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The article discusses the issue of fraudulent "hijacked journals" that deceive researchers by mimicking reputable journals. These journals have a negative impact on research integrity and can mislead researchers into submitting papers to them. The article emphasizes the lack of awareness among researchers about these journals and provides methods for detecting them. It also highlights the negative effects of citing papers from hijacked journals, such as spreading non-peer-reviewed information and wasting research budgets. The article suggests that authors should carefully check journals before citing papers from them and that publishers should develop software tools to detect possible hijacked journal versions. The list of references cited in the document includes various sources related to the topic of hijacked journals and predatory publishing, covering research studies, articles, and papers that discuss the detection, prevention, and impact of hijacked journals. The document also mentions the funding of a specific journal by the Ministry of Education and Science of the Republic of Poland. [Extracted from the article]

Research background: Since SMEs lack the financial and human resources required for internationalization, they face more obstacles than large firms. In this regard, their internal/controllable risk management capabilities based on the Resource-based View (RBV) theory might help them overcome internationalization barriers. Purpose of the article: This study aims to investigate the positive impact of internal/controllable risk management capabilities, such as strategic, operational, and personnel risk capabilities, on the export intention of SMEs. Moreover, this paper finds out whether the impacts of these risk management capabilities on export intention differ depending on the countries where SMEs operate. Methods: This research uses a random sampling method and shares an online questionnaire with survey respondents. It includes research samples from Czech, Slovakian, and Hungarian SMEs. The researchers analyze the effects of enterprise risk management capabilities on export by performing Binary Logistic Regression analyses. Findings & value added: While personnel risk management does not affect the export intention of SMEs, strategic risk management and operational risk management positively affect the export intention of SMEs, depending on the countries where SMEs are located. For this reason, there are international differences in the impacts of strategic and operational risk management capabilities on the export intention of SMEs. This paper provides a more holistic approach to managing internal/controllable risk factors and investigates this construct's effect on internationalization. A country comparison in this specific effect has been only performed in this study. Moreover, the construct of managing internal/controllable risk factors is also linked with the dynamic capability of RBV only in this paper. [ABSTRACT FROM AUTHOR]

Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation. [ABSTRACT FROM AUTHOR]

Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs’ financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs’ bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs’ different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers’ attention. [ABSTRACT FROM AUTHOR]

Research background: SMEs' concern for the digital literacy of their workforce, their interest in increasing digital literacy among employees, and securing their digital platforms, have been major issues in their digital transformation process. To reduce those obstacles, the dynamic capabilities of SMEs included in the Resource-based View (RBV) might be an effective solution since they help companies be more competitive and proactive against the threats they face in the digitalization process. Purpose of the article: This research aims to investigate whether SMEs' dynamic capabilities positively contribute to their digital transformation process. Methods: In line with the proposed relationships, this paper analyzes SMEs from Czechia by running Ordinal Logistic Regression analyses. The research sample is created by stratified random sampling and purposive sampling methods. The research data is collected via telephone surveys. Findings & value added: This research does not find a positive relationship between the dynamic capabilities of SMEs and the digital transformation process. While the results related to digital literacy are negatively associated with digital transformation, no significant relationship exists between security actions and the digital transformation of SMEs. This paper extends the scope of RBV on the digital transformation of SMEs by analyzing various dynamic capabilities of SMEs that have not been included in a sole study. Moreover, the perceptions of SME executives are considered by this research to provide effective solutions for the problems they face in digital transformation. Having a joint venture agreement with well-experienced IT companies, having a network with partner firms, looking for funding opportunities in the EU, participating in some practical training, and providing internships for bachelor students might enable SMEs to hit their targets in digital transformation. [ABSTRACT FROM AUTHOR]

Research background: This article discusses how artificial intelligence (AI) is affecting workers' personal and professional lives, because of many technological disruptions driven by the recent pandemic that are redefining global labor markets. Purpose of the article: The objective of this paper is to develop a systematic review of the relevant literature to identify the effects of technological change, especially the adoption of AI in organizations, on employees' skills (professional dimension) and well-being (personal dimension). Methods: To implement the research scope, the authors relied on Khan's five-step methodology, which included a PRISMA flowchart with embedded keywords for selecting the appropriate quantitative data for the study. Firstly, 639 scientific papers published between March 2020 to March 2023 (the end of the COVID-19 pandemic according to the WHO) from Scopus and Web of Science (WoS) databases were selected. After applying the relevant procedures and techniques, 103 articles were retained, which focused on the professional dimension, while 35 papers were focused on the personal component. Findings & value added: Evidence has been presented highlighting the difficulties associated with the ongoing requirement for upskilling or reskilling as an adaptive reaction to technological changes. The efforts to counterbalance the skill mismatch impacted employees' well-being in the challenging pandemic times. Although the emphasis on digital skills is widely accepted, our investigation shows that the topic is still not properly developed. The paper's most significant contributions are found in a thorough analysis of how AI affects workers' skills and wellbeing, highlighting the most representative aspects researched by academic literature due to the recent paradigm changes generated by the COVID-19 pandemic and continuous technological disruptions. [ABSTRACT FROM AUTHOR]

Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms' operations, understanding the effect of digital trans formation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms' operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China's A-share listed companies. The sample covers 19,337 observations from 2007-2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings & value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms' cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective. [ABSTRACT FROM AUTHOR]

Research background: The differences in the legal structures, tax rates, and cultural-linguistic issues of various countries have always been a significant concern for SMEs in their exporting activities and internationalization processes. However, since firm-level characteristics might provide some advantages or disadvantages in their operations, their perceptions of export impediments might vary across size, age, and sector groups. Purpose of the article: This paper investigates the perceptions of export impediments by 408 larger-smaller, older-younger, and manufacturing-nonmanufacturing Czech, Slovakian and Hungarian SMEs in a country-based perspective. Methods: The researchers use the random sampling method to create research samples and employ an internet-mediated questionnaire to collect the research data. The researchers use both Independent Sample T-test and ANOVA analyses to find differences between size, age, and sector groups. Findings & value added: While the differences exist between the perceptions of Slovakian larger-smaller and manufacturing-nonmanufacturing SMEs regarding cultural differences, the perceptions of legal and tax-related export impediments by SMEs do not differ depending on their age, size, and sector. This paper contributes to the literature by confirming various perceptions of SMEs in different countries and different characteristics regarding export obstacles and providing an entity-specific and international scope that policymakers and SMEs can benefit from. Awareness of the policymakers regarding the results of this paper that includes differences and similarities in SMEs' perceptions of export barriers might make them have close interactions with SMEs to reduce SMEs' concerns regarding their export risks. On the other hand, SMEs that are aware of the results of this paper can be more interested in having a broader network that includes close relationships not only with intermediary firms, but also with governments to overcome the export impediments. [ABSTRACT FROM AUTHOR]

Research background: Bank credit access plays a determining role in enterprises’ financial growth, competitiveness, and internationalization. However, most entrepreneurs are afraid of being rejected from their credit applications due to financial disadvantages that reduce their probability of receiving credits. To minimize credit access concerns, their entrepreneurial behaviors that are included in the Theory of Planned Behavior (TPB), such as personal attitude (PA), perceived behavioral control (PBC), and subjective norm (SN), might be a good solution. However, depending on cultural differences, their attitudes regarding these factors might change, which also causes changes in firms’ probability of receiving credit. Purpose of the article: This research aims to examine whether the impact of PA, PBC, and SN on credit access of enterprises differ depending on the countries where they do their business. Methods: The researchers investigate 1367 enterprises from different countries. These firms are selected using a purposive sampling method, and then an online questionnaire is sent to the survey respondents. Binary Logistic Regression analyses are performed for analysis purposes. Findings & value added: The results indicate that while the impact of PA on bank credit access does not differ depending on the countries where firms are located, international differences exist in the impacts of PBC and SN on the credit access of enterprises. This paper finds international differences in the impact of RBV’s intangible assets (PA, PBC, SN) on a tangible asset of RBV (financial capability) and explains these results with the factors (economic, political, legal systems) included in Institution-based View, and brings all components of both theories RBV and Institution-based View in a unique research. Financial and educational support from governments and universities for fresh graduate individuals can stimulate entrepreneurial attitudes and financing abilities of prospective entrepreneurs to overcome credit access obstacles. [ABSTRACT FROM AUTHOR]

Research background: Achieving a jointly stable and inclusive financial system represents an important pillar of the call for action among Sustainable Development Goals. Considerable attention from previous research has been given to traditional financial inclusion (FI) and its implications on financial stability and overall development, but the findings are mixed. Furthermore, there is limited evidence related to the implications of digital financial inclusion on banking system stability. Therefore, the present study tends to address two main research questions, as follows: Can traditional financial inclusion protect banking stability? Can digital finance inclusion become a new driving force to promote banking stability? Purpose of the article: The paper aims to assess the influence of both traditional and digital financial inclusiveness on banking stability, using quantile regression, across a panel of 81 countries. We also examine the potential transmission channels through which financial inclusiveness influences banking stability. Methods: We construct three different financial inclusion indices, which capture the degree of access and usage of financial services, based on a three-stage Principal Component Analysis. Next, based on quantile analysis, we test the role of these financial inclusion indices in shaping banking stability. Findings & value added: We provide international evidence on the non-linear relationship between traditional and digital FI and banking stability, respectively. Our empirical findings suggest that FI indices are negatively related to banking stability until a certain threshold, after which, increases in financial inclusiveness have a positive effect on banking stability. The magnitude of the impact is more sizeable for low-range quantiles, meaning that the effect of digital inclusiveness is more pronounced in countries with excessive risk-taking tendencies. We find support for operational efficiency transmission channels and uncover new evidence on the association between digital FI and banking stability. [ABSTRACT FROM AUTHOR]

Research background: Due to having lack of financial power and low amount of revenues, most of SMEs' major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions. Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not. Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test. Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and culturallinguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs' perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill. [ABSTRACT FROM AUTHOR]

Research background: The business cycle (BC) approaches have found extensive use in economic analysis and forecasting. Especially in the last 40 years, various modern BC models have been proposed and have experienced rapid development. However, there are no recent studies that provide a systematic review of the publications on this topic. Purpose of the article: This paper aims to comprehensively review publications of BC approaches based on the cause, nature and methods of measurement BC, with the goal of identifying the current research states, research gaps and future trends of BC approaches. Methods: A systematic literature review of BC approaches is conducted by qualitatively introducing the cause and the nature of BCs and quantitatively analyzing the methods of measurement BCs. We selected 206 articles related to BC approaches from the WoS Core Collection and Google Scholar database, spanning the years 1946 to 2022, for comprehensive statistical and content analysis. The statistical analysis presents the distribution of publication years, the most popular journals and the highly cited publications. The content analysis classifies the selected publications into 6 categories based on methods of measurement BCs, and the theory, technique and applications of each category are analyzed in detail. Findings & value added: The analysis results indicate that BC approaches have progressively evolved in sophistication and have found widespread application in decomposing trends within economic time series, quantifying the nature of business cycles, and elucidating the causes and transmission mechanisms underlying them. This review paper provides current states, research challenges and future directions in effectively employing BC approaches for empirical study. [ABSTRACT FROM AUTHOR]

Research background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation. Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999-2019. Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach. Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings. [ABSTRACT FROM AUTHOR]

Research background: In the last few years, e-commerce market has increased in population shares, but the situation has changed dramatically since the Covid-19 pandemic. Electronic marketplaces have changed due to rapid digitalization and shopping. Online services offer the possibility to choose a different delivery method such as home delivery or out-of-home delivery. This aspect of the e-commerce market faces an increased interest among practitioners and academia in the field of sustainable last mile deliveries. Interestingly, the subject literature consists of papers analyzing the e-commerce impact on the last-mile delivery. However, the identification of factors for choosing a delivery method and factors that motivate e-customers to choose an eco-friendly delivery method is still an unrecognized field of research. Purpose of the article: The authors of the paper focused on the e-customer perspective on sustainable deliveries in cities. Thus, the main purpose of the paper is to compare factors among the generations that motivate e-customers for choosing a delivery method. Methods: The research was conducted among 1.110 e-customers in Poland in 2021. The paper aims to answer the following research question: what factors motivate each generation for choosing a delivery method? To answer the above-mentioned question, the correspondence analysis (MCA) is prepared that help to identify and compare factors in each generation. Findings & value added: The original research procedure focused on the use of multivariate statistical methods in the study of e-customers' preferences. The analysis revealed three clusters of e-customers in terms of pro-sustainable factors: (a) aged 65+ without pro-sustainable tendency, (b) aged 18-64 with pro-sustainable attitudes, and (c) mixed with no identified delivery preferences. As a result of the research, it can be concluded that the parcel price and the possibility of free return are still the most important factors in choosing the delivery method. From a business/practical perspective, the research results can be used by companies that are the main stakeholders in last mile deliveries, including mainly forwarders and transport companies. [ABSTRACT FROM AUTHOR]

Research background: On the basis of an analysis of the current situation and expectations in the field of implementation of the elements of the Industry 4.0 concept, the purpose of this paper is to identify the effects on the labor market in large manufacturing enterprises in the Slovak Republic. Purpose of the article: The presented work has a theoretical-empirical nature and consists of a theoretical section and a practical section, which includes statistical indicator analysis and quantitative research. In the theoretical section, the paper discusses the issue of Industry 4.0 in general, with a focus on its impact on the labor market, thus laying the groundwork for future research on the subject. Methods: The output of this work is an analysis of selected indicators of the manufacturing industry sector in the Slovak Republic, based on the most recent employment data analysis in the first stage and quantitative research survey in the second stage, with the respondents being manufacturing industry companies operating in the Slovak Republic, and whose primary objective is to determine the current status of the implementation of the elements and technologies of Industry 4.0 in production companies in the Slovak Republic, as well as the factors influencing this situation, such as digital twin simulation modeling, artificial intelligence-based Internet of Manufacturing Things systems, and virtual machine and cognitive computing algorithms. Findings & value added: The research findings indicate that the degree of digitization adopted by businesses in the Slovak Republic is comparatively less robust and more sluggish to adapt. This is primarily attributable to the underdeveloped educational system, population reluctance, self-actualization, and inadequate state support. Recommendations for the Slovak market aim to increase the digital proficiency of businesses and of the general populace through various means, such as reforming legislation, enhancing state support for entrepreneurs, and modifying the education system, constituting the added value of the work. [ABSTRACT FROM AUTHOR]

Research background: Unemployment is a huge topic for policymakers, scholars, and, in general, society. Historically, there have always been a lot of discussions about this phenomenon. It is already acknowledged that unemployment is closely related to economic activity: when the economy is growing, more people are employed, and when economic activity is low, employment decreases, and unemployment rises. This relation is well-researched in the framework of Okun's law. However, it is far less known how this relationship holds if international economic relations are introduced. Thus, the motivation for the research was to examine the role of international trade and foreign direct investment (FDI) on the growthunemployment nexus. Purpose of the article: To assess how trade and FDI affect growth and gender-, age-, and educational attainment level-specific unemployment relationship and on what scale this effect varies over different business cycle phases. Methods: Scientific literature review, comparative analysis, and panel regression. Findings & value added: Given the lack of research examining what effect FDI and trade have on the growth-unemployment nexus, this paper estimates modified Okun's equation on the European Union (EU) countries (EU-28, by the composition of the EU until 31/01/2020) for the period from 2000 to 2019 while incorporating international aspects that can have an impact on this nexus. Also, this study develops a specification that can be useful to monitor the potentially different effects of FDI and trade on the growth-unemployment nexus during different business cycle phases. The estimations of the panel regression for unemployment disaggregated by age, gender and education level has showed that import, export, inward FDI, and outward FDI have a negative effect on the growth-unemployment nexus. It means that with an increase in the intensity of international economic relations, the influence of gross domestic product (GDP) growth on unemployment becomes less significant. Thus, the effectiveness of expansionary fiscal policy to reduce unemployment becomes less effective in more open economies, which in the case of the EU are the smallest member states with relatively small domestic markets. [ABSTRACT FROM AUTHOR]

Research background: Conventional CAPM is a well-known and tested theory on various capital markets. It was also repeatedly rejected as a model of capital pricing. This article proposes a different approach to both CAPM testing and the use of other risk measures. In addition, research is global, including emerging countries. Purpose of the article: This paper investigates the standard CAPM, and this model is based on higher moments of the return distribution for the global emerging market. In addition, this paper aims to compare the conventional and downside CAPM versions using the beta coefficient and co-moments. Methods: Contrary to the classical unconditional tests for the risk premium, conditional relationships are also estimated considering the market portfolio condition. Moreover, the studies considered conventional and downside approaches to risk measures. The cross-sectional regressions are based on the Fama-MacBeth (F-M) procedure and panel models. Findings & value added: The findings contribute to the debate on whether beta coefficient and higher order co-moments in conventional and downside approaches can explain the crosssectional emerging indices returns. The unconditional models using all measures do not significantly describe the cross-sectional volatility of returns. The cross-sectional regressions in up and down-market based on both the classic F-M procedure and panel models show that the beta and co-kurtosis risk premium is significant and depends on market conditions. The risk premium for co-skewness is not valid, and the direction of the relationships is opposite than expected. Research also demonstrates that the test results of CAPM relationships are not robust to the presence of outliers and shocks resulting from the Covid-19 pandemic in the context of risk-return space. Research provides strong support for the importance of downside risk in the context of standard CAPM and, above all, higher co-moments. [ABSTRACT FROM AUTHOR]

Research background: Discussions on the state of the economy in times of crisis focus not only on maintaining or improving innovativeness, but also on the emergence of new dimensions of this phenomenon and changing the significance of individual determinants of innovativeness. Innovativeness is a complex, multidimensional and difficult to measure phenomenon, which implies the need to select various indicators and methods for its assessment. Synthetic measures of innova tiveness are widely used in comparative analyses, in particular presenting results in international or interregional cross-sections. The degree of innovativeness should also be assessed at different levels of economic aggregation. The lower the level of aggregation, the easier it becomes to capture the specific determinants of the increase in innovativeness of a given area. Purpose of the article: The main aim of the paper is to attempt to measure the relationship between expenditures and results of innovative activities for NUTS-2 regions of the Visegrad Group countries. Three variables were adopted to describe the effects of innovative activity: PCT patent applications per billion GDP (in PPS), trademark applications per billion GDP (in PPS) and public-private co-publications per million of population. Methods: The study covered 37 NUTS-2 regions of the Visegrad Group countries in the years 2014-2021. From the point of view of the purpose of the paper and the need to search for the relationship between expenditures on innovative activity and the results of this activity, it is worth emphasizing that the use of static and dynamic econometric models proved to be a substantively correct solution leading to the formulation of clear conclusions. Findings & value added: The conducted research confirmed that business R&D expenditure on GDP has a positive effect on inventions expressed by patents and trademarks, especially in the long run. In addition, the literature review and empirical analyses indicate that the main determinants of innovativeness (both before and during the pandemic) are the expenditures of economic entities on R&D, competences expressed by the level of education or participation in tertiary education, as well as the number of ICT specialists and the percentage of people employed in science and technology. Despite the deterioration of many macroeconomic indicators in the countries of the Visegrad Group, the expenditures of the business sector on R&D in most regions did not decrease between 2019 and 2021. The added value of the paper is the presented research procedure, which can be used in analyses of innovativeness also for other groups of regions. [ABSTRACT FROM AUTHOR]

Research background: Comparing to larger businesses, SMEs encounter more problems in their operations. Since innovativeness enables SMEs to be more competitive against their rivals, having more innovative activities might make SMEs overcome these issues. Nevertheless, depending on businesses-founders/owners' characteristics, SMEs' innovativeness in organizational, local, and global extents might differ. Purpose of the article: This research explores differences in family-owned SMEs' innovativeness regarding the age of their founders/entrepreneurs, legal form, and succession of these businesses. Methods: The researchers used a questionnaire survey. Data collection process was completed in 2020. The research sample includes 343 family-owned SMEs that operate in Czechia. The normality test result directs the authors to perform an Independent sample T-test to find differences between selected variables. Findings & value added: According to the obtained results, global innovativeness does not differ depending on firms-owners/entrepreneurs' characteristics. However, limited liability firms perform better in local innovativeness than other firms structured in different legal forms. Moreover, the organizational innovativeness of SMEs with successors is greater than firms without successors. While organizational innovativeness does not differ depending on entrepreneurs/founders' age and legal structure of businesses, local innovativeness does not differ depending on entrepreneurs/founders' age and successors' existence in these businesses. The educational level of entrepreneurs/founders, sector, and SMEs' location might be reasons for similarities and differences between SMEs' innovativeness. From the policy perspective, based on the obtained results, the authors suggest creating industrial zones. Furthermore, policymakers' collaborations with other essential players in the market might stimulate innovative attitudes among businesses. This paper's main contribution to the existing literature is to fill the gap regarding organizational, local, and global innovativeness of family-owned SMEs by providing detailed and empirical results about entrepreneurs' and firms' characteristics. Thus, this paper might draw businesses, policymakers, academicians, and international readers' attention concerning family-owned SMEs' innovativeness. [ABSTRACT FROM AUTHOR]

Research background: The corporate debt situation can be considered a crucial factor influencing the future development of the financial performance of the firm. It is essential for every business entity to know its financial health, its strengths and weaknesses, and how its business has been affected by the COVID-19 pandemic and all the changes it has brought. Purpose of the article: The main aim of this paper is to explain and quantify the consequences of the COVID-19 pandemic, analyze changes in the growth of crucial determinants, and identify new trends in Slovak enterprises throughout the monitored period of 2018-2021. Methods: Hence, a statistically significant difference between the individual indicators due to the period in which the firms achieved these values was determined using the Friedman test. It determined whether the average values of the financial indicators remained constant over the period under review (the years 2018 and 2019 are considered pre-COVID-19 years, while 2020 and 2021 are years when the globe was already being impacted by the outbreak of the COVID-19 pandemic) or whether the individual values of the indicators differed significantly. Findings & value added: Considering that there are statistically significant differences in the indicators of self-financing ratio, current indebtedness ratio, and equity leverage ratio in all monitored periods except for the years 2020 and 2021, where the average values of these debt indicators are the same, the results indicate that the COVID-19 pandemic also negatively impacted the indebtedness of Slovak enterprises. Although this research paper, focusing on the financial performance of the firms in the post-pandemic period, is pioneering in Slovakia, the biggest contribution of the study is the application of the latest information, which could help in more precise monitoring of corporate financial stability and debt policy during the current challenging period. The obtained results provide important universal guidelines for building financial strategies improving long-term financial resilience of enterprises. [ABSTRACT FROM AUTHOR]

Research background: In the context of Industry 4.0 and 5.0, competitiveness is intricately linked to innovativeness and ongoing technological advancements, posing a formidable challenge for countries and organizations aspiring to thrive in this environment. Within this framework, the significance of innovativeness is escalating, emerging as a crucial factor for the competitiveness of enterprises and economies alike. Purpose of the article: The article aims to present the structure and dynamics of research on the competitiveness of SMEs shaped on the basis of their innovativeness to further guide both research and management practice. Methods: This comprehensive bibliometric analysis delves into the Scopus database to uncover the leading authors, journals, and countries driving empirical research on SME competitiveness and innovation. The study utilizes the VosViewer software to graphically represent the overarching themes explored by researchers in this field. Additionally, an analysis of the selected articles identifies trends shaping the discourse on SME competitiveness and innovation. This multifaceted approach provides a holistic understanding of the current state of research in this domain, paving the way for future directions and insights. Findings & value added: In this study, the authors conduct a comprehensive analysis of the current research landscape on SME competitiveness and innovation in the digital transformation era. By identifying key challenges, opportunities, and strategies for SMEs, our findings offer valuable guidance for researchers, policymakers, and SMEs themselves in navigating the complexities of the digital transformation landscape. [ABSTRACT FROM AUTHOR]

Research background: Sustainability in organizations is a business approach to creating longterm value by taking into consideration how a given organization operates in the ecological, social, and economic environments. The organizational practices that eventually lead to sustainable development are referred to as sustainable organization management. Purpose of the article: The purpose of this paper is to examine the current trends in sustainable organization management over the time period of 2015–2022, highlight the emerging themes in this study area, and provide guidance for further research in the field. Methods: This paper uses bibliometric meta-data analysis to present an analysis of current trends in sustainable organizational management. An in-depth analysis of a sample result of 619 papers from the Web of Science core collection was conducted with the use of biblioshiny, the R-Programming Language package, and the VoS Viewer software. A global representation of concepts was created using the relational directory network visualization technique based on VoS Viewer software. Keyword cooccurrence relationships were determined; relational techniques were used to visualize bibliographic coupling density to identify thematic areas with little research; and overlay visualization bibliometric techniques were used to identify new and old research themes. Findings & value added: Emerging themes are modeling, tourism, and perceptions. Motor theme areas in the field of study include performance, impact, and management. The paper concludes that the study area of organizational sustainability management is still in its early stages and has great research potential, such as Africa as a study area, despite the fact that there have been few or no research findings. Future research should examine the role of technology and innovation in promoting sustainable practices within organizations and clarify how well an organization can survive global competition. [ABSTRACT FROM AUTHOR]

Research background: Endogenous money creation is an inherent feature of today's economies and widely accepted phenomenon. As the various theories of money rely on the money quantity equation, most empirical research is heading towards the analysis of the two-way relationship between the quantity of money and nominal GDP. In today's world, with the extraordinary development of the financial sector, money is used not only for transactions in the real economy, but increasingly also for purchasing financial assets. This observation was absorbed by Werner in the quantity theory of disaggregated credit. Purpose of the article: The aim of the paper is to join the debate on endogenous character of money supply by tasting a disaggregated equation of money. It assumes that the domestic money supply is positively determined not only by growth in GDP-based transactions but also by growth in non-GDP-based transactions (financial transactions). Additionally, it is assumed that in the age of globalization it can be also positively influenced by the global liquidity. Methods: Testing of the above-mentioned hypotheses takes place with the use of panel unit roots tests, panel Granger causality test and panel estimations (OLS, models with fixed/random effects, GMM). In the study, annual data from 2002 to 2018 for OECD countries were chosen for statistical research. Findings & value added: The article confirms the hypothesis that real and financial economic activity together with global liquidity positively influence domestic credit and thus money supply. As the amount of money in an economy is driven not only by the real economy but also by the financial economy, prudential regulations that restrict leverage (and thus control the amount of credit) and limit risk-taking during price bubbles periods should be therefore considered. In the research, the reaction of domestic money supply to the changes in US money supply is positive. It confirms the importance of spill-over effect of expansionary policy in major economies to other economies. [ABSTRACT FROM AUTHOR]

Research background: The globalization trend has inevitably enhanced the connectivity of global financial markets, making the cyclicality of financial activities and the spread of market imbalances have received widespread attention, especially after the global financial crisis. Purpose of the article: To reduce the negative effects of the contagiousness of the financial cycles, it is necessary to study the persistence of financial cycles and carve out the total connectedness, spillover paths, and sources of risks on a global scale. In addition, understanding the relationship between the financial cycle and economic development is an important way to prevent financial crises. Methods: This paper adopts the nonlinear smoothing transition autoregressive (STAR) model to extract cyclical and phase characteristics of financial cycles based on 24 countries during 1971Q1-2015Q4, covering developed and developing countries, the Americas, Europe, and Asia regions. In addition, the frequency connectedness approach is used to measure the connectedness of financial cycles and the relationship between the global financial cycle and the global economy. Findings & value added: The analysis reveals that aggregate financial cycles persist for 13.3 years for smoothed and 8.7 years for unsmoothed on average. The national financial cycles are asynchronous and exhibit more prolonged expansions and faster contractions. The connectedness of financial cycles is highly correlated with systemic crises and contributes to the persistence and harmfulness of shocks. It is mainly driven by short-term components and exhibits more pronounced interconnectedness within regions than across regions. During the financial crisis, the global financial cycle movements precede and are longer than the business fluctuations. Based on the study, some policy implications are presented. This paper emphasizes the impact of systemic crises on the persistence of financial cycles and their connectedness, which contributes to refining research related to the coping mechanisms of financial crises. [ABSTRACT FROM AUTHOR]

Research background: Taylor rule is a widely adopted approach to follow monetary policy and investigate various mechanisms related to or triggered by monetary policy. To date, no in-depth examination of scale, determinants and spillovers of state-level monetary policy stress, stemming from the Federal Reserve Board's (Fed's) policy has been performed. Purpose of the article: This paper aims to investigate the nature of monetary policy stress on US States delivered by the single monetary policy by using a quarterly dataset spanning the years between 1989 and 2017. Methods: We apply a wide array of time series and panel regressions, such as unit root tests, co-integration tests, co-integrating FMOLS and DOLS regressions, and Spatial Panel SAR and SEM models. Findings & value added: When average stress imposed on states is calculated, it is observed that the level of stress is moderate, but the distribution across states is asymmetric. The cross-state determinants behind the average stress show that states with a higher percentage of working-age and highly educated population, as well as those with higher population density and more export-oriented are negatively stressed (i.e. they experience excessively low interest rates), whereas higher unemployment rate contributes to a positive stress (too high interest rates). To the best of our knowledge, the contribution of this paper lies in estimating monetary policy stress at the state level and unveiling some of the determinants of this stress. Moreover, the paper makes the first attempt to empirically test spatial spillovers of the stress, which are indeed found significant and negative. [ABSTRACT FROM AUTHOR]

Research background: Corporate sustainable development (CSD) is essential to a company's success and survival. Environmental, social, and governance (ESG) are regarded as major factors in measuring the impact of CSD. Companies that perform well in terms of ESG can maintain a competitive advantage and achieve sustainable development. Poor management of ESG performance and involvement in controversial activity can harm a company's credibility and reputation in the market, as well as negatively impact sustainable development. Purpose of the article: Drawing on the stakeholder and signaling theories, this paper investigates the curvilinear nexus between ESG performance and CSD. Methods: Empirical studies were conducted on a sample of 697 Chinese listed manufacturing firms that disclosed ESG information from 2010 to 2020, with a total of 5699 firm-year observations. Quantile regression analysis and the U-test were used to examine the curvilinear ESGCSD relationship. This technique was supplemented by conducting instrumental variables tests and propensity score matching to address concerns relating to the potential existence of endogeneity problems. Findings & value added: The results of the quantile regression estimation confirm the concave-convex (inverted U-shaped and U-shaped) ESG-CSD relationship via the U-test. The relationships between the environmental and social components and CSD follow an inverted U-shaped or half-inverted U-shaped pattern, while the relationship between the governance component and CSD exhibits a concave-convex pattern. A concave ESG-CSD nexus is evident in environmentally sensitive industries, whereas a half concave-convex ESG-CSD nexus is confirmed in non-environmentally sensitive industries. This study improves scholars’ understanding of ESG performance and provides a comprehensive perspective on the double-edged effects (positive and negative consequences) of ESG practices. The instrumentalization of ESG practices for management to seek personal gain has a negative impact on CSD, while ESG practices that add value for stakeholders have a positive impact. These findings provide empirical evidence for Chinese publicly listed manufacturing firms to effectively conduct ESG practices [ABSTRACT FROM AUTHOR]

Research background: Internal business factors are vital to how a company achieves its goals. The present study of internal drivers of pharmaceutical company performance is very insightful, as it has the potential to boost further competitiveness, it may allow health authority personnel to have guidelines to make strategic decisions, as well as inspire investor confidence, ensure regulatory compliance and performance benchmarking, and support talent acquisition and retention. In addition, it can identify the important internal factors that need to receive more priority. Purpose of the article: The European pharmaceutical industry is currently facing multiple challenges. This paper aims to map the relative relationships among the internal factors that influence the business performance of pharmaceutical companies in Europe by using the DEMATEL approach. Method: There are two phases of the present study, an extensive literature review and the use of the decision-making trial and evaluation laboratory (DEMATEL) technique. To identify the key internal drivers and their cause-and-effect relationship with pharmaceutical company performance in Europe, data from experts were obtained using the predesigned DEMATEL questionnaire. Findings & value added: The extensive literature review from the Web of Science and Scopus databases found that seven internal factors are very demanding in the case of European pharmaceutical business performance. The main elements that have the highest impact on pharmaceutical business performance in Europe are human resources competencies, the information system, technological competitiveness, and the patent system. However, financial profitability, research and development competencies, alliances with other companies, and supply chain management are the factors that are affected more by other factors. The study is the first attempt to identify the internal business performance of the pharmaceutical sector in Europe by working with pragmatic and perceptive decisions from pharmaceutical stakeholders in Europe. [ABSTRACT FROM AUTHOR]

Research background: The COVID-19 pandemic has affected higher education globally and disrupted its usual activities, according to differing perspectives. The ability to adapt to online activities was an important factor for many researchers during the pandemic period. Purpose of the article: In this article, the authors are studying the ability of the students to adapt to online activities, and also the direct and indirect effect on their academic performances. Methods: The data was collected with a questionnaire and the respondents are students from Romanian Universities. The analysis was made with an econometric model by using the PLS SEM methodology. The goal of the paper was to find and analyse the factors used to perform academic online activities during the pandemic period. Findings & value added: The results of the paper validate the research hypotheses formulated in the introductory part and confirm that the students' academic performances are a direct result of many factors, such as: system parameters, personal demand, personal commitment, and regulatory environment. The identification of the exogenous variables with significant impact on the students' performances through online activities could help the management of the universities to implement the positive aspects and to reward them for their efforts while preventing from resilience to change. The higher education system has to acknowledge that flexible online learning opportunities are needed by students to fit their coursework around their employment and family responsibilities. [ABSTRACT FROM AUTHOR]

Research background: A rapidly developing e-commerce market and growing customer expectations regarding the speed and frequency of deliveries have made the last mile of the supply chain more challenging. The expectations of e-customers increase every year. They choose those companies that deliver goods faster and cheaper than others. A significant group of customers in Poland still selects home delivery. Many of them frequently return products to the retailer. These expectations and behaviour pose a challenge for the transport companies to deliver parcels to individual customers soon after the purchase, sometimes even on the same day. In addition, in creasingly frequent deliveries contribute to environmental pollution, congestion, and accidents, as well as more expensive deliveries. Purpose of the article: The paper aims to identify e-customers' preferences and assess their impact on sustainable last-mile delivery (LMD) in the e-commerce market. The authors have also identified factors influencing e-customers' behaviour to make last-mile delivery more sustainable. Methods: The conjoint analysis was applied to evaluate a set of profiles defined by selected attributes in order to investigate the overall preferences for the profiles created by the respondents to the survey. Findings & value added: The segmentation of e-customers according to their preferences connected with last-mile delivery was presented. The added value of the paper is the presentation of the methodology to assess the impact of customer preferences on sustainable last-mile delivery. The obtained results may contribute to the formulation of recommendations for e-commerce and logistics companies regarding the preferences of e-customers to improve the sustainability of lastmile delivery. [ABSTRACT FROM AUTHOR]

Research background: Numerous modern indicators are attempting to integrate better economic, political, social, and environmental ambitions to uncover potential synergy, trade-offs, and future views that center around the notion of a so-called green economy. As long as the various indicators are not bounded in one comprehensive measurement, utilizing knowledge of relevant information and statistics that are crucial for monitoring the progress will not give us answers on the progress towards green growth either. Without an adequate measurement framework and robust statistics, the evaluation of the green economy is open to subjective reasoning. Purpose of the article: This paper aims to offer a strong standpoint for green topics by exploring the concept of Green GDP. The paper introduces a new, updated database on Green GDP for the set of 160 countries from 1970-2019. Methods: This database is distinctive due to its balanced coverage of two components of the green economy: quantitative feature (standard methodological algorithm) and qualitative feature (opportunity costs) within a common Green GDP accounting framework. Findings & value added: Standardizing new methodologies and procedures for estimating environmental costs with a statistical foundation provides added value, which we hope will support the creation of reliable accounting and valuation systems for the green economy on a developing "green platform.". [ABSTRACT FROM AUTHOR]

Research background: Despite a dynamically growing exploration of broadly understood employee participation, there is still space left for more in-depth or new analyses in this area, and occupational health and safety (OHS) serves as a good example in this respect. In empirical studies, employee participation in the field of occupational health and safety is not treated as a separate element of ensuring safety in the organisation, but only as a minor element of occupational health and safety management, or as just one of the elements building a safety culture. Purpose of the article: The aim of the paper is to propose a synthetic measure of active employee participation in OHS taking into account the depth and scope of this participation. A comparative analysis of the level of active participation of OHS at medical facilities and in other sectors of the economy was also performed. Methods: The theoretical model for active employee participation in OHS was tested by means of a survey using the PAPI (Paper & Pen Personal Interview) method. Exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) were used. The developed construct (characterised by an adequately high level of validity and reliability) was used in a comparative analysis of medical institutions with other sectors of the economy with the use of the Mann-Whitney U test. Findings & value added: This research fills the theoretical gap in the model approach to participation in OHS. It has been found (EFA and CFA analyses) that active employee participation in OHS consists of one dimension (15 items). The model for active employee participation in OHS and the universal measurement scale developed and validated in this study represent a step forward towards the effective and reliable measurement of employee participation. In addition, the research has shown that the level of active employee participation in OHS at medical facilities is lower than in other sectors of the economy. The added value of this paper results from the approach to measuring employee participation in OHS which takes into account the depth and scope of this participation. The tool is consistent with international regulations and standards in the field of OHS, and thus can be used in other countries to assess active employee participation in OHS, regardless of the size and profile of the company or the sector of the economy. [ABSTRACT FROM AUTHOR]

Research background: The paper presents the issue of total factor productivity in the manufacturing industry in Poland. It has been assumed that total factor productivity (TFP) is a synthetic measure of efficiency of the production process and a measure of the impact of technical progress on the rate of economic growth. Purpose of the article: The main aim of the paper is to assess the differentiation in the level of total factor productivity (TFP) occurring among the Section C manufacturing divisions in Poland. In particular, the paper raises the issue of measuring and analysing the relationship between expenditure on research and development and the level of TFP in manufacturing divisions in Poland. Methods: In the presented research, the TFP level was determined by using the two-factor Cobb- Douglas production function, while econometric panel models were used to assess the studied relationship. Findings & Value added: The presented considerations show that manufacturing divisions in Poland are diversified in terms of total factor productivity. Generally, manufacturing divisions with high R&D intensity, i.e. divisions classified as so-called high-tech ones, are characterised by a high TFP level. The econometric analysis carried out allows us to conclude that expenditure on R&D incurred in manufacturing enterprises significantly affects the level of TFP. [ABSTRACT FROM AUTHOR]

Research background: Inflation has always been the core issue of economic research and there are many academic research achievements in this field. In recent years, global inflation has intensified, and many scholars focus on research in this field again, providing certain reference value for countries around the world to formulate corresponding macro policies. Purpose of the article: The five-year impact factors are used as the evaluation criteria in this paper, and 1,637 high-quality documents on inflation from 1906 to 2022 are collected from the Web of Science Core Collection database. Using bibliometrics, a comprehensive review of influ- ential literature in the field of inflation is conducted to reveal the evolution and trends of the field. Methods: First, we focus on these high-quality documents about the descriptive statistical charac- teristics, high cited documents and high impact factor journals. Then, based on the visualization tool, the cooperative network of countries/regions, authors and institutions is depicted and the cooperative relationship between them is determined. At the same time, the most influential countries/regions, authors and institutions are identified by analyzing the citation structure. In addition, through thematic and keyword analysis, the topic hotspots and future research trends of high-quality literature in the field of inflation are deduced. Findings & value added: On the whole, the research on inflation in the United States is relative- ly mature, and has produced a large number of influential academic cooperation results. Finally, we have a series of discussions on the history of inflation in the United States and policy sugges- tions. In the future, governments of various countries, especially the United States, will still face certain challenges in how to formulate policies and measures to mitigate the impact of inflation. [ABSTRACT FROM AUTHOR]

Research background: Wage inequalities are still part of an interesting policy-oriented research area. Given the developments in international trade models (heterogeneity of firms) and increasing availability of micro-level data, more and more attention is paid to wage differences observed within and be-tween firms. Purpose of the article: The aim of the paper is to address the research gap concerning limited cross-country evidence on a nexus of wage inequality-global value chains (GVCs), analysed from the perspective of wage inequality components within and between firms. Methods: This paper uses a large employee-employer database derived from the European Structure of Earnings Survey (SES), combined with sector-level indicators of GVC involvement based on the World Input-Output Database (WIOD). As a result, a rich database covering more than 7.5 million observations is created. The regression-based decomposition modelling technique developed by Fiorio and Jenkins (2010) is used to identify the contributions of different factors to wage inequalities, focusing on the components within and between firms. Findings & value added: The analysis presented in this paper aimed to show the contribution of GVC involvement, among various other factors, to the observed inequality of wages. Due to the use of a rich database that merges employer and employee data, the effects materialised with respect to different types of wages could be analysed separately, in particular components between and within firms. The general conclusion from the regression-based decomposition in log wages is that GVCs contribute marginally to the observed wage inequality in the European sample analysed in this paper. Some differences confronting the components within and between firms (the latter dominates) are observed; there is also certain intra sample heterogeneity in the estimated results (e.g. due to sector type or country group), but the general result is robust. [ABSTRACT FROM AUTHOR]

Research background: The sustainability of small- and medium-sized enterprises (SMEs) represents a significant scientific and professional problem in the current turbulent period because these enterprises play an important role in any country's economic and social systems. Purpose of the article: This paper aimed to define the significant sustainability factors of small and medium-sized enterprises and to quantify their impact and importance on the sustainability of SMEs. The areas of Human Resource Management, Corporate Social Responsibility, and financial management were defined as significant sustainability factors. Methods: Empirical research, on which the scientific hypotheses were formulated and evaluated, was conducted in June 2022 in V4 countries (Czech Republic, Slovak Republic, Poland, and Hungary) using a structured questionnaire. The study accumulated a sample of 1398 respondents. Data collection was conducted through an external agency, MN FORCE, operating in Central European countries. The Computer Assisted Web Interview (CAWI) method was used to record respondents' perceptions. Descriptive statistics, correlation analysis, and linear regression analysis were used to evaluate the hypotheses. Findings & value added: The research showed that all defined factors in the areas of Human resource management (HRM), Corporate social responsibility (CSR), and financial management of the firm had an impact on defined sustainability attributes. The greatest impact was found on the firm's financial management, followed by CSR and HRM. The empirical results confirm that the intensity of the independent variables varies across the V4 countries. These results also show that the intensity of the selected HRM, CSR, and financial management factors of a firm is higher in the integrated models than in the models for individual V4 countries. The research results have shown that a range of factors determine the right attitude towards the sustainability of companies. In this context, economic policymakers and entrepreneurs must perceive sustainable growth as complex and apply a systemic approach to its design and implementation. [ABSTRACT FROM AUTHOR]

Research background: Chatbots represent valuable technological tools that allow companies to improve customer experiences, meet their expectations in real time, and provide them with personalized assistance. They have contributed to the transformation of conventional customer service models into online solutions, offering accessibility and efficiency through their integration across various digital platforms. Nevertheless, the existing literature is limited in terms of exploring the potential of chatbots in business communication and studying their impact on the customer's response. Purpose of the article: The main objective of this study is to examine how consumers perceive chatbots as customer service devices. In particular, the paper aims to analyze the influence of the dimensions of "Information", "Entertainment", "Media Appeal", "Social Presence" and "Risk for Privacy" on the "Customer Experience" and the latter on the "Purchase Intention", under the consideration of the Uses and Gratifications Theory. Moderations due to Chatbot Usage Frequency for some of the relationships proposed are also analyzed. Methods: An empirical study was performed through a questionnaire to Spanish consumers. The statistical data analysis was conducted with R software through the lavaan package. To test the hypotheses from the conceptual model a structural equation modelling approach was adopted. Findings & value added: The results obtained identify the main characteristics of chatbots that can support brands to effectively develop their virtual assistants in order to manage their relational communication strategies and enhance their value proposal through the online customer journey. Findings demonstrate the contribution that chatbot dimensions make to the online consumer experience and its impact on the purchase intention, with the consideration of the moderating effect exercised by the user's level of experience (novice vs. experienced) with the use of chatbots. Regarding managerial implications, this research offers recommendations for e-commerce professionals to manage chatbots more effectively. The "Entertainment" and "Social Presence" dimensions can be operationalized at a visual (e.g., appearance of the avatar and text box, use of designs aligned with the website) and textual level (e.g., style and tone of voice, use of expressions typical of the target audience) to generate a feeling of proximity with the chatbot and facilitate its adoption. "Media Appeal" requires that the chatbot be easy to use, effective, and accessible, to facilitate its usability. Finally, mitigation of "Privacy Risk" concerns should be achieved by presenting an appropriate privacy policy and requesting permission for the use of customers' private information. [ABSTRACT FROM AUTHOR]

Research background: Digital ecosystems in Europe are heterogenous organizations involving different economies, industries, and contexts. Among them, Digital Innovation Hubs (DIHs) are considered a policy-driven organization fostered by the European Commission to push companies' digital transition through a wide portfolio of supporting services. Purpose of the article: There are DIHs existing in all European economies, but literature needs more precise indications about their status and nature. The purpose is to study a distribution of DIHs and differences in portfolios of DIHs' services across European economies. Therefore, the paper wants to deliver more precise data on effects on national and European policies. This is required to define their final role and scope in the complex dynamics of the digital transition, depending on regional context and heterogeneity of industries. Methods: Data on 38 economies was collected from the S3 platform (on both existing and in preparation DIHs) and further verified by native speaking researchers using manual web scrapping of websites of DIHs identified from S3. To find potential similarities of digital ecosystems in different economies as emanated by the existence of DIHs, clusterization (Ward's method and Euclidean distances) was applied according to the services offered. Economies were clustered according to the number of DIHs and the spread of DIHs intensity in different cities. The results were further analyzed according to the scope of the provided services. Findings & value added: The applied clustering classified European economies in four different sets, according to the types of services offered by the DIHs. These sets are expression of the different digitalization statuses and strategies of the selected economies and, as such, the services a company can benefit from in a specific economy. Potential development-related reasons behind the data-driven clustering are then conjectured and reported, to guide companies and policy makers in their digitalization strategies. [ABSTRACT FROM AUTHOR]

Research background: International capital flows show decreasing trend after each financial crisis as countries become unwilling to invest in risky counterparties. Recent discussions over structural changes within the global financial network suggest that its structure may be still undergoing some changes. Uncovered weaknesses of over-connectedness with unstable unally countries during global financial crisis were further highlighted by recent Covid-19 pandemic. However, previous research suggest that important structural changes happened after global financial crisis. Thus, such situation raises a question whether post global financial crisis multiplex network structure is long-term and is it exhibiting re-globalization pattern as suggested by re-globalization megatrend. Purpose of the article: The main objective of the paper is to assess post global financial crisis multiplex financial network structure longevity and to identify whether it exhibits reglobalization pattern. Methods: Multiplex financial network mapping, network topological analysis and structure longevity methods were employed to evaluate network connectedness, topological structural properties of multiplex financial network and its' structure longevity. 5-layer multiplex financial network was mapped for different types of capital flows for each layer: net direct and portfolio investments in debt, equity and net banking assets for each year in the post global financial crisis period 2009-2020. Each network layer employed bilateral data from up to 234 countries of the world. Next step of research employed a set of network-level measures defining topological features of each network in the period of 2009-2020 in order to capture the trend of structural changes and evidence of re-globalization. The final stage analyzes multiplex financial network structure by layer and country longevity. Findings & value added: Analysis reveals that stock (positions) multiplex financial network aggregate connectedness, i.e., density and value, increased during post-global financial crisis period until Covid-19 pandemic period, thus, suggesting that globalization in terms of stock is continuing. Topological structural properties of multiplex financial network changed as number of strongly and weakly connected countries decreased and more countries became included in network. Longevity analysis of layer and country structure within multiplex financial network reveal that banking and debt investments are increasing since 2018, while equity part is decreasing. Developed countries, i.e., the United Kingdom and Germany, decrease in multiplex financial network structure, while developing, especially from Asia region (i.e., Hong Kong SAR, China and Singapore) increase. Such empirical results support the re-globalization megatrend in terms of investment type and counterparty structure as highlighted by most recent scientific discussion showing that it started early after global financial crisis. Research also uncovers some regional trends of Asia region increasing in investment network structure, while Europe decreasing. As developing countries attract more and more investment and further develop, global cost saving and, thus, returns from global investment into these countries may be decreasing, resulting in lower gain from globalization. Our analysis may facilitate investment strategy decisions by suggesting that even though gains from globalization might be decreasing, instead of localization, countries could follow ally investment strategy to manage the risk of over-dependency from unstable counterparty while preserving globalization wealth. [ABSTRACT FROM AUTHOR]

Research background: Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility. [ABSTRACT FROM AUTHOR]

Research background: According to the World Bank (2020), about 60% of adults in developing countries do not use formal financial services. Furthermore, according to the Polish Association of Loan Institutions (2022), about 3 million Poles use loans, most of them obtained online. Among the reasons for more than a decade of growth of interest in the non-bank consumer lending market there are the development of modern technology applications in finance and the establishment of the Lendtech sector. Purpose of the article: The main goal of the paper is to verify the role played by the Lendtech (LT) sector in the consumer credit market in the context of household financial exclusion. The following research questions were asked: Do credit-excluded households take advantage of LT services and, if so, to what extent? What are the behaviours and preferences of those who use consumer credit offered by LT? Do socio-demographic characteristics determine consumer use of loans offered by LT and, if so, what are they? Is the use of loans offered by LT due to credit exclusion or other factors? What action should be taken by participants in the digital consumer loan market interested in its inclusive direction? Methods: The paper uses the following methods: critical analysis of the literature, Kruskal-Wallis test, Mann-Whitney test, and nonparametric regression algorithm: k-nearest neighbors, as well as inductive inference methods. The data used is primary in nature and comes from a nationwide survey, September 2022 (CAWI method) of 1,200 Poles, of whom 200 respondents are Lendtech customers. The quota selection applied made it possible to reflect characteristics corresponding to the population of customers of lending institutions registered in BIK databases. Findings & value added: The article is a pioneering study based on an independent scientific survey, devoted to the Polish LT services market considered in terms of its relationship with one of the types of financial exclusion: credit exclusion. The most important conclusion is that people at risk of credit exclusion find a financing substitute in the LT sector, and thus it plays an important role in reducing financial exclusion, while maintaining the principle of creditworthiness verification. [ABSTRACT FROM AUTHOR]

Research background: The paper investigates the impact of bequest taxation on saving and transfers when parents and children make decisions consistently. It complements the predictions of Gale and Perozek's life-cycle modeling (2001) when decisions of parents and children are set independently and can be time-inconsistent. Purpose of the article: The paper strives to answer the question of whether taxation of bequest harms savings and inter vivos transfers. The previous results indicated that this is possible for some bequest motives. Our results show that this is not likely for the most typical values of parameters. Methods: The analysis involves economic modeling of four bequest motives: altruistic, paternalistic, accidental, and exchange. The method is based on the overlapping generation approach and life-cycle approach in the case of a paternalistic bequest. The results are supplemented with numerical simulations. Findings & value added: For the altruistic motive, savings are smaller if interest rates are low relative to the tax rate and the utility of one's consumption is more valuable than the utility of the next generations. For the accidental motive, savings decrease with small interest rates, high taxation and long-life expectancy. For the paternalistic motive, savings decrease when the interest rate and the value of future utility are low. For the exchange motive, savings are higher after a tax increase, but it depends on the value of attention and life expectancy. The general conclusion is that higher bequest taxation hamper saving behavior and may disturb the intergenerational exchange process. The bequest tax should, therefore, be set low, especially for aging populations, in order to induce higher savings and force the young to provide the elderly with higher attention. [ABSTRACT FROM AUTHOR]

Research background: The choice of the issue of international competitive-ness of economies as the research problem addressed in this paper has been mainly dictated by the changes observed in the nature of the development of EU economies and the need to assess the competitiveness of the Polish economy. It is time to evaluate and learn from the largest enlargement in the history of the EU which took place in May 2004. An assessment of changes in the state of EU economies, including the Polish economy, is in the centre of research interest of many scientists. National competitiveness is the subject of a great deal of research and economic studies. Integration and globalisation processes in the world economy are the main reasons for the popularity of this topic. The efficient use of sources and factors determining the competitiveness of economies, sectors and enterprises is associated with prosperity over the long term. One of the methods based on the observation of selected basic indicators of economic competitiveness is the method of analysis called the macroeconomic stabilisation pentagon. The method illustrates the extent to which the government achieves five macroeconomic objectives. It is very difficult, if not impossible, to meet all these objectives at the same time. The difficulty of meeting all these goals concurrently is due to the fact that they are more or less competitive rather than complementary. The proposed assessment of competitiveness based on the developed model of macroeconomic stabilisation pentagon is a unique approach in terms of discussion of country's competitiveness. This approach significantly distinguishes the current study in comparison with standard international reports on competitiveness such as the Global Competitiveness Index or the EU Regional Competitiveness Index. Purpose of the article: The main aim of the paper is to assess the competitiveness of EU economies in the years 2005--2018, based on a selected set of diagnostic variables referring to the concept of macroeconomic stabilisation pentagon. The paper also formulates a detailed list of four research hypotheses. Methods: In order to characterise the competitiveness of the European Union economies, including the EU--15 and EU--13 groups, as well as the Visegrad group, six diagnostic variables affecting the economic situation of individual EU countries were analysed. The variables for analysis were chosen so as to reliably describe the competitive position of a given country, at the same time referring in a substantive sense to the concept of macroeconomic stabilisation pentagon. The linear ordering of objects was made using the reference Hellwig method. The selected method enabled the development of competitiveness rankings of EU Member States in the years 2005, 2009, and 2018. Findings & Value added: The comparative analysis of the main macroeconomic indicators conducted in the paper forms the basis for assessing the cur-rent state of the EU economy in relation to other countries. In the paper, the authors depart from the standard elaboration of 'magic pentagon.' Instead, they apply the variables used in the macroeconomic stabilisation pentagon analysis to develop competitiveness rankings of EU Member States. The con-ducted empirical study has confirmed that the 15th anniversary of EU member-ship had a decidedly positive impact on the level of economic development of the EU--13 countries. [ABSTRACT FROM AUTHOR]

Research background: This paper explores the approach that focuses on entrepreneurial activities suppressed by restraining forces or different barriers. We investigated a particular type of obstacles reported by entrepreneurs, i.e., those which prevented their gaining access to support instruments. This paper delved into the specificity of family businesses and explained why perceptions of access to support could differ between family and non-family firms. Purpose of the article: This paper seeks to identify the differences between family and nonfamily businesses in terms of their perceptions of different barriers that hinder access to support instruments. Methods: The main research processes were based on logistic regression models with a dependent variable: 0 for a non-family firm and 1 for a family firm. As dependent variables 13 barriers to the access of public support instruments were adopted. The study was conducted on a sample of 386 Polish business entities. Findings & value added: The results confirmed the existence of differences between family and non-family businesses in perceptions of barriers towards gaining support in entrepreneurial endeavours. Obstacles, such as overly-complex bureaucratic procedures and requirements, lack of access to information disseminated by business support institutions, and complicated support settlement procedures, were perceived as far less crucial by family businesses than non-family businesses. Family businesses demonstrated a lower propensity to use real property as collateral for transactions. Additionally, family businesses with financial resources that overlap with their own familial resources declared that they found it easier to make their own contributions to satisfy the requirements for support programmes or services. This paper makes several novel and significant contributions to the field. First, we add to existing research focusing exclusively on family entrepreneurial activity by drawing a comparison between family and non-family firms in terms of the perceived barriers towards gaining support. Second, we address different types of barriers. Our findings provide further evidence that different types of businesses perceive certain types of barriers differently. Third, we extend current knowledge on family businesses study in Poland. [ABSTRACT FROM AUTHOR]

Research background: Among the determinants of the socio-economic development of the region, an important role is played by its endogenous potential. It is reflected in the industry structure of the region, formed in the process of its historical development. The industry structure is the basis for the development of regional specialisations. One of the criteria for defining specialisations is the employment structure by sections and divisions of the national economy. The definition of regional specialisations is indispensable for planning the development policy and for formulating regional strategies. Purpose of the article: The main objective of the paper is the analysis and evaluation of employment structure as a criterion for the delimitation of industries identified as smart specialisations in the region. The study covers the case of selected region in Poland at NUTS-2 level -- the voivodeship of Małopolska. Methods: The study is based on GUS unpublished data (Statistics Poland) for 2009 and 2018. It makes use of descriptive statistical analysis methods and structure and dynamics ratios, as well as Florence's specialisation coefficient. Findings & value added: The research has shown that the employment structure indicating the presence of the region's specialisation in given industries is an important, but not sufficient criterion for the evaluation, whether the delimitation of industries recognized as smart specialisations was appropriate. In the light of the conducted research, it seems fully justified to grant the status of smart specialisation in Małopolska to Information and Communication Technologies as well as to Creative and Leisure Industries. In the context of changes to employment dynamics and structures, the possible development-oriented smart specialisations are as follows: Manufacture of metals and metal products, Electronics and machine industry, and Chemistry. On the other hand, the identified specialisations: Life science and Sustainable energy are not in line with changes in the region's employment structure. The paper proposes one of the possible ways of precise identification of distinctive regional industries with high development potential. The structure of employment and changes occurring in this area make it possible to determine the main forces of the region's endogenous potential, and thus may form the basis for the determination, and in the longer term, assessment of the relevance of identified regional smart specialisations. The added value of the study is, therefore, an attempt to assess, on the example of a selected region, to what extent changes in regional specialisations reflected in the existing employment structure confirm the accuracy of the selection of industries identified as regional smart specialisations. The presented case is an exemplification of the proposed method, which can also be successfully applied to other European regions. [ABSTRACT FROM AUTHOR]

Research background: The Brexit referendum had a profound effect on the economic relations between the United Kingdom (UK) and continental Europe. Major economic and financial determinants were affected, including the impact of the GBP/EUR exchange rate volatility on the dynamics of UK exports to the Eurozone. Purpose of the article: This paper seeks to assess the extent to which these dynamics have changed since Brexit and to estimate the magnitude of their impact. Methods: To this end, the volatility behavior of the GBP/EUR exchange rate before and after Brexit is captured using EWMA, GARCH(p,q), and EGARCH(p,q) models for the period of January 1, 2010 to August 31, 2020. The post-Brexit change in the volatility structure of GBP/EUR exchange rates is then tested by including a dummy in the optimal volatility model. Finally, the Autoregressive Distributed Lag (ARDL) Bounds Testing approach is employed to analyze the relationships between exchange rate volatility and exports. Findings & value added: GARCH(1,1) was selected as the winning model and used to examine the volatility structure of the post-Brexit exchange rate, which revealed no significant change. By incorporating a well-grounded proxy for exchange rate volatility into the demand function of exports, and controlling for the industrial production index, terms of trade, and real exchange rate, the analysis showed that exchange rate volatility had a negative impact on export volume to the Eurozone in both the long and short run. Additionally, the industrial production index had a positive effect on export volume in both the long and short run, while an appreciation in the value of the pound relative to the euro adversely affected the competitiveness of UK exports in the Eurozone market in the long run, with no impact in the short run. This paper serves as a benchmark for future studies, as it follows a three-step modeling approach and provides valuable insights into the potential economic and financial consequences a European Union (EU) member state may face should it choose to exit the EU. [ABSTRACT FROM AUTHOR]

Research background: In order to examine market uncertainty, the paper depicts broad patterns of risk and systematic exposure to global equity market shocks for the major South Asian and Chinese equity markets, as well as for specific assets (gold and Bitcoin). Purpose of the article: The purpose of this paper is to investigate the dynamic correlation among the major South Asian equity markets (India and Pakistan), the Chinese equity markets, the MSCI developed markets, Bitcoin, and gold markets. Methods: While applying the GARCH-Vine-Copula model and the TVP-VAR Connectedness approach, major patterns of dependency and interconnectedness between these markets are investigated. Findings & value added: We find that risk shocks from developed equity markets are critical in these dynamic links. A net return spillover from Bitcoin to the Chinese and Pakistani stock markets throughout the sample period is reported. Interestingly, gold can be applied to hedge and diversify positions in China and major South Asian markets, particularly following the COVID-19 outbreak. Our paper presents three main original add valued: (1) This paper adds global factors to the targeted study of risk transmission among South Asian and Chinese stock markets for the first time. (2)The assets of Bitcoin and gold were added to the study of risk transmission among South Asian and Chinese stock markets for the first time, enabling the research in this paper to observe the non-linear link among the South Asian and Chinese stock markets with them. (3) Our research adds to these lines of inquiry by giving empirical evidence on how COVID-19 altered the dependent structure and return spillover dynamics of Bitcoin, gold and South Asian and Chinese stock markets for the first time. Our results have critical implications for investors and policymakers to effectively understand the nature of market forces and develop risk-averse strategies. [ABSTRACT FROM AUTHOR]

Research background: Most transactions in world trade are invoiced in several international currencies. The changes in the distribution of the great economic powers and the strengthening of the position of developing countries make it necessary to consider the factors determining the choice of trade invoicing currency and to assess the prospects of the dollar as an invoicing currency and the possibility of strengthening the position of developing countries' currencies in this function. Purpose of the article: The aim of the paper is to assess the factors influencing the choice of invoicing currency for international trade in 2000-2019. Methods: The analysis of factors influencing the choice of international trade invoicing currency is based on panel data modelling. The study is conducted for a group of 55 countries. It is assumed that the following variables may influence the currency position in the trade invoicing function: the share of the issuer's country in the bilateral trade, inflation and exchange rate. Findings & value added: The analysis showed that despite the decreasing share of the United States in world trade, the U.S. dollar remains the most important export invoicing currency. The main factors influencing the dollar's dominance are the U.S. share of countries' exports, inflation in developing countries, and the exchange rate in advanced economies. The great significance of trade share as a determinant of the position of the trade invoicing currency is an important indication of the strengthening position of developing country currencies, particularly the Chinese yuan. The obtained results confirm, with the use of more complete data, the validity of the dominant currency paradigm and enrich the still underdeveloped analysis in the area of international macroeconomics using panel data analysis. [ABSTRACT FROM AUTHOR]

Research background: The existence of new technologies and increase in the extensive usage of the internet by individuals, forces governments, local authorities and practitioners to create alter native payment methods such as digital currencies. However, some of the individuals are concerned about trusting these currencies since they negatively perceive their security. Moreover, some people with low income have the willingness to use these currencies in case of receiving some financial benefits. In this regard, security and benefits have been used as tools to increase the trustworthiness of digital currencies. Purpose of the article: The goal of this study is to investigate and to examine the influences of security and benefits of a local digital currency on potential users' trust in this currency. This paper also considers the age and work experience of prospective users and investigate these variables' effects on stated relationships. Methods: This paper is based on a case study that includes 413 respondents who are workers of a large company in Cieszyn Silesia region of the Czech Republic. A questionnaire survey was employed by researchers to determine the perceptions of potential local currency users. Binary logistic regression analyses were performed to examine the relationships between selected variables. Calculations were made using SPSS Statistics software. Findings & Value added: The results of this paper confirm the positive influences of security and provided benefits on the trust of a digital currency. Regarding characteristics of potential users, perceptions of younger and less experienced users regarding the security and financial benefits are more positive to trust this currency comparing to older and more experienced respondents. Trade freedom of a country, long term orientation and individualistic characteristics of potential users might be reasons for the positive relation-ships between security, benefits and trust in a local digital currency. On the other hand, the income of prospective users, new technology curiosity, and experience of users might be mounting pieces of evidence to explain the differences in the perceptions of potential users regarding security, benefits and trust to a local digital currency. This paper also proposes some policy implementations to users, practitioners, local authorities and governments to make them cope with the security and trust issues of these currencies. [ABSTRACT FROM AUTHOR]

Research background: While entrepreneurship in transition economies is the subject of a growing body of literature, the debate on factors influencing entrepreneurial activity in such economies is still incomplete. This paper extends this debate by focusing on the effect of changes in the economic structure on entrepreneurship in Poland. The findings might be supportive for policymakers in pursuing policy aimed at boosting entrepreneurship in a transition economy. Purpose of the article: The aim of the paper is to investigate the extent to which changes in the economic structure impact entrepreneurial activity in Poland. The paper contributes to the literature by providing empirical support to the pending research efforts to recognize entrepreneurship dimensions in a transition economy. Methods: The hypothesis was tested with fixed effects panel regression with robust standard errors. Data were sourced from the Statistics Poland for all Polish NUTS-2 regions for the period 2003-2017. Panel data are balanced and include 3 600 observations. Findings & Value added: This paper extends previous research on factors affecting entrepreneurial activity in a transition economy by focusing on the importance of changes in the economic structure for new firm creation. The findings provide evidence of the significant value of the service sector in boosting entrepreneurial activity in Poland. The findings might attract attention of policymakers. Fostering structural change towards smart specialization in services should be regarded when constituting programmes supporting entrepreneurship. [ABSTRACT FROM AUTHOR]

Research background: Various methods for technological progress assessment and evaluation exist in the context of economic development. Each of the methods possesses distinct advantages and disadvantages in analysis of technological progress fluctuations. For most neoclassical growth theories, technological progress measures are included as exogenous variables, thus excluding evaluation of factors influencing technological progress variation throughout time. Purpose of the article: The aim of this article is to offer improvements on classical technological progress evaluation methodologies for manufacturing industries, separating effect of intersectoral technological progress spillover effect from internal factors influencing technological progress growth and perform analysis in the case of Lithuanian manufacturing industry. Methods: Earlier research papers used linear time series regression and vector autoregression methods to assess technological progress values and define equations explaining effect of different manufacturing level indicators on technological progress measure growth. This research paper uses results of previously mentioned methods and performs simulation analysis applying agentbased modelling framework. Findings & value added: The conducted vector autoregression analysis has showed that two variables which influence technological progress most significantly are labor productivity measure and gross profit value. Sensitivity analysis emphasizes that effect of these two variables on technological progress growth is substantially different. Increase in gross profit value affects technological progress growth for wider range of sectors from Lithuanian manufacturing industry (15 out of 18 analyzed sectors' technological progress measure values are affected by changes in gross profit, while changes in labor productivity influence technological progress values in the case of 9 sectors). Rising gross profit values also produce intersectoral technological progress spillover effect more significantly, while growth in labor productivity measure has stronger effect on technological progress fluctuations for sectors which are able to exploit this effect. Presented research suggests improved methodology for intersectoral technological progress spillover effect assessment in the context of manufacturing industries. [ABSTRACT FROM AUTHOR]