Journal of Business Economics and Management
type: channel
description: The Journal of Business Economics and Management publishes original research papers that provide insights into business and strategic management issues. More information ...
publisher: Vilnius Gediminas Technical University
language: en
publication name: Journal of Business Economics and Management
issn: 1611-1699
copyright: Copyright © 2021 The Author(s). Published by Vilnius Gediminas Technical University. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
items: Potential structural efficiency of Chinese commercial banks
items: Dynamic convergence in equity markets: evidence from an open-developing economy
items: University and business environment in the Creative Helix: the impact of clusters on collaboration and employability of graduates
items: The impact of firm-level innovativeness on socioeconomic indicators: an AI-driven approach
items: Development of marketing tools for the express delivery industry to increase consumer loyalty
items: Geopolitical risks, market volatility, and tech firms involved in quantum computing
items: The spatial relationship between innovation capacity and housing affordability in Chinese cities
items: Investment implications of Industry 4.0: evidence from smart manufacturing ETFs
items: Multi-criteria decision analysis of e-commerce software selection using AHP-NWA hybrid model
items: Nonlinear effects of ageing population and AI on China’s GDP growth: a threshold analysis
items: Dividend policy in a crisis: a pre and post-COVID-19 comparison of DJIA and DAX companies
items: Promoting a green luxury product to belong or to stand out: a concept comparison test approach
items: East-West risk connectedness in the European banking sector
items: Firm credit rating changes, capital structure, and the asymmetric moderating role of debt capacity and financial constraints
items: Barriers to blockchain implementation in supply chain finance – based on perspectives of grey transaction behaviour
items: What causes the return and volatility spillover in Chinese green finance markets? A time-frequency perspective
items: Are renewable energy stocks, investor sentiment, and the cryptocurrency market-related?
items: Business ambience for implementing Just-in-sequence strategy – the automotive industry in Serbia: case study
items: The impact of Search Volume Index on FDI outflow: the moderating role of uncertainty avoidance
items: Multi-criteria analysis of the Baltic banks from client attraction and profit generation perspectives
items: Research on the valuation of internet enterprise data assets based on value chain theory
items: Unveiling leadership dynamics and tournament incentives: insights from the environmental misconduct of Chinese listed companies
items: Green bond vs green stock: which one can resist climate policy uncertainty in China?
items: Analysis of the relationship between ESG and labor costs: the moderating effect of the legal tradition
items: From farm to fork: determinants of supplier-retailer relation in organic agri-food supply chain on EU Eastern – Western approach
items: Urban distances, individual resources, and migrant entrepreneurship: a configurational analysis in China
items: Promotion path of digital transformation in China's manufacturing industry based on technology-organisation-environment framework
items: An integrated system for evaluating the impact of firm-based innovations on GDP
items: Tailoring fund selection to diverse investors: integrating financial and sustainability performance
items: How does digital transformation moderate the link between ESG ratings and financial constraints?

Potential structural efficiency of Chinese commercial banks
type: item
description: Given that structural efficiency serves as a significant instrument, this paper applies a novel approach to measure structural efficiency levels within Chinese banks from the perspective of potential improvement. To further investigate the patterns of structural efficiency, the overall structural efficiency is disaggregated into a series of variable-specific structural efficiencies. It reveals that fixed assets and non-interest incomes constitute the primary sources of structural inefficiency during the study period. Furthermore, the structural efficiencies of small-medium commercial banks surpass those of large state-owned commercial banks, although the efficiency gap between the two types of banks has narrowed. Based on the variable-specific structural efficiencies, this paper further explores the structural efficiency patterns within the Chinese banking sector.
subject: Articles
  topic: section
subject: structural efficiency
  topic: keywords
subject: multi-directional efficiency analysis
  topic: keywords
subject: potential improvement
  topic: keywords
subject: overall efficiency
  topic: keywords
subject: variable-specific efficiency
  topic: keywords
subject: Chinese banking
  topic: keywords
creator: Zhiqian Yu
creator: Yuning Liu
creator: Biyin Ma
creator: Tomas Baležentis
creator: Ning Zhu
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-20
publication date: 2026-03-20
starting page: 243
ending page: 261
doi: 10.3846/jbem.2026.25750

Dynamic convergence in equity markets: evidence from an open-developing economy
type: item
description: This paper examines the speed and stability of stock market convergence in an open developing economy, using Vietnam as the case. The study applies a β-convergence framework to weekly FTSE equity-indices from 2013 to 2025, estimating both full-sample and time-varying models, including sub-period regressions and rolling-window analyses. Structural change is addressed by separating pre-crisis, crisis, and post-crisis periods. The findings reveal three key insights. First, Vietnam’s equity market shows long-run convergence with regional benchmarks such as Korea, the Asia-Pacific, and emerging markets, but weaker linkages with advanced markets such as the United States (U.S.), the euro area (EMU), and Japan. Second, convergence speeds rose during the crisis period, indicating temporary synchronization with global markets, then fell sharply in the post-crisis phase. Third, regional linkages are more persistent, suggesting a reorientation toward intra-regional financial alignment. These results have important research implications for understanding dynamic financial integration and convergence asymmetries. From a policy perspective, they support strengthening regional financial cooperation to bolster resilience and market development in open developing economies.
subject: Articles
  topic: section
subject: stock market convergence
  topic: keywords
subject: β-convergence
  topic: keywords
subject: emerging markets
  topic: keywords
subject: financial integration
  topic: keywords
subject: time-varying integration
  topic: keywords
subject: regional financial linkages
  topic: keywords
creator: An Thi Thuy Duong
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-17
publication date: 2026-03-17
starting page: 211
ending page: 225
doi: 10.3846/jbem.2026.26196

University and business environment in the Creative Helix: the impact of clusters on collaboration and employability of graduates
type: item
description: This study examines the role of clusters in enhancing collaboration between universities and businesses, and their impact on graduate employability. Drawing on the Creative Helix model and cluster theory, the research investigates how regional innovation ecosystems facilitate knowledge transfer, innovation, and workforce integration. A quantitative methodology used a structured questionnaire for three stakeholder groups: academic staff, students, and business representatives. Exploratory factor analysis and reliability tests supported the instrument’s validity and revealed five key factors shaping the university-business interface within clusters. The findings highlight that clusters stimulate cooperation, improve curriculum relevance, and increase graduates’ readiness for the labour market. The research contributes to the theoretical understanding of cluster-based collaboration and offers practical guidance for universities and regional policy-makers aiming to strengthen employability through structured partnerships. The paper’s originality lies in its integrative framework connecting regional development, higher education, and labour market needs, offering empirical evidence from an emerging economy. The study underscores the value of clusters as strategic tools for economic and educational transformation. This evidence is bounded by the study’s regional focus, sectoral coverage and reliance on self-reported questionnaires. Future research should integrate policy-maker perspectives and longitudinal or administrative employment data across multiple regions.
subject: Articles
  topic: section
subject: university-business collaboration
  topic: keywords
subject: Creative Helix
  topic: keywords
subject: economic clusters
  topic: keywords
subject: graduate employability
  topic: keywords
subject: knowledge transfer
  topic: keywords
subject: innovation and regional development
  topic: keywords
subject: strategic partnerships
  topic: keywords
subject: administrative barriers
  topic: keywords
creator: Daniela-Mihaela Neamtu
creator: Otilia-Maria Bordeianu
creator: Claudia-Elena Grigoras-Ichim
creator: Lucia Morosan-Danila
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-16
publication date: 2026-03-16
starting page: 186
ending page: 210
doi: 10.3846/jbem.2026.25752

The impact of firm-level innovativeness on socioeconomic indicators: an AI-driven approach
type: item
description: This study examined the impact of firm-level innovativeness on socioeconomic indicators at regional and sectoral levels, using Artificial Intelligence (AI) techniques to analyze unstructured data from the websites of 32,559 companies. Using this data, an Innovation Index was constructed. The results indicated a generally low-to-moderate level of innovativeness among Lithuanian firms, with an average Innovation Index of 35 out of 100. Notably, 38.6% of firms scored 0, showing no detectable signs of innovation. Innovativeness was found to be highest in Vilnius and Kaunas, and in sectors such as electricity, information and communication, and public administration. An econometric analysis revealed that a 1-point increase in the Innovation Index was associated with a 0.02% rise in gross average earnings, a 0.27% increase in gross value added, a 0.17% increase in FDI per capita, and a 0.05% increase in GDP per capita. Higher innovativeness levels were also linked to lower unemployment and migration rates. The findings underscore the importance of innovation for regional development and labor market outcomes, and that an AI-driven approach can offer a reliable and scalable alternative to traditional methods, providing more timely and objective assessments. The approach is adaptable across countries, thus offering valuable insights for policymakers and researchers.
subject: Articles
  topic: section
subject: innovation
  topic: keywords
subject: firm innovativeness
  topic: keywords
subject: socioeconomic indicators
  topic: keywords
subject: artificial intelligence
  topic: keywords
subject: sectors
  topic: keywords
subject: regions
  topic: keywords
creator: Alina Stundžienė
creator: Vaida Pilinkienė
creator: Mantas Lukauskas
creator: Andrius Grybauskas
creator: Mantas Vilkas
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-12
publication date: 2026-03-12
starting page: 162
ending page: 185
doi: 10.3846/jbem.2026.25753

Development of marketing tools for the express delivery industry to increase consumer loyalty
type: item
description: This research explores how to develop and enhance marketing tools to increase consumer loyalty in the express delivery industry. The study analyzes the influence of these tools on customer loyalty by reviewing scientific literature. The theoretical framework examines various marketing tools, including digital marketing, social media marketing, and integrated marketing communications. Based on this analysis, hypotheses were created and then tested using a survey. The study’s empirical section tests these hypotheses and develops a conceptual model that identifies four key tools for boosting loyalty. The findings offer new opportunities for both start-up and established Lithuanian express delivery companies to improve customer loyalty and gain a competitive edge in the market.
subject: Articles
  topic: section
subject: marketing tools
  topic: keywords
subject: consumer loyalty
  topic: keywords
subject: express delivery industry
  topic: keywords
subject: digital marketing
  topic: keywords
subject: social network marketing
  topic: keywords
subject: integrated marketing communication
  topic: keywords
creator: Hubert Bocevičius
creator: Vilma Tamulienė
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-03
publication date: 2026-03-03
starting page: 142
ending page: 161
doi: 10.3846/jbem.2026.26194

Geopolitical risks, market volatility, and tech firms involved in quantum computing
type: item
description: This study examines how global uncertainty influences the financial dynamics of technology firms involved in quantum computing, a strategically significant but structurally fragile segment of emerging deep-tech markets. Using daily data from January 2015 to May 2025, the analysis integrates principal component decomposition, panel regression, Granger causality testing and volatility diagnostics to assess the transmission of market volatility and geopolitical risk. The findings show that market volatility, proxied by the VIX index, exerts a persistent and adverse influence on stock returns, confirming its role as a systemic risk factor. Geopolitical risk, measured through the ACT and THREAT sub-indices of the Geopolitical Risk Index (GPR), also affects return behaviour, but through asymmetric and time-varying transmission mechanisms that emerge under heightened uncertainty and global strategic tension. The results further reveal heterogeneous vulnerability profiles across firms, indicating conditional risk spillovers rather than uniform market reactions. The study contributes new empirical evidence on the interplay between financial and geopolitical risk in advanced technology sectors and offers a replicable framework for uncertainty modelling in frontier markets.
subject: Articles
  topic: section
subject: quantum computing
  topic: keywords
subject: volatility
  topic: keywords
subject: geopolitical risk
  topic: keywords
subject: VIX
  topic: keywords
subject: principal component analysis
  topic: keywords
subject: clustering
  topic: keywords
creator: Oana Panazan
creator: Catalin Gheorghe
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-27
publication date: 2026-02-27
starting page: 118
ending page: 141
doi: 10.3846/jbem.2026.26193

The spatial relationship between innovation capacity and housing affordability in Chinese cities
type: item
description: With China’s rapid urbanization, innovation capacity and housing affordability have become important factors affecting sustainable development. This paper aims to address this research gap by examining the spatial characteristics and correlation between the housing market and urban innovation capacity. With statistical analyses of the housing market and innovation indicators in China’s major cities, there are following findings. Firstly, it is found that there are obvious spatial characteristics between urban innovation ability and housing affordability. Housing supply has a significantly positive effect on urban innovation, particularly in central regions. Similarly, housing demand also positively impacts urban innovation. The impact of the housing supply-demand ratio on urban innovation exhibits regional variation. Secondly, the impact of housing affordability on urban innovation levels exhibits a nuanced pattern, resembling an inverted “U” shape, particularly pronounced in the eastern region. When the housing price-to-income ratio remains below a critical threshold, its growth positively contributes to enhancing urban innovation levels. Thirdly, an increase in the housing supply-demand ratio adversely affects urban innovation levels through a mediated pathway. The housing supply-demand ratio serves as a vital metric indicating the housing market’s stability.
subject: Articles
  topic: section
subject: urban innovation ability
  topic: keywords
subject: housing affordability
  topic: keywords
subject: regional differences
  topic: keywords
subject: housing market
  topic: keywords
subject: spatial characteristics
  topic: keywords
subject: spatial relationship
  topic: keywords
creator: Juanfeng Zhang
creator: Ning Hao
creator: Dongsheng Zhan
creator: Lele Li
creator: Danxia Zhang
creator: Rui Han
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-13
publication date: 2026-02-13
starting page: 94
ending page: 117
doi: 10.3846/jbem.2026.23923

Investment implications of Industry 4.0: evidence from smart manufacturing ETFs
type: item
description: The rise of smart manufacturing, driven by digital transformation and Industry 4.0, has introduced new opportunities for investors seeking to diversify their portfolios. Smart manufacturing ETFs offer a unique risk-return profile tailored to the evolving landscape of industrial automation and data-driven processes. This paper explores the comparative risk-adjusted performance of a smart manufacturing ETF, a conventional industrial portfolio, and a broad-market SP500 tracking portfolio, utilizing daily data from October 2019 to October 2022. By deconstructing the excess returns of these portfolios through one-factor, three-factor, and five-factor asset pricing models, we provide insights into the risk exposure and performance drivers of smart manufacturing investments. Results indicate that investing in smart manufacturing, while less performant relative to the other investments, carries less exposure to market risk and can provide important diversification benefits to equity portfolios. Moreover, there is a positive loading for the size factor and a negative loading for the value and profitability factors for the smart manufacturing portfolio during a period of positive premium for all factors except for size. This implies that the consequent payoff in terms of profitability will eventually turn the loading of the profitability factor into positive territory, increasing returns on smart manufacturing investing.
subject: Articles
  topic: section
subject: smart manufacturing
  topic: keywords
subject: pricing factors
  topic: keywords
subject: factor models
  topic: keywords
subject: portfolio investment
  topic: keywords
subject: market risk
  topic: keywords
subject: diversification
  topic: keywords
creator: Cristiana Doina Tudor
creator: Alexandra Horobet
creator: Zeno Dinca
creator: Lucian Belascu
creator: Robert Sova
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-10
publication date: 2026-02-10
starting page: 74
ending page: 93
doi: 10.3846/jbem.2026.25512

Multi-criteria decision analysis of e-commerce software selection using AHP-NWA hybrid model
type: item
description: In the digital economy, selecting the right e-commerce platform is a strategic decision with significant implications for efficiency and competitiveness. This paper applies a hybrid decision-making framework that integrates the Analytic Hierarchy Process (AHP) and Net Worth Analysis (NWA) to evaluate five popular e-commerce platforms: Magento, WooCommerce, Shopify, PrestaShop, and OpenCart. AHP was used to derive weights for evaluation criteria, while NWA incorporated expert assessments of alternatives. Results indicate that security (32%) and functionality (25%) are the most critical factors, followed by maintenance costs (14%) and scalability (11%). The ranking shows Magento as the leading platform (0.575), excelling in security and functionality, while WooCommerce (0.567) is highly flexible and Shopify (0.563) stable though less customizable. PrestaShop (0.505) and OpenCart (0.496) scored lower, making them suitable for smaller businesses. The contribution of this study lies in the integration of AHP-derived weights into the NWA framework under a dual expert panel structure, ensuring methodological independence and reducing bias. This hybrid approach offers both practical implications for digital business strategy and theoretical insights into combining hierarchical and network-based MCDM methods, thereby addressing a research gap in e-commerce software evaluation.
subject: Articles
  topic: section
subject: e-commerce
  topic: keywords
subject: multi-criteria decision-making
  topic: keywords
subject: AHP
  topic: keywords
subject: NWA
  topic: keywords
subject: software platforms
  topic: keywords
subject: Magento
  topic: keywords
subject: WooCommerce
  topic: keywords
subject: Shopify
  topic: keywords
creator: Rade Rakić
creator: Milan Gligorijević
creator: Dejan Viduka
creator: Nikola Gligorijević
creator: Danilo Strugarević
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-01-23
publication date: 2026-01-23
starting page: 38
ending page: 57
doi: 10.3846/jbem.2026.25406

Nonlinear effects of ageing population and AI on China’s GDP growth: a threshold analysis
type: item
description: This research empirically explores the influences of ageing on China’s GDP growth, incorporating Artificial Intelligence (AI) as a moderating factor. Specifically, industrial robot penetration was used as a proxy for AI adoption. This research selects panel data in 31 provinces of China (2000–2022). The nonlinear association between ageing population and GDP growth is examined using panel threshold regression models, while threshold variables are ageing and AI adoption, respectively. To verify the robustnes, the old-age dependency ratio is utilized as a proxy of ageing population. According to the findings, GDP growth is initially negatively affected by ageing population. However, when AI adoption surpasses a critical threshold, this negative effect is significantly mitigated. This finding highlights the importance of AI adoption in managing the economic challenges brought by ageing. Therefore, some valuable recommendations have been put forward to support inclusive and sustainable economic development. These include greater investment in research and expansion concerning AI, promoting AI-driven robotics in key sectors, and offering targeted skilling programs for elderly employees. Further suggestions are to invest in digital infrastructures and the industry of ageing, as well as to leverage and develop elderly human capital.
subject: Articles
  topic: section
subject: panel threshold regression
  topic: keywords
subject: ageing population
  topic: keywords
subject: Artificial intelligence (AI)
  topic: keywords
subject: China’s GDP growth
  topic: keywords
subject: panel data
  topic: keywords
subject: sustainable economic development
  topic: keywords
creator: Jintao Shi
creator: Jain Yassin
creator: Raina Ginsad
creator: Tongtong Zhang
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-18
publication date: 2026-03-18
starting page: 226
ending page: 242
doi: 10.3846/jbem.2026.25754

Dividend policy in a crisis: a pre and post-COVID-19 comparison of DJIA and DAX companies
type: item
description: This study examines the shifts in dividend policy drivers for companies listed on the Dow Jones Industrial Average (DJIA) and Deutscher Aktienindex (DAX) by comparing the pre-COVID-19 (2015–2019) and post-COVID-19 (2020– 2024) periods. Employing a two-stage methodology, we first use factor analysis to distill traditional and cash flow-based profitability indicators into key factors, followed by panel regression models to assess their impact on dividend payouts. Findings indicate that the 2020 crisis significantly altered dividend strategies. For DJIA firms, dividend policy shifted from asset-based profitability (pre-2020) to a strong reliance on equity-based profitability (ROE, CFROE) post-2020, reflecting investor preference for immediate returns during uncertainty. For DAX firms, cash flow-based profitability emerged as the primary driver post-2020, unlike the pre-crisis period where no profitability factor was significant, highlighting distinct market responses to economic shocks in the U.S. and Germany.
subject: Articles
  topic: section
subject: profitability ratios
  topic: keywords
subject: cash flow-based profitability ratios
  topic: keywords
subject: dividend payouts
  topic: keywords
subject: dividend policy
  topic: keywords
subject: factor analysis
  topic: keywords
subject: DJIA companies
  topic: keywords
subject: DAX companies
  topic: keywords
creator: Mirjam Hamad
creator: Anna Jobbágy
creator: Gergő Tömöri
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-01-06
publication date: 2026-01-06
starting page: 16
ending page: 37
doi: 10.3846/jbem.2026.25371

Promoting a green luxury product to belong or to stand out: a concept comparison test approach
type: item
description: Literature on luxury products reveals that product promotion involves two status-signaling goals as psychological mechanisms of social adaptation: the value-expressive function (to stand out: status enhancement) and the social-adjustive function (to be accepted: status affirmation). Traditionally, the value-expressive mechanism has been the most effective in promoting luxury goods. However, how these mechanisms operate for sustainable products, given the common assumption that luxury customers tend to disregard sustainability attributes, remains underexplored. This study challenges the aforementioned assumption by assessing how status-signaling goals influence willingness to pay for luxury products with sustainability attributes. Findings indicate that brand promotion that uses the social-adjustive function can be effective. This study recruits 464 participants and adopts an experimental approach involving concept comparison testing to explore the differences in consumers’ willingness to pay for a green luxury car. The car is presented with two distinct claims related to the above-mentioned luxury mechanisms and the absence or presence of a sustainable feature. Across all combinations of stimuli, participants perceive the sustainable luxury car as more appealing. This study shows that introducing a sustainability attribute in luxury brand communications can enhance consumers’ willingness to pay under either of the two status-signaling mechanisms.
subject: Articles
  topic: section
subject: green luxury products
  topic: keywords
subject: status goals
  topic: keywords
subject: social-adjustive needs
  topic: keywords
subject: value-expressive needs
  topic: keywords
subject: sustainable behavior
  topic: keywords
subject: concept comparison test
  topic: keywords
creator: Humberto Fuentes
creator: Jorge Vera-Martinez
creator: Diana Kolbe
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-01-06
publication date: 2026-01-06
starting page: 1
ending page: 15
doi: 10.3846/jbem.2026.24972

East-West risk connectedness in the European banking sector
type: item
description: This study examines the risk spillover dynamics between banks in Central and Eastern Europe (CEE) and Western Europe (WE) across 30 banking groups from 2014 to 2023, segmented into three distinct periods: pre-COVID-19, during COVID-19, and the Russo-Ukrainian conflict. The key contribution of the paper lies in combining a cross-regional perspective with a longer time horizon, covering major shocks. Utilizing the Diebold-Yilmaz interconnectedness index model, we analyze volatilities derived from daily stock prices to identify key players in the transmission and absorption of financial shocks. Our findings, supported by existing literature, reveal a strong interconnectedness between the two parts of Europe. WE banks are more likely to be shock transmitters, while CEE banks play the role of shock receivers. However, during the Russo-Ukrainian war, CEE banks appeared more among the net transmitting banks. Although one of the main features of the CEE financial system is its dependence on WE, a bank nationalism has also emerged in some countries. This may nuance the dynamics of CEE financial stability: reducing the magnitude of WE shock, but in the case of CEE-specific shocks, the possibility of risk transfer (dispersion) is also weakened.
subject: Articles
  topic: section
subject: volatility spillover
  topic: keywords
subject: systemic risk connectedness
  topic: keywords
subject: Central and Eastern Europe
  topic: keywords
subject: COVID-19
  topic: keywords
subject: Russo-Ukrainian war
  topic: keywords
subject: banking
  topic: keywords
creator: András Bethlendi
creator: Miléna Dóra Szabó
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-22
publication date: 2025-12-22
starting page: 1358
ending page: 1385
doi: 10.3846/jbem.2025.25349

Firm credit rating changes, capital structure, and the asymmetric moderating role of debt capacity and financial constraints
type: item
description: This study analyzes how debt capacity and financial constraints impact credit rating changes. Using a comprehensive sample of European companies, we analyze rating upgrades and downgrades separately to allow us to uncover whether the effects differ. Our results show that only one of the four commonly used proxies for debt capacity can explain credit rating changes. Specifically, we find that debt capacity can influence both rating upgrades and downgrades, but financial constraints or profitability can only impact rating downgrades. Our results are robust to various model specifications. The Monte Carlo simulation results reveal that uncertainty related to factors causing rating upgrades increases sharply when debt exceeds 30% of total assets. Similarly, when debt exceeds 50% of total assets, uncertainty related to rating downgrades surges.
subject: Articles
  topic: section
subject: credit rating changes
  topic: keywords
subject: debt capacity
  topic: keywords
subject: financial constraints
  topic: keywords
subject: capital structure
  topic: keywords
subject: profitability
  topic: keywords
subject: debt-to-total assets
  topic: keywords
creator: Michal Karas
creator: Daniel Němec
creator: Adam P. Balcerzak
creator: Marek Zinecker
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-22
publication date: 2025-12-22
starting page: 1329
ending page: 1357
doi: 10.3846/jbem.2025.25316

Barriers to blockchain implementation in supply chain finance – based on perspectives of grey transaction behaviour
type: item
description: The purpose of this study is to identify grey transaction behaviours that function as barriers to blockchain implementation in supply chain finance, explore which obstructions arise from these grey transaction behaviours and subsequently hinder blockchain implementation, and further measure the influence levels of the corresponding implementation barriers. The Delphi method and DANP are the main analysis methods used in this study. According to the analysis, three grey transaction behaviours that function as implementation barriers are identified, namely, kickbacks, internal and external accounting, and informal transaction relationships with banks. In addition, seven obstructions arise from these three barriers, and these obstructions can be adopted to explain why the three barriers hinder blockchain implementation. Finally, although internal and external accounting represents the main barrier, informal transaction relationships with banks may function as a critical underlying barrier that enhances the other two barriers. This study contributes in that it fills the gap of existing studies related to the intersection of supply chain finance and blockchain and provides a new perspective enabling practitioners to rethink how blockchain can be successfully implemented in the context of supply chain finance.
subject: Articles
  topic: section
subject: blockchain
  topic: keywords
subject: implementation barriers
  topic: keywords
subject: supply chain finance
  topic: keywords
subject: Delphi method
  topic: keywords
subject: grey transaction behaviour
  topic: keywords
subject: DANP
  topic: keywords
creator: Wei Gao
creator: Ping-Kuo A. Chen
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-19
publication date: 2025-12-19
starting page: 1308
ending page: 1328
doi: 10.3846/jbem.2025.24903

What causes the return and volatility spillover in Chinese green finance markets? A time-frequency perspective
type: item
description: This paper analyzes both return and volatility spillovers between green bonds, green stocks, clean energy, and carbon markets from April 28, 2014, to May 31, 2024, using the time-frequency connectedness methodology. Further, determinants of these spillovers are examined from perspectives of economic fundamentals (macroeconomics, inflation, and rate), market contagion (market volatility and investor sentiment), and uncertainties (EPU, CPU, GPR, and the COVID-19 pandemic) with the linear regression and quantile regression methods. Our investigation demonstrates that return and volatility spillovers exhibit significant crisis jumps during periods of financial turmoil. During most periods, both return and volatility spillovers occur predominantly in the short run. Second, green bonds and carbon markets show safe-haven characteristics as net risk recipients. Furthermore, economic fundamentals, market contagion, and uncertainty factors exhibit obvious impacts on both green finance market spillovers, albeit in differing magnitudes and directions. Notably, both return and volatility spillovers in the short and long run are determined by economic fundamentals, market contagion, and uncertainty variables. What’s more, these factors exhibit stronger interpretations of extreme return spillovers. These findings pose significant ramifications for risk mitigation and portfolio diversification for investors and authorities throughout Chinese green finance markets.
subject: Articles
  topic: section
subject: return spillovers
  topic: keywords
subject: volatility spillovers
  topic: keywords
subject: China’s green finance markets
  topic: keywords
subject: economic fundamentals
  topic: keywords
subject: market contagion
  topic: keywords
subject: uncertainty
  topic: keywords
creator: Rongyan Liu
creator: Lingyun He
creator: Ling Chen
creator: Yating Fu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-18
publication date: 2025-12-18
starting page: 1284
ending page: 1307
doi: 10.3846/jbem.2025.25566

Are renewable energy stocks, investor sentiment, and the cryptocurrency market-related?
type: item
description: This paper applies wavelet quantile correlation to research on the relationship among renewable energy stocks, investor sentiment, and the cryptocurrency market. The empirical results indicated that under extremely negative conditions, in both the short and medium run, renewable energy stocks and cryptocurrencies are negatively correlated, implying that during such periods, renewable energy stocks can be used as a safe haven for cryptocurrencies. The opposite happens when the market is average or booming. This indicates that investors tend to invest simultaneously in these two promising asset classes when the market performs well. Under varied market conditions, FGI correlates positively with cryptocurrency, demonstrating sentiment influences price patterns. Moreover, the correlation between FGI and renewable energy stocks further validates the relationship between cryptocurrencies and renewable energy stocks. These findings can be used to improve the prediction of market trends by investors using sentiment indices and to devise more effective portfolio diversification strategies that minimize risk amid an evolving market.
subject: Articles
  topic: section
subject: renewable energy stocks
  topic: keywords
subject: investor sentiment
  topic: keywords
subject: cryptocurrency
  topic: keywords
subject: wavelet
  topic: keywords
subject: quantile correlation
  topic: keywords
subject: portfolio diversification
  topic: keywords
creator: Chi Wei Su
creator: Xin Yue Song
creator: Meng Qin
creator: Oana-Ramona Lobonţ
creator: Muhammad Umar
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-18
publication date: 2025-12-18
starting page: 1264
ending page: 1283
doi: 10.3846/jbem.2025.23893

Business ambience for implementing Just-in-sequence strategy – the automotive industry in Serbia: case study
type: item
description: Persistent issues in the automotive industry – such as delivery delays and frequent stock-outs – indicate that the vision of perfectly synchronized flows of raw materials, parts, and components within complex industrial production and logistics systems remains a significant challenge. To mitigate demand variability and uncertainty, companies often maintain high levels of safety stock, which significantly increases costs and erodes competitiveness. At the same time, such supply chains are characterized by limited responsiveness, resulting in unfulfilled targets related to reduced lead times and reliable customer deliveries. As a response, supply chains in the automotive sector are increasingly opting for the implementation of Just-in-Sequence (JIS) strategies to ensure adaptation to diverse product requirements and cost savings, as well as enhance both responsiveness and efficiency. Within this context, the objective of this research is to identify key elements necessary for the successful implementation of the JIS strategy in an automotive company. The research findings reveal notable differences in the perceptions of employees from Production, Logistics, and Sales sectors regarding the importance of the analysed variables and the potential for implementing a JIS strategy.
subject: Articles
  topic: section
subject: Just-in-sequence
  topic: keywords
subject: Just-in-time
  topic: keywords
subject: supply chain
  topic: keywords
subject: lead time
  topic: keywords
subject: automotive
  topic: keywords
subject: variables
  topic: keywords
creator: Aleksandra Andjelković
creator: Goran Milovanović
creator: Sandra Milanović
creator: Dalibor Stojanović
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-18
publication date: 2025-12-18
starting page: 1243
ending page: 1263
doi: 10.3846/jbem.2025.25440

The impact of Search Volume Index on FDI outflow: the moderating role of uncertainty avoidance
type: item
description: This study examines the relationship between the Search Volume Index (SVI) and FDI outflow levels and tests whether the level of national culture, particularly whether the Uncertainty Avoidance Index (UAI), moderates such a relationship. The authors document that SVI is positively associated with FDI outflow in the sample of 69 countries. When we distinguish between low and high-uncertainty avoidance countries, we find that this positive association is significant at the current value of SVI for countries with low uncertainty avoidance. However, the relationship becomes stronger for countries with high uncertainty avoidance at the one-year time lag of SVI. Moreover, the results remain intact after various robustness checks. These results imply that the level of national culture may cause individuals to hesitate to invest through internet search queries. Our empirical findings should be particularly informative for investors from countries whose governments exhibit high levels of uncertainty avoidance, as they spend more time on investment planning than investors from countries whose governments exhibit low uncertainty avoidance.
subject: Articles
  topic: section
subject: Search Volume Index
  topic: keywords
subject: FDI outflow
  topic: keywords
subject: developing countries
  topic: keywords
subject: developed countries
  topic: keywords
subject: Uncertainty Avoidance Index
  topic: keywords
subject: culture
  topic: keywords
creator: Vusal Mammadrzayev
creator: Orkhan Nadirov
creator: Drahomíra Pavelková
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-16
publication date: 2025-12-16
starting page: 1223
ending page: 1242
doi: 10.3846/jbem.2025.25505

Multi-criteria analysis of the Baltic banks from client attraction and profit generation perspectives
type: item
description: The economic and regulatory environment banks operate in poses challenges in regard to different facets of sustainability and requires proper managerial and technological innovations. Bank performance can be analysed from various viewpoints. Therefore, it is important to develop comprehensive frameworks for assessment of banking performance. The paper develops a twostage approach for measuring banking performance from the client attraction and profit generation perspectives. The multi-criteria framework involving three multi-criteria decision-making methods is developed to ensure robustness of the results. The empirical research deals with the 17 commercial banks operating in the three Baltic States. This case is interesting as it covers a low-interest-rate environment. While Lithuanian banks excelled in the client attraction perspective, the results for 2017–2021 suggest that they should focus on the improvement of performance in this regard and profit generation if compared to banks operating in Latvia and Estonia.
subject: Articles
  topic: section
subject: bank performance
  topic: keywords
subject: profitability
  topic: keywords
subject: client attraction
  topic: keywords
subject: multi-criteria analysis
  topic: keywords
subject: composite indicator
  topic: keywords
subject: hybrid approach
  topic: keywords
creator: Karolina Kriščiukaitytė
creator: Tomas Baležentis
creator: Dalia Štreimikienė
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-16
publication date: 2025-12-16
starting page: 1201
ending page: 1222
doi: 10.3846/jbem.2025.24754

Research on the valuation of internet enterprise data assets based on value chain theory
type: item
description: As data assets grow strategically important yet remain difficult to value in internet enterprises, this study analyzes the factors influencing their valuation. Using value chain theory and a system dynamics model, it uncovers the mechanisms of value formation. Results show that data asset value is realized dynamically across stages – collection, analysis, mining, and application – shaped by internal attributes and external factors. The process follows a diminishing marginal return pattern and exhibits significant value lag. Therefore, data asset assessment should account for the full life-cycle, intrinsic properties, and technological conditions.
subject: Articles
  topic: section
subject: system dynamics
  topic: keywords
subject: data assets
  topic: keywords
subject: value chain
  topic: keywords
subject: value assessment
  topic: keywords
subject: lag effect
  topic: keywords
subject: simulation modeling
  topic: keywords
creator: Junxin Shen
creator: Qin Fang
creator: Tongxin Zhang
creator: Yuan Peng
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-12
publication date: 2025-12-12
starting page: 1175
ending page: 1200
doi: 10.3846/jbem.2025.25477

Unveiling leadership dynamics and tournament incentives: insights from the environmental misconduct of Chinese listed companies
type: item
description: This study investigates whether the tournament compensation motivate executives to adopt environmentally responsible practices and reduce environmental violations. Focusing on CEO characteristics, we also examine whether politically connected CEOs and CEO gender enhance the effectiveness of these incentives in mitigating corporate environmental violations. Using a fixed-effects model, two stage least square (2-SLS) and the Generalized Method of Moments (GMM) on data from Chinese companies, spanning from 2010 to 2023, this study finds that executive tournament incentives play a significant role in reducing environmental violations. Our results further reveal that political connections and female CEOs strengthen the negative relationship between tournament incentives and environmental violations, demonstrating the critical influence of leadership diversity and institutional ties in driving corporate sustainability. Additionally, our findings provide robust support for tournament theory, highlighting the pivotal role of CEOs in shaping corporate environmental behaviour. This study provides pertinent insights for regulators and policymakers, assisting them to develop tailored strategies, regulations and legislative frameworks to reduce environmental violations and improve sustainable development.
subject: Articles
  topic: section
subject: corporate environmental violation
  topic: keywords
subject: CEO tournament incentives
  topic: keywords
subject: tournament theory
  topic: keywords
subject: political connection
  topic: keywords
subject: CEO gender
  topic: keywords
subject: China
  topic: keywords
creator: Farman Ullah Khan
creator: Vanina Adoriana Trifan
creator: Junrui Zhang
creator: Maria Sinaci
creator: Radu Lucian Blaga
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-22
publication date: 2025-12-22
starting page: 1386
ending page: 1406
doi: 10.3846/jbem.2025.25564

Green bond vs green stock: which one can resist climate policy uncertainty in China?
type: item
description: This paper applies the time-varying parameter-stochastic volatility-vector auto-regression (TVP-SV-VAR) method to explore the correlations among China’s climate policy uncertainty (CPU), green stock (GS), and green bond (GB). The findings evidence dynamic impacts from CPU to the green assets, indicating that the hedging ability of green assets varies over time. In the short and medium term, the GS may hedge the rising CPU risks effectively while the GB is not. However, in the long term, both the GS and GB may resist the CPU risks, although the GS is found to perform better. Furthermore, the results also suggest that the GS is more reliable when the unexpected shocks happen. Thus, compared to the GB, the GS may possess higher uncertainty risks hedging ability. Nevertheless, the results also suggest that the hedging ability of the GS decreases in recent years. The findings may help investors construct portfolios to hedge CPU risks. Moreover, the results suggest that the government should further promote the standardisation of green investment and reduce the information asymmetry of climate policy, which is critical to improve the performance of green assets.
subject: Articles
  topic: section
subject: climate policy uncertainty
  topic: keywords
subject: China
  topic: keywords
subject: green stock
  topic: keywords
subject: green bond
  topic: keywords
subject: hedging-ability
  topic: keywords
subject: time-varying
  topic: keywords
creator: Fangzhi Cao
creator: Chi-Wei Su
creator: Santiago Budría
creator: Ran Tao
creator: Oana-Ramona Lobonţ
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-03
publication date: 2026-02-03
starting page: 58
ending page: 73
doi: 10.3846/jbem.2026.25508

Analysis of the relationship between ESG and labor costs: the moderating effect of the legal tradition
type: item
description: This study examines the relationship between Environmental, Social, and Governance (ESG) scores and labor costs per employee (LCE) in firms operating under different legal traditions, specifically comparing civil law (France) and common law (United Kingdom) countries. Utilizing data from the Orbis database for the period 2020–2022, the study employs random-effects estimations with robust standard errors. Results indicate that while the relationship between ESG and LCE is not significant in common law, it is positively significant in civil law. Results are robust to alternative ESG measures, such as the social pillar score (SOCP) estimations methods and samples. The findings suggest that the legal tradition moderates the ESG-LCE relationship, with stronger positive effects observed in civil law countries. The study highlights the importance of legal frameworks in shaping the economic impacts of ESG initiatives on labor costs. While ESG concerns may result in higher LCE, and thus increased employee compensation, implementing appropriate regulations to protect workers’ rights can foster a more effective ESG-LCE relationship than relying solely on market-based regulatory systems driven by stakeholder influence.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: social pillar
  topic: keywords
subject: labor costs
  topic: keywords
subject: legal tradition
  topic: keywords
subject: civil law
  topic: keywords
subject: common law
  topic: keywords
creator: Josep Maria Argiles-Bosch
creator: Josep Garcia-Blandon
creator: Diego Ravenda
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 1155
ending page: 1174
doi: 10.3846/jbem.2025.25299

From farm to fork: determinants of supplier-retailer relation in organic agri-food supply chain on EU Eastern – Western approach
type: item
description: The European Union’s Farm to Fork Strategy, embedded within the Green Deal, aims to create equitable and sustainable food systems, fostering environmentally responsible practices and addressing challenges comprehensively throughout the agri-food supply chain. Organic farming plays an important role in this transition, particularly in the context of the circular economy. This study explores the key determinants influencing supplier-retailer relationships in the organic agri-food supply chain, focusing on the interaction between Romanian suppliers and retailers from Germany, Austria, and Switzerland. Using a mixed-methods approach that combines quantitative and qualitative analysis, the research identifies price, quality, and trust as essential factors shaping demand. Given Romania’s growing organic agriculture sector and the increasing consumption of organic products in German-speaking markets, this study highlights both challenges and opportunities for enhancing trade relations. As one of the first investigations into the East-West dynamics of the EU organic agri-food supply chain, the findings provide valuable insights for strengthening sustainable agriculture and market integration in Romania. It is also relevant for other Eastern European countries emphasizing the importance of a strong green agri-food sector throughout the European Union, as well as coordinated efforts along the supply chain.
subject: Articles
  topic: section
subject: farm to fork
  topic: keywords
subject: green deal
  topic: keywords
subject: organic agri-food
  topic: keywords
subject: organic farming
  topic: keywords
subject: supply chain
  topic: keywords
subject: agriculture
  topic: keywords
subject: circular economy in agrifood
  topic: keywords
creator: Mihaela Kardos
creator: Ion Popa
creator: Ioan Bogdan Bacoș
creator: Manuela Rozalia Gabor
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-20
publication date: 2025-11-20
starting page: 1131
ending page: 1154
doi: 10.3846/jbem.2025.24968

Urban distances, individual resources, and migrant entrepreneurship: a configurational analysis in China
type: item
description: Given its significance for economic and social sustainability, migrant entrepreneurship (ME) has attracted increasing attention from scholars and policymakers. However, existing research provides limited insights into how various antecedents jointly affect ME. To address this gap, this study develops a theoretical model that integrates mixed embeddedness theory and entrepreneurial opportunity construction theory to explain the processes of opportunity construction and exploitation in ME. Using 130 cross-city migration cases in China – each comprising individuals from the same origin and destination cities – we examine how urban distances and individual resources jointly shape ME. The analysis identifies three pathways to high ME: the opportunity-resource endowed path, the resource bricolage path, and the opportunity-resource matching path. Although no single factor is necessary for high ME, greater geographic distance consistently promotes it. This study advances our understanding of the interplay between urban conditions, individual resources, and ME, and further enriches the mixed embeddedness theory by integrating the opportunity construction perspective.
subject: Articles
  topic: section
subject: migrant entrepreneurship
  topic: keywords
subject: mixed embeddedness
  topic: keywords
subject: urban distances
  topic: keywords
subject: individual resources
  topic: keywords
subject: opportunity construction
  topic: keywords
subject: opportunity exploitation
  topic: keywords
subject: configurational perspective
  topic: keywords
creator: Zhimin Xie
creator: Yiting Li
creator: Lingmin Xie
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-04
publication date: 2025-11-04
starting page: 1112
ending page: 1130
doi: 10.3846/jbem.2025.24712

Promotion path of digital transformation in China's manufacturing industry based on technology-organisation-environment framework
type: item
description: As the global economy becomes increasingly digitalised, the digital transformation of manufacturing has become an important way to enhance national competitiveness and corporate viability. This study focuses on the digital transformation of the manufacturing industry. First, the digital transformation of listed manufacturing companies is scientifically measured and their current state of transformation analysed. Then, the technology-organisation-environment framework is used to examine the driving factors of digital transformation. Based on this, fuzzy-set qualitative comparative analysis is employed to summarise different digital transformation configurations. The findings show that the digital transformation of China’s manufacturing industry is still in its early stages, with significant regional differences. Achieving a high level of digital transformation can be accomplished through four paths: environment- dependent, strategic leadership, internally capability support, and comprehensive-driven approaches. Finally, practical guidance is provided on accelerating the digital transformation process and promoting high-quality development in the manufacturing industry.
subject: Articles
  topic: section
subject: digital transformation
  topic: keywords
subject: driving factors
  topic: keywords
subject: promotion path
  topic: keywords
subject: TOE framework
  topic: keywords
subject: fsQCA
  topic: keywords
subject: manufacturing industry
  topic: keywords
creator: Ke Xu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-04
publication date: 2025-11-04
starting page: 1090
ending page: 1111
doi: 10.3846/jbem.2025.24959

An integrated system for evaluating the impact of firm-based innovations on GDP
type: item
description: The study analyses the impact of innovation on the economy in the EU and related countries (Norway and Switzerland), highlighting the large differences between these countries. An integrated measurement framework is proposed to assess the long-term impact of firm-based innovations on GDP comprehensively. The literature analysis sheds light on the link between firm-based innovations and economic growth, and the study follows a three-step methodology: firstly, data on innovation and GDP are collected from Eurostat and OECD, followed by an econometric analysis to identify the links between firm-based innovation performance and economic growth, and finally, a cluster analysis is performed. This cluster analysis grouped countries according to their level of innovation and economic performance. The empirical results showed that Germany, Denmark, Finland, the Netherlands, Sweden, and Ireland have high innovation and GDP growth rates, and their innovation ecosystem contribute significantly to economic prosperity. The study confirms that innovation drives GDP growth, but its impact varies across countries depending on R&D investment, workforce skills, and policy environment. Therefore, policymakers should develop innovation strategies that consider each country’s specificities following the results of cluster analysis to maximise the economic impact.
subject: Articles
  topic: section
subject: firm-based innovation
  topic: keywords
subject: integrated framework
  topic: keywords
subject: cluster analysis
  topic: keywords
subject: GDP
  topic: keywords
subject: economic growth
  topic: keywords
subject: indicators
  topic: keywords
creator: Aurelija Burinskienė
creator: Olga Lingaitienė
creator: Olga Iurasova
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-03
publication date: 2025-10-03
starting page: 1007
ending page: 1026
doi: 10.3846/jbem.2025.24839

Tailoring fund selection to diverse investors: integrating financial and sustainability performance
type: item
description: This study explores the integration of financial and Environmental, Social, and Governance (ESG) criteria in the evaluation of investment funds within the energy equity sector, considering both short and long-term investor perspectives. Based on the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), a multi-criteria decision model, this analysis includes scenarios tailored to investors prioritizing financial returns and those focused on sustainability. The findings reveal that investors’ subjective preferences influence fund rankings, highlighting the need for adaptive classification systems. Finally, a customizable investment tool aligned with diverse investor priorities is proposed.
subject: Articles
  topic: section
subject: investment funds
  topic: keywords
subject: ESG criteria
  topic: keywords
subject: financial performance
  topic: keywords
subject: TOPSIS
  topic: keywords
subject: energy equity sector
  topic: keywords
subject: investor preferences
  topic: keywords
creator: Maria-Teresa Sorrosal-Forradellas
creator: Laura Fabregat-Aibar
creator: Maria-Glòria Barberà-Mariné
creator: Antonio Terceño
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-10
publication date: 2025-10-10
starting page: 1027
ending page: 1049
doi: 10.3846/jbem.2025.24811

How does digital transformation moderate the link between ESG ratings and financial constraints?
type: item
description: This research aims to examine the moderating role of digital transformation in the link between ESG ratings and financing constraints faced by firms. A sample is a dataset consisting of 4255 listed companies operating in China from 2012 to 2022. The results showed that higher ESG ratings contribute to reducing financing constraints and that digital transformation positively enhances this relationship. In addition, the results also reveal that long-term ESG ratings contribute more effectively to reducing financing constraints. This study provides guidance for managers to practice ESG practices in the long term and insights for firms to find solutions to financing dilemmas. This study’s originality lies in demonstrating that higher ESG ratings alleviate financing constraints, with digital transformation enhancing this effect, providing novel insights into the interplay between sustainability efforts and technological advancement in corporate finance. The findings offer valuable implications for firms integrating ESG practices and digital strategies to optimize financial performance.
subject: Articles
  topic: section
subject: ESG ratings
  topic: keywords
subject: financial constraints
  topic: keywords
subject: digital transformation
  topic: keywords
subject: corporate sustainability
  topic: keywords
subject: China
  topic: keywords
subject: moderating effect
  topic: keywords
creator: Huiru Chen
creator: Yunhong Hao
creator: Yuan Li
creator: Ahmad Yuosef Alodat
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-01
publication date: 2025-10-01
starting page: 982
ending page: 1006
doi: 10.3846/jbem.2025.24810