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In emerging tourism scholarship around COVID-19 one of the major clusters of research surrounds issues of adaptation. Tourism businesses are compelled to adapt to shifts in consumer demand as well as government regulatory changes. The objective in this paper is to investigate the responses and adaptations to the impacts of COVID-19 of tourism businesses in South Africa’s most tourism-dependent locality. The research reports on 20 qualitative interviews undertaken with a cross-section of tourism enterprises in Bela-Bela Local Municipality, Limpopo province, which is overwhelmingly oriented towards the market of domestic tourism. Major results are local businesses are financially negatively impacted by the subdued nature of domestic leisure travel together with the near total collapse of business travel as well as the imperative to conform to new COVID-19 safety and health protocols. Adaptive responses have included downsizing of businesses, including worker retrenchments, pricecutting, limited initiatives towards product diversification, energetic social media marketing and repurposing of properties. Key challenges for Bela-Bela tourism enterprises relate to immediate financial issues and most especially in the context that minimal support has been provided by national government to assist their business survival. Future business prospects are not viewed favourably such that business closures and a hollowing out of the tourism enterprise base accompanying job losses in tourism appear inevitable.

Management of the business-government relationship is critical for firm performance in regulated industries. In this paper, we predict a U-shaped relationship between product complexity and the time to approval by the US Food and Drug Administration (FDA). Moreover, we argue that this association is contingent on the types of strategic alliances (i.e., R&D alliance, Marketing alliance) of the focal firm in that those alliances help FDA and pharmaceutical companies achieve harmony. Using the approved drugs by FDA from 1999 to 2016 as the sample, our hypotheses are supported by the empirical analysis on US pharmaceutical firms. The findings have important implications to achieving harmony between pharmaceutical firms and regulatory agencies.

IoT (Internet of Things) is a concept that defines a world in which all objects are connected to each other via the Internet. The ability of smart devices to connect, communicate and transfer data has enabled the innovation and development of various solutions for industry, business organizations and final consumers. In this article, we have chosen to discuss the solutions related to smart homes. Thus, our paper presents, in the first part, the conceptual delimitations regarding IoT, areas of application, and characteristics of the solutions dedicated to smart homes, showing that adoption of IoT-based smart home solutions has been too little addressed in the literature. Most of the work in the field insists on the technical aspects and only subsidiarily deals with the issues regarding the level of understanding of the IoT smart home concept by potential or actual users and the degree of adoption and use of these solutions. In order to cover these gaps identified in the literature, we presented, in the second part of the paper, the methodology and results of an exploratory research, conducted on a sample of 471 persons, which allowed us to identify the socio-demographic characteristics of the respondents (users of IoT solutions), level of understanding the IoT concept, degree of the adoption and, also, the associated benefits and challenges, from the perspective of the Romanian users. We also developed a binary logistic regression model, for in-depth analysis of the results and for correlating the findings of our research with those of other studies

The Internet of Things (IoT) has gained particular attention, both from academia and from companies and industries, as a result of its characteristics and the opportunities that this technology generates for end-users and for the business environment. Thus, the creation of this network that connects the objects around us allowed optimization and improvement of activities in various fields. The adaptation and deployment of IoT in wearable smart devices has created an important market, due to the popularity, the functionality and the use of these devices in various professional and everyday activities. The purpose of this paper was to examine the adoption of wearable technology in the broader context of the development of innovations and technologies in the field of IoT. A new theoretical model based on Technology Acceptance Model (TAM) was developed and tested to identifying the relations between factors influencing the attitude towards use and the intention to use of wearable devices. A survey carried out on Romanian students provided the necessary data to test the model. The results of Structural Equation Modelling (SEM), based on the Partial Least Squares (PLS) method, led to the acceptance of eight out of the nine issued hypotheses, indicating that the three exogenous variables (perceived usefulness, perceived enjoyment and visual attractiveness of wearable devices) have a significant positive influence (with one exception) on endogenous variables (intention to use and attitude towards the use of wearable devices)

Business model innovation is a key success factor for IT companies competing in technologically uncertain environments. Despite the need of IoT solution developers to renew their business models to effectively create value for customers and capture value for the company, the strategic factors of business model innovation for IoT solutions have remained under-researched so far. The paper addresses this knowledge gap by exploring the strategic factors of business model innovation and its results from the perspective of RBV (Resource-Based View) theory. The theoretical foundation of this research is based on the literature of the business model innovation and the strategic marketing literature. In the empirical exploration of the strategic factors of the business model innovation, we adopted a qualitative research strategy having as methodological basis Grounded theory. More precisely, we conducted 12 semi-structured interviews with top managers at IT companies operating in Romania that have successfully developed IoT solutions. Proactive market orientation, technology orientation, entrepreneurial orientation, and adaptive marketing capabilities have been identified as strategic factors of business model innovation for IoT solutions, while competitive advantage and customer satisfaction as the main expected outcomes

The use of Internet of Things devices (IoT) by individuals in their homes has led to new opportunities for companies, to adapt their products, services and offers, based on the user profile. At the same time, these new services involve the reinterpretation of existing requirements regarding data protection, especially in terms of the ethics of using data and the security of personal data. The paper analyses in the scientific literature the intrusiveness generated by aggregations of personal data, the responsibility for data protection and user's perception of these issues. It presents further the results of a quantitative research on 183 respondents of all genders and working in different sectors of activity, with the aim of assessing the perception of intrusiveness and data protection in the use of their smart devices, with potential for IoT home interconnection. The results provide a new perspective on how smart device users relate to key issues from European data protection legislation. The study shows that there are differences explained by gender, age and parental status in the perception of intrusiveness and responsibilities for ensuring the security of aggregated data through IoT solutions. The results also show that accessing certain types of data is perceived as being more intrusive than others, and that respondents rely on other users' reviews to learn how data protection is provided through the IoT device.

The purpose of this paper is to compare the accuracy of the three types of models: Autoregressive Integrated Moving Average (ARIMA) models, Holt-Winters models and Neural Network Auto-Regressive (NNAR) models in forcasting the Harmonized Index of Consumer Prices (HICP) for the countries of European Union and the Western Balkans (Montenegro, Serbia and Northern Macedonia). The models are compared based on the values of ME, RMSE, MAE, MPE, MAPE, MASE and Theil's U for the out-of-sample forecast. The key finding of this paper is that NNAR models give the most accurate forecast for the Western Balkans countries while ARIMA model gives the most accurate forecast of twelve-month inflation in EU countries. The Holt-Winters (additive and multiplicative) method proved to be the second best method in case of both group of countries. The obtained results correspond to the fact that the European Union has been implementing a policy of strict inflation targeting for a long time, so the ARIMA models give the most accurate forecast of inflation future values. In the countries of the Western Balkans the targeting policy is not implemented in the same way and the NNAR models are better for inflation forecasting

This paper aims at investigating the resource-seeking internationalization process of an international nongovernmental organization (INGO) from the process point of view. INGOs have received scant attention in the international business literature, despite their relevance in almost every aspect of aid and development and as actors of global governance. The research question addresses the issue of whether or not INGOs can follow a path similar to business firms in their internationalization process. The study departs from two different theoretical perspectives — the Uppsala model and the born global perspective — to study the case of the NGO Médecins Sans Frontières (Doctors Without Borders), an international, private, nonprofit, member-based organization. We identify three stages in the resource-seeking internationalization process of the NGO, which present similarities with that of business organizations. The study contributes to the IB literature by revealing key aspects of the internationalization trajectory of an NGO to raise funds and recruit volunteers in advanced and emerging economies with the purpose of employing these resources to support its emergency assistance activities in less developed countries, and to the literature on INGOs in exploring the issue of resource-seeking internationalization.

The spread of COVID-19 has caused severe damage to human lives and the global economy. The stock markets around the world have plummeted to their lowest levels since the 2008 Global Financial Crisis. This paper attempts to examine the joint dynamics of gold and stock market returns during unprecedented times of health and financial shock due to COVID-19 between January 2020 and May 2020 using granger test, ARMA model, and symmetric and asymmetric GARCH models to improve the understanding of the microstructure of investment scenario in India. The period considered in the study helps to evaluate the impact of lockdown due to coronavirus on Gold and Nifty index return. Results based on GARCH and E-GARCH models indicate a significant negative impact of gold on nifty returns during the sample period. The results also indicate investors' perception of gold as a safe-haven asset during periods of elevated uncertainty. Thus, the study is expected to enhance the understanding of market asymmetry, the behavior of investors towards these avenues of investments, and information processing.

Purpose – This study investigates the impact of board independence on firm risk of Vietnamese listed firms and the moderating effect of capital expenditure on this relationship. Design/methodology/approach – This paper applies fixed effects and dynamic generalized method of moments (GMM) models to examine hypothesized associations between the proportion of nonexecutive directors and stock return volatility, as well as the moderating effect of capital expenditure. The robustness tests are implemented by applying alternative measures of overinvestment and firm risk. Findings – The results show that the presence of nonexecutive directors on board increases firm risk. However, the combination of nonexecutive ratio and capital expenditure ratio has a significant negative impact on firm risk. The result is also confirmed by the difference between the monitoring role of nonexecutive directors in overinvesting and underinvesting firms. Research limitations/implications – The results imply that Vietnamese listed firms take stock return volatility into consideration before nominating and appointing nonexecutive directors into their board, especially in overinvesting firms. From another perspective, the shift toward having a majority of nonexecutive directors on boards can play a significant role in pursuing a stable or risky business strategy. Originality/value – This paper investigates the influences of nonexecutive directors on firm risk in the context of Vietnam.

Purpose – As the world grapples with the pervasive effects of the coronavirus pandemic, a notable disconnect has emerged in the public's understanding of scientific and medical research. Particularly, the travel industry has become unquestionably vulnerable amid the COVID-19 outbreak; this pandemic has interrupted the industry's operations with devastating economic consequences. This paper aims to highlight the importance of deconstructing barriers between medical science and public awareness related to COVID-19, taking tourism as a case in point. It also discusses the role of interdisciplinary research in facilitating the tourism and hospitality industry's recovery and alleviating tourists' uncertainties in the wake of COVID-19. Design/methodology/approach – This paper offers a synthesis of news coverage from several media outlets, framed within the literature on knowledge transformation across disciplines. This framing focuses on the medical sciences (e.g. public health) and social sciences (e.g. tourism management) to identify gaps between medical scientific knowledge and public awareness in the context of COVID-19. The authors' experience in public health and tourism management further demonstrates a missing link between academic research and the information made available in public health and everyday settings. A potential research agenda is proposed accordingly. Findings – This paper summarizes how salient issues related to knowledge transfer can become intensified during a global pandemic, such as medical research not being communicated in plain language, which leads some citizens to feel apathetic about findings. Reporting on the prevalence and anticipated consequences of disease outbreaks can hence be difficult, especially early in the development of diseases such as COVID-19. Research limitations/implications – By assuming a cross-disciplinary perspective on medical/health and social science research, this paper encourages academic and practical collaboration to bring medical research to the masses. This paper also outlines several research directions to promote public health, safety and sustainability through tourism. Practical implications – This paper highlights that it is essential for medical knowledge to be disseminated in a manner that promotes public understanding. The tourism and hospitality industry can benefit from an essential understanding of medical findings, particularly during this pandemic. Without a firm grasp on COVID-19's origins and treatment, the tourism and hospitality industry will likely struggle to recover from this catastrophe. Social implications – Taking COVID-19 as a case in point, this study advocates leveraging the strengths of disparate domains to bring medical findings to a wider audience and showcase cutting-edge developments for the greater good. This study also emphasizes the importance of engaging the general public in reputable scientific research findings to increase public awareness in a professional and accurate manner. Originality/value – This paper presents a unique and critical discussion of the gap between medical science knowledge and public awareness, as well as its implications for tourism and hospitality recovery after COVID-19, with a focus on applying medical scientific knowledge to post-pandemic industry recovery. 研究目的 – 當全球正與冠狀病毒流行病所帶來的廣泛影響抗衡之際，公眾對科學和醫學研究的理解卻出現了一個令人關注的脫節現象。在2019冠狀病毒病爆發期間，旅遊業無疑格外受到影響。這流行病中斷了旅遊業的運作，給業界帶來毀滅性的經濟影響。本文旨在以旅遊業為一個適時的例子、強調我們必須剖析與2019冠狀病毒病相關的醫學與公共意識之間的障礙。本文亦討論跨學科研究對促進2019冠狀病毒病疫情後旅遊及酒店業的復甦、及減低旅客的不確定性所扮演的角色。 研究設計/方法/理念 – 本文提供一個來自數個媒體管道的新聞報導的綜合論述，而這論述是在與跨學科知識轉化相關的文獻領域內陳述而成的。論述的重點放在醫學科學(例如公共衛生) 和社會科學(例如觀光管理) 上，目的是確定在2019冠狀病毒病的背景下、醫學知識與公共意識之間的差距。作者們在公共衛生及觀光管理方面的經歷進一步顯示學術研究、與公共衛生和日常環境上的公開資訊之間缺乏銜接，本文就此提出一個研究議程。 研究結果 – 本文總結與知識轉化相關的顯著問題如何會在全球流行病爆發期間變得更嚴重。譬如、醫學研究的資訊會因沒有以通俗語言來傳遞而令有些國民對其研究結果漠不關心。因此，關於疾病的傳播和爆發所預期的影響的信息是難於廣傳的，特別是在像2019冠狀病毒病等疾病形成的初期。 原創性 – 本文就醫學知識與公共意識之間的差距作出了一個獨特、有批判性的討論，亦論述這差距對2019冠狀病毒病疫情過後旅遊及酒店業復甦的意義。討論的焦點放在如何應用醫學知識在疫情後幫助產業復甦上。 研究的局限/含意 – 作者們採用涵蓋醫學/衛生和社會科學研究的跨學科角度，鼓勵學者與從事實務人員相互合作、以便把醫學研究帶給廣泛的民眾。本文亦概述多個研究方向，透過旅遊業來推動公共衛生、公眾安全及可持續性。 實際意義 – 本文強調醫學知識必須透過能提高公共意識的方式來傳遞。旅遊及酒店業會因我們對醫學研究結果擁有必要的認識而受惠，尤其是在這流行病蔓延的期間。若我們對2019冠狀病毒病的病源和療法沒有確切的了解，則旅遊及酒店業將難從這災難中恢復過來。 對社會的意義 – 本研究利用2019冠狀病毒病這個適時的例子，來提倡借助各個不同領域的優點，為了謀求公眾的利益、把醫學的研究結果帶給更多民眾、及傳達醫療最新發展的信息。本研究亦強調以專業、精準的方法，引起公眾對可信賴的科學研究結果產生興趣，從而提高公共意識至為重要。

Purpose – In a context where retail stores are closing down and high streets are declining, the purpose of this paper is to analyse on-site shopping by tourists. This work identifies the drivers that lead tourists to use digital information sources at the beginning of the shopping process. Understanding these drivers can help destination managers and retailers encourage tourists to shop. Design/methodology/approach – A personal survey was conducted in a Spanish city noted for its shopping facilities (Logroño), using a sample of 430 tourists with purchase intention. The survey was designed based on the extended unified theory of acceptance and use of technology (UTAUT2) model. A multivariate analysis, based on structural equation modelling, was carried out using partial least squares (PLS), based on variance. Findings – The study’s finding is that performance expectancy, effort expectancy, social influence, facilitating conditions and habit influence intention to use digital sources of information to make purchases in a destination. Tourists prioritise utilitarian over hedonic motivations in the intention to use digital sources of information in tourist shopping. Originality/value – It has been recognised that tourists are the perfect target to revitalise on-site shopping and, therefore, destinations must provide attractive shopping experiences from the outset. Prior to purchase, the search for available information is the first stage of the tourist shopping journey. Although many studies have analysed tourist shopping behaviour, none have focused, using the UTAUT2, on the digital information sources tourists consult pre-purchase. This research develops understanding of tourist shopping behaviour in this new technological context. This can help retailers/destinations provide better services and optimise the shopper's experience from the first stage of the process. 研究目的 – 零售商店陸續倒閉，商業街的經營業務逐漸式微；本文旨在分析遊客在這背景下的現場購物活動。本文擬確定遊客在購物過程的初期驅使他們使用數位資訊來源的誘因；了解這些誘因，將有助目的地管理經理和零售商推動遊客購物活動。 研究設計/方法/理念 – 研究人員在一個以購物設施馳名的西班牙城市(洛格羅尼奧) 進行個人調查，樣本為430名有意購物的遊客。調查是以整合性科技接受使用理論的延伸模型(UTAUT2)為基礎而設計的。研究人員使用以方差為基礎的偏最小平方，來進行以結構方程模型為基礎的多變數分析。 研究結果 – 績效期望、付出期望、社群影響、促成條件和習慣均影響遊客為目的地購物而使用數位資訊來源的意慾。而就這意慾而言，功利動機在優先次序上比享樂動機佔更高的位置。 原創性/價值 – 我們承認，要使現場購物得以復甦，遊客是最適當的目標。因此，旅遊目的地必須從一開始就要給遊客提供愉快的購物體驗。遊客購物前、尋找有關的購物資訊便是這個旅遊購物旅程的第一個階段。分析遊客購物行為的研究為數不少，唯使用第2代整合型科技接受理論(UTAUT2) 、重點探討遊客購物前使用數位資訊來源來尋找資訊的研究則從未見過。本研究讓我們更深入了解遊客在這個新技術背景下的購物行為，這有助零售商/目的地經營者為遊客提供更佳的服務、及優化遊客從購物過程首階段開始的購物體驗。

Purpose – This study examines the inter-linkages between Bitcoin prices and CEE stock markets (Hungary, the Czech Republic, Poland, Romania and Croatia). Design/methodology/approach – The dynamic contemporaneous nexus has been analyzed using both the multivariate DECO-GARCH model proposed by Engle and Kelly (2012) and quantile on quantile (QQ) methodology proposed by Sim and Zhou (2015). Our study is implemented using the daily data spanning from 6 September 2012 to 12 August 2019. Findings – First, the findings show that the average return equicorrelation across Bitcoin prices and CEE stock indices are positive, even though it is found to be time-varying over the research period shown. Second, the Bitcoin-CEE stock market association has positive signs for most pairs of quantiles of both variables and represents a rather similar pattern for the cases of Poland, the Czech Republic and Croatia. However, a weaker and primarily negative connectedness is found for Hungary and Romania, respectively. Furthermore, the interconnectedness between the co-movements in the Bitcoin market and stock returns changes significantly across quantiles of both variables within each nation, indicating that the Bitcoin-stock market relationship is dependent on both the cycle of the stock market and the nature of Bitcoin price shocks. Practical implications – The evidence documented in this study has significant implications for divergent economic agents, including global investors, risk managers and policymakers, who would benefit from a comprehensive knowledge of the Bitcoin-stock market relationship to build efficient risk-hedging models and to conduct appropriate policy reactions to information spillover effects in different time horizons. Originality/value – This paper is the first study employing both the multivariate DECO-GARCH model and QQ methodology to shed light on the nexus between Bitcoin prices and the stock markets in CEE countries. The DECO model uses more information to compute dynamic correlations between each pair of returns than standard dynamic conditional correlation (DCC) models, declining the estimation noise of the correlations. Besides, QQ approach allows us to capture some nuanced features of the Bitcoin-stock market relationship and explore the interdependence in its entirely. Therefore, the main contribution of this article to the related literature in this field is significant. 研究目的 – 本研究旨在探討比特幣的價格與中東歐股市(匈牙利、捷克共和國、波蘭、羅馬尼亞和克羅地亞) 之相互聯繫. 研究設計/方法/理念 – 研究使用恩格爾與凱利(2012)(Engle and Kelly (2012)) 提出的多變量DECO-GARCH模型及Sim 與Zhou(2015)(Sim and Zhou ( 2015)) 研製的分位數-分位數方法來分析動態同期的聯繫。我們的研究使用由2012年9月6日至2019年8月12日期間取得的每日數據來進行. 研究結果 – 首先、研究結果顯示、跨比特幣價格與中東歐股價指數的平均回報當量關聯是正相關的，即使在研究期間被發現是隨時間而變化的。第二、比特幣與中東歐股市之聯繫在大多數兩變數分位數對而言出現正相關跡象，而且，這聯繫在波蘭、捷克共和國及克羅地亞而言表現一個頗相似的模式。唯就匈牙利而言、這聯繫則較弱、而羅馬尼亞則主要是負聯繫。研究結果亦顯示: 比特幣市場內的聯動與股票回報間之內在關聯會在每個國家內跨兩個變數的分位數而顯著地改變，這顯示比特幣-股市關係是取決於股市的週期和比特幣價格衝擊的本質. 實際的意義 – 本研究所記載的證據、對不同的經濟行為者而言極具意義 (這包括國際投資者、風險管理經理和政策制定者)，因他們會受惠於對比特幣-股市關係的全面認識，他們可建立有效的風險對沖模型、及在不同時間範圍對資訊溢出效應進行適當的政策反應. 研究的原創性/價值 – 本文為首個研究使用多變量DECO-GARCH模型和分位數-分位數(QQ)方法、來解釋比特幣價格與中東歐國家之股市的關係。這DECO模型使用比標準動態條件關係模型更多資訊，來計算每對回報間之動態關係，這能減少估測雜訊，而且，QQ方法讓我們可以取得比特幣-股市關係的一些細微特徵及全面地探索其相互依賴性。因此，本文的主要貢獻是在這學術領域內有關的文獻上.

Purpose: The insurmountable tensions and turmoil caused by the COVID-19 pandemic in welfare systems worldwide demand governmental as well as non-governmental support, especially from the volunteer sector, which can be a powerful resource for mitigating the pandemic’s impacts. To identify ways of mobilising the enormous human resources of the baby boomer generation in particular, whose members are currently on the brink of entering retirement, the factors that have enabled and restricted volunteer management during the pandemic in Tyrol, Austria are examined. Design/method/approach: Following a qualitative approach, the authors performed 27 problem-centred interviews with representative senior citizens, retirees and individuals about to retire and companies in Tyrol. The authors evaluated the data in qualitative content analysis. Findings: Self-determination, time flexibility, acceptance of volunteer work in one’s social network and previous personal experience with volunteering are key determinants of sustainable volunteer work amongst retirees. Companies and a well-established acquisition management strategy also play a significant role in promoting volunteer work. Practical implications and originality/value: The study involves a holistic analysis of volunteer work at the individual and organisational levels. By capturing the potential of e-volunteering and how it improves the capacities of classic face-to-face volunteer work, it can support the development of more resilient infrastructures for supporting volunteer work. Research limitations/future research: The interpretation of visual and non-verbal signals was difficult due to the use of phone and online interviews, and the results should not be generalised. Even so, our findings pave the way for future studies on mechanisms determining virtual volunteering and volunteer management. Paper type: Empirical

The Information Security Management System (ISMS) represents one of the most complex management systems for implementation in an organization. The comlexity of this system, based on the standard ISO 27001:2013, is a consequence of specific Annex A of the standard that defines 14 areas of information security, with 35 security objectives and 114 controls. Some of these controls are technical, some organizational and some combined ones. It asks the project of ISMS implementation in the organization to be carefully planned and implemented. In this paper, some project management specific aspects related to implementation of this type of project are considered and some practical experiences of the project of ISMS establishment and further improvement in particular organization are presented.

Starting from the fact that this topic is in the development phase, the author points to the significance of innovation in the EU, as a relatively new concept. Innovation plays an increasing role in our economy. It provides gives for citizens as both consumers and workers. The work essentially determines the innovation in the EU, and then reviews recent developments in legal project management. The aim of the paper, respecting article size limit, is to present specific features of the innovation in the EU, both: economic and legal aspects.

Paper focuses on analysis of the human resource management in project management – from the perspective of the organisation and the individual. Firstly, paper will explore the theoretical perspective of the human resource management concept as it is applied to project-oriented organisations. Different approaches to project management will be reviewed (traditional and agile approach) and their implications to human resource management. Next, focus will be on the elements of human resource management such as competence development, career development, but also organisational culture and internal communication. Focus will also be on individuals – employees, on their competences and motivation as important factors of the successful achievement of the project goals. Questionnaire research will examine the way in which specific project environment impacts human resource management and motivation of employees in civil society organisations. Concluding remarks will provide theoretical conclusions and practical recommendations for the improvement of human resource management practices in project management.

The aim of this paper is to present the basic charachteristics of smart cities and the way in which program management application can contribut to the process of smart cities development. Through theorethical background of smart cities concept the main factors that are nessesary for success of smart cities are being highlighted. On the other hand, through the presentation of program management it is stated in which way this managerial concept can contribute to smart cities development. The main conclusions of the paper are based on the analysis of projects and programs of the most developed smart cities in Europe. The research results of this paper presents the basics for further analysis, accompanying the evolutionary progress of this concept and the application of program management as a managerial concept relevant wich can contribute to smart cities development.

Many scholars underline the significance of clusters for knowledge spillovers and related benefits in terms of innovation and firm competitiveness. The Industry 4.0 technological scenario emphasizes dispersed technologically interconnected activities and distributed knowledge management opportunities, while clusters focus on proximity, which is why many question the attractiveness of the latter for firms. Bearing in mind the scarcity of studies on the relationship between digitalization and clusters, the paper discusses how clusters may be attractive for foreign subsidiaries in times of the fourth industrial revolution by referring to the case of the Aviation Valley in Poland as explanatory example supporting conceptual considerations proposed.

In this paper we argue that there is an extensive number of studies examining how firms obtain new products from their interactions with scientific agents, but other type of benefits has been overlooked. Specifically, we add to previous literature by considering not only product innovation, but also exploratory (long-term) and exploitative (short-term) results. We administer a tailored survey to firms collaborating with the Spanish National Research Council (CSIC) and data was completed with secondary sources. Results based on a sample of 756 firms suggest that firms consider all types of result as moderately important to them. Moreover, we observe that small firms report higher benefits in terms of product innovation and long-term results in contrast to large firms.