International Journal of Economic Sciences
type: channel
description: The International Journal of Economic Sciences (IJES) is a single-blind, peer-reviewed journal which is freely available online under open access policy and serves as the primary source highlighting original research. The aim of the IJES is to publish articles that contribute significantly to the body of scientific knowledge and to provide an international platform for academic researchers, academicians, students, practitioners and policy makers from different background, who engage in theoretical and empirical research of chapters in economics, economic theory, finance, banking, international trade and related disciplines on micro, mezo and macro levels. Published articles use scientific research methods, including: economic modeling, econometric and statistical analysis, case studies, field research and historical analysis. General Journal guidelines for authors The International Journal of Economic Sciences publishes research articles, reviews, short communications, and case studies. Research articles must include: motivation for the work, an adequate overview of the representative work in the field including up-to-date references, a clear statement of the novelty in the presented research, suitable theoretical background, one or more examples to demonstrate and discuss the presented ideas and, finally, conclusions. Short communications are usually 4-7 pages long, research articles and case studies 8-14 pages, while reviews can be longer. Page number limits are not strict and, with appropriate reasoning, the submitted articles can also be longer or shorter. Authors are requested to follow the IJES guidelines and strictly format their manuscripts as per the article template that is available here. If extensions of previously published conference papers are submitted, Editors will check if sufficient new material has been added to fulfill the journal standards and qualify the submission for the review process. The added material must have not been previously publis…
publisher: Scientific Oasis
language: en
publication name: International Journal of Economic Sciences
issn: 1804-9796
items: Economics and Multi-Criteria Decision Support for Sustainable Cobalt Production
items: Evaluating Green Economy Strategies through Multi-Criteria Decision Analysis: A Systematic Review
items: Economic Impact of University Knowledge Spillovers on Firm Innovation: A Spatial Analysis from China
items: Artificial Intelligence Applications and Corporate Sustainable Development: An Economic and Environmental Performance Perspective
items: Agility of the Drug Supply Chain Considering Economic and Social Aspects: Use of Internet of Things and Big Data Analysis
items: Emergency Management in Risk Control: Approaches for Surpassing Financial Challenges
items: Research on the Role of ESG Performance in Capital Market Pricing Efficiency: An Analysis Based on Stock Price Synchronicity
items: Omnichannel Digital Marketing in the Postal and Logistics Sector: Strategic Functions and the Role of Leadership Visibility
items: Economic Evaluation of Digital Suppliers for Manufacturing SMEs Using Pythagorean Neutrosophic TOPSIS and VIKOR with a Flexible Distance Metric
items: Strategic Challenges and Opportunities for the Czech Steel Industry: A Path toward Sustainable Competitiveness
items: The Mixed Incentive Effect of Government Subsidies and Venture Capital on the Sustainability of Enterprise Innovation
items: Smart Tourism Cities and Income Equity: How Digital Economy Reshapes Urban-Rural Disparities
items: Digital Entrepreneurship Within International Business Landscape: Implications for Marketing Strategies
items: Beyond ESG: Unpacking Brand Loyalty Through the Emotional Mechanisms Lenses of Attachment and Love—A Hierarchical Regression Study of Alibaba in China
items: A New Paradigm of Advertising Marketing Experience Based on New Media Extended Reality Technology
items: Use of Beneish M-Score: Case Study in the Spanish Fishing Sector
items: Asymmetric Impact of Climate Change Vulnerability and Adaptive Capacity on Economic Growth in Developing Economies
items: Economic Rebuilding Frameworks in Post-War States: Takeaways for Ukraine
items: A Multi-Criteria Framework for Economic Decision Support in Urban Sustainability: Comparative Insights from European Cities
items: Corporate Social Responsibility Investment and Its Impact on the Financial Performance of Securities Companies
items: Economics of the Fish Processing Industry: Applying the Beneish M-Score Model
items: Adaptive Utility Ranking Algorithm for Evaluating Blockchain-Enabled Microfinance in Emerging - A New MCDM Perspective
items: Improving Hospital Efficiency and Economic Performance: A DEA Approach with Undesirable Factors in Tehran Emergency Wards
items: Modeling Sustainable Development of Cryptocurrencies by a Fractional Pure-Jump Process in DEA Framework
items: Social Media Opinion Leaders’ Self-Presentation and Youth Tourism Impulse Buying: A Mediated SOR Analysis
items: Reporting of Taxonomic Indicators and Greenhouse Gas Emissions in the Practice of the Largest Construction Companies in the Czech Republic
items: Revolutionizing Decision-Making in E-Commerce and IT Procurement: An IVPNS-COBRA Linguistic Variable Framework for Enhanced Multi-Criteria Analysis
items: https://ijes-journal.org/journal/article/view/181
items: SVAR MODEL TO EXAMINE THE SHORT AND LONG TERM MONETARY POLICY IN INDONESIA
items: THE MARRIAGE PREMIUM AND PRODUCTIVITY: THE CASE OF NBA PLAYERS

Economics and Multi-Criteria Decision Support for Sustainable Cobalt Production
type: item
description: Mining critical minerals in the Democratic Republic of Congo comes with tough governance hurdles, environmental damage, and deep socioeconomic strains. This study’s approach blends SWOT with PESTLE analysis, drawing on the insight of experts from 32 organizations in 11 countries, including Canada, France, Germany, India, Norway, Pakistan, Poland, Portugal, Romania, Spain, and the United States. This two‑pronged approach makes it easier to fully examine the structural, political, and socio‑environmental sides of the cobalt industry in the Democratic Republic of the Congo. The PESTLE analysis paints the DRC’s political climate as unstable and steeped in corruption, with social governance in deep crisis and environmental oversight falling far short. In the SWOT analysis, strengths at 14.49 and opportunities at 12.54 edge ahead of weaknesses at 12.95 and threats at 11.27 on average. This forms the foundation for the study’s conclusion: greater transparency in institutions, fairer labour market governance, and stronger environmental laws could help curb the extractive injustices tied to cobalt mining in the DRC.
subject: Articles
  topic: section
subject: Economic Risk Assessment
  topic: keywords
subject: Critical minerals
  topic: keywords
subject: PESTLE analysis
  topic: keywords
subject: SWOT modelling
  topic: keywords
subject: Resource economics
  topic: keywords
subject: Operational research
  topic: keywords
creator: Rosa María Ricoy-Casas
creator: Jose María Lago Cabo
creator: Jorge Eduardo Vila Biglieri
creator: Darko Bozanic
rights: Copyright (c) 2025 Rosa María Ricoy-Casas , Jose María Lago Cabo, Jorge Eduardo Vila Biglieri, Darko Bozanic (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-12-01
publication date: 2025-12-01
starting page: 1
ending page: 21
doi: 10.31181/ijes1512026237

Evaluating Green Economy Strategies through Multi-Criteria Decision Analysis: A Systematic Review
type: item
description: Green economy transition needs efficient metrics to evaluate the trade-off between environmental, economic, and social objectives. This paper review articles on Multi-Criteria Decision Analysis (MCDA) in green economy strategies published between 2010 and 2025 based on the Dimensions.ai database. After following a designed PRISMA method, 1626 articles were filtered and examined through bibliometric mapping and qualitative analysis. The findings demonstrate that Journal of Cleaner Production, Sustainability, and Renewable and Sustainable Energy Reviews are the most fruitful journals and China and Europe are the countries that present most of the research. AHP, TOPSIS, and hybrid approaches are some of the common MCDA methods which have been used in renewable energy planning, waste management, sustainable transport, supply chain optimization, and policy evaluation. The results suggest that MCDA assists in making the decisions more transparent, participatory, and evidence-based. Nevertheless, there are still difficulties, such as subjective approaches, unreliable information, and insufficient research of the world. All in all, this paper demonstrates the value of MCDA in aiding the green economy approach and suggests more comprehensive, technology-based approaches to procedure in the future
subject: Articles
  topic: section
subject: Sustainable development
  topic: keywords
subject: Green economy
  topic: keywords
subject: Multi-criteria decision analysis
  topic: keywords
subject: MCDM
  topic: keywords
subject: Bibliometric review
  topic: keywords
subject: Hybrid decision models
  topic: keywords
creator: Sushil Kumar Sahoo
creator: Shankha Shubhra Goswami
creator: Darko Božanić
creator: Soupayan Mitra
rights: Copyright (c) 2025 Sushil Kumar Sahoo, Shankha Shubhra Goswami, Darko Božanić, Soupayan Mitra (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 385
ending page: 407
doi: 10.31181/ijes1412025245

Economic Impact of University Knowledge Spillovers on Firm Innovation: A Spatial Analysis from China
type: item
description: University knowledge spillovers are widely recognized as vital drivers of corporate innovation and regional economic development. However, the economic impact of geographic distance between enterprises and universities on innovation output remains underexplored. This study investigates the relationship between spatial proximity to universities and corporate innovation performance using invention patent data from Chinese A-share listed firms between 2010 and 2022. Employing Ordinary Least Squares (OLS) models with city and year fixed effects, we find a significant negative association between geographic distance and firms’ innovation outputs. Mechanism analyses identify university–enterprise patent collaboration and firms’ innovation-related information disclosure as key economic channels for knowledge spillover effects. Moreover, heterogeneity analyses show that these effects are more pronounced in cities with smaller economic scales or limited innovation resources, underscoring the importance of spatial economic factors. By analyzing the impact of university knowledge spillovers on firm innovation, this study broadens the set of identified determinants of corporate innovation, thereby providing additional evidence and theoretical foundations for advancing high-quality, innovation-driven economic development.
subject: Articles
  topic: section
subject: Knowledge Spillovers
  topic: keywords
subject: Geographic Distance
  topic: keywords
subject: Corporate innovation
  topic: keywords
subject: Regional Economic Development
  topic: keywords
subject: University–Enterprise Collaboration
  topic: keywords
creator: Xiangshuo Zhang
rights: Copyright (c) 2025 Xiangshuo Zhang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-11-22
publication date: 2025-11-22
starting page: 1
ending page: 23
doi: 10.31181/ijes1512026217

Artificial Intelligence Applications and Corporate Sustainable Development: An Economic and Environmental Performance Perspective
type: item
description: Against the backdrop of rapid advancements in intelligent technologies and the convergence of China's "dual carbon" strategic goals, how enterprises leverage artificial intelligence to enhance economic and environmental benefits while achieving sustainable development has emerged as a critical research question. This study adopts a dual-perspective approach, examining both financial and environmental performance within the framework of sustainable development. Based on a sample of Chinese A-share listed companies from 2013 to 2023, this study employs a multi-period Difference-in-Differences model to empirically examine the impact of applications of artificial intelligence on corporate sustainable development performance, as well as the underlying mechanisms. The findings reveal: (1) Applications of artificial intelligence enhance both the financial and environmental performance of corporations, thereby improving their overall sustainable development performance. The conclusion has passed a series of robustness tests, including heterogeneity tests and double machine learning. (2) Mechanism analysis reveals that artificial intelligence influences corporate sustainable development performance through green innovation effects, efficiency enhancement effects, and information acquisition effects. The Porter Hypothesis, the Resource-Based View, and the Information Asymmetry Theory, among other theories, have been verified. (3) The promotional effect of artificial intelligence applications on sustainable development performance exhibits heterogeneity. Specifically, the promotional effect is more pronounced in non-heavily polluting enterprises, high-tech enterprises, and enterprises with senior executives possessing environmental protection backgrounds. (4) When enterprises are engaged in intense market competition, the positive relationship between artificial intelligence adoption and sustainability performance strengthens. Our findings offer valuable insights for managers …
subject: Articles
  topic: section
subject: Artificial Intelligence
  topic: keywords
subject: Corporate Sustainable Development Performance
  topic: keywords
subject: Financial Performance
  topic: keywords
subject: Environmental Performance
  topic: keywords
creator: Huixin Sun
creator: Rongchun Zhu
rights: Copyright (c) 2025 Huixin Sun, Rongchun Zhu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-29
publication date: 2025-10-29
starting page: 1
ending page: 29
doi: 10.31181/ijes1512026234

Agility of the Drug Supply Chain Considering Economic and Social Aspects: Use of Internet of Things and Big Data Analysis
type: item
description: The importance of drug supply and the efficiency and effectiveness of the drug supply chain as a strategic commodity are not hidden from anyone. Supplying raw materials for the production, storage, and distribution of medicines within a supply chain network is crucial. Today, the development of the Internet of Things and the analysis of vast amounts of data have enabled the rapid preparation of large data production resources, allowing decisions in the drug supply chain network to be made quickly with the aid of appropriate tools. This article aims to provide a framework for agile drug supply chain management, focusing on the Internet of Things and big data analysis to manage the country's drug supply chain effectively. Rebif-22-44 drugs, which are used in the treatment of MS disease, are investigated in this paper, and an attempt is made to minimize the costs of the drug supply chain network design and minimize the maximum unmet demand of drug distribution based on big data sources by using a framework. MOGWO analysis tools and epsilon constraints are discussed. Considering the existence of uncertainty in drug demand and transportation costs, the robust possibilistic planning method has been used to control uncertain parameters. The analysis of big data shows that, in order to reduce the shortage of drugs in the country, it is necessary to use more supplies and increase the number of drug production centers and warehouses. This leads to an increase in the design costs of the supply chain network. In the analysis of the model, 11 efficient solutions were obtained by the MOGWO algorithm, and seven efficient solutions were obtained by the epsilon constraint method. It was also observed that, in Iran, with the increase in the uncertainty rate, the demand for Rebif-22-44 drugs has increased, and this has led to a rise in network design costs and drug shortages in the country. Concretely, lowering the maximum unmet demand from 78 to 47 units required raising the total ne…
subject: Articles
  topic: section
subject: Drug supply chain management
  topic: keywords
subject: Robust feasibility optimization
  topic: keywords
subject: Uncertainty
  topic: keywords
subject: Internet of Things
  topic: keywords
subject: MOGWO algorithm
  topic: keywords
subject: Economic analysis
  topic: keywords
creator: Amirhamzeh Razavinejad
creator: Seyed Esmaeil Najafi
creator: Mehran Khalaj
creator: Hamed Kazemi Pour
rights: Copyright (c) 2025 Amirhamzeh Razavinejad, Seyed Esmaeil Najafi, Mehran Khalaj, Hamed Kazemi Pour (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-22
publication date: 2025-10-22
starting page: 1
ending page: 31
doi: 10.31181/ijes1512026214

Emergency Management in Risk Control: Approaches for Surpassing Financial Challenges
type: item
description: Crisis management is an essential component of strategic planning and forecasting in companies, and its importance has grown significantly in the aftermath of the global crisis caused by the COVID-19 pandemic. While insurance companies traditionally focus on preventing and compensating for negative economic events, effective crisis management is equally crucial for accurate risk assessment, as the stability of the insurance sector directly supports the stability of the wider financial system. The aim of this research was to analyze contemporary perspectives on anti-crisis management in insurance and evaluate the effectiveness of measures applied to overcome crisis situations. To achieve this, the study employed bibliographic-analytical methods, induction, deduction, synthesis, generalization, online surveys, and logical, as well as statistical and graphical, comparison. The findings revealed notable differences in risk management approaches across companies of different sizes. Large insurance companies placed considerable emphasis on training staff in crisis management and employing specialists in analytics and risk assessment. Medium-sized firms often relied on external consultations, scenario planning, and employee training, while small firms generally paid insufficient attention to risk management practices. Among anti-crisis measures and management staff training, the work of strategic planning departments, strengthening teamwork, and financial frugality were associated with the effectiveness, speed, and progressiveness of overcoming an economic crisis with a medium-strength connection. That is why large companies that combined these measures were more effective in overcoming crises. In contrast, medium and small enterprises achieved lower effectiveness, reflecting their more limited and inconsistent adoption of crisis management measures.
subject: Articles
  topic: section
subject: Risk management
  topic: keywords
subject: Insurance companies
  topic: keywords
subject: Innovation
  topic: keywords
subject: Risk assessment
  topic: keywords
subject: Teamwork
  topic: keywords
subject: Financial frugality
  topic: keywords
creator: Nataliia Tymoshyk
creator: Dmytro Rasshyvalov
creator: Iryna Tarasenko
creator: Kseniia Velykykh
rights: Copyright (c) 2025 Nataliia Tymoshyk, Dmytro Rasshyvalov, Iryna Tarasenko, Kseniia Velykykh (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-20
publication date: 2025-10-20
starting page: 1
ending page: 13
doi: 10.31181/ijes1512026226

Research on the Role of ESG Performance in Capital Market Pricing Efficiency: An Analysis Based on Stock Price Synchronicity
type: item
description: Firms’ active practice of Environmental, Social, and Governance (ESG) development principles holds significant value for enhancing capital market pricing efficiency. Using panel data from Chinese A-share listed firms from 2009 to 2023 and relying on the Hua Zheng ESG rating system, we constructed corresponding indicators to investigate the impact of ESG performance on stock price synchronicity. We find that firms’ ESG performance contributes to increased stock price synchronicity. This positive effect of ESG is more pronounced in samples of state-owned firms, large firms, and firms with higher bankruptcy risk. We further reveal the mechanism through which ESG promotes stock price synchronicity, identifying information disclosure quality and analyst attention as two key mediating variables, while information asymmetry exhibits a masking effect. We integrate information efficiency theory and noise theory within a unified analytical framework, advancing the development of relevant theories in emerging markets. The findings offer important insights into optimizing the role of ESG in enhancing capital market pricing efficiency.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: Stock Price Synchronicity
  topic: keywords
subject: Mediating Effect
  topic: keywords
subject: Information Efficiency Theory
  topic: keywords
subject: Noise Theory
  topic: keywords
creator: Yuming Yin
creator: Zilong Li
creator: Kai Li
creator: Tao Wang
creator: Shunwei Cui
rights: Copyright (c) 2025 Yuming Yin, Zilong Li, Kai Li, Tao Wang, Shunwei Cui (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-10-10
publication date: 2025-10-10
starting page: 1
ending page: 22
doi: 10.31181/ijes1512026218

Omnichannel Digital Marketing in the Postal and Logistics Sector: Strategic Functions and the Role of Leadership Visibility
type: item
description: In the current conditions of digital transformation of logistics services, omni-cultural marketing as a strategy of personalized multichannel customer interaction is becoming especially relevant. Rising consumer expectations regarding the quality of digital communication and service transparency require new approaches to building trust and loyalty in logistics companies. The purpose of the study is to examine the digital behavior of customers of the logistics company Meest and to assess the impact of communication channels and the public presence of management on brand perception. The object of the study is digital communication channels in logistics. The methodological basis is a quantitative online survey of Meest customers (n = 1011) conducted in February 2025, using descriptive statistics to analyze the responses. The results revealed a high level of multimodal interaction: 72.5% of users use at least three channels, and 60% regularly switch between them. The highest level of satisfaction was recorded for the mobile app (96%), although it is inferior to email and messengers in terms of reach. For 92% of respondents, the style of communication affects brand trust, and 68.7% positively assess the public activity of management. A functional typology of channels by strategic purpose (attraction, retention, brand building) has been built, which allows optimization of the digital architecture of logistics companies. The practical significance of the study lies in the possibility of adapting the findings to develop effective omni-cultural strategies, taking into account behavioral and emotional factors of interaction.
subject: Articles
  topic: section
subject: Omni-Cultural Marketing
  topic: keywords
subject: Digital Logistics
  topic: keywords
subject: Multichannel Communication
  topic: keywords
subject: Customer Experience
  topic: keywords
subject: Public Visibility of the Leader
  topic: keywords
subject: Personalization of Service
  topic: keywords
subject: Brand Trust
  topic: keywords
creator: Marta Yankiv
creator: Roman Mykytyuk
creator: Andrii Gukaliuk
rights: Copyright (c) 2025 Marta Yankiv, Roman Mykytyuk , Andrii Gukaliuk (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-09-25
publication date: 2025-09-25
starting page: 1
ending page: 18
doi: 10.31181/ijes1512026199

Economic Evaluation of Digital Suppliers for Manufacturing SMEs Using Pythagorean Neutrosophic TOPSIS and VIKOR with a Flexible Distance Metric
type: item
description: Selecting digital suppliers is not only a technological issue but also a fundamental economic decision for manufacturing SMEs pursuing digital transformation. Supplier choice directly affects cost efficiency, resource allocation, and long-term competitiveness. This study develops a quantitative multi-criteria decision-making (MCDM) framework that integrates Pythagorean Neutrosophic TOPSIS (PNTOPSIS) and VIKOR (PNVIKOR), strengthened by a novel distance measure, the Flexible Indeterminacy Quantifier (FIQ). The framework explicitly addresses incomplete and uncertain evaluations that complicate procurement under financial and operational constraints. A real-world case with five digital suppliers is analyzed across criteria including system capability, vendor support, total cost, and risk of disruption. The findings highlight the supplier that delivers the highest economic value by aligning affordability with operational reliability. FIQ improves score differentiation and ranking stability, enabling SMEs to make more economically rational choices. Sensitivity analysis confirms that the model produces consistent outcomes under varying budgetary assumptions, demonstrating its robustness for strategic procurement. Overall, this research provides SMEs with an uncertainty-aware, cost-sensitive tool that reduces financial risks, enhances transparency in supplier selection, and supports sustainable economic performance within digitally transforming industrial ecosystems.
subject: Articles
  topic: section
subject: Pythagorean neutrosophic set
  topic: keywords
subject: MCDM
  topic: keywords
subject: TOPSIS
  topic: keywords
subject: VIKOR
  topic: keywords
subject: Economic evaluation
  topic: keywords
subject: Manufacturing SMEs
  topic: keywords
subject: Alternative ranking
  topic: keywords
subject: Neutrosophic distance measure
  topic: keywords
creator: Mohammad Syafiq Mohammad Kamari
creator: Zahari Md Rodzi
creator: Zaifilla Farrina Zainuddin
creator: Nor Hanimah Kamis
creator: Noraini Ahmad
creator: Samsiah Abdul Razak
creator: Faisal Al-Sharqi
rights: Copyright (c) 2025 Mohammad Syafiq Mohammad Kamari, Zahari Md Rodzi, Zaifilla Farrina Zainuddin, Nor Hanimah Kamis, Noraini Ahmad, Samsiah Abdul Razak, Faisal Al-Sharqi (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-09-24
publication date: 2025-09-24
starting page: 351
ending page: 384
doi: 10.31181/ijes1412025187

Strategic Challenges and Opportunities for the Czech Steel Industry: A Path toward Sustainable Competitiveness
type: item
description: The Czech steel industry is a vital contributor to the national economy, supplying sectors like automotive, construction, and energy. However, it faces challenges such as global overproduction, high energy costs, decarbonization requirements, and shrinking demand in key markets. This article examines the systemic risks affecting the industry’s competitiveness from 2008 to 2023, highlighting global trade dynamics, EU environmental regulations, and workforce issues. Despite these pressures, the sector has shown resilience. The study outlines a strategic approach focusing on technological modernization, product diversification, policy collaboration, and workforce upskills to ensure long-term sustainability and competitiveness in a rapidly evolving market.
subject: Articles
  topic: section
subject: Czech steel industry
  topic: keywords
subject: Decarbonization
  topic: keywords
subject: Modernization
  topic: keywords
subject: Global trade
  topic: keywords
subject: European Green Deal
  topic: keywords
subject: Energy efficiency
  topic: keywords
subject: Product innovation
  topic: keywords
subject: Competitiveness
  topic: keywords
creator: Eduard Hromada
creator: Klara Cermakova
creator: Bozena Kaderabkova
creator: Lucie Kurekova
creator: Martina Krasnicka
rights: Copyright (c) 2025 Eduard Hromada, Klara Cermakova, Bozena Kaderabkova, Lucie Kurekova, Martina Krasnicka (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-09-12
publication date: 2025-09-12
starting page: 333
ending page: 350
doi: 10.31181/ijes1412025207

The Mixed Incentive Effect of Government Subsidies and Venture Capital on the Sustainability of Enterprise Innovation
type: item
description: The innovation effects of enterprises receiving subsidies remain a widely debated issue in academic research. Using the Control Function (CF) method, this study integrates government subsidies and venture capital into a unified framework to examine their combined incentive effects on the sustainability of firm innovation. Survival analysis is employed to compare the probability of enterprises ceasing innovation under a single-subsidy mechanism versus dual-financing conditions. The findings reveal that the interaction of public subsidies and private capital produces a significant complementary effect, generating stronger and broader stimulation of continuous innovation activities than government subsidies alone. In the technology-intensive industry sample, the synergy of subsidies and venture capital reduces the probability of innovation discontinuation by approximately 6.4%. Results from the Cox proportional hazards model further indicate that determinants of sustained innovation differ depending on enterprises’ levels of effective patent output. These empirical results advance the understanding of corporate innovation financing, enrich theoretical perspectives in the field, and provide practical implications by highlighting the importance of combining public and private financing to foster sustainable innovation, thereby supporting China’s innovation-driven development strategy.
subject: Articles
  topic: section
subject: Government Subsidies
  topic: keywords
subject: Venture Capital
  topic: keywords
subject: Sustainability of Innovation
  topic: keywords
subject: Control Function Method
  topic: keywords
subject: Survival Analysis
  topic: keywords
creator: Xi Chen
rights: Copyright (c) 2025 Xi Chen (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-08-28
publication date: 2025-08-28
starting page: 292
ending page: 310
doi: 10.31181/ijes1412025206

Smart Tourism Cities and Income Equity: How Digital Economy Reshapes Urban-Rural Disparities
type: item
description: In the context of the rapid rise of the digital economy, comprehending its role in shaping urban-rural income dynamics has become increasingly critical. This study focuses on smart tourism cities (a hallmark of the digital economy) to examine how the digital economy influences the urban-rural income gap from a tourism perspective. Despite the growing prominence of the digital economy, its specific impact on urban-rural income disparities in tourism-dependent regions remains underexplored, motivating this investigation. This study selects 71 key tourism cities over the period 2012–2019 and employs advanced analytical methods, including mediating effects analysis, multi-period Difference-in-Differences (DID) testing, instrumental variable approaches, robustness testing, and heterogeneity analysis. The findings indicate that: first, the digital economy significantly reduces the urban-rural income gap in tourism cities; second, tourism serves as a key mediating variable in this process; third, after conducting an exogenous shock test using a multi-period DID econometric model based on the "Broadband China" initiative, the conclusions remain robust; fourth, the digital economy's impact on narrowing the income gap is particularly pronounced in second-tier and lower-tier cities, especially in third-tier and lower-tier cities, while no significant effect is observed in first-tier cities. In summary, the development of the digital economy effectively narrows the urban-rural income gap in tourism cities. Therefore, governments should prioritize enhancing the construction of smart and digital tourism cities to further promote balanced regional development.
subject: Articles
  topic: section
subject: Digital Economy
  topic: keywords
subject: Tourism Development
  topic: keywords
subject: Urban-Rural Income Gap
  topic: keywords
subject: Tourism cities
  topic: keywords
creator: Jia Wang
creator: Hangdi Zhao
rights: Copyright (c) 2025 Jia Wang, Hangdi Zhao (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-08-28
publication date: 2025-08-28
starting page: 311
ending page: 332
doi: 10.31181/ijes1412025197

Digital Entrepreneurship Within International Business Landscape: Implications for Marketing Strategies
type: item
description: With the rise of digital advancements, the global economic landscape is reshaping marketing and entrepreneurship, creating both new opportunities for growth and significant challenges for businesses. Rapid economic shifts, combined with society’s increasing reliance on digital technologies, require organizations to continuously adapt and modify their business models. This study is particularly relevant, as maintaining competitive advantage and ensuring long-term sustainability now depend heavily on the integration of digital solutions. The research evaluates the impact of digital technologies on marketing strategies, financial performance, and overall business effectiveness at the global level. By analyzing digital transformation strategies through a combination of statistical and practical approaches, the study highlights critical success factors as well as barriers to implementation. Findings reveal that the adoption of digital tools enhances process automation, strengthens customer engagement, improves resource management, and ultimately increases productivity and profitability. However, challenges remain, including regulatory constraints, cybersecurity risks, and the constant demand for technological innovation. Despite these obstacles, digital transformation creates pathways to new markets and fosters innovative opportunities. To fully capitalize on these benefits, companies must design adaptive strategies that not only mitigate risks but also maximize the potential of emerging technologies. These insights provide valuable guidance for businesses seeking to build sustainable digital strategies, ensuring long-term competitiveness in the global marketplace.
subject: Articles
  topic: section
subject: Digital entrepreneurship
  topic: keywords
subject: Digital transformation
  topic: keywords
subject: Marketing strategies
  topic: keywords
subject: Global markets
  topic: keywords
subject: Business efficiency
  topic: keywords
subject: Financial performance
  topic: keywords
subject: Innovation
  topic: keywords
creator: Olena Ptashchenko
creator: Oleksandr Rozumnyi
creator: Elman Aliiev
creator: Volodymyr Vovk
creator: Olena Shersheniuk
rights: Copyright (c) 2025 Olena Ptashchenko, Oleksandr Rozumnyi, Elman Aliiev, Volodymyr Vovk, Olena Shersheniuk (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-08-27
publication date: 2025-08-27
starting page: 274
ending page: 291
doi: 10.31181/ijes1412025200

Beyond ESG: Unpacking Brand Loyalty Through the Emotional Mechanisms Lenses of Attachment and Love—A Hierarchical Regression Study of Alibaba in China
type: item
description: Currently, research on Environmental, Social, and Governance (ESG) initiatives primarily emphasizes consumers' cognitive evaluations—such as awareness, knowledge, and rational assessment—providing a limited perspective on the underlying mechanisms that drive brand loyalty. However, the internal structural pathway between ESG and brand loyalty remains underexplored, particularly with regard to emotional mechanisms. This study addresses that gap by examining how ESG perceptions influence brand loyalty through the sequential mediating roles of brand attachment and brand love. The research moves beyond cognitive frameworks to uncover the emotional pathways through which ESG initiatives shape consumer behavior. Using survey data, the study applies hierarchical regression analysis alongside a sequential mediation model to assess the emotional effects of ESG perceptions. The findings reveal that the environmental and social dimensions of ESG are especially effective in fostering emotional bonds with consumers. ESG efforts serve as credibility signals, evoke emotional responses, and fulfill consumers' intrinsic needs for connection and attachment. The study concludes that ESG is not merely a tool for regulatory compliance or corporate image management, but a strategic resource for cultivating long-term consumer loyalty through emotional engagement. By integrating theories of signaling, consumer emotion, and emotional attachment, this research offers a comprehensive framework for understanding the emotional impact of ESG on consumer–brand relationships. The results provide practical insights for brands seeking to strengthen loyalty by aligning ESG initiatives with consumers' emotional values and expectations.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: Brand attachment
  topic: keywords
subject: Brand follow
  topic: keywords
subject: Brand love
  topic: keywords
subject: Personal sustainability
  topic: keywords
creator: Xiaobo Xue
creator: Peilin Tian
rights: Copyright (c) 2025 Xiaobo Xue, Peilin Tian (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-08-12
publication date: 2025-08-12
starting page: 259
ending page: 273
doi: 10.31181/ijes1412025195

A New Paradigm of Advertising Marketing Experience Based on New Media Extended Reality Technology
type: item
description: As media technology has evolved, advertising formats have also transformed, with extended reality (XR) emerging as a new medium that offers immersive experiences for marketing. This study systematically proposes a new paradigm for immersive advertising in XR environments to enhance user experience and marketing effectiveness. As XR becomes a pivotal marketing tool, its ability to transcend traditional one-way communication calls for a systematic analysis of user experience dynamics. By collecting and analyzing XR advertising cases and prior literature, we identify significant shifts in user experience compared to traditional advertisements. Based on these findings, this paper proposes a model describing the XR advertising experience, which includes three dimensions: multi-sensory presentation, narrative approach, and intelligent interaction. The model also highlights both internal and external factors that influence user experience. The study concludes that XR advertising offers unique advantages in terms of interactive engagement, deep immersion, and personalization, signaling important trends for the future of advertising.
subject: Articles
  topic: section
subject: Extended reality
  topic: keywords
subject: Advertising marketing
  topic: keywords
subject: Advertising experience
  topic: keywords
creator: Xin Min
creator: Yuxuan Liu
creator: Iek On Lu
rights: Copyright (c) 2025 Xin Min, Yuxuan Liu, Iek On Lu (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-07-25
publication date: 2025-07-25
starting page: 227
ending page: 245
doi: 10.31181/ijes1412025180

Use of Beneish M-Score: Case Study in the Spanish Fishing Sector
type: item
description: The manipulation of financial statements is a practice used by companies to obtain illicit benefits or advantages over competitors. One of the world's largest bluefin tuna exporters is implicated in an alleged fraud case and accused of committing multiple crimes, including offenses against public safety and money laundering. This study analyzes the company's likelihood of fraud using the Beneish method, which detected potential accounting irregularities in five of the eight years examined (2015–2022). The findings appear to corroborate the fraud allegations against the company.
subject: Articles
  topic: section
subject: Financial statement manipulation
  topic: keywords
subject: Fraud
  topic: keywords
subject: Red tuna
  topic: keywords
subject: Beneish model
  topic: keywords
subject: Spain
  topic: keywords
creator: Raquel Fernández-González
creator: Félix Puime-Guillén
creator: Patricia Coloret Portela
creator: Dragan Pamucar
rights: Copyright (c) 2025 Raquel Fernández-González, Félix Puime-Guillén, Patricia Coloret Portela, Dragan Pamucar (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-08-08
publication date: 2025-08-08
starting page: 246
ending page: 258
doi: 10.31181/ijes1412025203

Asymmetric Impact of Climate Change Vulnerability and Adaptive Capacity on Economic Growth in Developing Economies
type: item
description: Climate change has become a significant global issue, particularly impacting economic systems in developing nations. This study highlights the complex relationship between climate vulnerability (CV), adaptive capacity (AC), and economic growth (GDP) in developing economies. While previous research has largely focused on the direct effects of climate change on GDP, this study advances the literature by investigating both direct and indirect pathways using Structural Equation Modelling (SEM). Data from Asian emerging economies, covering the period 2000–2022, were sourced from the World Bank. The results reveal a significant negative direct effect of CV on GDP growth (β = –0.214, p < 0.01) and a positive, significant effect of CV on AC (β = 22.16, p < 0.001), indicating that greater climate vulnerability drives increased investment in adaptation. The findings also show that AC has a positive impact on economic growth (β = 0.007, p < 0.01), suggesting a partial mediation effect that mitigates the negative consequences of CV on GDP. These results emphasize the importance of adaptive systems in reducing climate risks and enhancing economic resilience. The study offers actionable insights for researchers and policymakers aiming to achieve resilient growth.
subject: Articles
  topic: section
subject: Climate Vulnerability
  topic: keywords
subject: Adaptive Capacity
  topic: keywords
subject: Economic Growth
  topic: keywords
subject: Sustainable Development
  topic: keywords
subject: Developing Economies
  topic: keywords
creator: Unbreen Arif
creator: Sahar Latif Rana
creator: Sarah Azhar
creator: Muhammad Bilal Ahmad
creator: Fatima Shaukat
rights: Copyright (c) 2025 Unbreen Arif, Sahar Latif Rana, Sarah Azhar, Muhammad Bilal Ahmad, Fatima Shaukat (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-07-24
publication date: 2025-07-24
starting page: 211
ending page: 226
doi: 10.31181/ijes1412025202

Economic Rebuilding Frameworks in Post-War States: Takeaways for Ukraine
type: item
description: The post-war recovery of Ukraine’s economy is increasingly debated among scholars and experts, with key issues including financing sources for reconstruction, investment conditions, institutional barriers, and the effectiveness of monetary and fiscal policies. This article examines the implementation of economic recovery models in post-conflict countries and develops recommendations tailored to Ukraine. Using a descriptive-analytical approach, the study analyses and systematises macroeconomic indicators for 2021–2027 (including forecasts) to assess Ukraine’s recovery potential. The findings indicate moderate economic growth, declining inflation, and a reduced key policy rate in 2025, with stronger recovery anticipated in 2026–2027. Budget deficits are expected to be financed by external loans and grants, primarily directed to the defence sector. In this context, the government must prioritize identifying sustainable recovery sources. Continued structural reforms will be essential for building institutional capacity to address post-war economic and social challenges. International experience underscores the need for political stability, institutional strengthening, trade liberalisation, and targeted international aid to support vulnerable sectors. Support funds and external resources must be carefully allocated to Ukraine’s most pressing needs. Ensuring political stability through effective security mechanisms is crucial to the long-term reconstruction process. Economic recovery drivers will centre on directing international assistance toward structural weaknesses in Ukraine’s economy, promoting innovation, and enabling the return of highly skilled migrants. The practical value of this study lies in its identification of key macroeconomic trends that will shape Ukraine’s post-war recovery path and inform the development of a sustainable and effective growth model.
subject: Articles
  topic: section
subject: Economic growth
  topic: keywords
subject: Institutional reforms
  topic: keywords
subject: Sustainability
  topic: keywords
subject: Foreign investment
  topic: keywords
subject: Fiscal sustainability
  topic: keywords
creator: Nina Petrukha
creator: Nataliia Fedirko
creator: Iryna Piatnychuk
creator: Pavlo Lyashenko
creator: Dmytro Plakhotnii
rights: Copyright (c) 2025 Nina Petrukha, Nataliia Fedirko, Iryna Piatnychuk, Pavlo Lyashenko, Dmytro Plakhotnii (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 196
ending page: 210
doi: 10.31181/ijes1412025196

A Multi-Criteria Framework for Economic Decision Support in Urban Sustainability: Comparative Insights from European Cities
type: item
description: Sustainable urban development has become an economic imperative as cities grapple with escalating environmental, social, and financial pressures. This study evaluates the economic performance and fiscal sustainability of European capitals—Stockholm, Oslo, Copenhagen, Lahti, London, Berlin, Madrid, Paris, Amsterdam, and İstanbul—through a robust Multi-Criteria Decision-Making (MCDM) framework. The analysis incorporates twelve key indicators that reflect not only environmental resilience but also resource efficiency, infrastructure investment, and the economic viability of sustainability policies. These include Scope 1 Emissions, Consumption-Based GHG Emissions, Particulate Air Pollution, Open Public Space, Road Infrastructure Efficiency, Sustainable Transport, Vehicle Dependence, Water Access, Water Consumption, Solid Waste Generated, Climate Change Resilience, and Sustainable Policy Implementation. A hybrid MCDM model combining MEREC-based RAWEC with Extended AROMAN and MARA methods was applied. The MEREC method was used to derive economically weighted priorities among criteria, while final rankings were aggregated using RAWEC, Extended AROMAN, MARA, and Borda Count methods. Results identified Scope 1 emissions as the most economically impactful criterion, while particulate air pollution had a lower fiscal weighting. Cities such as Stockholm, Oslo, and Copenhagen consistently emerged as top performers due to their cost-effective and forward-looking urban sustainability policies. In contrast, Paris, İstanbul, and Amsterdam demonstrated lower cost-efficiency scores. Sensitivity analysis further validated the model's reliability. This framework not only supports environmental assessment but also informs economic decision-making by guiding policymakers toward fiscally responsible and sustainable urban planning strategies.
subject: Articles
  topic: section
subject: Economic performance
  topic: keywords
subject: Financial pressure
  topic: keywords
subject: Fiscal sustainability
  topic: keywords
subject: Sustainable cities
  topic: keywords
subject: European capitals
  topic: keywords
subject: MCDM
  topic: keywords
subject: RAWEC
  topic: keywords
subject: AROMAN
  topic: keywords
subject: Borda
  topic: keywords
creator: Emre Kadir Özekenci
rights: Copyright (c) 2025 Emre Kadir Özekenci (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-06-20
publication date: 2025-06-20
starting page: 162
ending page: 181
doi: 10.31181/ijes1412025188

Corporate Social Responsibility Investment and Its Impact on the Financial Performance of Securities Companies
type: item
description: The objective of this paper is to clarify the impact of corporate social responsibility (CSR) investment on the financial performance of Vietnamese securities companies. Previous studies have focused on companies in the manufacturing, construction, banking, and insurance sectors, while there are very few studies addressing securities brokerage companies. This study aims to fill the above gaps by analyzing and finding evidence on the relationship between CSR and financial performance based on the theoretical framework [1]. The database was collected online by the authors. The survey period was from September 2024 to December 2024. The research results included 122 valid responses. Using quantitative research, the PLS-SEM linear structural model was performed using SPSS and AMOS 20 software. The results and new findings show that two CSR factors have a strong impact on the financial performance of securities companies: responsibility to investors and issuers, and responsibility to securities employees. The new findings show that investing in CSR activities is necessary for securities companies. The core factors to improve business performance for these companies are customers and employees. Based on the results of empirical research, the article recommends that securities companies in countries with financial markets developing similarly to Vietnam actively promote investment in building and implementing CSR, focusing strongly on the factors of investors, issuers, and securities employees to improve financial efficiency.
subject: Articles
  topic: section
subject: CSR investment
  topic: keywords
subject: Securities companies
  topic: keywords
subject: Investors
  topic: keywords
subject: Issuers
  topic: keywords
subject: Securities employees
  topic: keywords
creator: Tran Van Hai
creator: Vu Thuy Linh
creator: Hoang Van Quynh
creator: Do Thi Van Dung
creator: Nguyen Van Quang
creator: Nguyen The Hung
creator: Tran Thi Lan Anh
rights: Copyright (c) 2025 Tran Van Hai, Vu Thuy Linh, Hoang Van Quynh, Do Thi Van Dung, Nguyen Van Quang, Nguyen The Hung, Tran Thi Lan Anh (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-07-09
publication date: 2025-07-09
starting page: 182
ending page: 195
doi: 10.31181/ijes1412025193

Economics of the Fish Processing Industry: Applying the Beneish M-Score Model
type: item
description: Financial statement manipulation has been a practice since the dawn of commerce, resulting in substantial financial losses that have a significant impact on the market. Various factors can lead to such behaviour, such as economic downturns or strong competitive pressures, which affect all sectors of the economy. One of these sectors, the frozen fish industry, stands out in Galicia (Spain) because of its importance due to its strategic location, with a large number of companies integrated into this commercial sector. One of these companies, Hiperxel S.L., was one of the best known for its development and size of business, but this did not prevent it from going bankrupt in 2023, an event that the Spanish Tax Agency considers to be the result of a multi-million-euro fraud. This study analyses the likelihood of fraud committed by this company through the Beneish model and shows index results that support this theory, as a Beneish M-score of 4.137 and -1.127 was obtained in 2019 and 2021, respectively, data that confirm the possible existence of financial statement manipulation before the collapse of Hiperxel S.L.
subject: Articles
  topic: section
subject: Economic Indicators
  topic: keywords
subject: Financial Fraud Detection
  topic: keywords
subject: Frozen Fish
  topic: keywords
subject: Accounting Manipulation
  topic: keywords
creator: Raquel Fernández-González
creator: Félix Puime-Guillén
creator: Patricia Coloret Portela
creator: Judit Koltai
rights: Copyright (c) 2025 Raquel Fernández-González, Félix Puime-Guillén, Patricia Coloret Portela, Judit Koltai (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-06-16
publication date: 2025-06-16
starting page: 147
ending page: 161
doi: 10.31181/ijes1412025183

Adaptive Utility Ranking Algorithm for Evaluating Blockchain-Enabled Microfinance in Emerging - A New MCDM Perspective
type: item
description: Blockchain integration in microfinance is beginning to reshape the scenario of financial inclusion and economic empowerment in emerging markets. To support a strategic decision on adoption, the study introduces the Adaptive Utility Ranking Algorithm (AURA), a newly established Multi-Criteria Decision-Making (MCDM) method to be used in evaluating blockchain-based alternatives relevant to microfinance in Malaysia. AURA stands apart from traditional MCDM techniques in that it has a distance function that is flexible and a normalization scheme that is dynamic by nature, thereby making it capable of offering the decision maker more leverage in terms of adaptability to actual economic conditions. For demonstrating the methodology, a simulated dataset based on eight blockchain-modeled alternatives and six criteria considered important in economic performance was constructed. These criteria were used for sensitivity analysis; the application of comparative evaluation of well-known MCDM methods such as TOPSIS, VIKOR, and COBRA; and robustness checks with the simulation methodology, all of which helped attest to the reliability of AURA. Even though it was based on synthetic data, the study has provided strong conceptual insight into the possibility of financial institutions being able to prioritize options from the technology perspective under complex economic constraints. Portraying AURA as a competitive decision-support tool for technology evaluation in microfinance will certainly make an impact.
subject: Articles
  topic: section
subject: Multi-Criteria Decision-Making
  topic: keywords
subject: MCDM
  topic: keywords
subject: Blockchain technology
  topic: keywords
subject: Adaptive Utility Ranking Algorithm
  topic: keywords
subject: AURA
  topic: keywords
subject: Technology evaluation
  topic: keywords
subject: Financial inclusion
  topic: keywords
creator: Muhammad Mukhlis Kamarul Zaman
creator: Zahari Md Rodzi
creator: Yusrina Andu
creator: Nur Aima Shafie
creator: Zuraidah Mohd Sanusi
creator: Aziatul Waznah Ghazali
creator: Jamilah Mohd Mahyideen
rights: Copyright (c) 2025 Muhammad Mukhlis Kamarul Zaman, Zahari Md Rodzi, Yusrina Andu, Nur Aima Shafie, Zuraidah Mohd Sanusi, Aziatul Waznah Ghazali, Jamilah Mohd Mahyideen (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-05-29
publication date: 2025-05-29
starting page: 123
ending page: 146
doi: 10.31181/ijes1412025182

Improving Hospital Efficiency and Economic Performance: A DEA Approach with Undesirable Factors in Tehran Emergency Wards
type: item
description: Since the 1980s, Data Envelopment Analysis (DEA) has undergone remarkable advancements in both theoretical foundations and practical applications, surpassing initial expectations in the field. To optimize organizational performance, identifying and incorporating undesirable inputs and outputs is vital for improving system efficiency, minimizing waste, and enhancing resource allocation—ultimately contributing to economic efficiency. This research employs established DEA models to assess decision-making units' (DMUs) performance while explicitly accounting for undesirable factors. The results demonstrate that including undesirable inputs and outputs significantly influences the identification of the efficiency frontier, thereby affecting the comparative assessment of DMUs and providing a more accurate reflection of real-world economic constraints. Consequently, DMU efficiency and performance can be improved by reducing undesirable outputs and increasing desirable ones, pushing them toward the efficient frontier. In healthcare, this leads to better patient outcomes and more effective resource utilization. Economically, it translates to lower operational costs, improved resource allocation, and greater overall productivity in the healthcare system. To validate the proposed models, a case study was conducted using real-world data from 30 emergency wards in Tehran hospitals, comprising five desirable inputs, one undesirable input, four desirable outputs, and one undesirable output.
subject: Articles
  topic: section
subject: Data Envelopment Analysis
  topic: keywords
subject: Economic Efficiency
  topic: keywords
subject: Healthcare Performance Evaluation
  topic: keywords
subject: Hospital Efficiency
  topic: keywords
subject: Resource Allocation
  topic: keywords
subject: Tehran Hospitals
  topic: keywords
subject: Undesirable Outputs
  topic: keywords
creator: Abbasali Monzeli
creator: Behrouz Daneshian
creator: Ghasem Tohidi
creator: Masud Sanei
creator: Shabnam Razaveian
rights: Copyright (c) 2025 Abbasali Monzeli, Behrouz Daneshian, Ghasem Tohidi, Masud Sanei, Shabnam Razaveian (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-05-15
publication date: 2025-05-15
starting page: 90
ending page: 107
doi: 10.31181/ijes1412025174

Modeling Sustainable Development of Cryptocurrencies by a Fractional Pure-Jump Process in DEA Framework
type: item
description: Sustainable cryptocurrency modeling is vital for maximizing both economic and environmental benefits amid significant investor interest. This research develops a comprehensive methodology for cryptocurrency selection by holistically integrating financial aspects, such as returns and risk, with environmental sustainability. To quantify risk and further evaluate cryptocurrency efficiency, we employ an ARMA-GARCH model with fractional normal inverse Gaussian (FNIG) innovations to forecast Value at Risk (VaR) and expected returns. Subsequently, we apply Data Envelopment Analysis (DEA) to identify the most efficient cryptocurrencies, incorporating mining costs and the forecasted VaR as inputs—representing energy cost and risk, respectively—while using the forecasted expected returns as the output. This approach enables a direct comparison of cryptocurrencies based on these critical factors. Our findings demonstrate that accounting for the inherent stochastic behavior of cryptocurrencies leads to more accurate estimations, and the DEA highlights the essential role of energy costs in selecting efficient cryptocurrencies.
subject: Articles
  topic: section
subject: Data envelopment analysis
  topic: keywords
subject: Fractional normal inverse Gaussian
  topic: keywords
subject: Relative efficiency
  topic: keywords
subject: Sustainable portfolio
  topic: keywords
subject: Value at risk
  topic: keywords
creator: Navideh Modarresi
creator: Moshtagh Darvishi
creator: Shokoofeh Banihashemi
rights: Copyright (c) 2025 Navideh Modarresi, Moshtagh Darvishi, Shokoofeh Banihashemi (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-05-28
publication date: 2025-05-28
starting page: 108
ending page: 122
doi: 10.31181/ijes1412025178

Social Media Opinion Leaders’ Self-Presentation and Youth Tourism Impulse Buying: A Mediated SOR Analysis
type: item
description: This study pioneers the application of impression management theory to tourism impulse buying, identifying four novel self-presentation attributes. Data were collected from an online and an offline survey of 345 Chinese university students. Using SPSS22.0 and AMOS21.0 statistical software, this paper analyses the pre-survey and formal survey data through descriptive statistics, reliability and validity tests, correlation analysis and structural equation model testing, and the calculation results verify the validity of the research hypotheses and models proposed in this paper. The results reveal that the four self-presentation attributes, professionalism, interactivity, homophily, and entertainment, positively influence young people’s impulsive buying tendency. Among them, the influence of professionalism exceeds the other three attributes, and its impact on perceived value exceeds the impact on flow experience. Interactivity had a greater impact on the flow experience, outpacing the other three attributes. Homogeneity had a slightly stronger effect on perceived value than on flow experience. Entertainment has more of an impact on perceived value than the other three attributes. Moreover, flow experience and perceived value significantly affect impulsive buying and mediate these relationships. Also, perceived value has a greater impact on impulse buying than flow experience. These findings clarify the psychological mechanisms and pathways underpinning young people’s impulsive buying tendency, emphasizing their impulsive, highly visual, and immediate nature, as well as their dependence on digital technology. The study also offers strategies to guide young consumers toward more rational purchase decisions.
subject: Articles
  topic: section
subject: Social Media Opinion Leaders
  topic: keywords
subject: Impulsive Buying Tendency of Tourism
  topic: keywords
subject: Online Self-presentation
  topic: keywords
subject: Perceived Value
  topic: keywords
subject: Flow Experience
  topic: keywords
subject: SOR Model
  topic: keywords
creator: Qianqian Fan
creator: Yuting Yang
rights: Copyright (c) 2025 Qianqian Fan, Yuting Yang (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-05-08
publication date: 2025-05-08
starting page: 63
ending page: 89
doi: 10.31181/ijes1412025179

Reporting of Taxonomic Indicators and Greenhouse Gas Emissions in the Practice of the Largest Construction Companies in the Czech Republic
type: item
description: This study examines the economic impact of taxonomic indicator reporting and greenhouse gas (GHG) emission disclosures by leading construction companies in the Czech Republic. As environmental, social, and governance (ESG) criteria grow in importance, transparent sustainability reporting has become a key factor influencing financial stability, investment attractiveness, and regulatory compliance. Using qualitative content analysis of company reports, the study reveals significant disparities between subsidiaries of international construction firms and Czech-owned companies. While the former align with global frameworks such as the Global Reporting Initiative (GRI) and the Greenhouse Gas Protocol, the latter lag in ESG adoption, exposing them to financial and competitive risks. The findings highlight the economic benefits of standardized ESG reporting, identify gaps in local practices, and provide actionable recommendations—including adopting international frameworks, investing in sustainability training, and leveraging government incentives. Additionally, the study supports regulatory preparedness for upcoming EU requirements. These insights contribute to the broader discourse on integrating ESG principles into corporate strategy and financial performance.
subject: Articles
  topic: section
subject: Construction
  topic: keywords
subject: ESG
  topic: keywords
subject: Taxonomy
  topic: keywords
subject: Greenhouse gas emissions
  topic: keywords
creator: Vladimira Novakova
rights: Copyright (c) 2025 Vladimira Novakova (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-04-16
publication date: 2025-04-16
starting page: 32
ending page: 42
doi: 10.31181/ijes1412025177

Revolutionizing Decision-Making in E-Commerce and IT Procurement: An IVPNS-COBRA Linguistic Variable Framework for Enhanced Multi-Criteria Analysis
type: item
description: Real-world challenges in e-commerce strategy selection and IT supplier evaluation are inherently complex due to uncertainty and incomplete information, necessitating a multi-faceted approach for effective decision-making. Traditional single methods often fail to address these complexities adequately. To overcome this limitation, this research introduces an advanced methodology by integrating the Interval-Valued Pythagorean Neutrosophic Set (IVPNS) with the Comprehensive Distance-Based Ranking (COBRA) approach, enhancing the handling of indeterminate information related to truth, falsity, and uncertainty. IVPNS provides a robust mathematical framework for managing ambiguity, a common challenge in Multi-Criteria Decision-Making (MCDM) across various domains. Prior to this study, IVPNS lacked a linguistic variable—a crucial component for expressing human judgments. To bridge this gap, we enhance the IVPNS-COBRA framework by incorporating 5-point and 7-point linguistic scales, ensuring compliance with established IVPNS conditions. Additionally, we introduce two distance measures, Euclidean and Hamming distances, to refine alternative evaluations. The proposed IVPNS-COBRA method is validated through real-world applications, including the evaluation of three e-commerce development strategies (assessed against five criteria) and four IT supplier selection alternatives (evaluated using nine criteria). The results demonstrate the reliability of this MCDM model, providing decision-makers with a more precise and structured approach for selecting optimal e-commerce strategies and IT suppliers in complex environments.
subject: Articles
  topic: section
subject: Interval-valued Pythagorean Neutrosophic set
  topic: keywords
subject: IVPNS
  topic: keywords
subject: Comprehensive Distance Based Ranking
  topic: keywords
subject: COBRA
  topic: keywords
subject: linguistic variable
  topic: keywords
subject: Euclidean distance
  topic: keywords
subject: Hamming distance
  topic: keywords
creator: Samsiah Abdul Razak
creator: Zahari Md Rodzi
creator: Faisal Al-Sharqi
creator: Nazirah Ramli
rights: Copyright (c) 2025 Samsiah Abdul Razak, Zahari Md Rodzi, Faisal Al-Sharqi, Nazirah Ramli (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-04-15
publication date: 2025-04-15
starting page: 1
ending page: 31
doi: 10.31181/ijes1412025176

https://ijes-journal.org/journal/article/view/181
type: item
title: Study on the Countermeasures and Insights of Consumption Structure Optimization under the Strategy of Expanding Domestic Demand— Multi-period and Multi-dimensional Analysis Based on Kunming Panel Data from 2017 to 2024
description: In 2025, the Chinese Government Work Report proposed accelerating the stimulation of domestic demand, particularly in the area of consumption. This study takes Kunming as a case example, integrating 44 types of consumption and economic indicators, and employs the Pearson correlation coefficient and principal component analysis to construct a multidimensional analytical framework. The findings indicate that demand for non-essential and high-end consumer goods in Kunming remains persistently sluggish; consumption related to the real estate industry chain has declined significantly; there is an excessive reliance on government spending and public services; the transformation of traditional retail formats is lagging; income distribution and savings tendencies are constraining demand; and fluctuations in imports and exports are exacerbating consumption uncertainty. It is recommended that Kunming optimize its consumption supply structure, stabilize the real estate industry chain, enhance endogenous market momentum, accelerate digital transformation, improve the income distribution mechanism, and strengthen the competitiveness of local brands. This research offers valuable insights for China and other countries seeking to promote consumption.
subject: Articles
  topic: section
subject: Strategy of expanding domestic demand
  topic: keywords
subject: Optimization of consumption structure
  topic: keywords
subject: Countermeasures and implications
  topic: keywords
subject: Panel data of Kunming city
  topic: keywords
creator: Qianyu Li
rights: Copyright (c) 2025 Qianyu Li (Author) https://creativecommons.org/licenses/by/4.0
date: 2025-05-07
publication date: 2025-05-07
starting page: 43
ending page: 63
doi: 10.31181/ijes1412025181

SVAR MODEL TO EXAMINE THE SHORT AND LONG TERM MONETARY POLICY IN INDONESIA
type: item
description: This research was conducted by the author to see the impact of monetary policy on the domestic macro-economic variables is important in Indonesia using a structural model of the short and long term, contained in a structural model of vectorAutoregressions (SVAR). The author uses the effects of macroeconomic policy is the key in this research, by applying the matrix model SVAR initiated by Bernanke & Mihov (1998) short term and Blancard & Quah (1989) long term. Research conducted using the 4 variables, consisting of two domestic variables, namely the interest rate of Bank Indonesia (SBI), the consumer price index (CPI) and two non-domestic variables, namely the interest rate the central bank United States(FFF), the rate of inflation in the United States (INF_USA). From the research that has been done can be inferred that the SVAR models used in this study can be used as a reference to the theoretical expectations in order to show that the rise in interest rates and the central bank of the United States could affect Indonesia's domestic variables. Data: Received: 8 Oct 2015 Revised: 21 Nov 2015 Accepted: 6 Dec 2015 Published: 20 Dec 2015
subject: Articles
  topic: section
subject: SVAR
  topic: keywords
subject: Restricted short-term
  topic: keywords
subject: Restrictions long-term
  topic: keywords
subject: IRF
  topic: keywords
subject: FEVD
  topic: keywords
subject: SBI
  topic: keywords
subject: CPI
  topic: keywords
subject: FFF
  topic: keywords
subject: Inflation USA
  topic: keywords
creator: Teguh Sugiarto
rights: Copyright (c) 2015 Teguh Sugiarto (Author) https://creativecommons.org/licenses/by/4.0
date: 2015-12-20
publication date: 2015-12-20
starting page: 66
ending page: 77
doi: 10.20472/ES.2015.4.4.005

THE MARRIAGE PREMIUM AND PRODUCTIVITY: THE CASE OF NBA PLAYERS
type: item
description: Numerous studies have shown that there is a marriage premium among male workers - married men's wages are higher than those of single men. One explanation for the existence of a marriage premium is increased productivity. While the estimation of workers' productivity in the standard labor market is often inaccurate and subjective, throughput can be estimated easily in professional sports. This study examines whether a marriage premium exists in relation to the performance and efficiency of professional league basketball players in the United States (NBA). A total marriage premium of 16.4% was found in a comprehensive analysis of the performance of all league players. A more thorough analysis showed that there is a higher marriage premium among international players compared to American players. Data: Received: 20 Sep 2015 Revised: 14 Nov 2015 Accepted: 6 Dec 2015 Published: 20 Dec 2015
subject: Articles
  topic: section
subject: Productivity
  topic: keywords
subject: Wage gap
  topic: keywords
subject: Marriage
  topic: keywords
subject: Basketball
  topic: keywords
creator: Ze'ev Shtudiner
rights: Copyright (c) 2015 Ze'ev Shtudiner (Author) https://creativecommons.org/licenses/by/4.0
date: 2015-12-20
publication date: 2015-12-20
starting page: 52
ending page: 65
doi: 10.20472/ES.2015.4.4.004