identified. Through the utilization of panel data from Korea, our empirical findings show sublinear scaling values. It appears evident that the Korean scenario contradicts the superlinear scaling principle in urban systems. Various explanations are discussed.
subject: Articles for regulat issue
  topic: section
subject: Urban Scaling
  topic: keywords
subject: Panel Data
  topic: keywords
subject: South Korea
  topic: keywords
creator: SANGHOON LEE
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 25
ending page: 43

DOUBLE MATERIALITY AS A KEY CONCEPT IN SUSTAINABILITY REPORTS
type: item
description: Double materiality was implemented by Directive 2022/2464, and the Sustainability Reporting Standards became the basis for disclosing sustainability information. Companies must present double materiality (impact materiality and financial materiality) in their annual report, starting in 2024. As double materiality is a key concept, this study explores (i) the literature review and (ii) the perception of entrepreneurs of ESG aspects in a balanced business model in Croatia. 210 Croatian entrepreneurs responded to an online survey. The hypothesis: A balanced business model contributes to satisfactory financial performance when incorporating environmental measures in line with double materiality, significantly influencing the implementation of ESG aspects in business operations, according to the Croatian entrepreneurs’ opinion, is confirmed. The business model must incorporate ESG aspects that balance environmental consideration with business financial performance. The balanced business model must meet the needs of all stakeholders. The main limitation is the small sample size of respondents and country limited research. The paper contributes to understanding the concept of double materiality through a literature review and empirical research on how double materiality is applied in the Croatian business context.
subject: Articles for regulat issue
  topic: section
subject: cost-benefit analysis
  topic: keywords
subject: double materiality
  topic: keywords
subject: impact material
  topic: keywords
subject: Sustainable Report
  topic: keywords
subject: financial impact
  topic: keywords
creator: Vlasta Roška
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 1
ending page: 24

ASSESSING POTENTIAL SPILLOVERS FROM ECB MONETARY POLICY MEASURES IN THE NON-EURO AREA COUNTRIES:A BAYESIAN VAR APPROACH
type: item
description: Assessing potential spillovers from monetary policy measures implemented by the European Central Bank has become an important concern in a globalized world. The interest in studying the impact of monetary policies adopted by the ECB on the non-Euro area countries has grown over time, and this crisis caused by the COVID-19 pandemic is a suitable moment to continue the analysis of other authors. The research focuses on the four CEE countries that are European Union members, but not EMU participants - Czech Republic, Hungary, Poland and Romania. The paper sheds light on the impact of the monetary policy implemented by the ECB on the emerging economies from the non-Euro area. The empirical analysis has been carried out on monthly data between 2010 and 2021. The econometric model includes five endogenous variables such as industrial production, inflation rate, real effective exchange rate, unemployment rate and 3-month interest rate, and three exogenous variables including 3-month EURIBOR rate, total assets of the European Central Bank and VSTOXX index. The paper applies a Bayesian VAR model to estimate the spillover effects from the ECB’s monetary policy and to demonstrate the efficiency of the contractionary monetary policy implemented by the national central banks in each country, using a consistent set of endogenous and exogenous variables. To confirm the obtained results in the estimation of the impact of the monetary policy adopted by each national central bank, a Panel VAR model was estimated. Extant results showed that the responses to an exogenous shock from the monetary policy adopted by the ECB are weak and statistically insignificant. This outcome led the analysis to a further estimation of the impact of the monetary policy implemented by the national central banks from each country, in order to make a comparison between the monetary policy of the Eurozone and the monetary policy adopted by the four emerging countries.
subject: Articles for regulat issue
  topic: section
subject: monetary policy
  topic: keywords
subject: European Central Bank
  topic: keywords
subject: non-Euro area
  topic: keywords
subject: Bayesian VAR
  topic: keywords
creator: Alexandra Horobet
creator: Maria Alexandra Dalu
creator: Amir Hasnaoui
creator: Cristina Carmencita Negreanu
creator: Lucian Belascu
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 133
ending page: 156

THE ROLE OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE IN ACHIEVING FIRM SUSTAINABILITY: A BIBLIOMETRIC AND EMPIRICAL ANALYSIS
type: item
description: This study explores research trends in environmental, social and governance (ESG) performance and identifies the effect of ESG performance on firm sustainability. A search of Web of Science using the keywords ‘ESG performance’ and ‘firm sustainability’ identified 879 documents for bibliometric analysis. The analysis revealed a growing interest in researching the effect of integrating ESG into corporate strategies on firm sustainability. Popular key phrases identified include ESG, ESG performance, ESG disclosure, sustainability development, sustainability performance, firm performance and sustainability reporting. Key clusters of related keywords include social, governance, climate change, risk management and green innovation. A survey of 393 manufacturing firm employees in Ho Chi Minh City with knowledge of the role of ESG performance was conducted to test the research model. Among the factors of ESG, social performance had the most substantial effect on sustainability performance (β = 0.367), followed by environmental performance (β = 0.326) and corporate governance performance (β = 0.235). This study provides scholars with a foundation to widen future studies and has practical implications for the application of ESG in business strategies to achieve firm sustainability.
subject: Articles for regulat issue
  topic: section
subject: ESG performance
  topic: keywords
subject: environmental concern
  topic: keywords
subject: Sustainability performance
  topic: keywords
subject: Bibliometric analysis
  topic: keywords
subject: sustainable development
  topic: keywords
creator: Tuan Khanh Vuong
creator: Ha Manh Bui
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 109
ending page: 132

NET LENDING SHOCKS AND INFLATION INSOUTH AFRICA: A SECTORAL ANALYSIS
type: item
description: This study addresses the critical issue of identifying sectoral drivers of inflation in the South African economy, an area with limited empirical research. By examining net lending shocks from the financial, household, and government sectors over an extensive period from Q1 1960 to Q3 2022, the research aims to clarify the mechanisms underlying inflationary dynamics. Utilizing a Vector Error Correction (VEC) model, the findings indicate that net lending shocks from financial corporations have a mitigating effect on inflation, suggesting that increased lending in this sector can support price stability. In contrast, shocks from household and government sectors significantly contribute to inflationary pressures. This disparity highlights the complex interactions between different economic sectors and their distinct impacts on inflation. The results emphasize the need for a coordinated strategy that integrates both fiscal and monetary policies to effectively manage inflation in South Africa. By providing critical insights into how various sectors influence inflation, this study offers valuable insight for policymakers in designing targeted interventions. Overall, this research significantly enhances the understanding of sector-specific influences on inflation, contributing to more effective economic policy formulation in the context of South Africa’s dynamic economic environment.
subject: Articles for regulat issue
  topic: section
subject: Inflation Drivers
  topic: keywords
subject: Net Lending Shocks
  topic: keywords
subject: Monetary and Fiscal Policies
  topic: keywords
creator: Eugene Msizi Buthelezi
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 1
ending page: 40

INVESTIGATING THE NEXUS AMONG FOREIGN CAPITAL, WORKING CHILDREN, AND MULTINATIONAL ENTERPRISES IN TURKEY
type: item
description: The present research is motivated by the eclectic approach and aims to shed light on the locational non-traditional determinants of foreign direct investment inflows. Considering the limited available knowledge on the interaction between foreign capital inflows and a worldwide socioeconomic phenomenon, namely child labor, the research extends an empirical model and examines the significance of location advantages when investing abroad, focusing on Turkey as a recipient country. A time series analysis using secondary annual data over the period 2002-2021 is conducted. Unit root and cointegration tests, as well as autoregressive distributed lag and error correction models, are applied. The results reveal that child labor in Turkey has a statistically insignificant negative impact on foreign capital inflows in both the short and the long-run period, while the reverse causality analysis proves that the impact of FDI inflows on child labor in Turkey is statistically insignificant in the long- and short term. Policy implications and suggestions for future research are discussed.
subject: Articles for regulat issue
  topic: section
subject: Forreign Direct Investment
  topic: keywords
subject: Child labor
  topic: keywords
subject: Multinational Enterprises
  topic: keywords
subject: Turkey
  topic: keywords
subject: Migration Crisis
  topic: keywords
creator: Polyxeni Kechagia
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 113
ending page: 152

EFFECTS OF WEB-BASED MINDFULNESS INTERVENTIONS ON EMPLOYEE WORK STRESS IN THE LIFE INSURANCE INDUSTRY: A NARRATIVE REVIEW
type: item
description: The advent of the digital age in every walk of professional life, cushioned by privatization and globalization, has led to a significant change in working patterns in the service sector. Employees in the life insurance sector are facing an upswing in stress due to stringent norms set by the Insurance Regulatory and Development Authority of India. The strict deadline and targets, alongside technological challenges, are affecting their productivity, mental health, and well-being. Web-based mindfulness interventions are a platform to improve self-care, awareness, compassion, and well-being, and mitigate the chances of distress and burnout. This review aims to identify, critically evaluate, and encapsulate the literature on web-based mindfulness interventions on job stress in the life insurance sector employees. This study narratively reviews the potential effect of online mindfulness on improving the mental health and well-being of employees in the life insurance sector and assesses the extent to which such interventions can help mitigate stress. Future research needs to focus on specific characteristics of web based mindfulness interventions, which can be specifically designed for life insurance employees based on levels of guidance, the types of interventions, and different treatment latitudes.
subject: Articles for regulat issue
  topic: section
subject: Work stress
  topic: keywords
subject: Web-based mindfulness interventions
  topic: keywords
subject: the life insurance sector
  topic: keywords
subject: well-being
  topic: keywords
creator: Tantri Keerthi Dinesh
creator: Ankitha Shetty
creator: Rajashree S Kini
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 61
ending page: 88

THE RELIGIOSITY OF TAXPAYERS AND THE POWER OF TAX AUTHORITIES IN INDONESIAN INDIVIDUAL TAXPAYER COMPLIANCE CONTEXT
type: item
description: This research aims to empirically prove the influence of coercive power, legitimate power, and religiosity on tax compliance. Also, we investigate the influence of tax morale and the impact of tax morale on tax compliance in a sample context that experiences changes in tax regulations. The research sample was 199 taxpayers in Indonesia who were determined using purposive sampling. We show that tax power based on legitimacy effectively increases tax compliance and morale. However, on the contrary, the tax coercive approach reduces tax compliance. The research results also show that high religiosity is a high belief in God, dedication, and religious fervor. Thus, in the Indonesian context, religiosity encourages its followers to increase tax morale and compliance as proof that they comply with government regulations (as ulul amri). We also find that tax morale increases tax compliance. This research implies that Indonesia’s tax authority or government should take policies that can improve their legitimacy power and reduce coercive power approaches to increase tax morale and compliance.
subject: Articles for regulat issue
  topic: section
subject: tax rates
  topic: keywords
subject: tax morale
  topic: keywords
subject: tax compliance
  topic: keywords
subject: religiosity
  topic: keywords
subject: ethics
  topic: keywords
creator: Indah Anisykurlillah
creator: Hasan Mukhibad
creator: Junjung Sugiyat
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 41
ending page: 60

STRUCTURAL ANALYSIS OF NON-LIFE INSURANCE EFFICIENCY IN CROATIA: A DEA APPROACH
type: item
description: The main goal of the research is to analyze the efficiency of non-life insurance in Croatia using the DEA method. The paper focuses on analyzing efficiency by types of non-life insurance to determine efficiencies by insurance types, identify areas for improvement, and optimize the Croatian insurance market. Past research has analyzed the overall efficiency of non-life insurance and the efficiency of individual insurance companies in the Republic of Croatia. This paper focuses on evaluating efficiency by, specific types of insurance within the non-life insurance category. The methodological framework is based on the application of the input-oriented CCR and BCC models, which enable the assessment of relative efficiency. A dynamic analysis was conducted using acquisition costs, administrative costs, and settled claims as input variables, and earned premium as the output variable. The analysis reveals significant variations in efficiency by types of non-life insurance. The BCC model, considering variable returns, consistently provides higher efficiency values compared to the CCR model, highlighting the importance of scale effects in non-life insurance. The comprehensive analysis provides insight into the dynamics of efficiency in the Croatian non-life insurance market. The analysis results show that efficiency levels vary significantly among different types of insurance, with economies of scale significantly impacting efficiency. These research results offer new scientific evidence for optimizing market efficiency and strengthening competitiveness in the Croatian insurance industry. The results contribute to the theoretical understanding of the dynamics of the non-life insurance market and offer new implications for the development of the insurance market.
subject: Articles for regulat issue
  topic: section
subject: DEA
  topic: keywords
subject: acquisition costs
  topic: keywords
subject: administrative costs
  topic: keywords
subject: earned premium
  topic: keywords
subject: non-life insurance
  topic: keywords
subject: insurance market
  topic: keywords
creator: Ticijan Peruško
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 89
ending page: 108

THE DETERMINANTS OF ENVIRONMENTAL ACCOUNTING DISCLOSURE: EVIDENCE FROM JORDANIAN NON-FINANCIAL LISTED COMPANIES IN AMMAN STOCK EXCHANGE
type: item
description: This study investigates the impact of various determinants on corporate environmental accounting disclosure (ED) by reviewing relevant published studies. The paper covers ten years, from January 1, 2012, to December 31, 2021. A variety of determinants have been identified through an extensive review of the pertinent literature. To achieve the research objectives, the study employs a quantitative approach using logistic regression. The sample comprises 74 non-financial companies listed on the Amman Stock Exchange. The findings are expected to inform future policy development and enhance the environmental disclosure process. This study contributes to the existing literature by offering a more disaggregated examination of environmental accounting disclosure practices. Drawing on stakeholder theory, the study analyses annual reports of non-financial companies listed on the Amman Stock Exchange, which constitute the majority of firms engaged in direct interaction with the environment. The results reveal that environmental accounting disclosure is significantly influenced by factors such as industry membership, the presence of environmental certification, and the establishment of a CSR committee. Despite the numerous challenges in assessing ecological disclosure, this study’s findings provide valuable insights for advancing sustainable development and improving CSR reporting across the service and industrial sectors. This research emphasises the importance of adopting a renewed perspective on the underlying factors shaping environmental disclosure and their implications for enhanced transparency in ecological accounting.
subject: Articles for regulat issue
  topic: section
subject: Environmental Disclosure, Environmental Performance, Logit Regression, Amman Stock Exchange, Non-Financial Sector.
  topic: keywords
creator: Haneen Abu Suileek
creator: Hashem Alshurafat
creator: Husam Ananzeh
creator: Hamzeh Al Amosh
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 153
ending page: 181

DOES THE GOVERNMENT FINANCIAL SCHEME PM-KISAN SAMMAN NIDHI INCREASE AGRICULTURAL PRODUCTION AND TAX REVENUE?
type: item
description: Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana is a government initiative that provides financial support to Indian farmers, and this study investigates their impact on agricultural production and how it contributes to tax revenue. The study used secondary data from 21 Indian states from FY 2019-2022 as per availability, collected from the government’s official websites. The results showed that PM-KISAN is positively significant for agricultural production, even with moderate infrastructure, and positively impacts tax revenues. The study suggests that the government should increase the amount according to farmers’ land holdings and adjust it according to inflation. Regional offices and banks should provide information about the scheme to help farmers engage in services and avoid micro corruption. Previous studies have used primary data to investigate the effect of PM-KISAN on farmers’ income, but no studies have examined how it affects agricultural production and tax revenues.
subject: Articles for regulat issue
  topic: section
subject: Indian farmers
  topic: keywords
subject: PM-KISAN
  topic: keywords
subject: Agriculture production
  topic: keywords
subject: Tax revenue
  topic: keywords
subject: Economic development
  topic: keywords
creator: Rahul Singh Gautam
creator: Shailesh Rastogi
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 71
ending page: 89

CONTEMPORARY ISSUES AND TRENDS IN CORPORATE SOCIAL RESPONSIBILITY IN FAMILY FIRMS: A SYSTEMATIC REVIEW OF STUDIES OF PREVIOUS TWO DECADES
type: item
description: Purpose: This study adds a historical yet contemporary perspective to the debate on corporate social responsibility (CSR) in family firms (FF). This study aims to explore the quantitative and qualitative research maps of CSR in FF, as presented in the literature. The authors present a thematic map of CSR in FF research, including stakeholders of CSR in FF, socioeconomic wealth creation by CSR in FF, disclosures and reporting of CSR in FF, and the association between socioemotional wealth in FF and CSR. Design/Methodology: This study uses a systematic literature review to analyze CSR in FF from historical, contemporary, and theoretical perspectives. Bibliometric analysis maps the publication landscape, including citation and keyword analyses of the most popular journals, authors, and countries. Cluster analysis conducted using VOSviewer, mapped with manual content analysis, revealed the thematic clusters of the research field. Findings: The content analysis of the management literature on CSR in FF reveals four primary clusters: (a) CSR in FF stakeholders, (b) socioeconomic wealth creation through CSR in FF, (c) disclosure and reporting of CSR in FF, and (d) socioemotional wealth in FF and CSR. Based on the gaps identified through thematic analysis, we also present future research directions that broadly contemplate “what is” and “what can be” in boosting CSR in FF through strategic incentives and programs. Originality/Value: This study comprehensively and objectively analyses contemporary management literature on CSR in FF from a historical perspective. This study combines bibliometric mapping and content analysis to provide a holistic understanding of CSR research in the FF industry and future research opportunities.
subject: Articles for regulat issue
  topic: section
subject: corporate social responsibility
  topic: keywords
subject: family firms
  topic: keywords
subject: socio-economic wealth
  topic: keywords
subject: socioemotional wealth
  topic: keywords
subject: stakeholders
  topic: keywords
creator: Monika Agarwal
creator: Meghna Chhabra
creator: Himanshu Goel
creator: Mohd Asif Shah
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 55
ending page: 86

Transformation of innovation processes during the COVID-19 pandemic: improvement strategies
type: item
description: The importance of innovation processes of organisations has been confirmed by a wide body of research. Hard times brought about as a result of external environment circumstances force organisations to alter their innovation processes. The purpose of this systematic literature review is to track the transformation of organisations by identifying the key strategies that were adopted by these to shape innovation processes during the COVID-19 pandemic. The review was conducted using keyword (“innovation process*” AND “covid”) searches in four databases: EBSCO host, Emerald, Science Direct and PubMed. A further systematic approach included the selection of articles based on inclusion and exclusion criteria. The relevant literature was based on scientific articles published in highly rated scientific journals. These articles were then analysed using descriptive and thematic analysis. A total of 13 academic peer-reviewed articles were selected from an initial sample of 566 that were published between 2019 and 2022. The analysis of articles led to the proposition of four strategies that shaped the innovation processes in organisations during the COVID-19 pandemic and can help organisations in the future: rethinking, rapid response, collaboration and openness. The review has some practical implications, that can help management and R&D experts eliminate organisational uncertainties.
subject: Articles for regulat issue
  topic: section
subject: COVID-19 pandemic
  topic: keywords
subject: innovation processes
  topic: keywords
subject: improvement strategies
  topic: keywords
subject: rethinking
  topic: keywords
subject: rapid response
  topic: keywords
subject: collaboration
  topic: keywords
subject: openness
  topic: keywords
creator: Severina Marsovna Khamidova
creator: Yanqing Wang
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 249
ending page: 268

Unveiling the impact of ESG Disclosure on Bank Credit Growth: A New Perspective
type: item
description: This study examined the non-linear relationship between environmental, social, and governance disclosure on bank credit growth in the Middle East and North Africa region. It also investigated whether Islamic banks, GCC banks, and oil-exporting variables affected credit growth. A quantile regression analysis of 394 banks from 11 MENA region countries during 2010-2023 found that the relationship between ESG disclosure and credit growth was an inverted U-shape curve at the lowest quantiles. Then, it became U-shaped at the highest quantiles. The same results showed that for the environmental pillar, the link with credit growth was depicted as an inverted U-shape at the lowest quantiles and then became U-shaped at the highest. However, the relationship between the social and governance pillars and credit growth showed negative and positive effects across all quantiles respectively. Moreover, banks in GCC economies and Islamic banks significantly boosted credit growth. The oil-exporting countries significantly negatively impacted credit growth at the 50th and 75th quantiles, and then the link turned positive on credit growth at the highest quantile. Understanding such relationships will assist bank regulators and policymakers when enforcing specific policies to enhance credit growth in the MENA region’s banking sector.
subject: Articles for regulat issue
  topic: section
subject: ESG, credit growth, MENA, non-linear, and oil-exporting countries
  topic: keywords
creator: Aysha Rashed AlHamrani
creator: Atif Awad
creator: Mohamed Albaity
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 269
ending page: 309

Fiscal multiplier and the role of income and wealth inequality
type: item
description: There is a lack of research concerning the influence of economic inequality on the size of fiscal multipliers. To address this, we apply a VAR methodological framework to assess the magnitude of fiscal multipliers for 47 economies, using a new quarterly dataset spanning the period from 1995 to 2021. We then gauge the impact of the battery of income and wealth inequality measures on the size of government consumption multipliers. To ensure the robustness of the results, a yearly panel data sample was also tested. The key findings of our empirical exercise can be outlined as follows. First, the estimated government consumption multipliers exhibit a generally positive trajectory throughout the forecast horizon in approximately 66% of the countries analysed, while in 19% of the sample, they remain largely negative, and in the remaining 15% of cases, they display a mixed pattern, being positive only during certain periods. Second, in 53% of the countries examined, the fiscal multiplier exceeds the threshold of one at least once during the forecast period, suggesting a greater output effect of fiscal expansion in these countries. Third, the more pronounced the income and wealth inequality in a country, the higher the value of the fiscal multiplier. This research outcome supports the proposition that higher economic inequality, especially income inequality, will generate greater government spending effects.
subject: Articles for regulat issue
  topic: section
subject: fiscal policy
  topic: keywords
subject: fiscal multiplier
  topic: keywords
subject: economic inequality
  topic: keywords
subject: panel VAR
  topic: keywords
creator: Marko Senekovič
creator: Jani Bekő
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 217
ending page: 248

Does Bank Profitability Matter for Firm Productivity? -- Evidence from China
type: item
description: The role of financial development has garnered significant attention. However, the pro-cyclicality of financial development has emerged as a contentious issue, especially in the aftermath of the financial crisis. The micro-level impact of bank profitability on economic growth remains a topic of ongoing debate with inconclusive evidence. This study investigates the impact of bank profitability on firm productivity using a panel dataset comprising 131,021 firm-year observations, derived from microdata of industrial firms and banks. Our findings suggest that bank profitability diminishes the total factor productivity of firms by encouraging financialization, which in turn displaces productive investment, and attracts high-quality labor from firms to the banking sector. These consequences are particularly evident in firms located in central and eastern regions, as well as in foreign and private firms. Additionally, the impact is more pronounced in state-owned banks and large-scale banks, whereas hightechnology firms and state-owned firms appear to be less affected. These findings emphasize the potential detrimental implications of excessive bank profitability on firm productivity, shedding light on crucial factors related to financialization, investment, and labor distribution. Policymakers are urged to meticulously assess these repercussions to achieve equilibrium between the financial sector and the real economy, thereby fostering sustainable economic growth.
subject: Articles for regulat issue
  topic: section
subject: bank profitability; total factor productivity; corporate financialization; high-quality labor
  topic: keywords
creator: Danning Lu
creator: Jing Yang
creator: Jianxun Shi
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 167
ending page: 215

DOES A RELATIONSHIP BETWEEN TAXPAYERS’ PERSONAL TAX CULTURE, SELF-TRANSCENDENCE, AND OPENNESS TO CHANGE EXIST?
type: item
description: In the pursuit of constructing a highly ethical taxpayer profile to achieve a more sustainable tax system, universal values, as per Schwartz’s bipolar model, and taxpayers’ personal tax culture have been studied independently, rather than in relation to each other. This research addresses this gap by exploring the relationship between self-transcendence, openness to change values, and taxpayers’ personal tax culture. Slovenian employed taxpayers (N=202) were examined during the second half of 2018, using exploratory factor analysis and correlation analysis. The results reveal a positive relationship between self-transcendence values (universalism, benevolence) and taxpayers’ personal tax culture, while no relationship was found between openness to change values (stimulation, self-direction, hedonism) and taxpayers’ personal tax culture. The findings can be beneficial to tax authorities, as they highlight the importance of strengthening self-transcendence values among taxpayers to positively influence their personal tax culture. Where the relationship has not been confirmed (openness to change values), tax authorities should implement communication strategies and tools to build trust with taxpayers, while ensuring their individual freedom, in order to achieve a sustainable tax system.
subject: Articles for regulat issue
  topic: section
subject: taxpayers
  topic: keywords
subject: openness to change
  topic: keywords
subject: self-transcendence
  topic: keywords
subject: personal culture
  topic: keywords
subject: Schwartz value theory
  topic: keywords
subject: Slovenia
  topic: keywords
creator: LIDIJA HAUPTMAN
creator: Aleksandra Hlastec
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 45
ending page: 69

The Dynamic Spillover Effect of BRICS Countries’ Monetary Policies on RMB Exchange Rate and China's Trade Balance
type: item
description: Using the Time Varying Parameter-Stochastic Volatility-Vector Autoregression (TVP-SV-VAR) model within a Bayesian inference framework, this study examines the spillover effects of BRICS economies' monetary policies on the Renminbi (RMB) exchange rates and China's trade balance from November 2006 to December 2022. The spillover effects are categorized into interest rate effects and monetary effects. The empirical findings reveal that, through the interest rate effect channel, the monetary policies of BRICS countries exert a detrimental spillover effect on the RMB exchange rate, while initially benefiting but ultimately harming China's trade balance in the short and long term, respectively. Conversely, under the monetary effect channel, these policies adversely impact the RMB exchange rate but beneficially influence China's trade balance. Consequently, it is imperative to develop a robust early warning system for economic policy indicators in emerging economies such as BRICS, enhance policy cooperation among BRICS nations, and foster coordinated advancement of international trade and cross-border capital flows within the BRICS consortium.
subject: Articles for regulat issue
  topic: section
subject: BRICS countries
  topic: keywords
subject: monetary policy
  topic: keywords
subject: spillover effects
  topic: keywords
subject: digital economy
  topic: keywords
creator: Li Zheng
creator: Yu Zhou
creator: Lei Xiao
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 147
ending page: 166

Exploring Thai Airports Users’ Expectations and Perceptions Based on Service Quality Indicators Using Classification and Regression Tree Approaches
type: item
description: Objective: The primary objective of this research is to develop a model that can identify the significance of variables impacting the expectations and perceptions of service users at Thai airports. This investigation specifically focuses on the indicators of service quality. Methodology: The Classification and Regression Trees (CART) method. Two distinct models were constructed: (1) a model analyzing airport user expectations, and (2) a model assessing the perceived service quality by airport users. The target variable for both models was airport passenger satisfaction. Findings: The analysis of the airport service user expectation model unveiled that the most crucial factor impacting customer satisfaction is the adequacy of parking spaces. Conversely, the perception model demonstrated that customer satisfaction is primarily influenced by the politeness and assistance provided by airport inspectors. Conclusion: The results derived from this study can provide valuable insights to airport regulators, aiding their comprehension of user requirements in terms of both expectations and perceptions. By understanding these needs, airport authorities can work towards satisfying them effectively. Implications: The findings of this research have several implications for airport authorities. They can utilize the guidelines and recommendations proposed in this study to enhance airport facilities and processes, ultimately improving passenger satisfaction.
subject: Articles for regulat issue
  topic: section
subject: Thai Airports
  topic: keywords
subject: Service Indicators
  topic: keywords
subject: Decision Tree
  topic: keywords
subject: Variables Importance
  topic: keywords
subject: Strategic Management
  topic: keywords
creator: Thanapong Champahom
creator: Naphak Chaimuang
creator: Natcha Limpasirisuwan
creator: Thitinan Pholsook
creator: Dissakoon Chonsalasin
creator: Sajjakaj Jomnonkwao
creator: Vatanavongs Ratanavaraha
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 121
ending page: 145

CAN SOCIAL INNOVATION STRENGTHEN RURAL BANK INDONESIA’S ORGANIZATIONAL CULTURE IN IMPROVING FINANCIAL SUSTAINABILITY?
type: item
description: Rural banks in Indonesia are under increasing pressure to sustain their financial performance as competition intensifies from commercial banks, cooperatives, and rapidly expanding financial technology (fintech) firms. These competitive dynamics not only affect profitability but also constrain rural banks’ ability to continue supporting micro, small, and medium enterprises (MSMEs), which play a crucial role in local economic development. Although prior research on banking sustainability has largely focused on financial indicators, limited attention has been given to the combined role of intangible internal resources and collaborative strategies in supporting longterm financial sustainability. Grounded in the Resource-Based View (RBV) and social innovation theory, this study seeks to examine the influence of organizational culture as an intangible resource on financial sustainability and to assess the moderating role of social innovation in strengthening this relationship. Using a quantitative research design, data were collected from 131 rural banks in Bali, Indonesia, and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that organizational culture has a significant positive effect on financial sustainability. Moreover, social innovation reinforces this relationship by enhancing the effectiveness of organizational culture in achieving sustainable financial outcomes. These results suggest that rural banks can improve their financial sustainability by integrating strong internal cultural foundations with externally oriented social innovation practices, particularly through collaboration and strategic partnerships. This study contributes to the extension of the Resource-Based View by demonstrating that social innovation serves as a complementary strategic resource that amplifies the value of organizational culture in fostering financial sustainability. The findings provide practical insights for policymakers and banking …
subject: Articles for regulat issue
  topic: section
subject: Financial Sustainability
  topic: keywords
subject: Organizational Culture
  topic: keywords
subject: Social Innovation
  topic: keywords
subject: Rural Banks
  topic: keywords
subject: Collaboration
  topic: keywords
subject: Indonesia
  topic: keywords
creator: Ketut Tanti Kustina
creator: I Gusti Bagus Wiksuana
creator: Ni Luh Wiagustini
creator: Henny Rahyuda
rights: Copyright (c) 2026 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-03
publication date: 2026-04-03
starting page: 25
ending page: 54

The Impact of Crude oil Price Shocks on Spain's Macroeconomic and Stock Market Performance: A Long-Term Perspective
type: item
description: Using standard GARCH-type, Markov Switching GARCH-type, and autoregressive distributed lag (ARDL) models, this study employs quarterly dataset from 1995 to 2023 to investigate the volatility shifts of macroeconomic variables, incorporating crude oil prices in Spain. The empirical results of the study clearly confirm that MSGARCH- type models extend beyond the capabilities of standard GARCH-type models, providing enhanced flexibility in modeling the volatility process. The estimated MSGARCH- type models effectively identify breakpoints in all macroeconomic variables volatilities, specifically during significant events such as the global financial crisis (GFC) in 2008, the European debt crisis in 2011, and the Covid-19 pandemic of 2020, Russia-Ukraine War in 2022. In addition, our results indicate that high crude oil price shocks during the global events are important drivers of uncertainty. There is strong evidence that the effects of crude oil price shocks on macroeconomic uncertainty are highly dependent on the prevailing regime. These impacts vary based on investor sentiment and the level of perceived volatility within financial markets. The responses of economic uncertainty to crude oil shocks appear to experience a dramatic change in the major global events, such as the post-global financial crisis (GFC), COVID-19 pandemic, and the Russia-Ukrainian war
subject: Articles for regulat issue
  topic: section
subject: GARCH-type models
  topic: keywords
subject: MS-GARCH models
  topic: keywords
subject: macroeconomic variables
  topic: keywords
subject: crude oil price fluctuation
  topic: keywords
subject: ADRL model
  topic: keywords
creator: Jassim Aladwani
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 71
ending page: 119

Social violence and the impacts on the education in migrant households
type: item
description: This article discusses the relationship between migration and education in the context of social violence. Migration stimulates development and alleviates poverty by providing money for household human capital investments in the migrant's home country; however, in the context of social violence, the positive effects of migration may be offset or disappear entirely. Using unique data from Santiago de Cali, with one of the highest homicide rates worldwide, we find that living in a migrant household increases the probability of reaching non-compulsory levels of education and completing high school. However, exposure to social violence can mitigate the positive impact of migration on education for children in unsafe and violent neighbourhoods.
subject: Articles for regulat issue
  topic: section
subject: Educational Attainment
  topic: keywords
subject: Human Capital
  topic: keywords
subject: Migration
  topic: keywords
subject: Social Violence
  topic: keywords
creator: Andres Cuadros-Menaca
creator: Jhon James Mora Rodriguez
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 45
ending page: 69

‘Mixing apples and oranges’: Note on a bewildering application of Euler's theorem to the s-shaped total product and related curves
type: item
description: In this research note, the Sigmoid-shaped total product (TP) curve and some extended versions (previously known as the symmetry) of the three stages of production are taken as subjects for critical discussion. We make the following arguments: (1) The extended version, which plots all four of APL, MPL, APK and MPK as inverted U-shaped curves on the same coordinate plane utilizing Euler’s theorem to narrate and prove that the four curves can generate perfectly symmetric three stages, constitutes not only illogical drawing but also may involve improper reasoning that transgresses the boundary between disjoint sets. (2) When Euler’s theorem is applied precisely to some of its accredited objects of TP curves, of which the Cobb-Douglas function often serves as the standard representation, the distinction among the alleged simple three stages of production would be inherently nonexistent in the first instance, thus dissolving the extended three-stage version accordingly. (3) If our potentially unprecedented theoretical elaboration and deduction in the penultimate section are validated and accepted, it appears there is no possibility for another proposed extended version, of which K/L has been directly assigned as an argument, to bear fruit in the end.
subject: Articles for regulat issue
  topic: section
subject: Sigmoid-shaped total product curve;
  topic: keywords
subject: inverted U-shaped AP and MP curves;
  topic: keywords
subject: three stages of production;
  topic: keywords
subject: law of variable proportions;
  topic: keywords
subject: Euler’s theorem for homogeneous functions.
  topic: keywords
creator: Feng-jung Shih
creator: Che-tsung Tung
creator: Fu-kuei Kao
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 23
ending page: 44

The use of public sector reports by public managers - some early evidence from Croatia
type: item
description: This paper analyses the use of prescribed financial reports and budget execution reports from internal users’ point of view. Internal users such as public managers are often faced with dual reporting systems, reporting on budgets and reporting using financial reports. In previous research different factors have been found to affect the use of reports in public sector. Some authors called for more research in the context of public sector and the investigation of public sector reports use drivers. This paper attempts to answer the call to fill this gap by investigating if factors such as user’s current position and personal characteristics are associated with the use of financial reports with or in preference to budget execution reports. Public managers in Croatia were contacted from February to April 2022 and surveyed. Findings in this paper show that public managers often use reports that provide information about financial performance rather than the balance sheet and that their preference is to use reports mostly prepared on cash basis. In addition, public managers prefer to use budget execution reports rather than financial reports. These results also show that some managers’ personal characteristics are associated with the use of public sector reports. As public sector managers are important internal users of financial reports, it is important to understand if and how they use financial reports. Understanding what the key drivers and influences are in their use of such reports and whether some further changes are required are equally important to standards setters.
subject: Articles for regulat issue
  topic: section
subject: financial reports
  topic: keywords
subject: budget execution reports
  topic: keywords
subject: use of reports
  topic: keywords
subject: public managers
  topic: keywords
subject: personal characteristics
  topic: keywords
subject: questionnaire
  topic: keywords
creator: Ivana Barbieri
creator: Nives Botica Redmayne
creator: Vesna Vašiček
rights: Copyright (c) 2025 Economic research - Ekonomska istraživanja https://creativecommons.org/licenses/by-nc/4.0
date: 2025-07-11
publication date: 2025-07-11
starting page: 1
ending page: 22