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: How does 5G technology deployment impact e-turnover in SMEs?
items: The green board paradox: environmental performance as a mediator between governance and earnings
items: Twenty-five years of the Journal of Business Economics and Management: a bibliometric overview
items: ESG rating disagreement and stock mispricing
items: A comparative study of the relationships between AI use, employment, economic performance, and sustainability in the EU countries
items: Beyond compliance: the financial payoff of sustainability disclosure and green marketing in universities
items: Transformation of consumer behavior post-crisis: a qualitative mixed methods approach in food retail
items: Can Serbia reconcile economic growth with sustainability in a policy space shaped by contrasting regional norms?
items: Unlocking the potential of the net-zero energy transition: the enabling role of green finance
items: ESG uncertainty and corporate capital investment behavior: the mediating role of environmental expenditures
items: More than reporting: enterprise resource planning as enabler of business model transformation for climate change mitigation
items: Dynamic convergence in equity markets: evidence from an open-developing economy
items: A comprehensive framework for examining managerial challenges: insights from empirical study
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 impact of firm-level innovativeness on socioeconomic indicators: an AI-driven approach
items: University and business environment in the Creative Helix: the impact of clusters on collaboration and employability of graduates
items: Trust in the digital age: how cybersecurity governance willingness shapes trade credit – evidence from supplier credit decisions
items: Potential structural efficiency of Chinese commercial banks
items: Finding predictors of corruption from European firm level survey data: a random forest approach
items: Implementing simplified short-term pairs trading strategy in equity market: understanding the risks of retail investor
items: What causes the return and volatility spillover in Chinese green finance markets? A time-frequency perspective
items: Investment implications of Industry 4.0: evidence from smart manufacturing ETFs
items: The impact of Search Volume Index on FDI outflow: the moderating role of uncertainty avoidance
items: Research on the valuation of internet enterprise data assets based on value chain theory
items: Business ambience for implementing Just-in-sequence strategy – the automotive industry in Serbia: case study
items: Multi-criteria decision analysis of e-commerce software selection using AHP-NWA hybrid model
items: Dividend policy in a crisis: a pre and post-COVID-19 comparison of DJIA and DAX companies
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

How does 5G technology deployment impact e-turnover in SMEs?
type: item
description: This study analyzes the impact of 5G technology on the electronic turnover (e-turnover) of SMEs in 26 EU Member States between 2020 and 2023, using the ENET methodology. It examines key digitalization drivers: 5G coverage, 5G spectrum, ICT specialists, and very high-capacity networks (VHCN). The results show that 5G coverage has a strong positive effect on e-turnover, particularly in countries with lower regulatory constraints, where implementation flexibility enhances connectivity and performance. Similarly, 5G spectrum allocation improves operational efficiency, but this effect weakens under stricter regulation, suggesting that rigid frameworks may hinder potential benefits. An unexpected finding is the negative relationship between ICT specialists and e-turnover, likely due to high integration costs in small firms. Although the impact lessens in regulated environments, it remains significant, indicating the need for SMEs to adopt cost-effective strategies such as upskilling or outsourcing. Granger causality analysis confirms a one-way influence from ICT specialists to e-turnover. The most substantial positive effect is linked to VHCN, especially in regulated settings, where fast and reliable data transmission drives innovation and revenue through advanced digital services. These results highlight the importance of coordinated 5G and VHCN strategies and strategic digital investment for SME competitiveness in the digital economy.
subject: Articles
  topic: section
subject: SMEs
  topic: keywords
subject: 5G
  topic: keywords
subject: 5G coverage
  topic: keywords
subject: 5G spectrum
  topic: keywords
subject: ICT specialist
  topic: keywords
subject: VHCN
  topic: keywords
subject: e-turnover
  topic: keywords
creator: Gabriela Badareu
creator: Nicoleta Mihaela Doran
creator: Silvia Puiu
creator: Daniel Cîrciumaru
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-07-16
publication date: 2026-07-16
starting page: 515
ending page: 535
doi: 10.3846/jbem.2026.24780

The green board paradox: environmental performance as a mediator between governance and earnings
type: item
description: This study challenges the “win-win” narrative in corporate sustainability by identifying a key trade-off between environmental performance and shortterm profitability. Using a global panel of the 1,000 largest companies across 23 developed markets, we employ a two-way fixed-effects estimation to test 24 potential mediation pathways linking board governance to financial outcomes via ESG performance. Our results reveal what we term the “Green Board Paradox.” We find that board independence and gender diversity are robustly associated with improved environmental scores, confirming their role in advancing corporate sustainability. However, this environmental performance acts as a significant mediator that is, in turn, associated with lower Earnings Per Share (EPS). This finding highlights a central tension: the very governance mechanisms that promote environmental responsibility simultaneously create a drag on short-term profits. Furthermore, we find that board independence and diversity act as substitutes, suggesting firms can achieve similar environmental outcomes through alternative governance configurations. Ultimately, our study provides critical evidence on the governance-sustainability-performance nexus, offering a nuanced framework for navigating the trade-offs between corporate ESG ambitions and financial realities.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: corporate governance
  topic: keywords
subject: board independence
  topic: keywords
subject: gender diversity (women on boards)
  topic: keywords
subject: environmental performance
  topic: keywords
subject: mediation analysis
  topic: keywords
subject: two-way fixed effects models
  topic: keywords
creator: Adriana-Sofia Dumitrescu
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-16
publication date: 2026-06-16
starting page: 493
ending page: 514
doi: 10.3846/jbem.2026.27262

Twenty-five years of the Journal of Business Economics and Management: a bibliometric overview
type: item
description: The Journal of Business Economics and Management (JBEM) was established in 2003 as a continuation of the Almanach des praktischen Managements in Mittel- und Ost-Europa, that was founded in 1999. Today, it has evolved into a recognised platform at the intersection of economics, management, and decision science. This study conducts a comprehensive bibliometric analysis of JBEM’s publication record, employing a dual-database approach that examines 1,182 articles published between 2003 and 2024 in Scopus and 1,020 documents in Web of Science from 2007 to 2024. Using VOSviewer for network mapping, the analysis reveals a stable intellectual core focused on multi-criteria decision-making methods, alongside a growing emphasis on sustainability, ESG, and corporate responsibility. Ginevičius, Tvaronavičiene, and Zavadskas emerge as the most prolific authors, while Vilnius Gediminas Technical University, Bucharest University of Economic Studies, and Vilnius University lead the institutional contributions. At the country level, Lithuania, China, and Spain are the main contributors. The findings offer relevant insights for understanding how thematic priorities evolve, and inform future expected research and journal development. From a practical perspective, the results may guide editors and researchers in identifying key contributors and collaboration networks. This study’s originality lies in the integration of dual-database coverage with the combined use of quantitative indicators and visual analysis, offering a richer longitudinal perspective on the journal’s evolution.
subject: Review
  topic: section
subject: bibliometrics
  topic: keywords
subject: co-citation
  topic: keywords
subject: keyword analysis
  topic: keywords
subject: Web of Science
  topic: keywords
subject: Scopus
  topic: keywords
subject: bibliometric mapping
  topic: keywords
subject: VOSviewer
  topic: keywords
creator: Ana Cristina Pacheco-Cedeño
creator: Víctor G. Alfaro-García
creator: José M. Merigó
creator: Vida Davidavičienė
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-16
publication date: 2026-06-16
starting page: 450
ending page: 470
doi: 10.3846/jbem.2026.27229

ESG rating disagreement and stock mispricing
type: item
description: Identifying the causes of stock mispricing is crucial for stabilizing capital markets. Utilizing panel data from Chinese A-share listed firms, this paper investigates the causal association between ESG rating disagreement and stock mispricing. We reveal that ESG rating disagreement significantly exacerbates stock mispricing. Further analysis shows that cross-shareholding investors, media attention and marketization weaken the relationship between ESG rating disagreement and stock mispricing. We also demonstrate that the influence of ESG rating disagreement on stock mispricing is more pronounced in state-owned enterprises, heavy pollution enterprises and enterprises with short-term institutional investor holdings. These findings help to provide some insights into ESG rating disagreement as a determinant influencing stock mispricing among emerging markets.
subject: Articles
  topic: section
subject: ESG
  topic: keywords
subject: ESG rating disagreement
  topic: keywords
subject: stock mispricing
  topic: keywords
subject: cross-shareholding investors
  topic: keywords
subject: media attention
  topic: keywords
subject: marketization
  topic: keywords
creator: Jiangzhi Yu
creator: Shenglin Ma
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-16
publication date: 2026-06-16
starting page: 471
ending page: 492
doi: 10.3846/jbem.2026.27187

A comparative study of the relationships between AI use, employment, economic performance, and sustainability in the EU countries
type: item
description: The swift adoption of artificial intelligence (AI) across EU economies has sparked heightened debate among scholars and policymakers about its association with labor market dynamics, economic outcomes, and sustainability objectives. This research investigates the cross-sectional links between enterprise-level AI adoption and key socio-economic indicators across EU countries, including total employment, the proportion of highly educated science and technology workers, GDP per capita, and the Sustainable Development Goals Index (SDGI). Using a comparative and multi-method approach, the study combines exploratory factor analysis, general linear model estimations, and cluster analysis to identify structural patterns and group countries with similar digital and developmental traits. Results show consistent links between AI adoption and higher economic performance, as well as a larger share of science and technology professionals. The relationships with overall employment and sustainability indicators are weaker but still present. The cluster analysis reveals diverse yet cohesive national profiles, reflecting differences in digital readiness, human capital, and institutional factors across the EU. The study’s primary contribution is to combine employment structures, economic performance, and sustainability into a comprehensive cross-sectional framework, providing a detailed comparison of AI-related patterns across the EU. Its findings provide policymakers with a solid empirical foundation for assessing how the diffusion of AI supports inclusive growth and sustainability goals.
subject: Articles
  topic: section
subject: artificial intelligence
  topic: keywords
subject: employment
  topic: keywords
subject: education level
  topic: keywords
subject: economic performance
  topic: keywords
subject: sustainability
  topic: keywords
subject: EU countries
  topic: keywords
creator: Anca Antoaneta Vărzaru
creator: Claudiu George Bocean
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-19
publication date: 2026-06-19
starting page: 536
ending page: 554
doi: 10.3846/jbem.2026.27157

Beyond compliance: the financial payoff of sustainability disclosure and green marketing in universities
type: item
description: This study investigates when and how sustainability disclosure in higher education translates into superior financial performance, and whether green marketing initiatives strengthen that relationship. Drawing on a multi-country panel of Middle Eastern universities covering the period (2014–2024), the analysis develops a disclosure index aligned with the Global Reporting Initiative (GRI). Green marketing intensity is coded from verifiable institutional communications, while financial performance is assessed through operating outcomes and revenue-related indicators. Using panel regression models and complementary dynamic specifications, supported by thorough diagnostic and robustness checks, the results indicate a clear positive association between disclosure quality and financial performance, a separate positive association for green marketing, and, most importantly, a reinforcing interaction whereby credible, consistent green communication amplifies the financial payoff of disclosure. The study recommends that universities move beyond compliance reporting toward communicative integration for value: align disclosure with recognized standards, anchor messages in verifiable evidence, coordinate disclosure and marketing functions, and monitor communication outcomes related to enrolment, partnerships, and funding. The findings offer actionable guidance for leaders and policymakers seeking to couple sustainability commitments with sound financial stewardship in an increasingly competitive academic landscape.
subject: Articles
  topic: section
subject: sustainability disclosure
  topic: keywords
subject: green marketing initiatives
  topic: keywords
subject: financial performance
  topic: keywords
subject: higher education institutions
  topic: keywords
subject: stakeholder theory
  topic: keywords
subject: signaling theory
  topic: keywords
subject: institutional theory
  topic: keywords
creator: Omar Zraqat
creator: Hind Al-Ahmed
creator: Khaled Alshaketheep
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-01
publication date: 2026-06-01
starting page: 430
ending page: 449
doi: 10.3846/jbem.2026.26961

Transformation of consumer behavior post-crisis: a qualitative mixed methods approach in food retail
type: item
description: Following successive global health, energy, and geopolitical shocks, this research investigates the persistent transformation of retail consumption patterns. While extant literature examines crisis-driven behavior, a methodological gap remains in synthesizing rich qualitative data with advanced computational techniques. This study addresses this gap by employing a mixed-methods design, integrating Principal Component Analysis (PCA) and Sentiment Analysis, to uncover the latent behavioral and affective dimensions of post-crisis decision-making. Conducted in 2024 within the Romanian emerging market, the study utilizes focus group data to identify core drivers of behavioral change. Results reveal an accelerated adoption of retail technologies, a fundamental recalibration of purchasing priorities, and heightened expectations regarding the shopping experience. Sentiment analysis highlights significant variance in consumer adaptation, offering a granular perspective on emotional responses to the “new normal.” Theoretically, this work contributes to interdisciplinary scholarship on economic uncertainty and digital transformation. Practically, the findings provide actionable intelligence for firms to develop engagement and innovation strategies that align with emerging consumer needs in volatile environments. By bridging structural patterns with emotional dynamics, the paper offers a robust framework for understanding consumer resilience in the wake of systemic disruptions.
subject: Articles
  topic: section
subject: emotion-driven consumer clusters
  topic: keywords
subject: food retail
  topic: keywords
subject: purchase behavior
  topic: keywords
subject: post-crisis behavior
  topic: keywords
subject: Principal Component Analysis (PCA)
  topic: keywords
subject: sentiment analysis
  topic: keywords
subject: digital transformation
  topic: keywords
subject: focus groups
  topic: keywords
subject: technology adoption acceleration
  topic: keywords
subject: shopping experience expectations
  topic: keywords
creator: Veronica Câmpian
creator: Liana Stanca
creator: Dan-Cristian Dabija
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-19
publication date: 2026-06-19
starting page: 515
ending page: 535
doi: 10.3846/jbem.2026.26936

Can Serbia reconcile economic growth with sustainability in a policy space shaped by contrasting regional norms?
type: item
description: Our research investigates the dynamic relationship between economic growth and environmental sustainability in Serbia, a country situated at the intersection of Western environmental standards and Eastern development models. Specifically, it examines whether economic growth, as measured by GDP per capita, conflicts with environmental sustainability. It also considers the roles of renewable energy consumption (RENC), urbanization (URB) and trade openness (TO) as mediating variables. The analysis is based on annual time series data for Serbia from 1995 onward. A Vector Error Correction Model (VECM) framework is employed to assess both short-run and long-run relationships among the variables. Our research addresses the underexplored question of how countries like Serbia can reconcile growth with sustainability in a policy space shaped by contrasting regional norms. The results indicate a short-run trade-off between GDP and environmental sustainability, as lagged CO₂ emissions and RENC negatively affect GDP growth. However, in the long run, growth is positively associated with TO and URB, while RENC is strongly driven by URB. CO₂ emissions appear to evolve relatively independently of TO and URB. The adjustment coefficients confirm that GDP, CO₂ and RENC significantly respond to deviations from long-run equilibrium, with URB playing a central role in stabilizing the system.
subject: Articles
  topic: section
subject: CO₂ emissions
  topic: keywords
subject: renewables integration
  topic: keywords
subject: GDP
  topic: keywords
subject: trade openness
  topic: keywords
subject: VECM
  topic: keywords
subject: Error Correction Term (ECT)
  topic: keywords
creator: Simona Vasilica Oprea
creator: Adela Bâra
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-05-12
publication date: 2026-05-12
starting page: 386
ending page: 406
doi: 10.3846/jbem.2026.26926

Unlocking the potential of the net-zero energy transition: the enabling role of green finance
type: item
description: Amid severe global climate change and environmental degradation, energy systems worldwide are undergoing a significant transformation from traditional, high-carbon, and inefficient energy structures to more efficient, secure, and sustainable ones. This study develops an indicator system for green finance and an Energy Net Zero Transition Potential (ENTP) index using data from 280 cities between 2004 and 2020 to examine how green finance development affects the net-zero transition of energy systems. The findings indicate that growth in green finance notably boosts the ENTP. Mechanism analysis shows that green finance promotes the ENTP by enhancing resource allocation efficiency and optimizing industrial structure. However, it has not effectively spurred green technological innovation to advance energy toward a net-zero goal. Heterogeneity analysis reveals that the positive impact of green finance development on the energy net-zero transition is stronger in resource-based cities, large cities, and provincial border regions. Additionally, this study verifies the robustness of its results through Difference-in-Differences (DID) analysis of green finance innovation pilot zones, lagged effects, two-stage least squares estimation, and spatial econometric analysis. These conclusions can guide policy recommendations for China’s green finance reforms and address the global energy security challenge.
subject: Articles
  topic: section
subject: energy net zero transition potential
  topic: keywords
subject: green finance
  topic: keywords
subject: resource allocation efficiency
  topic: keywords
subject: industrial structure optimization
  topic: keywords
subject: green technology innovation
  topic: keywords
subject: spatial spillover effect
  topic: keywords
creator: Qiaoru Wang
creator: Wenhui Fang
creator: Tingyu Liu
creator: Peng Huang
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-05-25
publication date: 2026-05-25
starting page: 407
ending page: 429
doi: 10.3846/jbem.2026.26694

ESG uncertainty and corporate capital investment behavior: the mediating role of environmental expenditures
type: item
description: This study investigates the impact of SUS on CIN, with a specific focus on the mediating role of ENX. Utilizing a panel dataset of firms spanning the period from 2010 to 2022, the study employs the fixed effects model (FEM), 2SLS, and the system generalized method of moments (GMM) to ensure robust estimation and address potential endogeneity concerns. The findings reveal that SUS harms CIN, suggesting that firms facing heightened ESG uncertainty are more cautious in their capital allocation. Moreover, the results confirm that ENX plays a mediating role, as firms tend to increase environmental expenditures in response to higher ESG uncertainty, which in turn reduces their capital investment. The study provides valuable social and practical implications. From a social perspective, it underscores the importance of stable and transparent ESG policies in mitigating uncertainty and promoting sustainable investment practices. Practically, firms should balance their environmental expenditures and investment strategies to ensure long-term financial stability. The study’s novelty lies in integrating ESG-related uncertainty with CIN decisions through the mediating role of environmental expenditures, offering a fresh perspective on how firms respond to ESG-related risks in capital allocation.
subject: Articles
  topic: section
subject: capital investment
  topic: keywords
subject: environmental expenditures
  topic: keywords
subject: ESG-related uncertainty
  topic: keywords
subject: sustainable finance
  topic: keywords
subject: BRICS
  topic: keywords
subject: corporate finance
  topic: keywords
creator: Sisi Chen
creator: Umar Farooq
creator: Abdulrahman Alomair
creator: Abdulaziz S. Al Naim
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-30
publication date: 2026-04-30
starting page: 367
ending page: 385
doi: 10.3846/jbem.2026.26691

More than reporting: enterprise resource planning as enabler of business model transformation for climate change mitigation
type: item
description: Enterprise resource planning (ERP) systems are evolving to support organisations in addressing their climate impact. Yet, there is a paucity of empirical and cross-sectoral data on how these solutions can mitigate organisations’ negative climate impact through changes in business models. By focusing on a dataset of ERP-related patents published between 2020 and 2024, within a climate change classification, this study aims to shed light on how ERP-based solutions can enable business model transformation to improve environmental performance and to investigate Industry 4.0 technologies that facilitate such mitigations. Through a pragmatic inductive approach employing mixed methods, the study uncovers three main areas of business model transformation for climate change mitigation: production optimisation, sustainability management and monitoring, and supply chain performance improvement. While most of the examined patents prioritise production optimisation, the findings reveal the emergence of novel applications designed to enhance organisational sustainability management and monitoring. Furthermore, the research emphasises unexploited opportunities to enhance ERPs through the integration of Industry 4.0 technologies. This study provides a substantial contribution to the existing literature by focusing on a significant yet underexplored area: ERP-based solutions designed to enable business model transformation to mitigate climate change, with implications for researchers, organisational adopters, and system developers.
subject: Articles
  topic: section
subject: enterprise resource planning (ERP)
  topic: keywords
subject: climate change mitigation
  topic: keywords
subject: business model transformation
  topic: keywords
subject: patent data analysis
  topic: keywords
subject: sustainable development goals (SDGs)
  topic: keywords
subject: Industry 4.0 technologies
  topic: keywords
creator: Sînziana-Maria Rîndașu
creator: Adalberto Rangone
creator: Liliana Ionescu-Feleagă
creator: Yuriy Bilan
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-14
publication date: 2026-04-14
starting page: 262
ending page: 284
doi: 10.3846/jbem.2026.26451

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

A comprehensive framework for examining managerial challenges: insights from empirical study
type: item
description: Considering the nature, complexity and importance of the current managerial challenges, there is a need for a systematic study that offers guidance to their holistic analysis, and no overarching structure to guide this type of research could have been identified to date. This article lays the groundwork for a comprehensive examination of managerial challenges. Based on the review of 78 empirical works, the key practices in studying managerial challenges are synthesized and presented as a reference framework. The framework is designed using the 5W and 1H method. It offers an up-to-date understanding of the substance of managerial challenges, which contributes to both the theoretical understanding and practical execution of managerial work.
subject: Articles
  topic: section
subject: managerial role
  topic: keywords
subject: managerial process
  topic: keywords
subject: managerial challenge
  topic: keywords
subject: managerial challenges conceptual framework
  topic: keywords
subject: 5W and 1H method
  topic: keywords
creator: Martyna Wilczewska
creator: Joanicjusz Nazarko
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-16
publication date: 2026-04-16
starting page: 303
ending page: 322
doi: 10.3846/jbem.2026.26195

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 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

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

Trust in the digital age: how cybersecurity governance willingness shapes trade credit – evidence from supplier credit decisions
type: item
description: In the digital economy, the importance of robust cybersecurity governance for corporate financing stability has become increasingly salient. Using a sample of Chinese A-share listed companies from 2011 to 2023, we employ the Word2vec natural language processing technique to develop a measure of corporate cybersecurity governance commitment. Our study empirically examines its impact on trade credit financing. The results indicate that a firm’s expressed commitment to cybersecurity governance is positively associated with the trade credit it receives from suppliers. We find that information asymmetry and corporate reputation are key mechanisms through which this effect operates. Heterogeneity analysis reveals that this effect is more pronounced for firms that have received regulatory inquiry letters, those without political ties, those operating during periods of high economic policy uncertainty, and those located in regions with low social trust. Furthermore, we show that when firms’ stated commitments align with their actions, suppliers adjust their business relationships by allocating a greater share of procurement volume to them, thereby strengthening long-term supply chain trust. Our findings offer valuable insights for firms in emerging economies seeking to enhance their cybersecurity governance and optimize their financing environment.
subject: Articles
  topic: section
subject: cybersecurity governance commitment
  topic: keywords
subject: supplier credit
  topic: keywords
subject: trade credit
  topic: keywords
subject: signaling theory
  topic: keywords
subject: Word2vec text analysis
  topic: keywords
subject: corporate reputation
  topic: keywords
creator: Ding Li
creator: Han Yan
creator: Shenglin Ma
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-21
publication date: 2026-04-21
starting page: 323
ending page: 343
doi: 10.3846/jbem.2026.25751

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

Finding predictors of corruption from European firm level survey data: a random forest approach
type: item
description: Corruption remains a significant constraint for firms in Europe, despite ongoing institutional reforms. The main goal of this paper is to obtain a list of firm-level variables that can serve as predictors of corruption perception using a machine learning approach. Drawing on agency and institutional theory, we analyse firm-level data from European firms from the World Bank Enterprise Survey (WBES). We employ a Random Forest classifier, which is well-suited for high-dimensional, categorical survey data, capturing non-linear relationships and interactions often missed by traditional models. The model achieves strong predictive performance (ROC AUC = 0.755; Accuracy = 79%). Results show that the most important prediction factors of corruption perception include firm age, size, ownership concentration, legal form, external financial audits, bribery experiences, sector, country group (EU vs. WB), innovation activity, and informal sector competition. The findings support the design of risk-based audits and encourage reforms to reduce informality through streamlined registration processes. The study contributes methodologically by applying machine learning to the field of political economy and expands theoretical insights into firm-level institutional barriers. It is one of the first research to apply Random Forest to firm-level corruption perception in both EU and Western Balkans.
subject: Articles
  topic: section
subject: corruption
  topic: keywords
subject: Europe
  topic: keywords
subject: institutions
  topic: keywords
subject: firms
  topic: keywords
subject: machine learning
  topic: keywords
subject: Random Forest
  topic: keywords
creator: Valentina Vučković
creator: Marko Družić
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-14
publication date: 2026-04-14
starting page: 285
ending page: 302
doi: 10.3846/jbem.2026.25748

Implementing simplified short-term pairs trading strategy in equity market: understanding the risks of retail investor
type: item
description: This study examines the profitability of a simplified short-term pairs trading strategy for retail investors in real-time equity markets, comparing the performance of individual stock pairs versus clusters of stocks. The research employs a simplified strategy implemented using accessible tools like “eToro” for trading and “MS Excel” for calculations. Stock pairs were selected based on historical correlations. The strategy was tested over a six-week trading period, comparing the performance of individual pairs versus a cluster of pairs. Key risk factors such as market trends, divergence risk, idiosyncratic news, and transaction costs were analysed. The research revealed that while the strategy can mitigate large losses when well-diversified, profitability is limited in stable or rising markets, idiosyncratic events also significantly impacted profitability. Trading clusters of stocks offers greater stability but reduced profit potential, whereas individual pairs provide higher but riskier returns. This research provides practical insights for retail investors seeking the simplified methods for pairs trading. It emphasises the importance of effectively managing key risks, diversifying portfolios, and adjusting trading strategies to improve investment outcomes. By concentrating on real-time market dynamics and a simplified framework, this study distinguishes itself from prior studies by offering practical guidance for retail investors, emphasizing the accessibility and flexibility of its methodology, in contrast to the complex algorithmic methods discussed in other studies.
subject: Articles
  topic: section
subject: pairs trading
  topic: keywords
subject: retail investors
  topic: keywords
subject: risk management
  topic: keywords
subject: equity markets
  topic: keywords
subject: short-term trading
  topic: keywords
subject: portfolio diversification
  topic: keywords
creator: Julija Mosina
creator: Galina Ševčenko-Kozlovska
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-21
publication date: 2026-04-21
starting page: 344
ending page: 366
doi: 10.3846/jbem.2026.25746

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

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

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

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

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

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

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

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