Найдено 157
Human resource development effects on staff and the organization performance
Siahaan R., Sofyan A., Oktaviani V.M., Hasyim N., Amir J.
Q3
Economic Annals-XXI, 2024, цитирований: 0, doi.org, Abstract
The objective of the current paper is to investigate the impact of human resources development to improve productivity in financial organizations. The research was done in two ways - qualitative and quantitative. In qualitative approach, some financial experts were selected and after using a Delphi interview, some of the main performance indexes were considered. In the quantitative model, the productivity rate of the organization has been modeled based on the development of human resources and material capital of the organization, so that after designing the performance management model according to the intended indexes, the quantitative procedure was started in the form of the presented model. The statistical population includes 325 employees working in the Halal food industry with more than five years of experience. The research tools for evaluating individual, group and organization performance variables and enhancing productivity are researcher-made questionnaires, which were considered using content validity, and reliability which is determined utilizing internal consistency using the Kolmogorov-Smirnov method. The findings of the research show that the development of human resources affects the company’s performance through three factors: management, employee structure, and organizational structure. The square of the multiple correlation coefficient of the productivity improvement variable (0.88) shows that the independent factors of management performance explain 88% of the variance of them. The result of the research indicated that according to the fit indices of the model, the proposed model is an appropriate and accurate one for establishing the human resources performance model in order to enhance the productivity of Halal food companies.
International scientific collaboration in the research system: dynamics, opportunities and challenges for Kazakhstan
Bisenbaev A., Sapieva M., Zholymbayev О., Galimzhanova M.
Q3
Economic Annals-XXI, 2023, цитирований: 0,
open access Open access ,
doi.org, Abstract
Introduction. International scientific collaboration and science diplomacy are essential components of international relations and international law, facilitating cross-cultural interactions at various political, societal, social, humanitarian, and technical levels. The sphere of international scientific collaboration, increasingly intertwined with science diplomacy, holds significant relevance in the realm of global relations and international jurisprudence. It fosters multifaceted exchanges spanning political, societal, humanitarian, and technical domains. In the current epoch, often termed the «International Era,» the dynamics of international scientific collaboration assume heightened importance. This era marks a distinct phase in the evolutionary trajectory of global science, progressing from individual, institutional, to national stages. Methodology. This study delves into the nature and scope of international scientific cooperation involving Kazakhstani scientific entities and researchers. It employs an analytical framework grounded in epistemology and gnoseology, complemented by statistical and correlational analysis. The investigation categorizes the diverse forms and types of international scientific engagements, adopting a synectics approach. It introduces the concept of «commensalism» as a contemporary model of international collaboration in the Kazakhstani scientific context. The paper confronts challenges associated with the saturation of information in scientific publications and introduces the notion of the «dark matter of science.» It proposes hypotheses on the structures, targeted outcomes, and methodologies pertinent to international scientific cooperation. The research employs scientometric data, exemplified through national and academic research scenarios, to establish correlations. It interprets Pearson, Spearman, and Kendall correlation coefficients within the context of scientometric parameters, focusing on publication activities in international scientific collaboration. Results. The study unveils critical insights into the dynamics of international scientific collaboration and its economic implications. Key findings include a positive correlation between the number of joint publications and the H-index across various research fields, with notable variations in research funding and commercialization potential. Engineering, Physics & Astronomy, and Medical Sciences emerge as leading disciplines in terms of joint publication volume, H-index, and economic parameters. In contrast, Social Sciences show a lower level of international collaboration and economic impact, suggesting a more localized research focus. The data also highlights significant economic viability in fields like Materials Science and Environmental Sciences, driven by global emphasis on sustainability and technological advancements. Scientific Novelty. The novelty of this research lies in its comprehensive analysis of the economic aspects of international scientific collaboration, especially in the context of Kazakhstani research. It bridges the gap in understanding how international collaboration, especially with scientifically advanced countries, impacts not only academic metrics like the H-index but also economic factors such as research funding and commercialization. This study is one of the first to quantitatively analyze these aspects in the Kazakhstani research context, offering a new perspective on the economic benefits and challenges of global scientific partnerships. Practical Significance. This research holds significant practical implications for policy-makers, researchers, and academic institutions in Kazakhstan. By identifying the fields with the highest economic benefits from international collaboration, it provides a strategic roadmap for allocating resources and prioritizing research areas. The findings can guide policy decisions to enhance Kazakhstan’s integration into the global research community, optimize research funding allocation, and harness the commercial potential of scientific advancements. Additionally, it offers insights for individual researchers to strategically collaborate internationally for maximizing their academic impact and economic benefits.
The factors which influenced the Hungarian traveller decisions and tourism organisations during the coronavirus crisis and beyond
Karácsony P., Vasa L., Pásztóová V.
Q3
Economic Annals-XXI, 2023, цитирований: 1, doi.org, Abstract
In the 21st century, tourism and hospitality are highly profitable industries. Thousands of people enjoy visiting popular tourist resorts, and historical and natural sites or trying out the most exciting attractions, which give tourists the experience of a lifetime. In the aftermath of the 2019 coronavirus crisis, the way tourism organisations operate has changed dramatically. The coronavirus outbreak caused huge liquidity problems for companies, which also affected the tourism sector. We examine the impact of the COVID-19 coronavirus crisis on tourism organisations operating through primary research. The literature review is based on a synthesis of domestic and international research findings. For the primary research, an online questionnaire survey was conducted among the 312 selected respondents - active tourists - in the all regions of Hungary in 2022. We analysed the decisions of Hungarians who travelled domestically and abroad and whether such factors as media coverage of coronavirus crisis and financial situation fears influence them. The research is based on the testing of three hypotheses. Through correlation analysis and chi-square quantification, the research results showed that media coverage of the coronavirus crisis, fear of illness, and financial factors influenced respondents’ travel behaviour and thus the performance and operations of tourism organisations in Hungary.
Economic efficiency in grant funding evaluations: streamlining knowledge-intensive applications in Kazakhstan
Zhumashov Y., Azambayev S., Bisenbaev A., Yessenzharov A., Bulatbayeva K.
Q3
Economic Annals-XXI, 2023, цитирований: 0, doi.org, Abstract
The study proposes an evolution of the grant evaluation system from a dual focus on «form and content» to a «content-centric» model to enhance the efficacy and quality of scientific research. This novel approach, intended for incorporation into Kazakhstan’s grant framework, involves a two-tiered examination process – an initial assessment by the National Center for State Scientific and Technical Expertise (NCSTE) followed by a secondary review by the National Scientific Councils (NSC). The rationale behind this shift away from an overemphasis on quantitative and qualitative project details towards a qualitative, semantic, conceptual, and methodological representation is rooted in the constraints of NCSTE/NSC resources and other pertinent factors. We have adopted and tailored the Technology Readiness Level (TRL), Manufacturing Readiness Level (MRL), and Capability Readiness Level (CRL) scaling methodologies for R&D and RNTD activities by devising a novel Scientific Readiness Levels (SRL) methodology. This has resulted in the compilation of SRL scales for fundamental (FRL), applied (ARL), and innovative projects (IRL), bringing economic efficiency to the grant funding evaluation process.
Phenomenology of the scientific system of Kazakhstan: a study of social and economic effects through the Hofstede’s five-dimensional model of cultural space and beyond
Bisenbaev A., Bulatbayeva K., Orynbekov D., Zhumazhanova S., Azambayev S.
Q3
Economic Annals-XXI, 2023, цитирований: 0, doi.org, Abstract
The cultural model of science and the scientific system of Kazakhstan are theorized and updated for the first time in our research, and this study extends Hofstede’s five-dimensional model of cultural space specifically in the context of the scientific system. The methodology involves employing Hofstede’s dimensions – Power Distance, Individualism versus Collectivism, Masculinity versus Femininity, Uncertainty Avoidance, and Long-Term versus Short-Term Orientation – as a heuristic tool to evaluate the attributes of scientific culture in Kazakhstan. In this way, we shed light on how scientists in Kazakhstan interact with the prevailing cultural norms and expectations, offering a detailed view of culturally embedded scientific practices. To clarify, the five dimensions are adapted in the following manner: Firstly, Scientific Power Distance pertains to the degree of hierarchical authority within scientific institutions. High power distance in this setting implies a significant disparity between junior and senior researchers, thereby affecting the dynamics of collaboration and innovation. Secondly, Scientific Individualism-Collectivism measures the extent to which the scientific culture either fosters individual achievement and originality or prioritizes group cooperation. Thirdly, Scientific Masculinity-Femininity assesses the predominance of either competitive (Masculine) or collaborative (Feminine) traits within the scientific community. Fourthly, Scientific Uncertainty Avoidance deals with the community’s tolerance for uncertainty and ambiguity, indicating whether there’s a preference for structured environments. Lastly, Scientific Long-Term Orientation gauges the focus of scientific endeavors, whether they aim for immediate outputs or invest in long-term research. The Kazakhstan scientific system is thus situated within this adapted framework of five dimensions, providing an intricate mapping of how cultural attributes impact scientific pursuits in the country. The importance of cultural phenomenology in the scientific domain comes from its focus on the observation and interpretation of the cultural factors that influence scientific thinking, progress, and implementation. It recognizes that science is not an isolated activity but is deeply entrenched in societal and cultural systems. In the specific context of Kazakhstan, a country experiencing rapid socio-economic changes, the scientific system is not only shaped by various facets of cultural identity but also makes substantial contributions to socio-economic development. Regarding the empirical findings of this study, the data illustrates the profound economic impact of the scientific system in Kazakhstan. From increased R&D investment to job creation and attracting significant Foreign Direct Investment (FDI), the scientific system appears to make a direct and meaningful contribution to the nation’s economic growth and development. In conclusion, these findings suggest that there is a positive trajectory for the scientific culture in Kazakhstan, contributing both to socio-economic conditions and to the global scientific community.
Empirical study of business intelligence systems and their influence on innovation performance
Murti G.T., Winarningsih S., Sukmadilaga C.
Q3
Economic Annals-XXI, 2023, цитирований: 0, doi.org, Abstract
This study aims to empirically measure and test a conceptual model of the magnitude of the influence of organizational culture, IT Maturity Level, and data quality on the successful implementation of business intelligence systems and their implications for innovation performance. The areas of our empirical study through the hypotheses testing were: the estimation of the effect of business intelligence on financial performance; the impact of business intelligence on innovation; the effect of business intelligence on brand success; the impact of innovation on brand success; the impact of innovation on financial performance. The study sample included 4 commercial banks and 58 conventional commercial banks in the category of national private commercial banks of Indonesia, hence, the total sample in this study was 62 banks. This study used non-probability sampling techniques with purposive sampling techniques at conventional commercial banks in Indonesia. The data analysis method uses Covarian Based-Structural Modeling (CB-SEM) with programming tools that support primary data analysis in Lisrell 8.5. The results of this study found that the higher the level of implementation of organizational culture, IT Maturity Level, and data quality, the higher the success rate of implementing business intelligence systems which have implications for improving innovation performance, while the higher the level of application of business intelligence systems, the higher the level of innovation performance. The implementation of organizational culture is the factor that has the most significant influence on the success of implementing business intelligence systems compared to other factors studied in this study.
The Role of food aid and livelihood interventions in mediating the relationship between household’s resilience and economic empowerment
Samia N., Naárné Tóth Z., Vasa L.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
The concept of resilience has been utilized to examine more complex ecological and socioeconomic systems such as agri-food systems in developing countries. Gaza has one of the high unemployment rates globally, therefore keeping people imprisoned in poverty and dependent on external support to existing. The strategy for poverty reduction in Gaza primarily consists of giving food aid or multi-purpose cash-based assistance and livelihood projects; nevertheless, this does not reduce unemployment or poverty in the long term. Non-Governmental Organizations (NGOs) have increased their efforts to provide more effective and comprehensive interventions to the affected populations, especially in the Gaza Strip. The research implemented a quantitative methodology distributed to over 300 household benefited from food aid and livelihood interventions through the NGOs in Gaza Strip. The questionnaire had been constructed based on the Likert Scale ranging from 1 (Strongly Agree) to 5 (Strongly Disagree). The data had been treated using SPSS statistical tool and AMOS for structural equation modeling and analysis to study the mediating effect of food aid and livelihood interventions on the relationship between household resilience and economic empowerment in the Gaza Strip. The research found that the resilience ability of many families in the Gaza Strip has increased because of the humanitarian assistance provided by NGOs, which lead to reducing poverty and household resilience plays a vital role in minimizing poverty and alleviating suffering through empowering and engaging them in the economy. The research also found that food aid tends to critically impact the relationship between household resilience and economic empowerment. NGOs play an essential role in engaging the poor in the economy through providing food security and encouraging new investments and efforts to improve help effectiveness via greater coordination among players involved in the implementation and better planning, targeting, and providing aid to people in Gaza Strip. The research findings also showed that livelihood interventions mediate the relationship between household resilience and economic empowerment in Gaza Strip. The structural model supports that the livelihood interventions modulated the association between household resilience and economic empowerment.
Lending in the agricultural sector of Ukraine: challenges and solutions
Lemishko О., Shevchenko N.
Q3
Economic Annals-XXI, 2021, цитирований: 1, doi.org, Abstract
The promotion of efficient development of productive resources, specific geographic areas, and branches of the economy is the fundamental reference point of the financial and credit policy of the state. In particular, the agricultural sector has certain features of capital formation within the financial system of the state. This is reflected in the requirements and approaches to the development of financial policy by the state and in the corresponding mechanism for its implementation. Being an important tool within this mechanism, lending is aimed at ensuring the economic growth of the agricultural sector. State support facilitated the system of subsidizing loans by providing funds to reduce the cost of loans for farmers in Ukraine, thus encouraging increased productivity in the agricultural sector at the initial stage. However, gradually, this caused a debt agricultural economy that became dependent on the state and started negatively affecting the elimination of structural, intersectoral, and territorial disparities in the agricultural sector. Therefore, the article is relevant, with mentioned issues requiring immediate examination of state credit support to the agricultural sector as well as justification of financial and credit policy of the state with the view of mutually beneficial cooperation between banking institutions and Ukraine’s agricultural sector for stable and efficient development of the latter. The article analyzes the market of bank lending to agricultural enterprises. It also reveals the influence of bank lending on the development of the agricultural sector in Ukraine. The study identifies subjective factors considered as biggest сhallenges for lending to the agricultural sector in Ukraine. The core problems of lending to the agricultural sector in Ukraine are identified in our study, namely: increasing inflation risks; ineffectiveness of economic promotion programs, tightening of the NBU’s monetary policy, underdevelopment of the non-banking financial market, unfavorable conditions in the foreign financial markets. Measures are suggested to solve the problems of lending to the agricultural sector, the essence of which comes down to the development of partnership mechanisms between the state, agricultural enterprises, and banking institutions. А unified regulatory and methodological framework for lending secured by agricultural land should be established. The paper covers European land mortgage lending practices. In Ukraine, they might be adopted by directly raising public funds not only through an authorized state credit institution but also through private credit institutions operating in a market environment.
Intermediaries motivating eco-innovation in Jordanian small and medium enterprises
Al-Hanakta R., Illés C.B., Dunay A.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
This paper aims at identifying the role intermediaries in small medium-sized enterprises’ (SME) quest for eco-innovation according to an empirical qualitative interview among Jordanian companies as well as applied cleaner production as an a approach which reduces environmental pollution along with positive financial benefits for the enterprise. The lack of partnership between knowledge producers (academia) and knowledge users (industry) is tangible and unsatisfying. This also has negative impact on the innovation competitiveness of Small and medium enterprises SMEs. SMEs can access to and benefit from crucial external knowledge through alliance with innovation intermediaries, namely, the Water and Environment Centre (WEC) at the Royal Scientific Society (RSS). Cleaner Production CP is considered the method and tool to recognize where and why a company is losing resources in the form of waste and pollution, and how these losses can be minimized. The key finding that the proactive approach (cleaner production) is one essential push factor to trigger eco-innovations in SMEs. This finding indicates that SMEs might need facilitation for eco-innovation of different levels of support as well as, highlighting drivers and barriers for eco-innovation in SMEs.
Model of financial management conceptualization in Romanian agriculture
Grosu V., Kholiavko N., Zhavoronok A., Zlati M.L., Cosmulese C.G.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
Agriculture is one of the important sectors in Romania in terms of expanding the cultivated agricultural areas, the number of people working in this field and contribution of the branch to the national economy. Considering the socio-economic dimension of the branch, agriculture represents a viable opportunity in Romania given the qualitative land fund and the pedoclimate’s characteristic still favorable for obtaining financial performance in agriculture. Financial management is a challenge for economic operators in the agriculture. Due to the seasonal character of it, the managerial act of managing cash flow tables is difficult, and managers reach a high rate of indebtedness of the company. The seasonal stage of storage and trading of stocks represents for managers another challenge of financial management and brings with it randomized elements regarding the efficiency of the managerial act in the agricultural sector. The aim of the paper is to conceptualize a modern financial management model timed in agriculture to reduce financial pressure and allow managers to gain more efficiency in managing cash flow charts. The research uses empirical and analytical study methods including literature review, analysis of economic efficiency indicators obtained by agricultural companies in Romania, study of financial projections to identify significant vulnerabilities in cash flows and conceptualization of modern financial agriculture’s management model. The results of the study will be useful to managers of agricultural entities in their approach to efficiency and performance within the development of financial strategies.
Industry 4.0 and human resource in Indonesia: a systematic literature review
Tuegeh O.D., Harangi-Rákos M., Nagy A.S.
Q3
Economic Annals-XXI, 2021, цитирований: 4, Обзор, doi.org, Abstract
There are concerns about the impact of Industrial Revolution 4.0 and challenges on the job market. This research purpose is to analyze the impact of the 4.0 industrial revolution on the labor market related to its consequences for higher education. Based on the Systematic Literature Review using VOSview, this research found the challenges of Industry 4.0 on the job market in Indonesia. Based on the challenges, this research purpose competencies and skill acquired and how the need for higher education to change to answer these challenges.
Exchange rate impacts on international trade
Mehtiyev J., Magda R., Vasa L.
Q3
Economic Annals-XXI, 2021, цитирований: 3, doi.org, Abstract
As international trade activities are increased, there are more regulative practices which might be barriers to trade. One of such hindrances is exchange rate volatility that affects trade activities both directly and indirectly. Exchange rate volatility of currencies can affect the trade engagements and as well as the trade balance of a country. One of the implications of the study is that the impacts of monetary policy changes on trade activities can be noticed significantly in the long-term. While impacts on export levels are usually immediate, import levels are changed in long-run. The research analyzes the correlation between inflation and devaluation and clearly states their impacts on trade balance. The case study about devaluation of the currency of Azerbaijan elaborates the impacts of currency volatility on exports which is illustrated and analyzed in this research. Moreover, inflation and devaluation correlations and their impacts on import level of a country are studied through correlation and multiple regression analyses based on the data exported from OECD and World Bank. The results conclude that exchange rate volatility significantly impacts the trade balance in terms of imports and exports. Given the results, exchange rate is a non-trade barrier and affects foreign trade.
Modes of Islamic financing and aggregate economic output: evidence from Islamic banking industry of Pakistan
Saleem A., Sági J., Bárczi J.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
With the evolution of Islamic banking, the economic impact of Islamic finance has been studied by many authors. Islamic banks significantly differ from conventional banks in terms of underlying contracts. The asset side of Islamic banks is composed of different modes of financing, which can be categorized at participatory and non-participatory modes of financing. This study aims to examine the relationship of modes of Islamic financing in connection to the real economic output of Pakistan. Using quarterly data from 2005 to 2019, we use autoregressive distributive lag (ARDL) model to analyze the impact of modes of Islamic financing and industrial output. Our findings reveal that non-participatory modes of Islamic financing play a significant role in deriving a healthy aggregate economic output. Therefore, Industrial production found to have a significant positive long run relationship with non-participatory Islamic financing. However, financing modes based on partnership does not have significant impact on total industrial production. The results also show that poor asset quality hinders the production process in the long run and decreases the economic outcome.
The influence of intellectual capital and innovations on the economic development of the world and national economy
Sazonets O., Nykonchuk V., Kozakevych A.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
We consider in the study that the existing economic model will inevitably be replaced by a new effective model of creative and competitive economic development. Technological innovations have caused the rapid growth of the world economy. As the result, production costs have been reduced and the profits of corporations in many sectors of the world economy have increased. Innovation is a factor of rise in Kondratiev cycles. Innovations give an impetus to increase the value added of a country’s economy. The article asserts that intellectual capital is the basis and is becoming an increasingly important component of national and world development. The article has investigated in which way innovation activities affect real GDP and has suggested the answer to the question on what stage of the Kondratiev cycles the world economy is. Innovation as an object of intellectual capital is introduced in the form of patents and other intellectual property. We have analyzed the relevant trends for 2004-2020. The research has determined that by 2030, a significant increase in the number of patent applications is expected. The article has examined the dependence of the world real GDP on the number of filed patent applications in the world by constructing trend lines. It has been found that the largest approximation with a coefficient of determination greater than 0.92 is a polynomial trend line, in which the dynamic growth with a small number of patent applications is inhibited by a sharp increase in their number. The research has defined that the phases of the cyber revolution correlate with Kondratiev waves. The modern phase is characterized by the rapid generation and dissemination of innovations. The article has examined the filing of patent applications in the top 20 countries around the world, among which the leading positions are occupied by China, the USA, and Japan. By constructing trend lines, the research has analyzed the dependence of Ukraine’s real GDP on the number of innovations and has shown that there is no such clear dependence. This indicates the raw material orientation of the Ukrainian economy. The article states that it is extremely important for Ukraine to make the transition from the triad model (with state-monopoly capitalism) to the national economic model, which corresponds to the approaches of the people’s capitalism.
The energy efficiency of the national economy assessment in terms of investment in green energy
Astanakulov O., Asatullaev K., Saidaxmedova N., Batirova N.
Q3
Economic Annals-XXI, 2021, цитирований: 2, doi.org, Abstract
Introduction. The study of the development of CO2-neutral economy shows that this concept was only examined from a theoretical point of view in the first phases and has become a priority development area of all countries of the world since 2019. Carbon neutrality means not only a massive conversion of traditional energy into renewable (alternative), but also a complete thermal modernization, a change in the production sector towards energy saving and energy efficiency, innovative changes in wastewater treatment systems and recycling, etc. In other words, an important engine for the development of a CO2-neutral economy in the national economic system is a set of mechanisms and instruments to improve energy efficiency through sustainable innovative development. Theoretical base. For a detailed analysis of the conditions for the development of the energy efficiency of the national economy (Charles, 2019), it is necessary to monitor the state of the energy system and the environmental situation in the country (Huang, 2019), since today almost all countries of the world have reconsidered their priority areas in the development of the energy sector and have actively started to implement reforms for modernization and conversion towards energy production (Khan, 2018). The most promising areas were alternative energy sources and the development of a carbon-neutral economy (Jiahai, 2019). Therefore, the countries of the European Union have agreed on an action plan for energy efficiency for the period 2007-2020 (Kraemer, 2020), which is a 20-20-20 plan - reducing CO2 emissions by 20%, improving energy efficiency by 20% and increasing the share of renewable sources in the energy sector by 20% (Lakshman, 2019). In this phase, Russia plans to achieve 11% of renewable energy sources in the structure of final energy consumption and increase energy efficiency by 9%. At the same time, Russia, which has joined the Paris Climate Agreement (Rehbein, 2020), has set itself the goal of reducing CO2 emissions by 40% by 2030 compared to 1990 (Shu, 2019). The aim of the study is to develop theoretical and methodological tools for assessing the level of energy efficiency of the national economy and its main determinants. Results. The forecast results showed that there is a significant discrepancy between the optimistic and realistic scenarios of the dynamics of changes in the economy’s diverging sub-index of energy efficiency. According to the optimistic scenario, the balancing of the convergent and divergent sub-indices will take more than 10 years (in 2020, the value of the convergent sub-index of energy efficiency of the national economy was 0.84 and the projected value of the divergent sub-index in 2030 was 0.71). Conclusions. The growth of the economy’s integral energy efficiency index is possible if a stable balance is achieved between its convergent and divergent determinants. Calculations have confirmed that the implementation of state policies to ensure the energy efficiency of the economy should primarily focus on increasing divergent determinants of the energy efficiency of the economy. To target the diverging sub-index of the national economy’s energy efficiency, the paper performs a scenario forecast of the vector of its change based on the Brown model, which takes into account the retrospective nature of the distribution of its time series and eliminates fluctuations in random variables.
Anti-crisis state regulation of business under pandemic conditions: results and challenges
Shchukina N., Varfalovskaya V., Bekaeva A., Salinas L.
Q3
Economic Annals-XXI, 2021, цитирований: 1, doi.org, Abstract
The purpose of the research is to identify the main trends and also a model for businesses during COVID-19 pandemic. We focuse on the study of the results of state regulation of business under pandemic conditions and the related global economic crisis. The impact of a number of anti-crisis measures implemented by the Government to support small and medium businesses is studied. The problems of development and survival of enterprises in a down economy are identified and the solutions are suggested. The measures taken by the government to prevent wave of bankruptcies during the pandemic are analyzed. The scenario problems facing the business in the context of COVID-19 crisis are identified. In addition to examining the effect of COVID-19 on small and medium-sized businesses, this article also suggests operational steps to overcome this critical situation.
Interaction between economy and law through the example of China: from the retrospective to the development prospect. A critical analysis and comparison with developed democracies
Chaplynskiy K., Sydorov O., Shapovalov D., Antoniuk O.
Q3
Economic Annals-XXI, 2021, цитирований: 1, doi.org, Abstract
It is generally considered that the keystone of successful economic development of the state is its effective legal system with its priority dwelling upon protection of human rights. However, is this formula operational in the case of China with its authoritarian political regime for which the fundamental law is the will of the party leader? The article investigates how the transformation of the legal system of China has been progressing over the past seventy years and how these processes correlate with the reforms in the economy. Profound cause and effect relations between mental reference points of the Chinese people and the «fragility» of the institution of law in this country have been revealed. The paper presents the results of the analysis conducted in relation to the indicators of socio-economic progress and the rule of law within the country in comparison with similar indicators of nine most successful countries in the world. It is proven that the formal law in China serves as a mere instrument for a farsighted, authoritarian and rigidly hierarchical political system which uses economic levers with the purpose of achieving ambitious goals of conquering the entire world.
Dynamics of Bitcoin trading on the Binance cryptocurrency exchange
Patashkova Y., Niyazbekova S., Kerimkhulle S., Serikova M., Troyanskaya M.
Q3
Economic Annals-XXI, 2021, цитирований: 8, doi.org, Abstract
Currently, there are a great number of platform-projects and frameworks based on blockchain technology. Consequently, it is necessary to define the most relevant blockchain platforms and analyze them taking into consideration a variety of features. Also, there is a need to investigate the logistics growth and the price of Bitcoin on the Binance cryptocurrency exchange. The authors have examined modern technologies used by manufacturing companies in the field of fintech in the context of the 2019-2024 period. The results show that sensors and automatic identification take the leading position both at present and in 2024. Aartificial intelligence and blockchain are also in demand by manufacturers today, however in the nearest future their ranking positions will increase sixfold from 10% to 60%. In the current paper the authors review the largest companies that effectively use blockchain technology in their businesses. The conducted survey shows that 18% of companies use blockchain technology based on Bitcoin. The authors have analysed a number of Bitcoin transactions for the period from January 2017 to February 2021 and concluded that the COVID-19 pandemic has had a favourable effect on the indicator data. A maximum number of transactions equal to 10.15 million was carried out in July 2020. Using the method of the Ordinary Least Squares (OLS) and statistical estimation methods the authors have revealed an underestimation of the equilibrium state of the empirical distribution of price data and the volume of daily trading of Bitcoin on the Binance cryptocurrency exchange through the channel of the right-hand confidence interval. The blockchain technology based on Bitcoin has positively reacted to the macroeconomic factors such as the COVID-19 pandemics and further growth in Bitcoin transactions is expected. With the help of economic modelling, the authors have defined the predictable volume and the price of Bitcoin on the Binance cryptocurrency exchange.
Employee engagement in HR analytical systems
Belyaeva T., Kozieva I.
Q3
Economic Annals-XXI, 2020, цитирований: 5, doi.org, Abstract
Employee engagement is an important resource for the development of modern organizations and enterprises. Effective management of employee engagement leads to an increase in labour productivity, achievement of goals and sustainable development of the managed object. Despite the considerable accumulated domestic and foreign research on employee engagement as a factor of growth and economic efficiency, many areas relating engagement diagnostics and assessment of the relation between engagement and results of financial and economic development remain understudied. In a digital economy, personnel knowledge and competences are recognized as a strategic resource for the development, which mainstreams research in the area of employee engagement and assessment of its impact on development processes and results. It is possible to assess engagement objectively and measure its resource potential by using HR analytics. HR analytics is a system of mathematical, statistical and heuristic methods for assessing, forecasting and decision-making aimed at developing competitive advantages of personnel, and increasing labor productivity and economic efficiency of an enterprise. The purpose of the article is a theoretical and methodological substantiation and practical use of employee engagement diagnostics indicators in the system of HR analytics. The article uses methods of engagement research, as well as economic, statistical, sociological, psychological tools of HR analytics. The outcome of the article is a practically applicable technique of employee engagement estimation and research of its interrelation with indicators of economic efficiency of enterprise development. Based on the received results, it is possible to draw a conclusion about the necessity to enhance employee engagement in order to create conditions for sustainable development and growth of economic efficiency of enterprises.
Implementation of innovative digital technologies in the world
Ershova I., Obukhova A., Belyaeva O.
Q3
Economic Annals-XXI, 2020, цитирований: 4, doi.org, Abstract
The authors define the goals of digital transformation of countries, highlight the main distinctive elements of their digitalization and classify factors that affect the speed of digital transformation. They assess the development level of digital economy in Russia, Ukraine and developed countries in 2007-2020 according to the International Digital Economy and Society Index (I-DESI) and the Global Innovation Index (GII). The authors provide information about changes in the ranking of individual countries according to the GII and identify top ten countries in each group. The authors compare the most popular innovative technological trends, present the expected payback periods for investments in digital solutions in Russia and the world and determine the barriers that hinder the development of digitalization in the countries and companies. The conducted analysis shows that against the background of a significant slowdown in the global economic growth, there are concerns about a reduction in R&D, venture capital and intellectual property.
Digital technologies in the Russians’ everyday life: analysis based on the opinion surveys
Kamensky E.
Q3
Economic Annals-XXI, 2020, цитирований: 5, doi.org, Abstract
Recently, the global COVID-19 pandemic has become the most topical matter of public consciousness. In this regard, digitalization, which offers the so called remote models of social communications, is becoming the most topical issue not only among the expert community of politicians, economists, scientists and public figures, but also among ordinary people. The global pandemic has determined both the speed and the global networked nature of the spread of the digital environment in national sociocultural contexts. This determines the special relevance of the problems of professional assessment of the digital environment in the mass consciousness of the Russians. The imperative digitalization of basic social institutions, such as medicine and education, requires the consumer to activate adaptive-compensatory reserves, master new forms of communication and interaction as well as a reflexive response. Basing on the carried out sociological empirical studies (mass surveys of the population), the article presents the results which allow us to see the current state of public reflection on digitalization against the background of the COVID-19 pandemic in 2020, to objectively describe the subjective assessments of the spread of the DT culture thinking patterns and practices in the socio-cultural environment of Russia. As a result, it has been revealed that in all institutional practices, except for family ones, the respondents agree with the need to promote the implementation of digital technologies. The respondents did not demonstrate a high level of negativity or put forward proposals to significantly limit digitalization for all the questionnaire items. At this stage, it can be argued with a certain degree of certainty that digitalization patterns are translated in the context of the reproduction of sociocultural relations for which they have become typical.
Development of robotic circular reproduction in ensuring sustainable economic growth
Kolmykova T., Merzlyakova E., Kilimova L.
Q3
Economic Annals-XXI, 2020, цитирований: 2, doi.org, Abstract
To confront global challenges in the field of environmental security, humanity needs reproduction chains of a new type that correspond to the models of the green economy and the principles of sustainable development. The most relevant concept that meets these conditions is a circular economy. A new round of industrial development provides additional opportunities to introduce principles of circular reproduction. The proliferation of robots and the introduction of artificial intelligence systems will facilitate the implementation of circular innovations. The purpose of the paper is a study of current trends in the transformation of global value chains based on the symbiosis of virtual and physical production systems which form new operating models and contribute to sustainable economic growth. The research methodology includes general scientific methods of cognition, systemic and situational approaches, methods of structural and functional analysis, empirical generalization and comparison, as well as tabular and graphical methods of visualization of statistical and calculated data. The main results of the study are to gain new knowledge about the role of interaction between digital and physical spaces in ensuring the achievement of goals of sustainable development and the implementation of principles of circular reproduction. Studying robotic circular reproduction will increase the relevance of the concepts of a green economy and circular reproduction, which will promote effective implementation of the above concepts in the Russian Federation.
Digitalization as a tool for innovative economic development
Bessonova E., Battalov R.
Q3
Economic Annals-XXI, 2020, цитирований: 6, doi.org, Abstract
Under modern economic conditions, digitalization of the economy is a strategic development priority in many countries. The introduction of technologies that promote digitalization of the economy allows the state, businesses and society to interact effectively in order to increasingly large-scale and dynamic process. Digital economy is becoming a critical driver of innovation, economic growth and competitiveness. Introduction of digital technologies opens up new opportunities for cooperation at all stages of the innovation process. The constant exchange of ideas and data sharing accelerate the innovation process fast and make it sustainable. A model of innovative development based on digitalization tools has been proposed. The authors have identified opportunities, detected threats in view of the pandemics events of 2020, revealed constraints of economic activity under lockdown, developed support measures by taking into account the specifics of digital transformation, summarized the results and focused on improving the ICT infrastructure and integrating digital technologies into the real sector of the economy. The conclusions and generalizations made in the course of the research, aswell as the model of innovative development and recommendations for increasing the efficiency of the implementation of measures to support innovation in the context of digital transformation can be used to develop plans and programs for the development of territories.
Relationships between cycle theories, sustainable tourism, and the effects of the COVID-19 in Hungary
Remenyik B., Horvath D., Vasa L.
Q3
Economic Annals-XXI, 2020, цитирований: 3, doi.org, Abstract
Examining cycle theories calls our attention to the fact that tourism will be described by descending and ascending curves within certain periods in the future. According to cycle theories, the downturn in the tourism industry will continue from four to five years. According to the study conducted by the authors, domestic tourism will become more intensive, trips will have spatial limitations, the length of stay will increase, and cars will be the most popular means of transport. As part of the research, the authors surveyed 230 respondents concerning tourism activities. An in-depth interview was carried out with Zoltan Somogyi, a former Deputy Secretary General of the UNWTO, about the possibilities of solving the effects of COVID-19. To address COVID-19 challenges, the Hungarian government is required to make quick decisions. Demand needs to be diversified, and new sustainable tourism products need to be introduced. Visits to Hungary should be extended in space and time, and an interest in domestic tourists in the state should be increased by implementing strong marketing. More serious regulations should be adopted with the participation of local entrepreneurs; more consideration should be given to contactless technologies. In the post-COVID-19 period, the overtourism in Hungary should be replaced by sustainable and creative tourism.
Environmental risks and sustainable development indicators: determinants of impact
Sushchenko O., Volkovskyi I., Fedosov V., Ryazanova N.
Q3
Economic Annals-XXI, 2020, цитирований: 5, doi.org, Abstract
The concept of sustainable development brought new constraints for the old-fashioned business models. At the same time, it created new opportunities for those who have a forward-looking strategy and strive to overcome «the limits to growth», in other words, to ensure a long-term blended value creation with economic and non-economic benefits. There are numerous sets of the sustainable development indicators and indices, but the weights of each particular component are different and need further clarification. Nowadays, the environmental risks in general and climate-related in particular are priced (e.g. environmental taxes) and have a strong impact on the social and economic relations by creating negative and positive externalities for our daily life. For this reason, economic agents are forced to become sustainable to the non-financial risks through switching to the new environmental and social business models. For this reason, better sustainable development indicators are crucial for an improved management of the non-financial risks and sustainable blended value creation. Hence, the aim of this paper is to examine the role of environmental risks in shaping sustainable development conditions on the macrolevel and to elaborate the ways for a better management of the non-financial risks (Environmental, Social and Governance - ESG). For this purpose, the impact of the most important environmental risks on the main economic and social indicators has been examined (e.g. Human Development Index and GDP per capita). Such an approach allowed us to identify the extent to which specific environmental factors influencing social and economic development can reshape the sustainable development conditions. In course of research, two sets of countries have been singled out to verify statistical significance of elaborated models. To achieve this goal, the authors have split an available dataset into two groups: EU and non-EU countries. The reason behind it is the fact that EU countries are among the leaders in the area of sustainable development and have already undertaken related environmental improvements in the last decades. Moreover, the above-mentioned countries are continuing such successful pathways today and with the new European Green Deal could go even far beyond this frontier. The results of current research suggest that existing indicators cannot fully encompass all the aspects of sustainable development and should be revised. Such findings relate both to the composition of the indicators and the weights attributed to each particular component. The application of regression analysis showed that such factors as water and air quality and biodiversity have the strongest explanatory power - 67% of the fluctuations in GDP per capita and 87% in case of HDI. The R -squared is ranging from 0.7 to 0.8 in both cases and confirms consistency of the elaborated models. To verify the results achieved, the similar models have been prepared only for the EU countries. As a result, all independent variables demonstrated the same significant impact on GDP per capita also for the EU countries. However, in this case the R -squared is only 0.27 due to the fact that ESG indicators within the EU area are rather homogenous. The impact of environmental factors on the level of HDI for the EU countries is much stronger comparing to GDP per capita. An overall explanatory power of the model for the EU countries exceeds 0.45 (R -squared). The most influential factor is the quality of water resources. Other important independent variables in the model for the EU member states are biodiversity and air quality. The authors argue that it is necessary to incorporate the above-mentioned environmental factors into the updated version of the Human Development Index as the most appropriate indicators of sustainable development. Consequently, the weights of the components should be recalculated to improve management of the non-financial risks on macrolevel, facilitating the blended value creation process.
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